Extrawell Pharmaceutical : COMPLETION OF MAJOR AND CONNECTED TRANSACTION PROPOSED AMENDMENTS TO THE TERMS AND CONDITIONS OF HK$715,000,000 CONVERTIBLE BONDS DUE 2021 ISSUED BY INNOVATIVE PHARMACEUTICAL BIOTECH LIMITED

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(incorporated in Bermuda with limited liability)

(Stock Code: 00858)

COMPLETION OF MAJOR AND CONNECTED TRANSACTION

PROPOSED AMENDMENTS TO THE TERMS AND CONDITIONS OF

HK$715,000,000 CONVERTIBLE BONDS DUE 2021 ISSUED BY

INNOVATIVE PHARMACEUTICAL BIOTECH LIMITED

Reference is made to the circular dated 16 September 2019 (the ''Circular'') issued by Extrawell Pharmaceutical Holdings Limited (the ''Company''). Unless the context otherwise requires, terms defined in this announcement shall have the same meanings as those defined in the Circular.

The Board is pleased to announce that Innovative has on 28 October 2019 issued an amended and restated instrument by way of deed poll in substitution of the Convertible Bonds Instrument to effect the Proposed Amendments as per the terms in the Deed of Amendment, and a new certificate of the Convertible Bonds has been issued to the Company as Bondholder from Innovative on the same day.

By order of the Board

Extrawell Pharmaceutical Holdings Limited

Xie Yi

Chairman

Hong Kong, 28 October 2019

As at the date of this announcement, the executive directors are Dr. Xie Yi, Dr. Lou Yi, Mr. Cheng Yong, Ms. Wong Sau Kuen, Mr. Liu Kwok Wah and Mr. Lu Zhiqiang, and the independent non-executive directors are Mr. Fang Lin Hu, Mr. Xue Jing Lun and Ms. Jin Song.

• For identification purpose only