AROA BIOSURGERY LIMITED — Major Shareholding Notification 2025

Oct 9, 2025

FORM 604 Corporations Act 2001 Section 671B

NOTICE OF CHANGE OF INTERESTS OF SUBSTANTIAL HOLDER

To: Company Name/Scheme ARX - Aroa Biosurgery Limited ACN/ARSN 638 867 473 1. Details of Substantial Holder(1) Name Acorn Capital Limited ACN/ARSN (if applicable) 082 694 531 There was a change in the interests of the 10/10/2025 09/10/2025 substantial holder on The previous notice was given to the company on 26/08/2024 The previous notice was dated 26/08/2024

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)	Previous notice	Previous notice	Present Notice	Present Notice
	Person's votes	Voting power (5)	Person's votes	Voting power (5)
Ordinary	22,491,106	6.53%	26,191,784	7.59%

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	Person whose relevant interest changed	Nature of change (6)	Consideration given in relation to change (7)	Class and number of securities affected	Person's votes affected
See Annexure A

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4. Present relevant interests

Particulars of each relevant interests 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
Acorn Capital Ltd	BNP Paribas Securities Services Australia Branch	BNP Paribas Securities Services Australia Branch	In its capacity as investment manager for various superannuation funds, institutional investor portfolios and unit trusts has the power to exercise , or control of, a right attached to the securities and has the power to dispose of, or	5,111,324	5,111,324
Acorn Capital Ltd	Northern Trust	Northern Trust		5,348,340	5,348,340
Acorn Capital Ltd	JP Morgan Chase Nominees	JP Morgan Chase Nominees		6,105,915	6,105,915
Acorn Capital Ltd	State Street Bank and Trust	State Street Bank and Trust		9,626,205	9,626,205

5. Changes in Associates

The persons who have become associates (2) of, ceased to be associates, or have change 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) Name of Association

6. Addresses

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

Name All Relevant Holders	Address C/O Acorn Capital Limited, Level 4, 2 Russell Street, Melbourne Victoria 3000

Print Name	PAUL PALUMBO	Capacity	Director
Sign Here		Date	10/10/2025

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Annexure A

10/10/2025

This Annexure A referred to in the Form 604 Notice of Change of Interests of Substantial Holder signed by me and dated

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PAUL PALUMBO Director

10-Jun-2025 to 10-Oct-2025

								Person's votes affected 23,621 99,123 75,298 90,000 35,864 482,720 58,850 64,382 170,623 92,847 30,715 68,280 -240,579 52,706 77,736 2,757 32,677 13,589 25,000 50,000
	Date Of Change	Person whose relevant interest changed	Nature of Change	Consideration given in relation to change		Consideration given in relation to change		Person's votes affected 23,621 99,123 75,298 90,000 35,864 482,720 58,850 64,382 170,623 92,847 30,715 68,280 -240,579 52,706 77,736 2,757 32,677 13,589 25,000 50,000
	10/06/2025 11/06/2025 12/06/2025 13/06/2025 27/06/2025 29/07/2025 04/08/2025 05/08/2025 06/08/2025 07/08/2025 08/08/2025 11/08/2025 12/08/2025 20/08/2025 21/08/2025 22/08/2025 25/08/2025 26/08/2025 09/09/2025 23/09/2025	Acorn Capital Ltd Acorn Capital Ltd Acorn Capital Ltd Acorn Capital Ltd Acorn Capital Ltd Acorn Capital Ltd Acorn Capital Ltd Acorn Capital Ltd Acorn Capital Ltd Acorn Capital Ltd Acorn Capital Ltd Acorn Capital Ltd Acorn Capital Ltd Acorn Capital Ltd Acorn Capital Ltd Acorn Capital Ltd Acorn Capital Ltd Acorn Capital Ltd Acorn Capital Ltd Acorn Capital Ltd	Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Sale Purchase Purchase Purchase Purchase Purchase Purchase Purchase		$12,244.39 $51,145.35 $38,827.14 $44,824.66 $20,120.47 $294,085.77 $35,977.47 $39,359.42 $104,148.76 $56,761.28 $18,733.51 $41,689.74 -$149,723.57 $32,900.63 $49,555.95 $1,768.36 $20,919.83 $8,542.46 $16,884.28 $34,018.71		23,621 ordinary shares 99,123 ordinary shares 75,298 ordinary shares 90,000 ordinary shares 35,864 ordinary shares 482,720 ordinary shares 58,850 ordinary shares 64,382 ordinary shares 170,623 ordinary shares 92,847 ordinary shares 30,715 ordinary shares 68,280 ordinary shares -240,579 ordinary shares 52,706 ordinary shares 77,736 ordinary shares 2,757 ordinary shares 32,677 ordinary shares 13,589 ordinary shares 25,000 ordinary shares 50,000 ordinary shares

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24/09/2025	Acorn	Capital	Ltd	Purchase	$24,830.59	36,516 ordinary shares	36,516
25/09/2025	Acorn	Capital	Ltd	Purchase	$138,921.53	204,209 ordinary shares	204,209
09/10/2025	Acorn	Capital	Ltd	Purchase	$234,483.06	337,399 ordinary shares	337,399

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