CYCLOPHARM LIMITED — Major Shareholding Notification 2021

May 19, 2021

Form 605

Corporations Act 2001 Section 671B

Notice of ceasing to be a substantial holder

To: Company Name/Scheme:

CYCLOPHARM LIMITED

ACN/ARSN: 116 931 250

1. Details of substantial holder

Name: Mitsubishi UFJ Financial Group, Inc.

The holder ceased to be a substantial holder on: 17/05/2021 The previous notice was given to the company on: 19/05/2021 The previous notice was dated: 19/05/2021 The holder became aware on: 19/05/2021

2. 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	Consideration given in relation to change	Class and number of securities affected	Person's votes affected
See annexure A to this notice

3. Changes in association

The persons who have become associates of, ceased to be associates of, or have changed the nature of their association 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
Not applicable	Not applicable

4. Addresses

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

Name	Address
Mitsubishi UFJ Financial Group, Inc.	2-7-1, Marunouchi, Chiyoda-ku, Tokyo 100-8330, Japan

5. Signature

==> picture [108 x 35] intentionally omitted <==

Authorised signatory

==> picture [52 x 10] intentionally omitted <==

Dated 20 May 2021

Page 1

Annexure A

This is Annexure A of 1 page referred to in Form 605, Notice of ceasing to be a substantial holder dated 20 May 2021.

==> picture [111 x 36] intentionally omitted <==

==> picture [44 x 8] intentionally omitted <==

Authorised signatory Dated 20 May 2021

Date of change	Person whose relevant interest changed	Nature of change	Consideration given in relation to change	Class and number of securities affected	Person's votes affected
17/05/2021	Mitsubishi UFJ Financial Group, Inc.	Purchase of securities by an entity controlled by Morgan Stanley	190.92	74 Ordinary Shares	74
17/05/2021	Mitsubishi UFJ Financial Group, Inc.	Purchase of securities by an entity controlled by Morgan Stanley	10.56	4 Ordinary Shares	4
17/05/2021	Mitsubishi UFJ Financial Group, Inc.	Purchase of securities by an entity controlled by Morgan Stanley	21.2	8 Ordinary Shares	8
17/05/2021	Mitsubishi UFJ Financial Group, Inc.	Purchase of securities by an entity controlled by Morgan Stanley	10.4	4 Ordinary Shares	4
17/05/2021	Mitsubishi UFJ Financial Group, Inc.	Purchase of securities by an entity controlled by Morgan Stanley	10.44	4 Ordinary Shares	4
17/05/2021	Mitsubishi UFJ Financial Group, Inc.	Purchase of securities by an entity controlled by Morgan Stanley	21.04	8 Ordinary Shares	8
17/05/2021	Mitsubishi UFJ Financial Group, Inc.	Purchase of securities by an entity controlled by Morgan Stanley	10.48	4 Ordinary Shares	4
17/05/2021	Mitsubishi UFJ Financial Group, Inc.	Collateral Returned by an entity controlled by Morgan Stanley - see Annexure B	N/A	3,148,185 Ordinary Shares	3,148,185

Page 2

Annexure B

This is Annexure B of 1 page referred to in Form 605, Notice of ceasing to be a substantial holder dated 20 May 2021.

==> picture [112 x 36] intentionally omitted <==

==> picture [37 x 7] intentionally omitted <==

Authorised signatory Dated 20 May 2021

The below schedules are based on the relevant standard agreements. The entity filing the report will, if requested by the company or responsible entity to whom the prescribed form must be given or ASIC, give a copy of the agreement to the company, responsible entity or ASIC.

Schedule	Schedule
Type of Agreement	International Prime Brokerage Agreement
Parties to agreement	Morgan Stanley & Co. International plc for itself and as agent and trustee for and on behalf of the other Morgan Stanley Companies and KARST PEAK THYLACINE MASTER FUND
Transfer Date	20210517;
Holder of Voting Rights	Prime broker has the right to vote securities rehypothecated from the Client.
Are there any restrictions on voting rights?	~~Yes/~~ ~~N~~o
Ifyes, detailNot applicable
Scheduled Return Date (if any)	Open
Does the borrower have the right to return early?	Ye~~s/No~~
Ifyes, detailPrime broker mayreturn shares which were rehypothecated from the client at anytime.
Does the lender have the right to recall early?	Ye~~s/No~~
Ifyes, detailPrime broker will be required to return to the client shares rehypothecated from the client's account upon a sale of those shares bythe client.
Will the securities be returned on settlement?	Ye~~s/No~~
If yes, detail any exceptionsUpon an Event of Default, the default market value of all Equivalent Securities to be delivered will be determined and on the basis of the amounts so established, an account shall be taken of what is due from eachpartyto the other. The amounts due from onepartyshall be set off against the amounts due from the otherpartyand onlythe balance of the account shall bepayable.