Opthea Ltd — Major Shareholding Notification 2021

Nov 1, 2021

Form 604

Corporations Act Section 671B

Notice of change of interests of substantial holder

To: Company Name/Scheme OPTHEA LIMITED ACN/ ~~ARSN~~ 006 340 567

1. Details of substantial holder

Name

Bank of America Corporation and its related bodies corporate (See Appendix C)

ACN/ARSN (if applicable):

There was a change in the interests of the substantial holder on 29 October 2021 27 October 2021

The previous notice was given to the company on

2. Previous and present 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 when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows:

Class of securities (4)	Previous Notice	Previous Notice	Present Notice	Present Notice
	Person’s Votes	Voting Power (5)	Person’s Votes	Voting Power (5)
Ordinary	15,410,556	4.39%	14,824,921	4.22%
American Depository Shares (ADS)	6,620,336	1.88%	2,808,176	0.80%
TOTAL	22,030,892	6.27%	17,633,097	5.02%

3. 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 (6)	Consideration given in relation to change (7)	Class and Number of securities affected	Person’s votes affected
Please see Appendix A

4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

Holder of relevant interest	Registered holder of securities	Person entitled to be registered holder (8)	Nature of relevant interest (6)	Class and number of securities	Person’s votes
Merrill Lynch (Australia) Futures Limited	Merrill Lynch (Australia) Nominees Pty. Ltd	Merrill Lynch (Australia) Futures Limited	Power to control voting and/or disposal of securities in its capacity as ultimate beneficial owner having a principal position.	Ordinary 5,541,986	5,541,986
Merrill Lynch International	Merrill Lynch (Australia) Nominees Pty. Ltd	Merrill Lynch International	Power to control voting and/or disposal of securities in its capacity as ultimate beneficial owner having a principal position.	Ordinary 5,074	5,074
Merrill Lynch Markets (Australia) Pty. Limited	Merrill Lynch (Australia) Nominees Pty. Ltd	Merrill Lynch Markets (Australia) Pty. Limited	Borrowing of securities pursuant to a Prime Brokerage Agreement (see Appendix B), with power to control the voting and/or disposal of borrowed securities.	Ordinary 9,277,861	9,277,861
Merrill Lynch International		Merrill Lynch International	Borrowing of securities pursuant to a Prime Brokerage Agreement (see Appendix B), with power to control the voting and/or disposal of borrowed securities.	349,422 ADS representing 2,795,376 Ordinary Shares	2,795,376
BofA Securities, Inc.		BofA Securities, Inc.	Borrowing of securities pursuant to a Stock Borrow Loan Agreement (see Appendix B), with power to control the voting and/or disposal of borrowed securities.	1,600 ADS representing 12,800 Ordinary Shares	12,800

5. Changes in association

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) 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
N/A	N/A

6. Addresses

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

Name	Addresses
Bank of America Corporation	100 North Tryon Street, Charlotte, North Carolina, 28255, USA
Merrill Lynch (Australia) Futures Limited	Level 34, Governor Phillip Tower, 1 Farrer Place, Sydney NSW 2000, Australia
Merrill Lynch (Australia) Nominees Pty. Limited	Level 19, 120 Collins St, Melbourne Vic 3000, Australia
Merrill Lynch Markets (Australia) Pty. Limited	Level 34, Governor Phillip Tower, 1 Farrer Place, Sydney NSW 2000,Australia
Merrill Lynch International	2 King Edward Street, London, England, EC1A 1HQ, United Kingdom
BofA Securities, Inc.	One Bryant Park, New York NY 10036, USA

SIGNATURE Print Name: Sign Here:	Kelvin Kwok Capacity: Authorised signatory
	Date: 02 November 2021

Appendix A

Date of change	Person whose relevant interest changed	Nature of change (4)	Consideration (5)	Class (6) of securities	Securities affected	Person's votes affected	Remark
10/26/2021	Merrill Lynch(Australia)FuturesLimited	BUY	6,902	Ordinary	5,460	5,460	N/A
10/26/2021	Merrill Lynch(Australia)FuturesLimited	BUY	10,339	Ordinary	8,162	8,162	N/A
10/26/2021	Merrill Lynch Markets (Australia)Pty. Limited	Securitiesreturned	N/A	Ordinary	(103,909)	(103,909)	RefertoApp. B
10/26/2021	Merrill Lynch Markets (Australia)Pty. Limited	Securitiesreturned	N/A	Ordinary	(491,339)	(491,339)	RefertoApp. B
10/26/2021	Merrill Lynch International	Securitiesreturned	N/A	ADS	(464,922)	(3,719,376)	RefertoApp. B
10/26/2021	Merrill Lynch International	Securitiesreturned	N/A	ADS	(11,098)	(88,784)	RefertoApp. B
10/26/2021	Merrill Lynch International	Securities borrowed	N/A	ADS	476,020	3,808,160	RefertoApp. B
10/26/2021	BofASecurities,Inc.	Securitiesreturned	N/A	ADS	(100)	(800)	RefertoApp. B
10/27/2021	Merrill Lynch(Australia)FuturesLimited	SELL	(16,636)	Ordinary	(13,203)	(13,203)	N/A
10/27/2021	Merrill Lynch(Australia)FuturesLimited	SELL	(24,418)	Ordinary	(19,151)	(19,151)	N/A
10/27/2021	Merrill Lynch(Australia)FuturesLimited	BUY	13,758	Ordinary	10,862	10,862	N/A
10/27/2021	Merrill Lynch(Australia)FuturesLimited	BUY	11,747	Ordinary	9,187	9,187	N/A
10/27/2021	Merrill Lynch Markets (Australia)Pty. Limited	Securities borrowed	N/A	Ordinary	404,232	404,232	RefertoApp. B
10/27/2021	Merrill Lynch Markets (Australia)Pty. Limited	Securitiesreturned	N/A	Ordinary	(305,166)	(305,166)	RefertoApp. B
10/27/2021	Merrill Lynch International	Securitiesreturned	N/A	ADS	(80,410)	(643,280)	RefertoApp. B
10/27/2021	BofASecurities,Inc.	Securitiesreturned	N/A	ADS	(100)	(800)	RefertoApp. B
10/28/2021	Merrill Lynch(Australia)FuturesLimited	SELL	(5,608)	Ordinary	(4,440)	(4,440)	N/A
10/28/2021	Merrill Lynch(Australia)FuturesLimited	BUY	1,281	Ordinary	1,017	1,017	N/A
10/28/2021	Merrill Lynch(Australia)FuturesLimited	BUY	14,368	Ordinary	11,348	11,348	N/A
10/28/2021	Merrill Lynch(Australia)FuturesLimited	SELL	(18,833)	Ordinary	(14,771)	(14,771)	N/A
10/28/2021	Merrill Lynch Markets (Australia)Pty. Limited	Securitiesreturned	N/A	Ordinary	(82,497)	(82,497)	RefertoApp. B
10/28/2021 10/28/2021	Merrill Lynch Markets (Australia) Pty. Limited Merrill Lynch International	Securities returned Securities borrowed	N/A N/A	Ordinary ADS	(2,912) 254,849	(2,912) 2,038,792	Refer to App. B RefertoApp. B
10/28/2021	BofASecurities,Inc.	Securitiesreturned	N/A	ADS	(100)	(800)	RefertoApp. B
10/29/2021	Merrill Lynch(Australia)FuturesLimited	SELL	(21,844)	Ordinary	(17,066)	(17,066)	N/A
10/29/2021	Merrill Lynch(Australia)FuturesLimited	BUY	21,431	Ordinary	17,000	17,000	N/A
10/29/2021	Merrill Lynch(Australia)FuturesLimited	SELL	(339)	Ordinary	(265)	(265)	N/A
10/29/2021	Merrill Lynch(Australia)FuturesLimited	BUY	2,270	Ordinary	1,816	1,816	N/A
10/29/2021	Merrill Lynch International	Securitiesreturned	N/A	ADS	(254,849)	(2,038,792)	RefertoApp. B

Date of **change **	Person whose relevant interest changed	Nature of change (4)	Consideration (5)	Class (6) of securities	Securities affected	Person's votes affected	Remark
10/29/2021	Merrill Lynch International	Securitiesreturned	N/A	ADS	(395,610)	(3,164,880)	RefertoApp. B
10/29/2021	Merrill Lynch International	Securities borrowed	N/A	ADS	650,459	5,203,672	RefertoApp. B
10/29/2021	Merrill Lynch International	Securitiesreturned	N/A	ADS	(639,288)	(5,114,304)	RefertoApp. B
10/29/2021	Merrill Lynch International	Securitiesreturned	N/A	ADS	(11,171)	(89,368)	RefertoApp. B
10/29/2021	BofASecurities,Inc.	Securitiesreturned	N/A	ADS	(100)	(800)	RefertoApp. B
10/29/2021	BofASecurities,Inc.	Securitiesreturned	N/A	ADS	(100)	(800)	RefertoApp. B

Appendix B-1: Prescribed information

Type of agreement	International Prime Brokerage Agreement
Parties to agreement	Merrill Lynch International, Merrill Lynch Markets (Australia) Pty Limited and Equity Trustees Limited As Trustee And Responsible EntityOf Regal Investment Fund
Holder of voting rights	Securities borrower. Securities lender may instruct the registered holder to vote on securities.
Are there any restrictions on voting rights?	No
If yes, detail	N/A
Scheduled return date (if any)	On recall of the securities loan by the securities lender.
Does the borrower have the right to return early?	Yes
If yes, detail	Securities borrower will have right to return assets at any time.
Does the lender have the right to recall early?	Yes
If yes, detail	Securities lender will have right to recall assets at any time.
Will the securities be returned on settlement?	Yes
If yes, detail any exceptions	N/A

Appendix B-2: Prescribed information

Type of agreement	International Prime Brokerage Agreement
Parties to agreement	Merrill Lynch International, Merrill Lynch Markets (Australia) Pty Limited and Regal Funds Management PtyLimited as Trustee of Atlantic Absolute Return Fund
Holder of voting rights	Securities borrower. Securities lender may instruct the registered holder to vote on securities.
Are there any restrictions on voting rights?	No
If yes, detail	N/A
Scheduled return date (if any)	On recall of the securities loan by the securities lender.
Does the borrower have the right to return early?	Yes
If yes, detail	Securities borrower will have right to return assets at any time.
Does the lender have the right to recall early?	Yes
If yes, detail	Securities lender will have right to recall assets at any time.
Will the securities be returned on settlement?	Yes
If yes, detail any exceptions	N/A

Appendix B-3: Prescribed information

Type of agreement	International Prime Brokerage Agreement
Parties to agreement	Merrill Lynch International, Merrill Lynch Markets (Australia) Pty Limited and Regal Funds Management PtyLimited as Trustee of Regal Australian LongShort EquityFund
Holder of voting rights	Securities borrower. Securities lender may instruct the registered holder to vote on securities.
Are there any restrictions on voting rights?	No
If yes, detail	N/A
Scheduled return date (if any)	On recall of the securities loan by the securities lender.
Does the borrower have the right to return early?	Yes
If yes, detail	Securities borrower will have right to return assets at any time.
Does the lender have the right to recall early?	Yes
If yes, detail	Securities lender will have right to recall assets at any time.
Will the securities be returned on settlement?	Yes
If yes, detail any exceptions	N/A

Appendix B-4: Prescribed information

Type of agreement	International Prime Brokerage Agreement
Parties to agreement	Merrill Lynch International, Merrill Lynch Markets (Australia) Pty Limited and Regal Funds Management PtyLimited as Trustee of Tasman Market Neutral Fund
Holder of voting rights	Securities borrower. Securities lender may instruct the registered holder to vote on securities.
Are there any restrictions on voting rights?	No
If yes, detail	N/A
Scheduled return date (if any)	On recall of the securities loan by the securities lender.
Does the borrower have the right to return early?	Yes
If yes, detail	Securities borrower will have right to return assets at any time.
Does the lender have the right to recall early?	Yes
If yes, detail	Securities lender will have right to recall assets at any time.
Will the securities be returned on settlement?	Yes
If yes, detail any exceptions	N/A

Appendix B-5: Prescribed information

Type of agreement	International Prime Brokerage Agreement
Parties to agreement	Merrill Lynch International, Merrill Lynch Markets (Australia) Pty Limited and Susquehanna Pacific PtyLtd
Holder of voting rights	Securities borrower. Securities lender may instruct the registered holder to vote on securities.
Are there any restrictions on voting rights?	No
If yes, detail	N/A
Scheduled return date (if any)	On recall of the securities loan by the securities lender.
Does the borrower have the right to return early?	Yes
If yes, detail	Securities borrower will have right to return assets at any time.
Does the lender have the right to recall early?	Yes
If yes, detail	Securities lender will have right to recall assets at any time.
Will the securities be returned on settlement?	Yes
If yes, detail any exceptions	N/A

Appendix B-6: Prescribed information

Type of agreement	International Prime Brokerage Agreement
Parties to agreement	Merrill Lynch International, Merrill Lynch Markets (Australia) Pty Limited and SSW MARKET MAKING GMBH(OJ7)
Holder of voting rights	Securities borrower. Securities lender may instruct the registered holder to vote on securities.
Are there any restrictions on voting rights?	No
If yes, detail	N/A
Scheduled return date (if any)	On recall of the securities loan by the securities lender.
Does the borrower have the right to return early?	Yes
If yes, detail	Securities borrower will have right to return assets at any time.
Does the lender have the right to recall early?	Yes
If yes, detail	Securities lender will have right to recall assets at any time.
Will the securities be returned on settlement?	Yes
If yes, detail any exceptions	N/A

Appendix B-7: Prescribed information

Type of agreement	International Prime Brokerage Agreement
Parties to agreement	Merrill Lynch International, Merrill Lynch Markets (Australia) Pty Limited and Amazon Market Neutral Fund(GCM)
Holder of voting rights	Securities borrower. Securities lender may instruct the registered holder to vote on securities.
Are there any restrictions on voting rights?	No
If yes, detail	N/A
Scheduled return date (if any)	On recall of the securities loan by the securities lender.
Does the borrower have the right to return early?	Yes
If yes, detail	Securities borrower will have right to return assets at any time.
Does the lender have the right to recall early?	Yes
If yes, detail	Securities lender will have right to recall assets at any time.
Will the securities be returned on settlement?	Yes
If yes, detail any exceptions	N/A

Appendix B-8: Prescribed information

Type of agreement	International Prime Brokerage Agreement
Parties to agreement	Merrill Lynch International, Merrill Lynch Markets (Australia) Pty Limited and ZAMBEZI ABSOLUTE RETURN FUND(GCM)
Holder of voting rights	Securities borrower. Securities lender may instruct the registered holder to vote on securities.
Are there any restrictions on voting rights?	No
If yes, detail	N/A
Scheduled return date (if any)	On recall of the securities loan by the securities lender.
Does the borrower have the right to return early?	Yes
If yes, detail	Securities borrower will have right to return assets at any time.
Does the lender have the right to recall early?	Yes
If yes, detail	Securities lender will have right to recall assets at any time.
Will the securities be returned on settlement?	Yes
If yes, detail any exceptions	N/A

Appendix B-9: Prescribed information

Type of agreement	Securities LendingAgreement
Parties to agreement	BofA Securities, Inc. and THE NORTHERN TRUST COMPANY
Holder of voting rights	Securities borrower. Securities lender mayinstruct the registered holder to vote on securities.
Are there any restrictions on voting rights?	No
Ifyes, detail	N/A
Scheduled return date (if any)	On recall of the securities loan by the securities lender.
Does the borrower have the right to return **early? **	Yes
Ifyes, detail	Securities borrower will have right to return assets at anytime.
Does the lender have the right to recall **early? **	Yes
Ifyes, detail	Securities lender will have right to recall assets at anytime.
Will the securities be returned on settlement?	Yes
If yes, detail any exceptions	N/A

Appendix B-10: Prescribed information

Type of agreement	Securities LendingAgreement
Parties to agreement	BofA Securities, Inc. and GOLDMAN SACHS TRUST CO.
Holder of voting rights	Securities borrower. Securities lender mayinstruct the registered holder to vote on securities.
Are there any restrictions on voting rights?	No
Ifyes, detail	N/A
Scheduled return date (if any)	On recall of the securities loan by the securities lender.
Does the borrower have the right to return **early? **	Yes
Ifyes, detail	Securities borrower will have right to return assets at anytime.
Does the lender have the right to recall **early? **	Yes
Ifyes, detail	Securities lender will have right to recall assets at anytime.
Will the securities be returned on settlement?	Yes
If yes, detail any exceptions	N/A

Appendix C

Related bodies corporate	Incorporated	**ACN/Registration/Incorporation Number **
Merrill Lynch International	United Kingdom	2312079
ML UK Capital Holdings Limited	United Kingdom	4971231
BofAML EMEA Holdings 2 Limited	United States	119605
Merrill Lynch(Australia)FuturesLimited	Australia	003639674
Merrill Lynch Markets (Australia) Pty. Limited	Australia	075587816
Merrill Lynch (Australasia) Pty. Ltd	Australia	075923894
Bank of America Global Holdings, LLC	United States	5169939
BofAML Jersey Holdings Limited	Jersey	115831
BofASecurities,Inc.	United States	5793661
NB Holdings Corporation	United States	2361372
Bankof America Corporation	United States	N/A628