MICRO-X LIMITED — Major Shareholding Notification 2020

May 14, 2020

Form 603 Corporations Act 2001 Section 671B

Notice of initial substantial holder

To: Micro-X Ltd ACN/ARSN: 21 153 273 735 Source: Australian Business Register Name: Perennial Value Management Limited ACN: 22 090 879 904 The holder became a substantial shareholder on: 13 May 2020

2. Details of Voting Power

The total number of votes attached to all the voting shares in the company or voting interest in the scheme that the substantial holder or an associate had

Class of securities	Number of securities	Person’s votes	Voting Power(%)
Ordinary	18,676,430	18,676,430	5.23

3. Details of relevant interests

Holder of relevant interest Nature of relevenat interest Class & number of securities(Ord) Perennial Value Management Limited Investment Manager 18,676,430 4. Details of present registered holders The persons registered as holders of the securities referred to paragraph 3 above are as follows: Holder of relevant interest Registered holder of securities Person entitled to be registered as holder Class & number of securities (Ord) Perennial Value Management Limited National Asset Servicing National Asset Servicing 18,676,430 The nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a	Holder of relevant interest Nature of relevenat interest Class & number of securities(Ord) Perennial Value Management Limited Investment Manager 18,676,430 4. Details of present registered holders The persons registered as holders of the securities referred to paragraph 3 above are as follows: Holder of relevant interest Registered holder of securities Person entitled to be registered as holder Class & number of securities (Ord) Perennial Value Management Limited National Asset Servicing National Asset Servicing 18,676,430 The nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a	Holder of relevant interest Nature of relevenat interest Class & number of securities(Ord) Perennial Value Management Limited Investment Manager 18,676,430 4. Details of present registered holders The persons registered as holders of the securities referred to paragraph 3 above are as follows: Holder of relevant interest Registered holder of securities Person entitled to be registered as holder Class & number of securities (Ord) Perennial Value Management Limited National Asset Servicing National Asset Servicing 18,676,430 The nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a	Holder of relevant interest Nature of relevenat interest Class & number of securities(Ord) Perennial Value Management Limited Investment Manager 18,676,430 4. Details of present registered holders The persons registered as holders of the securities referred to paragraph 3 above are as follows: Holder of relevant interest Registered holder of securities Person entitled to be registered as holder Class & number of securities (Ord) Perennial Value Management Limited National Asset Servicing National Asset Servicing 18,676,430 The nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a
Holder of relevant interest	Registered holder of securities	Person entitled to be registered as holder	Class & number of securities (Ord)
Perennial Value Management Limited	National Asset Servicing	National Asset Servicing	18,676,430

5. Consideration

The consideration paid for each relevant interest referred to paragraph 3 above, and acquired in the four months prior to the day that the substantial	The consideration paid for each relevant interest referred to paragraph 3 above, and acquired in the four months prior to the day that the substantial	The consideration paid for each relevant interest referred to paragraph 3 above, and acquired in the four months prior to the day that the substantial	The consideration paid for each relevant interest referred to paragraph 3 above, and acquired in the four months prior to the day that the substantial	The consideration paid for each relevant interest referred to paragraph 3 above, and acquired in the four months prior to the day that the substantial
Holder of relevant interest	Date of acquisition	Consideration		Class & and number of securities
		Cash	Non-cash
National Asset Servicing	23/04/2020	1,242,857.36 $		8,571,430
National Asset Servicing	13/05/2020	1,414,700.00 $		10,105,000
6. Associates The reasons the persons above in paragraph 3 above are associates of the substantial holder are as follows: Name & ACN Not applicable 7. Addresses The addresses of persons named in this form are as follows: Name Perennial Value Management Limited Micro-X Ltd Nature of association Address Level 27, 88 Phillip St SydneyNSW 2000 Micro-X Ltd1 Dalmore Drive,Scoresby,Vic
Name	Address
Perennial Value Management Limited	Level 27, 88 Phillip St SydneyNSW 2000
Micro-X Ltd	Micro-X Ltd1 Dalmore Drive,Scoresby,Vic

Signature

Print Name	Bill Anastasopoulos	Capacity	Company Secretary
Sign Here		Date	15/05/2020