AROA BIOSURGERY LIMITED — Major Shareholding Notification 2021

Jan 27, 2021

604 Page 1 of 3 15 July 2001

Form 604

Corporations Act 2001

Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme Aroa Biosurgery Ltd

ACN/ARSN 638 867 473

1. Details of substantial holder (1)

Name Movac Fund 3 Limited Partnership/ Movac Limited

ACN/ARSN (if applicable)

There was a change in the interests of the substantial holder on

The previous notice was given to the company on

The previous notice was dated

27/01/2021
N/A (The holder wasasubstantial holder prior to Aroa
Biosurgery Ltd listingon the ASX)//
//

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:

Class of securities (4) Fully paid ordinary shares.	Previous notice Person’s votes 25,841,850	Voting power(5) 8.61% (based on 300,074, 950 shares at the time of Listing)	Present notice Person’s votes 18,679,050	Voting power(5) 6.21% (based on 300,726,414 shares)

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:

Date of change 27/01/2021	Person whose relevant interest changed Movac Fund 3 Limited Partnership/ Movac Limited	Nature of change (6) Sale of shares by Movac Fund 3 Limited Partnership.	Consideration given in relation to change (7) $7,664,196	Class and number of securities affected 7,162,800 ordinary shares	Person's votes affected (2.38%)

4. Present relevant interests

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

Holder of relevant interest	Registered holder of securities	Person entitled to be registered as holder (8)	Nature of relevant interest (6)	Class and number of securities	Person's votes

604 Page 2 of 3 15 July 2001

			608(1)(a) of
Movac Fund 3 Limited Partnership	Movac Fund 3 Limited Partnership	Movac Fund 3 Limited Partnership	the Corporations Act - registered	18,679,050 ordinary shares.	18,679,050
			holder
			608(3)of the
Movac Limited	Movac Fund 3 Limited Partnership	Movac Fund 3 Limited Partnership	Corporations Act - Movac Limited is an associate due to being the general partner of Movac Fund 3 Limited	18,679,050 ordinary shares. (being the same shares referred to above)	18,679,050 (being the same shares referred to above)
			Partnership

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
N/A	N/A

6. Addresses

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

Name	Address
Movac Fund 3 Limited Partnership	Po Box 11707 Manners Street, Wellington, 3011, New Zealand
Movac Limited	Level 3, 2012 Allen Street, Wellington, 6011, N

Signature

re
print name sign here	David Beard capacity Director
	date 28/01/2021

DIRECTIONS

• (1) If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 6 of the form.

• (2) See the definition of "associate" in section 9 of the Corporations Act 2001.

• (3) See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.

• (4) The voting shares of a company constitute one class unless divided into separate classes.

• (5) The person's votes divided by the total votes in the body corporate or scheme multiplied by 100.

• (6) Include details of:

• (a) any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) applies, a copy of any document setting out the terms of any relevant agreement, and a statement by the person giving full and

604 Page 3 of 3 15 July 2001

accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and

• (b) any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.

• (7) Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.

• (8) If the substantial holder is unable to determine the identity of the person (eg. if the relevant interest arises because of an option) write "unknown".

• (9) Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice.