ADHERIUM LIMITED — Major Shareholding Notification 2021

May 9, 2021

Form 603

Corporations Law Section 671B

Notice of initial 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

ACN/ARSN (if applicable) 126 348 990

The holder became a substantial holder on 07 / 05 / 2021

2. Details of 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 on the date the substantial holder became a substantial holder are as follows:

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----- Start of picture text ----- Class of securities (4) Number of securities Persons' votes (5) Voting power (6)Fully Paid Ordinary Shares 238,989,991 238,989,991 11.24%----- End of picture text -----

3. Details of relevant interests

The nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a substantial holder are as follows:

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----- Start of picture text ----- Holder of relevant Nature of relevant interest (7) Class and numberinterest of securitiesViburnum Power to (or to control) exercise vote and/or dispose of the 238,989,991 Fullysecurities as discretionary investment managers or advisers of Paid Ordinarysuperannuation funds, pooled superannuation trusts, managed Sharesinvestment schemes and investment management agreements.Viburnum Associates Relevant interest under section 608(3)(a) and/or 608(3)(b) of thereferred to in Annexure Corporation Act 2001 (Cth).A----- End of picture text -----

4. Details of present registered holders

The persons registered as holders of the securities referred to in paragraph 3 above are as follows:

Holder of relevantinterest	Registered holder ofsecurities	Person entitled to be registered asholder (8)	Class and numberof securities
Viburnum andViburnum Associates	JP Morgan NomineesAustralia Ltd	Viburnum	238,989,991 FullyPaid OrdinaryShares

5. Consideration

The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four months prior to the day that the substantial holder became a substantial holder is as follows:

Holder of relevantinterest	Date of acquisition	Consideration (9)	Consideration (9)	Class and numberof securities
		Cash	Non-cash
Viburnum	07 / 05 / 2021		Conversion ofSecuredConvertibleNote Principleand Interest	238,989,991 FullyPaid OrdinaryShares

6. Associates

The reasons the persons named in paragraph 3 above are associates of the substantial holder are as follows:

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----- Start of picture text ----- Name and ACN/ARSN (if applicable) Nature of associationViburnum Subsidiaries (refer to Annexure A) Associates pursuant to section 12(2)(a) of the CorporationsActViburnum Associates (refer to Annexure A) Associates pursuant to section 12(2)(c) of the Corporations Act----- End of picture text -----

7. Addresses

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

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

Signature

print namesign here	David St QuintinCapacityCompany Secretary
	date10 / 05 / 2021

Annexure A to form 603

This is Annexure A of 1 page referred to in ASIC form 603 (Notice of initial substantial holder) for Adherium Limited.

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David St Quintin Company Secretary 10 May 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)