ADHERIUM LIMITED — Major Shareholding Notification 2021

Nov 29, 2021

Form 604

Corporations Law

Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme ADHERIUM LIMITED

ACN/ARSN 605 352 510

1. Details of substantial holder (1)

Name Viburnum Funds Pty Ltd (“ Viburnum ”) and each of the parties listed in Annexure A

ABN (if applicable) 26 126 348 990

There was a change in the interests of the substantial holder on 26/11/2021 The previous notice was given to the company on 10/05/2021 The previous notice was dated 10/05/2021

2. Previous and present voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows:

==> picture [454 x 38] intentionally omitted <==

----- Start of picture text ----- Class of securities (4) Previous notice Present noticePerson's votes Voting power (5) Person's votes Voting power (5)Fully Paid Ordinary 238,989,991 11.24% 219,057,245 9.94%Shares (“FPO’)----- End of picture text -----

3. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

==> picture [454 x 66] intentionally omitted <==

----- Start of picture text ----- Date of change Person whose Nature of change (6) Consideration given Class and number Person's votesrelevant interest in relation to change of securities affectedchanged (7) affected24 / 09 / 2021 – Viburnum Sale of shares $ 326,775 19,932,746 FPO 19,932,74627 / 09 / 202126 / 11 / 2021 Viburnum Dilution due to share n/a n/a n/aissuances----- End of picture text -----

4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

Holder ofrelevant interest	Registered holderof securities	Person entitled to beregistered as holder(8)	Nature of relevant interest(6)	Class andnumber ofsecurities	Person'svotes
Viburnum	JP MorganNomineesAustralia Ltd	Viburnum	Power to (or to control)exercise vote and/ordispose of the securitiesas discretionaryinvestment managers oradvisers ofsuperannuation funds,pooled superannuationtrusts, managedinvestment schemes andinvestment managementagreements.	219,057,245FPO	219,057,245
ViburnumAssociates (referto Annexure A)	As above	As above	Relevant interest undersection 608(3)(a) and/or608(3)(b) of theCorporations Act 2001(Cth).

5. Changes in association

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

Name and ACN/ARSN (if applicable) Nature of association Nil

6. Addresses

The addresses of persons named in this form are as follows:

==> picture [412 x 28] intentionally omitted <==

----- Start of picture text ----- Name AddressViburnum Funds Pty Ltd 31 Carrington Street, Nedlands, WA, 6009----- End of picture text -----

Signature

Print Name David St Quintin

Print Name David St Quintin Capacity Company Secretary Sign Here Date 30 / 11 / 2021

Annexure A to form 604

This is Annexure A of 1 page referred to in ASIC form 604 (Notice of change of interests of substantial holder), for Adherium Limited

==> picture [115 x 31] intentionally omitted <==

David St Quintin Company Secretary 30 November 2021

Viburnum Funds Pty Ltd Subsidiaries (“ Viburnum Subsidiaries ”):

Viburnum Management Pty Ltd (ACN 126 937 424) Viburnum Holdings (Singapore) Pte. Ltd. V3 Trustees Pte. Ltd. V3 Management Pte. Ltd. Viburnum Management Pte. Ltd.

Viburnum Funds Pty Ltd Associates (“ Viburnum Associates ”):

Gilbeyallen Investments Pty Ltd (ACN 164 108 258) Fatty Holdings Pty Ltd (ACN 120 119 780)