CYCLOPHARM LIMITED — Major Shareholding Notification 2021

May 3, 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 (1)

Name Mitsubishi UFJ Financial Group, Inc. ACN/ARSN (if applicable) Not Applicable

The holder ceased to be a substantial holder on 27 April 2021 The previous notice was given to the company on 20 April 2021 The previous notice was dated 20 April 2021 The holder became aware on 30 April 2021

2. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest (2) of the substantial holder or an associate (3) 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 (4)	Consideration given in relation to change (5)	Class (6) and number of Securities affected	Person’s votes affected
19/04/2021	Mitsubishi UFJ Financial Group,Inc.	Collateral Returned by an entity controlled by Morgan Stanley–seeAnnexureA	N/A	97,687Ordinary Shares	97,687
20/04/2021	Mitsubishi UFJ Financial Group,Inc.	Collateral Received by an entity controlled by Morgan Stanley–seeAnnexureA	N/A	97,687Ordinary Shares	97,687
22/04/2021	Mitsubishi UFJ Financial Group,Inc.	Purchase of securities by an entity controlled by Morgan Stanley	159.34	62Ordinary Shares	62
23/04/2021	Mitsubishi UFJ Financial Group,Inc.	Purchase of securities by an entity controlled by Morgan Stanley	135.15	53 Ordinary Shares	53
26/04/2021	Mitsubishi UFJ Financial Group,Inc.	Purchase of securities by an entity controlled by Morgan Stanley	40.16	16 Ordinary Shares	16
26/04/2021	Mitsubishi UFJ Financial Group,Inc.	Purchase of securities by an entity controlled by Morgan Stanley	7.65	3 Ordinary Shares	3
26/04/2021	Mitsubishi UFJ Financial Group,Inc.	Purchase of securities by an entity controlled by Morgan Stanley	5.04	2Ordinary Shares	2
26/04/2021	Mitsubishi UFJ Financial Group,Inc.	Purchase of securities by an entity controlled by Morgan Stanley	20.56	8 Ordinary Shares	8
26/04/2021	Mitsubishi UFJ Financial Group,Inc.	Purchase of securities by an entity controlled by Morgan Stanley	5.08	2Ordinary Shares	2
26/04/2021	Mitsubishi UFJ Financial Group,Inc.	Purchase of securities by an entity controlled by Morgan Stanley	2.53	1Ordinary Shares	1
27/04/2021	Mitsubishi UFJ Financial Group,Inc.	Collateral Returned by an entity controlled by Morgan Stanley–seeAnnexureA	N/A	1,854,955 Ordinary Shares	1,854,955

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3. Changes in association

The persons who have become associates (3) of, ceased to be associates of, or have changed the nature of their association (7) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

n 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:

ddresses 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

Signature

print name	capacity	Authorised signatory
sign here	date	4 May 2021

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Annexure A

This is annexure A of 1 page referred to in Form 605, Notice of ceasing to be a substantial holder dated 4 May 2021

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Authorised signatory Dated 4 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
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	20210427;
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? **	Yes~~/No~~
Ifyes, detailPrime broker mayreturn shares which were rehypothecated from the client at anytime.
**Does the lender have the right to recall early? **	Yes~~/No~~
If yes, detailPrime broker will be required to return to the client shares rehypothecated from the client's account upon a sale of those shares by the client.
Will the securities be returned on settlement?	Yes~~/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 each party to the other. The amounts due from one party shall be set off against the amounts due from the other party and only the balance of the account shall be payable.

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