"N" is number of new or existing shares to be issued or transferred by the Company to the holder; 
 
"Pv" is the par value of an OCEANE, i.e. EUR10,000; and 
 
"P" is the conversion price of an OCEANE, i.e. the higher of (i) 94% of the lowest daily volume weighted average share 
price ("VWAP") (as published by Bloomberg) during a period of fifteen (15) trading days immediately preceding the date 
of receipt of the conversion notice of an OCEANE by the Company and (ii) the nominal value of the shares, it being 
specified that, only for the OCEANE to be converted prior to the approval of the combined general meeting of 
shareholders to be held on June 30, 2021 on a specific authorization designed for the purpose of this financing 
program, P shall not be lower than 70% of the VWAP of the Company's shares over the three trading days preceding any 
conversion date. 
 
Main characteristics of the BSA 
 
The number of BSA attached to each tranche of OCEANE will be equal to 20% of the aggregate par value of such tranche of 
OCEANE divided by the applicable Exercise Price (as defined below). 
 
It is reminded that the issuance of these BSA after the drawdown of the first 16 tranches of OCEANE shall remain 
subject to the Condition being met. 
 
The BSA shall immediately be detached from the OCEANE. The BSA may not be assigned or transferred without the prior 
consent of the Issuer, except to any other fund or company controlling or controlled by the Investor. 
 
The BSA will not be listed or admitted to trading on the Euronext Growth market of Euronext in Paris or on any other 
financial market. 
 
Each BSA shall give to its holder the right, for five years from its issuance, to subscribe to one ordinary share in 
the Company (subject to legal adjustments). 
 
The exercise price of the BSA shall be equal to 120% of the lowest daily VWAP (as published by Bloomberg) over the 
fifteen (15) consecutive trading days preceding the issuance date of the tranche of OCEANE to which said BSA were 
attached (the "Exercise Price"). 
 
Depending on the assumed volatility of the share price applied (50%) and on the basis of the Company's closing share 
price on May 31, 2021 (i.e. EUR2.835), the theoretical value of a BSA is equal to EUR 0.86. 
 
New shares resulting from the conversion of OCEANE or the exercise of BSA 
 
The new shares issued upon the conversion of OCEANE or the exercise of BSA will carry dividend rights. They will have 
the same rights as those attached to the Company's existing ordinary shares and will be admitted to trading on the 
Euronext Growth market of Euronext Paris in the same listing line (FR0011191287). 
 
The Company shall keep an up-to-date table of the number of Tranche Warrants, OCEANE, BSA and the number of shares 
outstanding on its website (www.pharnext.com). 
 
The main risks related to this financing are the following: 
 
  ? This financing program entails the issuance of several kinds of complex securities giving access to the share 
    capital of Pharnext and including in particular a debt component; 
  ? The volume of completion of this financing program is uncertain and will notably depend upon market conditions; 
  ? This financing program will entail a dilution due to the issuance of new shares upon the conversion of the OCEANE 
    and the exercise of the BSAs by GLOBAL TECH OPPORTUNITIES. An illustration of the dilution which could result from 
    these issuances of new shares is presented below; 
  ? Global Tech Opportunities 13 will sell these new shares, at its discretion, which could have an effect on the 
    volatility, the liquidity and the market price of the Company shares. 
 
The Company's shareholding structure after the conversion of EUR 81 million OCEANE and the attached BSA 
 
For illustration purposes, the impact of the issuance of OCEANE-BSA would be as follows: 
 
  ? Impact of the issuance on equity per share (on the basis of equity as at December 31, 2020, i.e. - EUR13,191,614, and 
    the number of shares making up the Company's share capital as at May 31, 2021, i.e. 22,349,489 shares): 
 
                                                                                         Equity per share as at 
                                                                                         December 31, 2020 * 
 
                                                                                         Non-diluted     Diluted basis 
                                                                                         basis           ** 
Before issuance                                                                          - EUR0.59         EUR0.51 
After issuance of only the 2,131,535 new shares resulting from the conversion of the     EUR0.31           EUR0.67 
first tranche of OCEANE 
After issuance of only the 29,260,163 new shares resulting from the conversion of the 34 EUR1.26           EUR1.64 
additional tranches of OCEANE ***) 
After issuance of only the 4,918,032 new shares resulting from the exercise of BSA       EUR0.11           EUR0.96 
attached to the 35 tranches of OCEANE*** 
TOTAL 
                                                                                         EUR1.43           EUR1.77 
After issuance of 36,309,730 new shares resulting from the conversion of OCEANE and the 
exercise of BSA***

*Theoretical calculations on the basis of a conversion price equal to 94% of the lowest daily VWAP (as published by Bloomberg) during the fifteen (15) trading days preceding the date hereof i.e. EUR2.745 x 94% = 2.58 .

**After exercise of all existing dilutive instruments that could result in the creation of an indicative maximum of 3,759,058 new shares.

***The issuance of these additional OCEANE and BSA remains subject to the satisfaction of the Condition. ? Impact of the issuance on the investment of a shareholder currently holding 1% of the Company's share capital (on

the basis of the number of shares making up the Company's share capital as at May 31, 2021, i.e. 22,349,489

shares): 


                                                                                              Shareholder's equity* 
 
                                                                                              Non-diluted   Diluted 
                                                                                              basis         basis** 
Before issuance                                                                               1.00%          1.00% 
After issuance of only the 2,131,535 new shares resulting from the conversion of the first     0.91%         0.92% 
tranche of OCEANE 
After issuance of only the 29,260,163 new shares resulting from the conversion of the 34       0.42%         0.45% 
additional tranches of OCEANE ***) 
After issuance of only the 4,918,032 new shares resulting from the exercise of BSA attached    0.82%         0.84% 
to the 35 tranches of OCEANE*** 
TOTAL 
                                                                                               0.38%         0.42% 
After issuance of 36,309,730 new shares resulting from the conversion of OCEANE and the 
exercise of BSA***

*Theoretical calculations on the basis of a conversion price equal to 94% of the lowest daily VWAP (as published by Bloomberg) during the fifteen (15) trading days preceding the date hereof i.e. EUR2.745 x 94% = 2.58.

**After exercise of all existing dilutive instruments that could result in the creation of an indicative maximum of 3,759,058 new shares.

***The issuance of these additional OCEANE and BSA remains subject to the satisfaction of the Condition.

Risk Factors relating to Pharnext

The Company draws the public's attention to the risk factors related to the Company and its activities presented in section 3 of the universal registration document approved by the AMF under number R. 20. 029 on November 9, 2020 as well as in its annual periodic management reports and press releases, copies of which are available free of charge on the website of the Company (www.pharnext.com).

In addition, investors are invited to consider the following risks: (i) the market price for the Company's shares may fluctuate and fall below the subscription price of the shares issued pursuant to the financing program detailed above, (ii) the volatility and liquidity of the Company's shares may fluctuate significantly, (iii) sales of Company's shares may occur on the market and have a negative impact on the market price of the shares, and (iv) the Company's shareholders could undergo a potentially material dilution resulting from any future capital increases that are needed to finance the Company.

About Pharnext

Pharnext is an advanced clinical-stage biopharmaceutical company developing novel therapeutics for orphan and common neurodegenerative diseases that currently lack curative and/or disease-modifying treatments. Pharnext has two lead products in clinical development. PXT3003 completed an international Phase III trial with positive topline results for the treatment of Charcot-Marie-Tooth disease type 1A ('CMT1A') and benefits from orphan drug status in Europe and the United States. An international pivotal Phase III study of PXT3003 in CMT1A, the PREMIER trial, is currently ongoing. PXT864 has generated encouraging Phase II results in Alzheimer's disease and will be advanced through partnerships. Pharnext has developed a new drug discovery paradigm based on big genomics data and artificial intelligence: PLEOTHERAPY(TM). Pharnext identifies and develops synergic combinations of drugs called PLEODRUG(TM). More information can be found at www.pharnext.com.

Pharnext is listed on the Euronext Growth Stock Exchange in Paris (ISIN code: FR0011191287).

About Alpha Blue Ocean ('ABO')

Created in 2017 by Pierre Vannineuse, Hugo Pingray and Amaury Mamou-Mani, Alpha Blue Ocean is a young and dynamic family office with the mission of revolutionizing the financial industry by offering innovative and tailored risk-adjusted investments.

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