SPH Notice – Bell Potter Securities Limited

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Disclosure of movement of 1% or more in substantial holding
or change in nature of relevant interest, or both
Sections 277 and 278, Financial Markets Conduct Act 2013
To NZX Limited
and
To ASX Limited
and
To AFT Pharmaceuticals Limited ("AFT")
Relevant event being disclosed: Change in nature of relevant interest and movement of
1% or more in the substantial holding
Date of relevant event: 15 June 2020
Date this disclosure made: 15 June 2020
Date last disclosure made: 10 June 2020
Substantial product holder(s) giving disclosure
Full name(s): Bell Potter Securities Limited ("Bell Potter")
Summary of substantial holding
Class of quoted voting products: Ordinary shares in AFT ("Shares")
Summary for Bell Potter
For this disclosure,—
(a) total number held in class: 72,031,609
(b) total in class: 103,167,716
(c) total percentage held in class: 69.820%
For last disclosure,—
(a) total number held in class: 89,031,987
(b) total in class: 100,501,049
(c) total percentage held in class: 88.588%
Details of transactions and events giving rise to relevant event
Details of the transactions or other events requiring disclosure:
As recorded in the SPH notice disclosed by Bell Potter on 10 June 2020, on that date, Bell
Potter entered into a Placement and Sell Down Agreement with AFT, Forsyth Barr Group
Limited and others, under which Bell Potter Securities and Forsyth Barr Group Limited
agreed to underwrite the placement and sell down, as further described in and attached to
the SPH notice disclosed by Bell Potter on 10 June 2020 ("Agreement"). The transfer and

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allotment of Shares under the placement and sell down settled today on 15 June 2020, and
as a result of that settlement, Bell Potter's relevant interests in those Shares that have
been sold has ceased.
Details after relevant event
Details for Bell Potter
Nature of relevant interest(s):
As recorded in the SPH notice disclosed by Bell Potter on 10 June 2020, pursuant to the
Agreement, Hartley Atkinson and Colin McKay undertook in favour of Bell Potter, Forsyth
Barr Limited and Forsyth Barr Group Limited certain restrictions in relation to their Shares,
including not to deal in their remaining Shares for a period of three months after the
settlement date. As a consequence, Bell Potter has a relevant interest in those Shares.
For completeness, similar undertakings were given by entities associated with Capital
Royalty Partners ("CRG"). However, as CRG has now sold all of its Shares pursuant to the
placement and sell down, Bell Potter no longer has a relevant interest in the Shares that
were held by CRG.
For that relevant interest,—
(a) number held in class: 72,031,609
(b) percentage held in class: 69.820%
(c) current registered holder(s): Hartley Atkinson and Colin McKay
(d) registered holder(s) once transfers are registered: Hartley Atkinson and Colin McKay
For a derivative relevant interest, also—
(a) type of derivative: Not applicable
(b) details of derivative: Not applicable
(c) parties to the derivative: Not applicable
(d) if the substantial product holder is not a party to the derivative, the nature of the
relevant interest in the derivative: Not applicable
Additional information
Address(es) of substantial product holder(s): Bell Potter Securities Limited, Level 29, 101
Collins Street, Melbourne, Australia
Contact details:
Name: James Unger
Email: junger@bellpotter.com.au

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Certification
I, James Unger, certify that, to the best of my knowledge and belief, the information
contained in this disclosure is correct and that I am duly authorised to make this disclosure
by all persons for whom it is made.