March 16, 2020
SymBio Pharmaceuticals Limited
Fuminori Yoshida
Representative Director,President and Chief Executive Officer
Completion of Payment for Subscription for the 50th and 51st Stock Acquisition Rights(with Exercise Price Revision Clauses)
TOKYO, Japan, March 16, 2020—SymBio Pharmaceuticals Limited (JASDAQ: 4582) (hereinafter “SymBio”)
announces that payment has been completed today for the subscription for the 50th and 51st stock acquisition rights(hereinafter individually or collectively referred to as the “Stock Acquisition Rights”) resolved at its board ofdirectors’ meeting on February 27, 2020 and allotted to EVO FUND (hereinafter the “Allottee”).
For further details regarding this issuance, please refer to “Notice of the Issuance of the 50th and 51st Stock Acquisition
Rights with Exercise Price Revision Clauses and Conclusion of Third-Party Allotment Agreement (Commit Issue
Program)” published on February 27, 2020.
Ovreview of the Isshuance of the Stock Acquisition Rights(1)(2)

Date of allotment
Total number of stockacquisition rights

March 16, 2020
10,000,000 units
50th Stock Acquisition Rights: 7,000,000 units
51st Stock Acquisition Rights: 3,000,000 units¥10,540,000(3)Issue price50th Stock Acquisition Rights: ¥1.06 (per unit)
51st Stock Acquisition Rights: ¥1.04 (same as the above)

Number of dilutive(4)shares from theissuance(5)

Amount of funding

10,000,000 shares (one share per unit)
No maximum exercise price
While the minimum exercise price is ¥291, even at the minimum exercise price,
the number of dilutive shares is 10,000,000.
¥5,450,540,000 (Note)
Initial exercise price: ¥547
The initial revision of the exercise price on each tranche of the Stock
Acquisition Rights shall take place on March 17, 2020, and further revisions
shall take place after the passage of each subsequent five trading-day period.
(“trading days” refers to days on which trading sessions take place on Tokyo(6)

Exercise price andStock Exchange, Inc. (the “Tokyo Stock Exchange”). In the event the exercise

conditions for revising

price is revised based on this paragraph, on the next trading day following thethe exercise pricefifth trading day counted from the date on which the exercise price waspreviously revised (including that date; the “Revision Date”), the exercise priceshall be revised to an amount obtained by multiplying the simple average valueof the volume weighted average price of SymBio’s common shares in regular
trading announced by the Tokyo Stock Exchange on each trading day for thefive consecutive trading days prior to the Revision Date (the “Price Calculation
1Period”) by 94%, truncating fractional amounts less than one yen (the“Standard Exercise Price”). However, the price shall be revised to the minimum
exercise price if the Standard Exercise Price falls below the minimum exercise
price. In addition, in the event of a reason for adjustment based on theprovisions of Paragraph 11 of the terms and conditions for the issuance of theStock Acquisition Rights during one of the Price Calculation Periods, thevolume weighted average price of SymBio’s common shares in regular trading
announced by the Tokyo Stock Exchange for each of the trading days for that
Price Calculation Period shall be adjusted, taking that reason into consideration.
Method for(7)subscription orallotment (Allottee)

All of the Stock Acquisition Rights shall be allotted to EVO FUND throughthird-party allotment.
SymBio and the Allottee entered into a third-party allotment agreement on
stock acquisition rights (the “Purchase Agreement”), which entered into force
upon notification via a securities registration statement based on the Financial
Instruments and Exchange Act. The agreement states the exercise commitment(8)

Othersconditions indicated in “Appendix” below, and requires approval by SymBio’s
Board of Directors, in order for the Allottee to transfer the Stock Acquisition
Rights.
The Purchase Agreement further provides that the 51st Stock Acquisition
Rights may be exercised following SymBio’s instructions (the “Instruction toExercise”).

(Note) The amount of funds to be raised is the total amount paid for the Stock Acquisition Rights and the value ofproperty contributed in exercising the Stock Acquisition Rights, less an estimated amount for the various
costs associated with issuing the Stock Acquisition Rights. The amount of funds raised may increase ordecrease if the exercise price is revised or adjusted. Furthermore, the amount of funds raised could change if
the Stock Acquisition Rights are not exercised within the exercise period or if the Stock Acquisition Rights
acquired by SymBio are cancelled. In addition, the value of property contributed upon exercising the StockAcquisition Rights is calculated based on the assumption that all of the Stock Acquisition Rights areexercised at the initial exercise price. The actual amount raised may vary depending on market conditions atthe time the Stock Acquisition Rights are exercised.
AppendixCommit Issue
The target numbers of SymBio’s common shares underlying each of the Stock Acquisition Rights (50th StockAcquisition Rights: 7,000,000 shares, 51st Stock Acquisition Rights: 3,000,000 shares) are determined in advance,and such Stock Acquisition Rights are designed so that the Allottee commits to their exercise. For the 50th Stock
Acquisition Rights, the exercise period begins on the trading day immediately following issuance. Once the exercise
period begins, the Allottee shall in principle exercise all of the 50th Stock Acquisition Rights (7,000,000 shares) (FullCommitment) within 106 trading days. Furthermore, the Allottee commits to the exercise of the 50th Stock
Acquisition Rights, a number corresponding to 2,800,000 shares or more, in principle within 56 trading days (FirstHalf Commitment) on or after the trading day following the date on which the 50th Stock Acquisition Rights areissued. The combination of this “First-Half Commitment” and the aforementioned “Full Commitment” arecharacteristic of the Commit Issue.
In principle, the Full Commitment Period refers individually and collectively to the 106 trading days starting fromthe trading day following the payment date for the 50th Stock Acquisition Rights in the case of the 50th Stock2

Acquisition Rights, and in the case of the 51st Stock Acquisition Rights, the 46 trading days starting from the date
the Company specifies from the trading day after the Company gives an Instruction to Exercise (including that dayin either case). The First-Half Commitment Period refers in principle to the 56 trading days starting from the trading
day following the payment date for the 50th Stock Acquisition Rights. There is no First-Half Commitment for the51st Stock Acquisition Rights.
Commit Issue Program
The combination of two Commit Issues is the feature of this funding (Commit Issue Program). In addition to the50th Stock Acquisition Rights, the Allottee has made a Full Commitment to exercise the entire amount of the 51stStock Acquisition Rights on instruction from SymBio up to the maximum amount issued in principle within 46
trading days starting from the date SymBio specifies from the trading day after the Company gives an Instruction toExercise. The 51st Stock Acquisition Rights are designed so that it cannot be exercised until the Company issues anInstruction to Exercise. Dividing the exercisable period for the Stock Acquisition Rights into two enables theCompany to begin raising funds at a time of its choosing in line with funding needs, giving it a high degree of certainty
in terms of timing and amount in response to requirements during the expected disbursement period, allowing theCompany to deal with variations in timing and funding needs. Conditions for issuing an Instruction to Exercise arethat SymBio does not continue to possess undisclosed insider information at the time it issues an Instruction toExercise and at the start of the exercise period, and that no portion of the 50th Stock Acquisition Rights is remaining.
Also, when there are fewer than 60 trading days remaining in the exercise period for the 51st Stock Acquisition Rights,
an Instruction to Exercise may be given, but Full Commitment does not apply.
50th Stock Acquisition Rights

51st Stock Acquisition Rights

7,000,000 units

3,000,000 units

Total issue price¥7,420,000¥3,120,000Total exercise price¥3,829,000,000 (Note 1)¥1,641,000,000 (Note 1)

Number of stock acquisition rights
issuedIn principle, a period of
approximately five months after
Expected exercise period

issuance (except if Reasons forExtension of the Commitment
Period occur)

Number of revisions (in principle)

Exercise price

Full Commitment

In principle, roughly two months
from date specified by SymBio after
the Company issues an Instruction to
Exercise (except if Reasons forExtension of the Commitment
Period occur)

Total of 21 (planned)

Total of 9 (planned)(revised every five trading days; 21(revised every five trading days;times)

nine times)

94% of simple average VWAP over

94% of simple average VWAP over

five consecutive trading days

five consecutive trading days

Commitment, in principle, toCommitment, in principle, toexercise all of the Stock Acquisition

exercise the complete number ofRights issued within 106 trading

Stock Acquisition Rights specifieddays

within 46 trading days

Commitment, in principle, toFirst-Half Commitment

exercise at least 40% of the StockAcquisition Rights issued within 56

None

trading days
Expected start date of initial
exercise

March 17, 2020

3To be determinedExpected final date of Full
Commitment
Expected final date of First-Half
Commitment
Acquisition provisions

August 21, 2020

To be determined

June 9, 2020

Not applicable

YesYes(Notes) 1. Total exercise price above assumes that all of the Stock Acquisition Rights are exercised at the initial
exercise price.
2. The 50th Stock Acquisition Rights and the 51st Stock Acquisition Rights have acquisition provisions, soSymBio may choose to acquire and cancel the Stock Acquisition Rights. However, SymBio stipulates inthe Purchase Agreement that it must obtain the agreement of the Allottee to acquire or cancel the StockAcquisition Rights in any circumstances for the 50th Stock Acquisition Rights and during the Full
Commitment period for the 51st Stock Acquisition Rights.

4