MULTISTACK INTERNATIONAL LIMITED — Major Shareholding Notification 2021

May 23, 2021

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MULTISTACK INTERNATIONAL LIMITED ACN 007 254 346 ABN 54 007 254 346 17 Friars Road, Moorabbin, VICTORIA 3189, AUSTRALIA TELEPHONE: + 61 3 8586 8200 FACSIMILE: + 61 3 8586 8201

24 May 2021

Multistack International Limited : Notice of initial substantial holder

The Company is lodging the attached on behalf of its shareholder.

Yan Wong Company Secretary Multistack International Limited (MSI)

MSI – ASX Quarter Activity Report March 2021

603 Page 1 of 3 15 July 2001

Form 603

Corporations Act 2001 Section 671B

Notice of initial substantial holder

To Company Name/Scheme MULTISTACK INTERNATIONAL LIMITED ACN/ARSN 007254346

1. Details of substantial holder (1)

Name GOVINDA FREEDOM FUND PTY LTD <SUPER GOVINDA A/C>

ACN/ARSN (if applicable) 615 670 794

The holder became a substantial holder on 14 / 05 / 2021

2. Details of 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 on the date the substantial holder became a substantial holder are as follows:

Class of securities (4)	Number of securities	Person's votes (5)	Voting power (6)
FULLY PAID ORDINARY SHARES	7,500,000	7,500,000	6.68%

3. Details of relevant interests

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 substantial holder are as follows:

Holder of relevant interest	Nature of relevant interest (7)	Class and number of securities
GOVINDA FREEDOM FUND PTY LTD <SUPER GOVINDA A/C>	DIRECT	7,500,000

4. Details of present registered holders

The persons registered as holders of the securities referred to in paragraph 3 above are as follows:

Holder of relevant interest	Registered holder of securities	Person entitled to be registered as holder (8)	Class and number of securities
GABRIEL GOVINDA	GOVINDA FREEDOM FUND PTY LTD <SUPER GOVINDA A/C>	GABRIEL GOVINDA	7,500,000

5. Consideration

The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four months prior to the day that the substantial holder became a substantial holder is as follows:

Holder of relevant interest	Date of acquisition	Consideration (9)	Consideration (9)	Class and number of securities
		Cash	Non-cash
PLEASE SEE SPREADSHEET ATTACHED	various	Cash		FPO 7.5m

603 Page 2 of 3 15 July 2001

6. Associates

The reasons the persons named in paragraph 3 above are associates of the substantial holder are as follows:

Name and ACN/ARSN (if applicable)	Nature of association
GOVINDA FREEDOM FUND PTY LTD <SUPER GOVINDA A/C>	GABRIEL GOVINDA - SOLE DIRECTOR

7. Addresses

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

Name	Address
GOVINDA FREEDOM FUND PTY LTD <SUPER GOVINDA A/C>	8C DARLING STREET,SOUTH YARRA VIC 3141

Signature

print name sign here	GABRIEL GOVINDA capacity SOLE DIRECTOR
	date // 15/05/2021

DIRECTIONS

• (1) If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 7 of the form.

• (2) See the definition of "associate" in section 9 of the Corporations Act 2001.

• (3) See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.

• (4) The voting shares of a company constitute one class unless divided into separate classes.

• (5) The total number of votes attached to all the voting shares in the company or voting interests in the scheme (if any) that the person or an associate has a relevant interest in.

• (6) The person's votes divided by the total votes in the body corporate or scheme multiplied by 100.

• (7) Include details of:

• (a) any relevant agreement or other circumstances by which the relevant interest was acquired. If subsection 671B(4) applies, a copy of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and

• (b) any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.

• (8) If the substantial holder is unable to determine the identity of the person ( eg. if the relevant interest arises because of an option) write "unknown".

• (9) Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional

603 Page 3 of 3 15 July 2001

on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.

Date	Transaction	Consideration	Number of Securities
13/05/2021	BUY	$ 42,276.25	750,000
12/05/2021	BUY	$ 851.32	13,731
6/05/2021	BUY	$ 25.00	500
5/05/2021	BUY	$ 1,998.35	39,967
4/05/2021	BUY	$ 10,389.59	195,802
3/05/2021	BUY	$ 22,507.31	310,408
30/04/2021	BUY	$ 23,167.36	289,592
28/04/2021	SELL	$ 2,079.21	23,899
28/04/2021	BUY	$ 82,769.17	900,000
27/04/2021	SELL	$ 8,029.99	86,344
27/04/2021	BUY	$ 10,569.19	110,243
22/04/2021	BUY	$ 96,000.00	1,000,000
20/04/2021	SELL	$ 19,155.13	194,092
20/04/2021	BUY	$ 66,634.83	694,092
16/04/2021	SELL	$ 9,174.31	145,624
16/04/2021	BUY	$ 73,319.94	1,145,624
14/04/2021	SELL	$ 51,191.58	1,022,550
14/04/2021	BUY	$ 1,172.60	22,550
9/04/2021	BUY	$ 10,000.00	200,000
7/04/2021	SELL	$ 4,000.00	100,000
7/04/2021	BUY	$ 21,000.00	500,000
6/04/2021	SELL	$ 35,298.61	834,824
6/04/2021	BUY	$ 146,541.98	3,734,824