ASM Presentation and Chair’s address

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





AFT Pharmaceuticals
2021 Annual Meeting
Milford Cruising Club
Friday, 6 August 2021

Chairman’s address

[Slide 6: AFT extended its growth record despite Covid-19]

It is a great pleasure once again to be standing before you to report on the past year
and our outlook for the year ahead and beyond.

I clearly remember the evening prior to last year’s annual meeting when at about
9pm the Prime Minister announced a lockdown for the next day and we had no
choice but to postpone the meeting and hold it virtually.

These are indeed strange times and there is no doubt that the pandemic has
impacted the entire global economy.

Although the pharmaceuticals and healthcare industries should be relatively
protected from the general ebb and flow of economic activity given healthcare
needs are fairly constant, nevertheless, when faced with a global event such as
COVID-19, it is unlikely that any company is able to escape unscathed.

That said, we are pleased with how AFT has performed during this period and while
we bear some battle scars, AFT is emerging from this as a stronger and more resilient
business.
Let’s start with the positives.

First, AFT has once again extended its long-standing record of year-on-year growth.
As this slide shows, revenue has grown at a steady pace over the last two decades.

In the most recent decade, we have delivered a compound annual growth rate of
13%.

We have delivered sustainable growth by identifying health needs and developing
and distributing clinically proven solutions to improve health outcomes in our markets.

This remains our focus for the year ahead and beyond, and we are confident it is a
str ategy that will continue to drive increases in shareholder value in the future.

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


However, these top line results do not reflect the many pandemic-related disruptions
we have faced.

Hartley will talk to these points in more detail, but I do just want to emphasise these
issues up front.

We have had to overcome significant supply disruptions, delays to product launches,
delays in obtaining regulatory approvals, disruptions to clinical trials and delays in
finalising licensing and distribution agreements.

Pandemic-related lockdowns, travel restrictions and overseas government-imposed
limits to medicine supply also disrupted sales through our Over the Counter, Hospital
and Prescription channels.

The financial effects of the pandemic are most noticeable in the operating profit
result, which was lower than the prior year for the first time in four years at $10.7 million.

However, due largely to our resilient performance over the year and the refinancing
of our debt at the start of the financial year at much more attractive rates, we have
more than doubled underlying net profit after tax to $7.7 million.

This is a record to be proud of and it reflects AFT’s clear focus.

[Slide 7: AFT improved its financial strength]
Despite the challenges of Covid, AFT has grown in strength in the last year.
Total assets and shareholders’ equity have increased considerably, while we have
reduced net debt to $35 million.
The refinancing we undertook at the beginning of the financial year, reduced our
interest costs from nearly $7 million in FY2020 to $3.4 million in the last financial year
and operating earnings cover these costs by more than three times.
We took the decision to invest approximately $10 million into inventory because we
foresaw the potential for global supply chain disruptions. In hindsight, this has been a
good decision.
We intend to maintain these elevated levels of working capital until we are confident
these disruptions have been resolved.
I should add that AFT showed its agility and ability to respond quickly to the pandemic
by introducing products such as face masks, developing our e-commerce offering,
extending our lipo sachet products and developing our Crystawash extend product
range.
The board continues to target debt levels of $25 million to $30 million and it remains
our intention to consider a dividend policy once we have reached that level.

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


[Slide 8: Governance evolving as AFT extends its global reach].
AFT is now looking ahead, beyond the current turmoil to a time when the world has
overcome the current challenges of the pandemic.
The future we see is a company with:
• a larger and stronger business with an expanded product portfolio in our core
markets in Australasia,
• a growing presence in Asia; and
• a significantly expanded international business founded on our family of
Maxigesic pain relief medicines, but also including new products such as
Pascomer and our nasal nebuliser NasoSURF.
Reflecting this vision, the board has developed (and periodically reviews and
updates) a comprehensive skills matrix to inform succession planning.
The matrix considers each director’s experience against identified industry specific
and broader governance-related skills. Industry-specific skills identified as being
particularly relevant include:
• Global pharmaceutical industry experience
• Pharmaceutical regulatory and ethics experience
• Pharmaceutical manufacturing and quality
• R&D product development for drugs and devices
• Commercial operations experience – both domestic and international; and
• Pharmaceutical sales and marketing.
A summary of this matrix will be shared in our next annual report.
In line with our evolving needs, we have recruited two new independent directors with
the skills and experience to help us on that journey.
Anita Baldauf comes to AFT with broad international experience in fast moving
consumer goods and corporate finance, having gained experience with
multinationals such as Nestlé and L’Oréal.
Ted Witek brings to AFT more than three decades of international clinical
development and leadership experience in the pharmaceutical industry. He also has
an in-depth understanding of North American pharmaceutical regulators and
markets.
You will hear more from Anita and Ted later in the meeting, but on behalf of
shareholders I want to thank you both for the way you have already contributed to
the board and AFT in the short time that you have been involved.
Ted and Anita replace Nate Hukill, who retired in June last year, and Jim Burns who
today retires from the board after nearly seven years as an independent director.

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

[Slide 9: Jim Burns retirement speech].
Jim has played a key role in AFT’s development, assisting the company through its
initial public offer, our listing on the NZX and ASX, and our international expansion.
He has prepared a short video address, and we would now like to play that for you.
[Slide 10: Jim Burns retirement speech video].
[play video]
Jim has provided the Board and AFT with clear thinking and great advice. On behalf
of shareholders, I would like to thank him for his time on the board. On a personal note,
I would like to thank Jim for the guidance and support he has given to me during our
time together on the board.
[Slide 11: Governance evolving as AFT extends its global reach.
A further evolution in our governance follows the recognition of the growing appetite
among investors for information explaining how environmental, social and
governance factors influence and drive value in our business.
AFT is built on integrity and a clear purpose of working to improve the health of its
customers. It is a mission that has at its heart a commitment to sustainability, the
maintenance of best practice corporate governance, the highest ethical standards
and a determination to contribute positively to environmental and social outcomes.

However, for these statements to have meaning to our stakeholders, we understand
our efforts need to take place within recognised frameworks that allow them to
compare performance across companies, sectors and borders.

Recognising this, we last year benchmarked our ESG performance against our peers,
the NZX Corporate Governance Code and Guidance notes and Standard & Poor’s
assessment of material issues for the pharmaceutical sector.

The review, detailed in the annual report, has demonstrated that the company has
made further progress on a broad range of fronts. It has also identified opportunities
for further progress.

AFT is determined to take a pragmatic approach to these matters. We see them
ultimately as an extension of our duties and obligations to our shareholders and our
broader stakeholders, including our people, our customers and the community more
generally.

As an initial comment I think it is relevant to remind shareholders that Maxigesic is a
proven analgesic and that it does not contain opioids.

We all know that opioid abuse is a significant problem in the United States – but it
should be noted that it is also a real and growing problem in both New Zealand and
Australia. Hartley will talk about the Maxigesic line extensions including Maxigesic IV
which is designed to be used in the hospital system and is an alternative to opioid IV’s.

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

But AFT is not just a one product company – although we are proud of our Maxigesic
stable of products, AFT now has more than 130 individual products with approximately
300 stock keeping units on the market.

I would encourage you to look through our annual report, which provides more detail
on our ESG initiatives. For example, I would also like to point out the progress we have
made driving sustainability in our packaging of products – this is a great example of
an initiative that not only makes sound business sense but is also good for the
environment. We will continue to identify and progress such initiatives.

I am proud of our efforts to make our products available where there is an urgent
need. For example, we gave our eyecare products to firefighters in Australia, and over
many years we have assisted charities working to improve health outcomes in
developing countries.

Again, these are detailed in our annual report and on our new website, which I
encourage you to review when you get a chance.

[Slide 12: Outlook – adapting to a post pandemic environment]
Turning to the outlook for the year ahead.
It is still clear to the board that the pandemic and the associated travel restriction and
supply chain disruptions will continue to pose a challenge to the company, at least in
the immediate future.
We are encouraged by the significant ramp up in vaccinations in important target
markets such as the US, Canada, Europe and China.
However, new Covid-19 variants, low vaccination rates in developing markets and
vaccination resistance all elevate the risks of continuing disruptions.
The government has indicated it wants an export-led recovery. We are supportive of
that and are ready and willing to play our part.
We urge our government to work with industry and with us to enable our people to
travel overseas, to conduct essential work,
We fully support a careful risk-based approach. However, we do not believe the
current border restrictions are calibrated to take account of essential travel needs of
those who have been vaccinated.
As an example, we really need to have one of our senior staff to travel overseas in the
near future in order to finalise a multi-centre global clinical trial for our orphan drug
Pascomer which is at a critical point.
Importantly, a successful conclusion of this study will help to make a treatment
available to sufferers, including children of a disfiguring facial skin disease.
AFT prides itself on its resilient culture and we are determined to work through these
challenges, just as we have over the past year and a half. We have done what we
can through Zoom and such tools work well, but in many cases, it cannot replace
face-to-face interaction.

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

Meanwhile, in the face of the ongoing risks to our supply chain, we believe it is
appropriate to continue to maintain higher levels of inventory than we would normally
hold.
Ultimately, we remain confident about our prospects for this financial year. Despite
some headwinds in Australia with the ongoing lockdowns, we are overall trading in
line with expectations. We expect continued growth in the year ahead and maintain
our target of an operating profit of between $18 million and $23 million.
That target is of course contingent on no material change to the current trading
conditions.
On behalf of shareholders, I want to thank the AFT team for their work and the results
they have delivered in what have been testing circumstances. I also want to thank
Hartley and the rest of the Board for their efforts and commitment to the company’s
growth and prosperity.

Finally, I also would like to thank you our shareholders for your ongoing support for AFT.

I will now invite our Managing Director Hartley Atkinson to address the meeting.

Released for and on behalf of AFT Pharmaceuticals Limited by Chief Financial
Officer Malcolm Tubby

For more information:
Investors Media
Dr Hartley Atkinson Richard Inder
Managing Director The Project
AFT Pharmaceuticals Tel: +64 21 645 643
Tel: +64 9488 0232

---

Page 1
Working to improve yourhealth
Annual Shareholders Meeting
Milford Cruising Club
6 August 2021

Page 2
Importantnotice
This presentation has been prepared by AFT Pharmaceuticals Limited (“AFT”), to provide a general overview of the performance
of AFT for the financial year ended 31 March 2021. 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.com and www.asx.com.au.
All amounts are disclosed in New Zealand dollars (NZ$) unless otherwise indicated.
All references to FY2021 appearing in this presentation are to the financial year ending 31 March 2021, unless otherwise
indicated. This presentation is not a recommendation, offer or invitation to acquire AFT’s securities or 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 AFT.
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.

Page 3
David Flacks
CHAIRMAN AND INDEPENDENT DIRECTOR

Page 4
Directors
David Flacks
CHAIRMAN AND INDEPENDENT
DIRECTOR
Dr Douglas (Doug) WIlson
INDEPENDENT DIRECTOR
Jon Lamb
INDEPENDENT DIRECTOR
Dr James (Jim) Burns
INDEPENDENT DIRECTOR
Dr Ted Witek
INDEPENDENT DIRECTOR
Hartley Atkinson
FOUNDER, EXECUTIVE DIRECTOR AND
CHIEF EXECUTIVE OFFICER
Marree Atkinson
EXECUTIVE DIRECTOR AND CHIEF OF
STAFF
Anita Baldauf
INDEPENDENT DIRECTOR

Page 5
Agenda
•Chair address
•Managing Director’s address
•Shareholder questions
•General business
•Meeting close

Page 6
AFT extended its growth record despite
Covid-19
1
FY20 normalised to exclude $9.8m gain on de-recognition of equity accounted investment and recognition of net assets acquired at fair value in a step acquisition
Financial year ended 31 March
(9.0)
(14.8)
(10.1)
6.1
11.4
10.7
(20)
(15)
(10)
(5)
-
5
10
15
FY'16FY'17FY'18FY'19FY'20FY'21
Operating profit¹
(13.2)
(18.4)
(12.6)
(2.4)
2.8
7.7
(20)
(15)
(10)
(5)
-
5
10
FY'16FY'17FY'18FY'19FY'20FY'21
Profit after tax¹
8
12
17
23
26
28
33
34
40
49
56
64
69
80
85
106
113
-
20
40
60
80
100
120
'05'06'07'08'09'10'11'12'13'14'15'16'17'18'19'20'21
Operating Revenue ( NZ$M)
10 year operating CAGR of 13%

Page 7
AFT improved its financial strength and
reduced debt
112%-5%21%
•Growth in assets follows inventory expansion to manage Covid-19 supply disruptions
•Significantly reduced funding costs achieved with the debt restructuring in early 2020
•Net debt reducing and when the $25-30m target is achieved AFT will assess the potential for a dividend
policy
$87.1
$37.1
$17.3
$105.1
$35.2
$36.6
$-
$20.0
$40.0
$60.0
$80.0
$100.0
$120.0
Total assetsNet debtShareholders equity
NZ$M
FY2020FY2021

Page 8
Governance evolving as AFT extends its global
reach
New directors
Retiring director
Dr Ted Witek
INDEPENDENT DIRECTOR
Anita Baldauf
INDEPENDENT DIRECTOR
Dr James (Jim) Burns
INDEPENDENT DIRECTOR

Page 9
Retirement speech of Jim Burns
•Corporate Governance
Statement
•Ethics
•Whistleblowing
•Tax transparency
•Relationships with
regulators and regulation
•Sustainability framework and
reporting

Page 10
Retirement speech of Jim Burns

Page 11
Governance evolving as AFT extends its global
reach
New directors
Retiring director
Dr Ted Witek
INDEPENDENT DIRECTOR
Anita Baldauf
INDEPENDENT DIRECTOR
Dr James (Jim) Burns
INDEPENDENT DIRECTOR

Page 12
Outlook – adapting to a post pandemic environment
•Travel restrictions are limiting the development of new markets and R&D clinical trials and encourage
New Zealand authorities to give the question urgency especially in cases where business travellers have
been vaccinated and present with a negative covid test
•Dividend policy remains on the agenda as we progress debt reduction to the target of $25 - $30 million,
linked to underlying earnings progress.
•Targeting operating profit range remains between $18 million and $23 million.
•We continue to monitor the economic and financial impacts of the
pandemic
•Supply constraints remain for the foreseeable future necessitating
increased inventory
•New Covid-19 variants, low vaccination rates and vaccination
resistance lift risks of continuing disruption in local markets
•However significant vaccination rates in target markets of US/Canada,
Europe and China are positive for a return to normal

Page 13
Dr Hartley Atkinson
FOUNDER AND MANAGING DIRECTOR

Page 14
Building on strengths to drive growth
Our strategy: Develop and distribute clinically-proven solutions to improve health outcomes in our
markets
OUR STRENGTHSOUR ACHIEVEMENTS IN FY2021
Broad product portfolio of
patented, proprietary and in-
licensed products with strong
growth prospects
•Supported the registration of new Maxigesic dose
forms such as Maxigesic IV
•Extended our portfolio with in-licensing of new
products
Strong Australasian Business
•Strengthened Australasian portfolio
•Consolidated our position in core Australasian
markets e.g. moved to #2 in Austrlianeye lubricant
market
Growing Asian Distribution
Networks
•Extended our reach in Asia with 4 new countries
(Indonesia, Korea, Pakistan, Thailand)
•Opened our first T-Mall e-commerce site in China
Global licensing relationships
provide broad distribution
networks
•Maxigesic IV licensed in 31 new markets including
the US*, while tablets licensed in four new
countries
•Extended Maxigesicsales to 43 from 28 countries
*US licence signed post balance date

Page 15
Leveraging our global networks to extend our reach
Our strategy: Develop and distribute clinically-proven solutions to improve health outcomes in our
markets
OUR STRENGTHSOUR ACHIEVEMENTS IN FY2021
Strong R&D capability:
Innovation and successful global product
development and registration.
•Completed pivotal Maxigesic IV study in NZ
and USA (225 patients)
•Maxigesic registrations progressed in 25
new countries
•NasoSURF advanced to enable first clinical
studies to start this 2021 calendar year
•Pascomer research significantly advanced
Global outsourced manufacturing
relationships
•Established new manufacturing relationships
in Europe
Decades-long, record of financial
performance and execution on growth
opportunities.
•Extended our record of sales growth by
recording our 23
rd
year of increases.
•Strengthened our Balance Sheet
•Significantly reduced interest costs
Experienced and expert board and
founder-led management team
•Quickly adapted to COVID-19 challenges
•New management positions in Asia and
Europe to increase regional focus
•Introduced new Board members

Page 16
Australia benefits from product and
channel diversity
FY2021 highlights:
•COVID-19 disrupted OTC channel and new product introductions, but
disruptions offset by growth in eyecare and the hospital channel
•Maxigesic consolidates leading position in combination pain relief medicine
•Eyecare and hospital products deliver strong growth
FY2022 focus areas:
•New product launches to drive growth, including Maxigesic line extensions
•Target 15 new medicine approvals across AU and expanding ongoing in licensing
$49.2
$50.3
$61.4
$68.3
$-
$10.0
$20.0
$30.0
$40.0
$50.0
$60.0
$70.0
$80.0
FY2018FY2019FY2020FY 2021
NZ$M
AUSTRALIAN REVENUE
AUSTRALIAN SNAPSHOT
Sales of $68.3M represent
60.4% of total FY21 sales
Revenue CAGR of 11.6%
since 2018
Branded proprietary and
generic products focussed
on seven pillars of
therapeutic focus:
•Pain
•Eyecare
•Medicated vitamins
•Allergy
•Gastro intestinal
•Dermatology
•Hospital

Page 17
New Zealand sales growth slows due
to Covid-19
FY2021 highlights
•COVID-19 disrupts OTC channel and new product introductions, offset by
growth in the hospital channeland strong Vitamin-C Liposachetsalesand the
launch of Crystawash Extend long acting hand sanitizer
FY2022 focus areas:
•16 new product launches to drive growth, including Maxigesic line extensions
•Target new medicine approvals and expanding ongoing in-licensing
$27.1
$26.8
$30.1
$30.5
$24.0
$25.0
$26.0
$27.0
$28.0
$29.0
$30.0
$31.0
FY2018FY2019FY2020FY 2021
NZ$M
NEW ZEALAND REVENUE
NEW ZEALAND SNAPSHOT
Sales of $30.5M represent
27.0% of total FY21 sales
Revenue CAGR of 4% since
2018
Branded proprietary and
generic products focussed on
seven pillars of therapeutic
focus:
•Pain
•Eyecare
•Vitamins
•Allergy
•Gastro intestinal
•Dermatology
•Hospital

Page 18
Asian sales fall as forecast but margins
improve
ASIAN SNAPSHOT
Sales of $4.4M represent
3.9% of total FY21 sales
Revenue CAGR of 50.1%
since 2018
Branded proprietary and
generic products focussed
on four therapeutic areas:
•Pain
•Vitamins
•Dermatology
•Hospital
*Source:
FY2021 highlights
•Product portfolio transitions to higher margin hospital and
prescription products
•Launched our T-Mall flagship store
FY2022 focus areas:
•Focus on launching OTC products
•Finalise Maxigesic licensing discussions in China and Japan.
•Extend launches across the region
•Extend our T-Mall flagship store to include OTC medicines
$1.3
$2.1
$4.9
$4.4
$-
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
FY2018 FY2019 FY2020 FY 2021
NZ$M
ASIAN REVENUE

Page 19
Maxigesic drives international licensing
and sales revenue
INTERNATIONAL SNAPSHOT
Sales of $9.9M represent 8.8%
of total FY21 sales
Revenue CAGR of 40.1% since
2018
Branded proprietary products
focussed on three therapeutic
areas:
•Pain
•Hospital
•Dermatology
Distribution:
•licensees and distributors
•100+ countries covered
for Maxigesic tablets, IV
and Oral Liquid
FY2021 highlights
•Product sales growth of 52% driven by Maxigesic, offset by falls in licensing
and royalty fees due to Covid-19 disruptions
•US licensing for Maxigesic IV (finalised post balance date)
•31 new licensees signed for Maxigesic IV and 4 for tablets in 2021
•FY 21 Registrations for tablets increase by 5 for tablets and by 18 for
Maxigesic IV
FY2022 focus areas:
•Continue research and development on other dose forms
•Grow licensing and registrations of new dose forms
•Assist licensees and distributors to grow sales as Covid effects recede
$3.6
$5.9
$9.1
$9.9
$-
$2.0
$4.0
$6.0
$8.0
$10.0
$12.0
FY2018FY2019FY2020FY 2021
$NZM
INTERNATIONAL REVENUE

Launche d
Launch Pendin g
Availa ble
I re la n d– Tablets launched
IV licensed
U n it e dK in g dom– Tablets laun c h e d
IV licensed
Belgium, Luxembourg- Tablets l aunching 2021
IV licensed July 2021
France- Tabletsl aunch ing2021
IV Licensed
Spain&Portugal – Tablets launched
IV licensed
N o r d ic s – Tabletslaun c h e d
IV licensed
EasternEurope&Balkans
- Tablet s launched
EasternEuropeIV- Licensed
I ra q– K u r d is tanla unc h e d
A u stra li a – N o . # 1 P a ra - Ibu C o mb o.
Growing market share
- Maxigesic IVlaunched
UnitedArabEmirates –
Tablet sales strong
Italy – Tablet sales growing
IV Licensed
Greece –Orals and IV
licensed
Germany –Orals Launched 2020
Germany - IV Launched2021
Switzerland– Tablets licensed2019, launched2021
Brazil –licensing
negotiationsunderway
Columbia, Peru, Chile-
distributor appointedOrals
IV Licensed 2021
Mexico–Tablets launched 2021
I VLicensed
USA- IV Licensed
Canada- Tablets l aunch ed2021
CACM– Tablets launched
IV licensed
S in g a pore&B r unei – Tabletsla unc h e d
Russia –Orals licensed
China- licensingnegotiations underway
T
aiwan –Tablets Licensed
K o re a – IV licensed
Japan- licensing
discussions
areunderway
Indonesia- distributor appointedforIV
Pakistan-
distributor
appointed
f or IV
Ma la y s ia– Tablets laun c h e d
P h ili p pines–AFT to sell post
registration via distributor
MAXIGESICGLOBALUPDATE
[Oral Dose Forms & IV]
Vietnam–distributorappointedforIVand O rals
Austria –IV licensed & launched 2021
Netherlands –IV licensed
Poland –IV and orals licensed
NZ– Maxigesic , Maxigesic PE,
Maxigesic IVlaunched
Thailand –
IV licensed

Page 21
Maxigesicroll out continues across the world
21
2
3
4
7
9
20
28
43
54
85
0
10
20
30
40
50
60
70
80
90
FY14FY15FY16FY17FY18FY19FY20FY21FY22FY23
Countries
MAXIGESIC COUNTRIES SOLD AND ORDERED
TARGETED MAXIGESIC FY 2022-2023
FY 2022 progress to date:
•Tablets: Launched in
Switzerland and CACM
•Maxigesic IV: launched in
Germany and Austria in July
•Oral Liquid: Registered in
Italy and Malta.
ProductMaxigesic TabletsMaxigesic IVMaxigesic Oral Solution
Territories31 July 202131 March 202131 July 202131 March 202131 July 202131 March 2021
Licensed100+100+100+100+100+100+
Registered4949242120
Sold in45435300

Page 22
Maxigesic dose forms extend the addressable market
•Estimated total analgesic market size
$6.2 billion, oral dose forms US5.4
billion and injectable forms US724
million**
•Maxigesic tablets are patent protected
out to 2025-2028, beyond which the
brand name is expected to cement
Maxigesic’s OTC position in the market
*Maxigesic IV is a prescription product for hospital use *Management estimates
Maxigesic® TABLETS
Maxigesic® IV
Maxigesic® JUNIOR ORAL LIQUID
Maxigesic® HOT DRINK SACHET
Maxigesic® RAPID
Maxigesic®
COLD & FLU
Maxigesic®
DRY STICK SACHET
Maxigesic® family growth
Revenue
Time
•AFT is now leveraging the brand goodwill into Maxigesic
variants, including:
―Maxigesic PE (2034 patent)
―Maxigesic Hot Drink Sachet (2025-2028 patent)
―Maxigesic Dry Stick Sachet (2036 patent)
―Maxigesic IV (2031-2034, 2035, 2037 patents)
―Maxigesic Oral Liquid (2025-2028 patents)
―Maxigesic Cold & Flu (2025-2028 patents)
―Maxigesic Rapid (2039 patents)

Page 23
R&D investment lays foundation for future growth
•Maxigesic dose forms:
•Maxigesic Cold & Flu final studies underway this year
•Pascomer: Treatment of facial angiofibromas
•Licensed for North America to Timber Pharmaceuticals and Europe to Desitin
•Global Phase II/III study patient enrolment close to completion despite pandemic
•NasoSURF: Intranasal drug delivery instead of an injection
•Clinical studies of the first dose form to commence this year
•Other products:
•Other products in development: Medicinal Cannabis, Crystawash Extend, Crystaderm
•Research and development costs also include new market development costs.
$9.5
$4.1
$2.0
$3.4
$2.5
$1.5
$7.2
$6.0
$-
$2.0
$4.0
$6.0
$8.0
$10.0
$12.0
$14.0
FY2018FY2019FY2020FY2021
NZ$M
AFT R&D EXPENDITURE
Expensed R&D costsCapitalised R&D costs

Page 24
INVESTOR
PRESENTATION
MAY 2020
Underlying profit rises –higher sales, lower interest costs
NZ$'000's year ended 31 March2021 % of 2020 % of
revenue
revenue
Revenue
113,105 105,597
Gross Profit48,741
43.1%48,265 45.7%
Underlying Operating Expenses and Other Income
(38,033) 33.6%(36,843) 34.9%
Underlying Operating Profit¹
10,708
9.5%11,422 10.8%
Non-recurring Gain - 9,784
Operating Profit
10,708
21,206
Financing expenses and income
(2,821) (8,329)
Tax Expense
(105) (185)
Profit after tax7,782 12,692
Underlying Profit after tax¹
7,782 2,908
Revenue from product sales & royalties
110,980 101,772
Gross Profit from product sales & royalties46,754
42.1%
44,440 43.7%
¹ Adjus ted for the $9,784 non-recurring gain on acquis ition

Page 25
INVESTOR
PRESENTATION
MAY 2020
Working capital expands mitigating supply disruptions
NZ$'000's year ended 31 March2021 2020
Current assets64,693 49,217
Cash3,209 6,119
Non-current assets37,237 31,716
Total assets105,139 87,052
Current liabilities26,941 23,102
Current interest bearing liabilities5,161 2,000
Non-current liabilities3,242 3,495
Non-current interest bearing liabilities33,200 41,200
Total liabilities68,544 69,797
Total equity36,595 17,255
Total liabilities and equity105,139 87,052

Page 26
INVESTOR
PRESENTATION
MAY 2020
Operating cashflow invested in inventory
Financing cash inflow reflects $12 million capital raising offset by $6.5 million debt repayment
NZ$'000's year ended 31 March
2021 2020
Net cash from operating activities
757
14,878
Net cash used in investing activities(6,231) (6,562)
Net cash (used) / generated from financing activities
2,515 (9,118)
Net increase / (decrease) in cash(2,959) (802)
Impact of foreign exchange on cash and cash equivalents49 5
Opening cash and cash equivalents6,119 6,916
Closing cash and cash equivalents3,209
6,119

Page 27
A challenging year but growth potential remains strong
Positive achievements across all our key markets
•Continued growth in key Australian market
•Significant growth in product sales to Rest of the World
•Significant margin improvement in Asia on forecast lower FY21 revenue
But Covid-19 has impeded our progress
•Supply disruptions
•Delays to product launches and regulatory approvals
•Negotiations on licensing and distribution agreements have taken longer
•Lockdowns, travel restrictions and foreign government-imposed limits to medicine supply
disrupted sales
AFT remains very confident about its future and remains very excited about its potential to grow in its
core Australasian markets and the potential of its intellectual property around the world

Page 28
Summary and outlook
Further drive internationalsales
Acceleratenumber of new countries in which Maxigesic islaunched such as
Russia
Growing sales in newly launched markets such as Canada, Germany,
Switzerland
Launchnew line extensions – MaxigesicIV and MaxigesicOral Liquid
Extend internationallicensing
FinaliseMaxigesic licensing agreement discussions in China and Japan
Bank increased licencepayments
Maxigesic IV upfront and milestone payments
Additional territories such as China or Japan
Other milestone payments such as Pascomer
DriveAustralia and New Zealand sales
Drive Maxigesic sales and line extensions in AU &NZ such as hot drink
sachets
Targeting 31 new approvals across ANZ.
Ongoing in-licensing to expand ANZ business
Newlaunches in AU &NZ.

Page 29
Shareholderquestions

Page 30
Resolutions

Page 31
Resolutions
Resolution 1: That the directors are authorised to fix the
fees and expenses of Deloitte as auditor for the 2022
financial year.

Page 32
Resolutions
Resolution 2: That Mr David Flacks be re-elected as a
director of AFT Pharmaceuticals Limited.

Page 33
Resolutions
Resolution 3: That Ms Anita Baldauf be elected as a
director of AFT Pharmaceuticals Limited.

Page 34
Anita Baldauf

Page 35
Resolutions
Resolution 3: That Ms Anita Baldauf be elected as a
director of AFT Pharmaceuticals Limited.

Page 36
Resolutions
Resolution 4: That Dr Ted Witek be elected as a director
of AFT Pharmaceuticals Limited

Page 37
Dr Ted Witek

Page 38
Resolutions
Resolution 4: That Dr Ted Witek be elected as a director
of AFT Pharmaceuticals Limited

Page 39
Proxies for the resolutions
ResolutionFor Against DiscretionaryAbstain
1. Auditor fees and expenses 84,488,62911,972458,36320
2. Re-election David Flacks 84,495,521
3,900459,5630
3. Election Anita Baldauf84,486,696
1,351470,91720
4. Election Dr Ted Witek84,495,747
0463,21720

Page 40
Voting

Page 41
General business

Page 42
Meeting close

Page 43
Working to improve yourhealth

Page 44
APPENDIX 1: Australasian product portfolio
AFT has the #1 selling product (Maxigesic) in the Australian para-ibu
1
combo pain relief. AFT’s portfolio includes a
combination of 125 proprietary, branded and generic products which address the following therapeutic areas:
Pain
Maxigesic, ParaOsteo, ZoRub OA/HP, Fenpaed, Combolieve
Day/Night
Eyecare
Hylo, Novatears, CromoFresh, Opti-soothe Wipes/Mask,
VitAPOS
Vitamins
Ferro-liquid, FerroTab, Ferro-F, Ferro-sachets, Lip VitC,
CalciTab
Allergy
Loraclear, Histaclear, Fexaclear, Levoclear, Allersoothe,
Lorapaed, Becloclear, Steroclear
Gastrointestinal
Gastrosoothe/Forte, LaxTab, Micolette, Nausicalm,
DiaRelieve
Dermatology
Crystaderm, Crystawash Hand Sanitizer, Crystasoothe, ZoRub
anti-chafing, Decazol, MycoNail, RestoraNail
Hospital
Maxigesic IV, Injectables
1
Paracetamol and Ibuprofen

Page 45
Pain
Maxigesic
Medicated
Vitamins
Ferro-sachets, Lipo VitC, Lipo VitD and expanding pipeline –
T Mall
Dermatology
Crystawash Extend Hand Sanitizer, Hemptuary
Hospital
Maxigesic IV, Injectables
APPENDIX 2: AFT Asian product portfolio
AFT’s Asia portfolio includes a range of proprietary, branded and generic products which address the following
therapeutic areas:

Page 46
APPENDIX 3: AFT Global product portfolio
AFT is building the global presence of its proprietary and patented products through its network of licensees and
distributors.
It continues the development of its portfolio of repurposed medicines: Maxigesic, Pascomer, NasoSURF, Crystawash
Extend and Crystaderm
Pain
Maxigesic oral dose forms – tablets, solution, hot drink sachet,
rapid, cold and flu
Hospital
Maxigesic IV (intravenous)
NasoSurf – nasal nebuliser drug delivery
Dermatology
Pascomer – primarily North America & Europe
Crystawash extend – selected territories such as Canada &
Middle East
Crystaderm – selected territories such as Canada
1
Paracetamol and Ibuprofen

Page 47
AFT was founded 23 years ago by Dr Hartley and Marree Atkinson. Since then AFT has remained an Atkinson-family controlled
business and has grown organically into Australia and internationally
The 2015 IPO raised funds to pursue a more aggressive (and loss-making) R&D-led growth strategy. AFT has now returned to
profitability as intended, as the company was prior to IPO
APPENDIX 4: History of AFT Pharmaceuticals
19972004200520092013201420152020
AFT founded by Dr
Hartley and Marree
Atkinson
Development of
Maxigesic
commences
First sales into
Australia
Maxigesic registered
in New Zealand and
sales commence
Maxigesic
registered in
Australia
AFT launches the sale
of products into the
SE Asian market
$33m IPO to fund
new R&D
development
programmes for
Maxigesic and other
proprietary products
2019
AFT returns to
profitability following a
significant investment
period funded by the
2015 IPO
In FY20 AFT delivers
over $100m of
revenue and
operating profit
growth of 87%
Maxigesic sales
commence in
Australia

Page 48
APPENDIX 5: GAAP TO NON-GAAP RECONCILIATION
AFT has used non-GAAP measures when discussing financial performance in this document including underlying profit after tax and underlying operating profit. The
directors and management believe that these measures provide useful information as they are used internally to evaluate performance of business units, to
establish operational goals and to allocate capital.
Definitions:
Non-GAAP measures are not prepared in accordance with NZ IFRS (New Zealand International Financial Reporting Standards) and are not uniformly defined,
therefore the non-GAAP measures reported in this document may not be comparable with those that other companies report and should not be viewed in isolation
or considered as a substitute for measures reported by AFT Pharmaceuticals in accordance with NZ IFRS.
The non-GAAP measures are not subject to audit or review.
GAAP to Non-GAAP Reconciliation:
Underlyingprofitaftertax:Profitaftertaxlesssignificantone-offnon-recurringgain.
Underlyingoperatingprofit:Operatingprofitlesssignificantone-offnon-recurringgain.
Year Ended 31 March
2021
$’000
220
$’000
Underlying profit after tax7,7822,908
Add back/(subtract):
Gain on derecognition of equity accounted investment and recognition of net assets acquired at fair value in a
step acquisition
1
-9,784
Profit after tax7,78212,692
Underlying operating profit10,70811,422
Add back/(subtract):
Gain on derecognition of equity accounted investment and recognition of net assets acquired at fair value in a
step acquisition
1
9,784
Operating profit10,70821,206

Page 49
Working to improve yourhealth