ADHERIUM LIMITED — Major Shareholding Notification 2021

Mar 25, 2021

Form 603

Corporations Act 2001

Section 671B

Notice of initial substantial holder

To Company Name/Scheme Adherium Limited (ADR)

ACN/ARSN 605 352 510 1. Details of substantial holder (1)

Name Regal Funds Management Pty Ltd (RFM)

ACN/ARSN (if applicable) 107 576 821

The holder became a substantial holder on 24/03/2021

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:

==> picture [437 x 50] intentionally omitted <==

----- Start of picture text ----- Class of securities (4) Number of securities Person's votes (5) Voting power (6)ORDINARY 52,718,327 52,718,327 6.21%----- 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:

	Holder of relevant interest	Nature of relevant interest (7)	Class and number of securities
		REGAL FUNDS MANAGEMENT PTY LIMITED HAS
REGAL	FUNDS MANAGEMENT PTY LIMITED	A RELEVANT INTEREST IN ITS CAPACITY AS	52,718,327 ORDINARY
		INVESTMENT MANAGER AND/OR TRUSTEE

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 relevant interest	Registered holder of securities	Person entitled to be registered asholder (8)	Nature of relevantinterest (6)	Class andnumber ofsecurities	Person'svotes
CREDIT SUISSE AG	CS THIRD NOMINEES PTYLIMITED	CREDIT SUISSE AG	HOLDER OFSHARES	52,718,327ORDINARY	52,718,327

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	relevant	interest	Date	of acquisition	Consideration (9)	Class and number of securities
				See	Annexure 1

6. Associates

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

Name and ACN/ARSN (if applicable) Nature of association NOT APPLICABLE

7. Addresses

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

Signature

Name Address LEVEL 47 GATEWAY 1 MACQUARIE PLACE SYDNEY NSW PHILIP KING 2000 print name Kenny Ho capacity Company Secretary sign here date 26/03/2021

Annexure 1

Consideration

					Considerati
					on given in	Number of		Persons
				Nature of	relation to	securities	Class of	votes
Date	Person	whose	relevant interest changed	Change	change	affected	securities	affected
24/03/2021		Regal	Funds Management	Buy	790774.91	52718327	Ordinary	52718327