OBJ : 12 NOVEMBER 2020 / UPDATE ON NOTICES RECEIVED

ASX ANNOUNCEMENT/RELEASE

12 NOVEMBER 2020

UPDATE ON REQUISITION NOTICES RECEIVED

On 27 October 2020, Wellfully Limited (ASX: WFL) (Wellfully or the Company) announced that It had received requisition notices from various shareholders requesting that the Company hold a general meeting prior to the Company's AGM on 23 November 2020 to consider the following resolution:

"That the Performance Rights Benchmarks as agreed between the shareholders and the Board in the meeting be ratified at the Wellfully Limited Annual General Meeting called for Monday 23rd November 2020 at 2.30 pm."

The Company is currently discussing the concerns raised by the requisitioning shareholders with their representative.

However, as alluded to in the Company's announcement of 27 October 2020, the Company is not able to comply with the requisitions due to the:

• uncertainty of the resolution that was proposed to be put to shareholders (there is no transparency or explanation as to the manner by which shareholders would agree the 'Performance Rights Benchmarks' at the proposed general meeting); and
• timing deficiencies of the requests (there was insufficient time to prepare and dispatch the proposed notice of general meeting and then give the required 28 days' notice to shareholders).

As such, no further general meeting will be called by the Company as a result of the requisitions.

ABOUT WELLFULLY

Wellfully is a fully integrated, science-based wellness company. In addition to its own-brand, RÉDUIT, the Company also offers a portfolio of proprietary technologies and supports partners by providing IP-protected market exclusivity, expertise in magnetic array design, feasibility and efficacy, and claims testing, engineering and production.

Wellfully's established operations via its wholly-owned business units are:

• The Innovation & R&D unit provides technology to the other business units of the Company, as well as licensing and development services to international partners.
• The Design & Technology and Supply-chain hub in Dongguan, China has the ability to rapidly develop and industrialize the Company's technologies and innovations in an agile, efficient, secure and cost- effective manner.
• The Digital Communications and Marketing & Sales units are focused on supporting Wellfully's own consumer brands.

Directors	CEO	Registered Office		Contact
Mr Antonio Varano	Mr Paul Peros	284 Oxford Street	Tel: +61	8 9443 3011
Mr Steven Schapera		Leederville	www.wellfully.net
Mr Jeffrey Edwards	Company Secretary	Western Australia	www.obj.com.au
Mr Cameron Reynolds	Mr John Palermo	6007	ABN: 72	056 482 636

ASX ANNOUNCEMENT/RELEASE

12 NOVEMBER 2020

• BodyGuard is the Company's therapeutic unit and develops advanced "direct to site of injury" patch products for the wellness and pain management sectors. This technology also has applications across supplement, healthcare, and musculoskeletal sectors.

ABOUT WELLFULLY'S TECHNOLOGIES

Wellfully has developed a number of physical enhancement technologies based on the interactions between ingredient molecules and weak atomic forces, positioning the Company as a world leader in the science of magnetic fields as they relate to drug or active-ingredient delivery.

The first of Wellfully's magnetic technologies was the Magnetic Microarray. Complex 3-D magnetic fields, produced by low-cost microarray film, influence the movement and penetration through the skin of drugs, active ingredients and formulations at the molecular level. This was licensed and commercialized in 2014.

The second magnetic technology, the Programmable Array technology, employs powered electromagnetic fields that can be altered to suit individual consumer's skincare needs. This was licensed for skincare applications in 2020.

The third magnetic technology uses magnetic fields to alter the wettability of a surface, substantially enhancing contact between liquid and solids. Magneto-Wetting underpins the Company's current developments in haircare, skincare and surface hygiene, in conjunction with Wellfully's recently developed Ultrasonic Misting technology. International patents have been filed.

FORWARD-LOOKING STATEMENTS

This announcement contains certain "forward-looking statements" concerning Wellfully. Where Wellfully expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis.

Forward-looking statements provided in this announcement are based on assumptions and contingencies which are subject to change without notice. Such forward-looking statements including statements regarding intentions, planned events and potential results are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance.

There can be no assurance that actual outcomes will not differ materially from these forward-looking statements, and there are risks associated with Wellfully and the industry which may affect the accuracy of the forward-looking statements. Wellfully does not undertake any obligation to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date of this announcement or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.

This release has been issued with the authorisation of the Board.

- Ends -

For more information:

Matthew Wright

[e-mail]

Phone: [phone]

Directors	CEO	Registered Office		Contact
Mr Antonio Varano	Mr Paul Peros	284 Oxford Street	Tel: +61	8 9443 3011
Mr Steven Schapera		Leederville	www.wellfully.net
Mr Jeffrey Edwards	Company Secretary	Western Australia	www.obj.com.au
Mr Cameron Reynolds	Mr John Palermo	6007	ABN: 72	056 482 636