ASM Presentation and Chair’s address

Maxigesic around the world
Italy – RX
Launched April 15
Ireland – OTC
Launched July 18
UAE – OTC
Launched Jan 15
CACM- OTC
Launched July 18
Singapore/Malaysia
OTC launched June 18
Also sold in Brunei
Australia – OTC
Launched Feb 14
New Zealand – OTC
Launched Oct 09
Spain - OTC
Launched April 19
Nordics – RX – 3 countries
Launched – 19
Israel – OTC
Launched Oct 17
Germany – RX
Launched – Jly20
France - RX
Launch pending –20
Portugal - OTC
Launched April 19
Eastern Europe - OTC
Launches pending 20
Slovenia - OTC
Launch pending 20
Belgium/Luxembourg – RX
Launch pending 20

Working to improve yourhealth
Annual Shareholders Meeting
8 September 2020

ASM SEP 20
20
ImportantNotice
3
This presentation has been prepared by AFT Pharmaceuticals Limited (“AFT”), to provide a general overview of the
performance of AFTfor the financial year ended 31 March 2020. It is not prepared for any other purpose and must not be
provided to any person other than the intended recipient.This presentation should be read in conjunction with AFT’s
annual report, market releases and other periodic and continuous disclosure announcements, which are available at
www.nzx.comand www.asx.com.au.
All amounts are disclosed in New Zealand dollars (NZ$) unless otherwise indicated. All references to FY20XX appearing in
this presentation are to the financial year ending 31 March20XX, unless otherwise indicated.
This presentation is not a recommendation, offer or invitation to acquire AFT’s securitiesor other form of financial advice
or disclosure document. While reasonable care has been taken in compiling this presentation, none of AFT nor its
subsidiaries, directors, employees, agents or advisers (to the maximum extent permitted by law) gives any warranty or
representation (express or implied) of the accuracy, completeness or reliability of the information contained in it nor takes
any responsibility for it. The information in this presentation has not been and will not be independently verified or
audited.
This presentation may contain certain forward-looking statements and comments about future events, including with respect
to the financial condition, results, operations and business of A F T. These statements are based on management’s current
expectations, which may involve significant elements of subjective judgement and assumptions as to future events which
may or may not be correct,and the actual events or results may differ materially and adversely from these statements.
Past performance information given in this presentation is given for illustrative purposes only and should not be relied upon
(and is not) an indication of future performance.

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CHAIRMAN’S
INTRODUCTION
4
David Flacks

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DIRECTORS AND EXECUTIVES
INTRODUCTIONS
5

ONLINE ATTENDEES – QUESTION PROCESS
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AGENDA
8
Chairman’s address
Chief Executive Officer’s Presentation
Shareholder Questions
Ordinary Resolutions

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Highlights
Capital Structure and funding
Governance
9

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FY 2020Highlights
40%
Increase in no. countries Maxigesic soldinto
10
28
24%
Increase in operating revenue to
NZ$105.6m
87%
Increase in normalisedoperating profit
1
to
NZ$11.4m
$13.8m
Increase in operating cashflowto
NZ$14.9m
229%
Increase in normalized net profit after tax to
NZ$5.3m
239%
Increase in shareholders equity to
NZ$17.3m
1
Operating Profit of $21.2m less non recurring gain of $9.8m

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AFT’s success founded on 130+ OTC and Rx products
AFT’s product portfolio is strong in the pain, eyecare, vitamins and
supplements, allergy, gastrointestinal health, dermatology and hospital
categories.

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Maxigesic is gaining traction globally
12
US$440m*
Sales potential of
Maxigesic IV in
Western Europe,
Japan and the US
28
Territoriesin which
Maxigesic tablets were
sold in FY2020, up from
20 a year earlier
125+
Territoriesin which
Maxigesic in
various dose
forms is licensed
*Source Delveinsight research

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Capital restructure increases AFT’s investor appeal
13
11%
16%
73%
Free float pre share issue
31%
69%
Free float post share issue
CRG
Atkinson Family
Free Float
•Bank debt refinanced at New Zealand commercial rates
•Capital raising to reduce debt and increase free cash flow and give flexibility to
invest
•CRG and Atkinson sale and share issue sees new institutions and many
Australian investors join the share register
•Simplified capital structure with conversion of preference shares
•Targeting debt of circa $25 million and will then consider dividend policy.

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AFT’s governance continues to evolve
14
•CRG share sale precipitated the departure of Nate Hukill as director of the
company
•AFT is grateful to CRG and Nate’s longstanding support for the company
•A search is underway for a replacement Director with complementary skills
•AFT continues to develop relevant environmental and social factors into its
governance framework

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AFT has started the year well
15
•AFT is well supported by a strong board, management team and a
committed crew
•We have faced significant challenges in the last year but the whole
team has worked well together and deserve thanks from shareholders
•AFT is now in a stronger position than we have ever been and expect
continued growth in Australasia and internationally
•Expect operating profits to rise by 23% to 58% to between $14 million
and $18 million, ahead of any licensing fees for new agreements

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CEO’s
PRESENTATION
16
Hartley Atkinson

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-9.0
-14.8
-10.1
6.1
11.4
14.0
18.0
-20
-15
-10
-5
0
5
10
15
20
FY16FY17FY18FY19FY20FY21F
Operating profit (NZ$m)
Operating profit
1
AFT financials at a glance
17
8
12
17
23
26
28
33
34
40
49
56
64
69
80
85
106
0
20
40
60
80
100
120
'05'06'07'08'09'10'11'12'13'14'15'16'17'18'19'20
Operating revenue (
NZ$m
)
10 year operating revenue CAGR of 14%
-13.9
-19.1
-10.9
1.1
14.9
-25
-20
-15
-10
-5
0
5
10
15
20
FY16FY17FY18FY19FY20
Operating cash flow (
NZ$m
)
Operating cash flow
1
FY20 normalised to exclude $9.8m gainon de-recognition of equity accounted investment
and recognition of net assets acquired at fair value in a step acquisition
Financial year ended 31 March

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61.4
30.1
9.1
4.9
-
10.0
20.0
30.0
40.0
50.0
60.0
$ m
RevenueGrowthin Home and International Markets
18
50.3
26.8
5.9
2.1
-
10.0
20.0
30.0
40.0
50.0
$ m
22% 12% 55% 130%
AustraliaNew ZealandRest of WorldSoutheast Asia
FY2019 FY2020 FY2019 FY2020
4.7%
8.6%
28.5%
58.2%
2.5%
6.9%
31.5%
59.1%
•Continued growth in established markets of Australia and NZ
•Significant growth in Southeast Asia and Rest of World starting to come through post
registration and distribution agreements

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19
Abbreviated Consolidated Income Statement
•Operating leverage starting to show as revenue continues to grow. Expenses largely
falling as a % of revenue.
NZ$'000's year ended 31 March2020 % of 2019% of
revenuerevenue
Revenue105,597 85,127
Gross Profit48,265 45.7%40,730 47.8%
Underlying Operating Expenses and Other Income(36,843) 34.9%(34,614)40.7%
Underlying Operating Profit11,422 10.8%6,116 7.2%
Non-recurring Gain9,784 -
Operating Profit21,206 6,116
Financing expenses and income(8,329) (8,375)
Tax Expense(185) (168)
Net Profit /(Loss) after tax12,692 (2,427)

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Abbreviated BalanceSheet
20
NZ$'000's year ended 31 March
2020 2019
Current assets49,217 44,345
Cash6,119 6,916
Non-current assets31,716 12,334
Total assets87,052 63,595
Current liabilities23,102 16,754
Current interest bearing liabilities2,000 41,750
Non-current liabilities3,495 -
Non-current interest bearing liabilities41,200 -
Total liabilities69,797 58,504
Total equity17,255 5,091
Total liabilities and equity87,052 63,595
•Replaced short term debt with longer term debt at more commercial rates
•Significant increase in shareholders equity

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Abbreviated Cashflow
21
•Significant increase in operating cashflow
NZ$'000's year ended 31 March2020 2019
Net cash from operating activities14,878
1,067
Net cash used in investing activities(6,562)
(4,884)
Net cash (used) / generated from financing activities(9,117) 3,723
Net increase / (decrease) in cash(801) (94)
Impact of foreign exchange on cash and cash equivalents4 240
Opening cash and cash equivalents6,916 6,770
Closing cash and cash equivalents6,119 6,916

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Growth drivers - Australasia
AU: Volume growth of existing products
―Capitalise on Maxigesic#1 market
position (Leads nearest competitor by
11.2%
1
)
―Hylo-Forte - #1 market position
1
―NovaTears- 89% growth in FY20
1
AU IRidata, quarter to May 2020
NZ: Vitamins
―Vitamin C Liposachets –new flavour plus
a children’s variant
―Vitamin D Liposachetslaunched
―New ranges - Hemptuary
New Medicine Registrations
―FY21 –target 11 new approvals in AU &
NZ
―FY22 –target 38 new approvals in AU &
NZ

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Growth drivers – Rest of World
Rest of World and South East Asia
represented only 13.3% of FY20 revenue but
delivered rapid growth of 55% and 130%
respectively over FY19 revenue
ROWactivities contribute to bottom line
profit due to licensing model avoiding in
market costs
Further growth is expected to be delivered
from:
―Being sold in new countries (tripling of
countries sold in expected over the next 2
years)
―Existing countries starting to ramp up after
being in market for 1+ years and positive
benefits of licensee marketing spend is
realised
―New variants of current products are made
available to existing countries, such as
Maxigesic Intravenous (IV) and Maxigesic
oral solution
―Launch of T-Mall site

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Maxigesic IV registrations successfully completed – 21
countries (18 European, Australia, New Zealand, UAE)
Maxigesic Oral Liquid registration underway in
Europe, Australia and New Zealand
Maxigesic Hot Drink Sachets registration
underwayDecember 2019
Maxigesic Rapid formulation completed successfully .
First filing in 2020/21 calendar year
Maxigesic Cold & Flu formulation completed
successfully. First filing occuredmid 2020
Pascomer first large global multicenter studywell
underway– US, AU, NZ, Europe
NasoSURF pilot scale batches completed
.
Engineering batches successfully completed
July 2020
New Products build Revenue Pipeline
24

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R&D pipeline
25
Pascomer: Treatment of facial angiofibromas
Stabilised formulation using proprietary AFT
technology
Licensed for North America to Timber
Pharmaceuticals LLC
Granted Orphan Drug designation
US IND opened
Global Phase II study expected to be completed
during 2
nd
half of calendar year 2021, to be followed
by Phase III study with expected completion during
2023
NasoSURF: Intranasal drug delivery instead of an
injection
Completing device development
Drug-device regulatory path
―Multiple potential indications
―Market research US/EU identified first
significant market opportunity
―Patents out to 2036

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Maxigesic Countries sold andordered
26
•Expecting a more than tripling of the number of countries Maxigesic is sold in over the
next 2 years
0
20
40
60
80
100
120
140
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
FY22
2
3
4
7
9
20
43
66
125

Launched
LaunchPending
Available
Ireland – launched
United Kingdom– launched
Belgium, Luxembourg- Launched
France- Launchpending2020dependingonpricingapproval
Spain & Portugal - launched April2019
Nordics – launched
Eastern Europe &Balkans
- Tablet launches pending 2020
Eastern Europe IV- Licensed
Iraq – Kurdistanlaunched
Australia – No. #1 Para-IbuCombo.
Growing marketshare
- Maxigesic IVlaunched
United Arab Emirates -
sales growth stillstrong
Italy - successful launchand
sales growingstill
Germany - Launched2020
OTC licensed Feb2020
Switzerland - licensed March2019Brazil - licensing
negotiations
underway
Columbia, Peru, Chile-
distributorappointed
Mexico- launch
pending2020
IVlicensed - to launch 2021
Licensing
discussions
started forUSA
Canada-Launch pendingFY21
CACM - launched&
licensed
New Zealand –
increasingsales
and codeine
rescheduling
confirmed.
MaxigesicPE
launched
Singapore & Brunei –
launched includingOTC
Licensed inRussia
Hong Konglaunched 2019
China - licensing negotiationsunderway
Licensed inTaiwan
Korea – licensing
negotiationsunderway
IVlicensed
Japan - licensing
discussions
areunderway
Indonesia -
distributorappointed
for MaxigesicIV
Pakistan -
distributor
appointed
for MaxigesicIV
Malaysia – launched
Philippines – distributor
to beappointed
MAXIGESIC GLOBALUPDATE
[primarilyoraldoseforms]
Vietnam - distributor
appointedfor
MaxigesicIV
andorals

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Outlook
Further drive InternationalSales
Keep acceleratingnumber of new countrieslaunched
Launchingnew line extensions (e.g. MaxigesicIV)
Extend InternationalLicensing
Finaliselicensing agreement discussions in China, Japan, LATAM andUSA
Additional 6 EU nations secured for Maxigesic IV [BU, CY, CZ, RO, HU, SK]
Progress commercialisation in additional new territories added
during FY20: Canada, Chile, Columbia, Cyprus [oral], Germany,
Indonesia, Pakistan, Peru and Switzerland
Drive Increased UpfrontPayments
Maxigesic IV licensing agreements
Larger territories such as USA, Japan,China
DriveLocal ANZ Sales
Drive Maxigesic sales in AU &NZ
New OTC launches in AU &NZ
New Covid-19 related product launches
Strong profit growth expected for FY21
Expected FY21 Operating Profit in range of NZ$14–18m, representing expected growth
of 23-58%over FY20, before any up-front licensing fees
Additional cash flow used to target a net debt position of $23–28m
Assess potential for a dividend policy in FY22 once debt is retired to satisfactory level

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QUESTIONS AND
ANSWERS
29

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Resolutions
30

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Ordinary Resolution 1
31
1.That the directors are authorised to fix the fees and expenses of
Deloitte as auditor for the 2021 financial year.

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Ordinary Resolution 2
32
2.That Marree Atkinson be re-
elected as a director of AFT
Pharmaceuticals Limited.

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Voting
33
• select the voting icon at the top of
the screen
• To vote simply select the direction in
which you would like to cast your
vote, the selected option will change
colour.
• There is no submit or send button,
your selection is automatically
recorded.

ASM SEP 20
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General Business
35

ASM SEP 20
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Close of Meeting
Thanks for attending
36

---

AFT Pharmaceuticals Limited, Level 1, 129 Hurstmere Road, Takapuna, Auckland, 0622, New Zealand
Incorporated in New Zealand ARBN: 609 017 969




Market and media release 8 September 2020

Chairman’s address delivered at AFT Pharmaceutical’s 2020 Annual Meeting,
on a fully virtual basis, at 10.30am (NZT) on Tuesday 8 September 2020

In the face of so much uncertainty and turmoil in markets both here and
offshore, it is immensely gratifying as both a shareholder and Chair of AFT
Pharmaceuticals to recount the great progress the company has made since
I addressed you last year.
AFT has not totally escaped the pandemic. It has led to delays in clinical trials
and difficulties in getting our products to market, particularly to the Northern
Hemisphere.
But these challenges pale in comparison to the enormous challenges faced
by companies both in New Zealand and globally. Perhaps more importantly
they have only marginally detracted from what we must regard as a pivotal
year for AFT.
Our financial performance has been strong.
For the first time we have broken through $100 million of revenue to reach
$105.6 million, a 24% improvement on the prior year. And our underlying
operating profit for the 2020 financial year was up 87% to $11.4 million.
Operating cashflow has grown at an even faster rate rising to $14.9 million from
just over $1 million a year earlier.

AFT Pharmaceuticals Limited, Level 1, 129 Hurstmere Road, Takapuna, Auckland, 0622, New Zealand
Incorporated in New Zealand ARBN: 609 017 969
We have benefitted from growth across all our businesses.
Hartley will cover these points in more detail. However, in summary our New
Zealand and Australian businesses have grown revenue by 12% and 22%
respectively, extending a record of AFT sales growth that now spans two
decades. Further afield, our Asian and international businesses have also
delivered impressive growth in the 2020 financial year.
While our family of Maxigesic pain relief medicines attracts the headlines, AFT’s
success is built on 130 separate products. The strength of this portfolio is a
testament to our team’s ongoing success in implementing AFT’s strategy.
Simply put, we are focussed on identifying customers’ healthcare needs and
then drawing on our internal resources and our extensive international network
of partners to develop and commercialise innovative treatments to improve
health.
This strategy has supported our growth over many years, and we expect it to
continue to drive growth in the future.
As most of you will know, our portfolio of medicines is particularly strong in pain
relief, eyecare, allergy, and health supplements, but we continue to broaden
our offer where we see acute patient need.
Our product Diarelieve – a family treatment for diarrhoea profiled in this year’s
annual report – is a great demonstration of this capability. It was launched in
New Zealand in May 2019 and remains the only specific treatment available
for children, even though they are disproportionately affected by the sickness.
Maxigesic – the engine of growth in international markets – continues to gain
traction. The tablet form of the medicine is now sold in 28 countries, up from 20
a year ago and we continue to see potential for sales in as many as 125
different territories.

AFT Pharmaceuticals Limited, Level 1, 129 Hurstmere Road, Takapuna, Auckland, 0622, New Zealand
Incorporated in New Zealand ARBN: 609 017 969
We also see strong potential for other dose forms. These include the
intravenous form of the medicine Maxigesic IV, which was last year approved
for sale by the Australian Therapeutic Goods Administration, and Maxigesic
oral solution, which has been specially formulated for children.

These dose forms of the medication (and others in the pipeline) represent but
the early stages of a commercialisation programme that has the potential to
underpin AFT’s growth over the next decade.
We continue to work hard on our research and development programme,
which is centred on Maxigesic dose forms and other products such as
Pascomer, a treatment for a rare skin disease, and NasoSurf a nasal drug
nebuliser.
As a direct result of our strong performance and our robust outlook, we have
begun to put in place a more conservative capital structure that we expect
to improve our free cash flow and provide us with more flexibility to fund future
anticipated growth.
Firstly, at the end of the financial year, we repaid our existing CRG debt and
refinanced with a $43.2 million facility from Bank of New Zealand at significantly
more attractive terms and interest rates.
More recently, CRG sold its 13% holding in the company so that the investment
fund that held the stake could return capital to its underlying investors. I would
like to acknowledge the support CRG has provided with both equity and debt
capital during the last 5-6 years.
Alongside the CRG sale, entities associated with our founders Hartley and
Marree Atkinson also sold around 1.3% of their holdings.
At the same time as these share sales, AFT raised $12 million of new equity with
a share placement and a share purchase plan. We were pleased to be able
to make the share purchase plan portion 16.7% of the new capital raise against

AFT Pharmaceuticals Limited, Level 1, 129 Hurstmere Road, Takapuna, Auckland, 0622, New Zealand
Incorporated in New Zealand ARBN: 609 017 969
a free float of 11% which meant that retail shareholders were given the
opportunity to proportionately increase their shareholdings in AFT.

The capital raise has been primarily used to reduce debt and our plan is to
progressively continue to reduce debt to a level at which the board believes
it is appropriate to consider developing a dividend policy.
A further significant benefit of the capital restructure is that it has increased the
free float of the company. The number of shares readily available to be traded,
has more than doubled to 31% of the shares on issue from 11% prior to the
capital restructure.
This has made our shares more attractive to a broader range of investors and
we are already seeing the benefits.
Through the capital raising and the placement we have welcomed new
institutional investors onto the share register both from New Zealand and
Australia.
The Australian institutional investors are is a particularly welcome addition as it
represents a beachhead into the vibrant Australian healthcare investment
community. We believe our strong business presence in that market and our
unique growth story has the potential to attract a broader investor following of
the company across the Tasman.
All these factors should, over the longer-term, increase trading in our shares,
both in New Zealand and through our secondary listing on the Australian Stock
Exchange. And as a direct result of this increased liquidity, we expect faster
and more accurate recognition of the value your company creates for
shareholders.
CRG’s share sale has also precipitated changes on your board. As I mentioned
earlier Nate Hukill – who was appointed by CRG – has stepped aside.

AFT Pharmaceuticals Limited, Level 1, 129 Hurstmere Road, Takapuna, Auckland, 0622, New Zealand
Incorporated in New Zealand ARBN: 609 017 969
We are grateful for the contribution Nate has made since he joined the board
in 2014. He has been tremendously supportive of the company and we wish
him well for the future.

Nate’s departure is the first major change to the board since we listed five and
a half years ago. As I mentioned last year, your directors work together very
well. We have a strong mix of skills across the pharmaceutical industry, sales
and marketing, finance, and governance.
The board goes through an annual evaluation process and a skills matrix
exercise. The information we have gathered as part of this will have an
important bearing on who we select as Nate’s replacement to the board.
A search is already underway, and we are looking for someone who will have
complementary skills and attributes to your current board members.
As part of our governance responsibilities we are strongly committed to
sustainability. Last year, we began to look at how our business and our
community initiatives aligned with the UN sustainable development goals,
which represent a larger and robust vision for positive change.
The progress we have made is detailed in our annual report.
In the current year, AFT has determined it will work to progressively develop
and incorporate into our governance framework a strategy to account for,
and report on, progress towards improvements in material and relevant
environmental and social factors. We will report more to you as we make
progress.
For more information on how your company is governed you should review our
2020 corporate governance statement, which is available on our website. It
sets out the principles your board adheres to, and how we have reviewed
governance issues throughout the year.

AFT Pharmaceuticals Limited, Level 1, 129 Hurstmere Road, Takapuna, Auckland, 0622, New Zealand
Incorporated in New Zealand ARBN: 609 017 969
Finally, in closing, on behalf of shareholders I would like to acknowledge and
thank Hartley, the rest of the executive and the broader AFT team for their
diligence and commitment to the company over the last year and particularly
over the last few months.
The Covid-19 pandemic continues to test the mettle of our people. It has
imposed significant constraints on how they engage and service customers
and how they collaborate with colleagues.
Nevertheless, the team has worked together well to manage supply to our
international licensees and the flow of product to our home markets.
Moreover, they have executed well on our strategy.
I would also like to thank my fellow board members for their contribution, their
enthusiasm and their unwavering commitment to seeing the company make
the most of the significant opportunities it enjoys both here in New Zealand and
offshore.
We have entered the new financial year in a stronger position than we have
ever been. We expect to expand and grow our portfolio of medicines in
Australasia and grow international sales of Maxigesic to drive another record
result for this financial year.
Our current expectation is for operating profits to expand by 23% to 58% to $14
million to $18 million. This figure excludes any licensing fees for new agreements
that may be received over the current year.
It is an exciting time for AFT and we thank you our shareholders for the faith you
have shown in the company and your ongoing support.
I would now like to invite Hartley to address the meeting.
Thank you.
Released for and on behalf of AFT Pharmaceuticals Limited by Chief Financial Officer
Malcolm Tubby

AFT Pharmaceuticals Limited, Level 1, 129 Hurstmere Road, Takapuna, Auckland, 0622, New Zealand
Incorporated in New Zealand ARBN: 609 017 969
ENDS
For investor more information:
Investors Media
Malcolm Tubby Richard Inder
CFO, AFT Pharmaceuticals Ltd The Project
Phone: +64 9 488 0232 Phone: +64 21 645 643
Email: malcolm@aftpharm.com Email: richard@theproject.co.nz