CYCLOPHARM LIMITED — Major Shareholding Notification 2021

Apr 18, 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	14 April 2021
The previous notice was given to the company on	15 April 2021
The previous notice was dated	15 April 2021
The holder became aware on	16 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 ofchange	Date ofchange	Person whose relevant interestchanged	Nature of change (4)Consideration given inrelation tochange (5)	Class (6) and number ofSecurities affected	Person’svotesaffected	Person’svotesaffected
		Mitsubishi UFJ Financial Group,	Purchase of securities by an entity
13/04/2021		Inc.	controlled by Morgan Stanley606.30	235 Ordinary Shares	235
		Mitsubishi UFJ Financial Group,	Purchase of securities by an entity
13/04/2021		Inc.	controlled by Morgan Stanley7.86	3 Ordinary Shares		3
		Mitsubishi UFJ Financial Group,	Collateral returned by an entity controlled
14/04/2021		Inc.	by Morgan Stanley–see Annexure AN/A	2,056,063 Ordinary Shares	2,056,063
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:
		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

Signature

print name	capacity	Authorised signatory
sign here	date	19 April 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 19 April 2021

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_____________________________________________________________________________________________ Authorised signatory Dated 19 April 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 andtrustee for and on behalf of the other Morgan Stanley CompaniesandKARST PEAKSHEARWATER MASTER FUND
Transfer Date	20210414;
Holder of Voting Rights	Prime broker has the right to vote securities rehypothecated fromthe Client.
**Are there any restrictions on voting rights? **	~~Yes/~~No
Ifyes, detailNotapplicable
Scheduled Return Date (if any)	Open
**Does the borrower have the right to returnearly? **	Yes/No
Ifyes, detailPrime broker mayreturnshareswhich wererehypothecatedfrom the clientatanytime.
**Does the lender have the right to recallearly? **	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 thoseshares by the client.
**Willthe 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 bedetermined and on the basis of the amounts so established, an account shall be taken of what is due from each party to the other. Theamounts due from one party shall be set off against the amounts due from the other party and only the balance of the account shall bepayable.

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