AoFrio Limited — Director's Dealing 2023

AOFRIO LIMITED.

DISCLOSURE OF SHARE DEALING BY DIRECTOR (UNDER SECTION 148(2) OF THE COMPANIES ACT 1993)

NATURE OF DEALING: Initial advice of holdings in AoFrio Limited at 9[th] August 2023 NUMBER AND CLASS OF SHARES: AoFrio Limited Ordinary Shares

NATURE OF RELEVANT INTEREST: 5,862 shares

SIGNED:

DATED: 9[th] August 2023

Notes:

1. Section 148(2) requires a director who acquires or disposes of a relevant interest in shares issued by the company forthwith after the acquisition or disposition to disclose the above details to the Board.

2. The details disclosed must be included in the Directors' Report accompanying the Financial Statements for the year in which the disclosure is made.

3. The term "Relevant Interest" is defined in section 146(1) of the Companies Act 1993.

4. Under section 126(1) of the Act, the term "Director'' is deemed to include other persons for the purposes of section 148. These persons could include, for example, shareholders who are represented on the Board and senior executives.

5. The requirements of section 148 are in addition to, and do not replace, the insider trading and substantial security holder requirements of the Securities Amendment Act 1988. Nor do they replace company policy on share dealing and in particular the need to comply with the statutory insider trading approved procedure for company officers. That procedure only permits dealing within certain trading "windows" following results announcements and requires prior notification and approval of dealings. The necessary forms and procedures are available from the company secretary.

6. This notice should be given to the company secretary.