Opthea Ltd — Major Shareholding Notification 2021

Oct 26, 2021

Corporations Act Section 671B

Notice of change of interests of substantial holder

Form 604

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 25 October 2021 The previous notice was given to the company on 22 October 2021

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:

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Class of
Previous Notice Present Notice
securities (4)
Person’s Votes Voting Power (5) Person’s Votes Voting Power (5)
Ordinary 15,331,085 4.36% 15,410,556 4.39%
American
Depository Shares 2,905,760 0.83% 6,620,336 1.88%
( ADS )
TOTAL 18,236,845 5.19% 22,030,892 6.27%
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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:

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Holder of Registered Person entitled Nature of relevant interest Class and Person’s
relevant holder of to be registered (6) number of votes
interest securities holder (8) securities
Merrill Lynch Merrill Lynch Merrill Lynch Power to control voting Ordinary 5,546,030
(Australia) (Australia) (Australia) and/or disposal of securities 5,546,030
Futures Limited Nominees Pty. Futures Limited in its capacity as ultimate
Ltd beneficial owner having a
principal position.
Merrill Lynch Merrill Lynch Merrill Lynch Power to control voting Ordinary 5,074
International (Australia) International and/or disposal of securities 5,074
Nominees Pty. in its capacity as ultimate
Ltd beneficial owner having a
principal position.
Merrill Lynch Merrill Lynch Merrill Lynch Borrowing of securities Ordinary 9,859,452
Markets (Australia) Markets pursuant to a Prime 9,859,452
(Australia) Pty. Nominees Pty. (Australia) Pty. Brokerage Agreement (see
Limited Ltd Limited Appendix B), with power to
control the voting and/or
disposal of borrowed
securities.
Merrill Lynch Merrill Lynch Borrowing of securities 825,442 ADS 6,603,536
International International pursuant to a Prime representing
Brokerage Agreement (see 6,603,536
Appendix B), with power to Ordinary Shares
control the voting and/or
disposal of borrowed
securities.
BofA Securities, BofA Securities, Borrowing of securities 2,100 ADS 16,800
Inc. Inc. pursuant to a Stock Borrow representing
Loan Agreement (see 16,800
Appendix B), with power to Ordinary Shares
control the voting and/or
disposal of borrowed
securities.
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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:

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Name Addresses
Bank of America Corporation 100 North Tryon Street, Charlotte, North Carolina, 28255, USA
Level 34, Governor Phillip Tower, 1 Farrer Place, Sydney NSW
Merrill Lynch (Australia) Futures Limited
2000, Australia
Merrill Lynch (Australia) Nominees Pty. Limited Level 19, 120 Collins St, Melbourne Vic 3000, Australia
Level 34, Governor Phillip Tower, 1 Farrer Place, Sydney NSW
Merrill Lynch Markets (Australia) Pty. Limited
2000, Australia
2 King Edward Street, London, England, EC1A 1HQ, United
Merrill Lynch International
Kingdom
BofA Securities, Inc. One Bryant Park, New York NY 10036, USA
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SIGNATURE Print Name: Sign Here:	Kelvin Kwok Capacity: Authorised signatory
	Date: 27 October 2021

Appendix A

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Date of change Person whose relevant interest changed Nature of change (4) Consideration (5) Class (6) of securitiesSecurities affectedPerson's votes affected Remark
10/21/2021 BofA Securities, Inc. Securities returned N/A ADS (100) (800) Refer to App. B
10/21/2021 BofA Securities, Inc. Securities returned N/A ADS (300) (2,400) Refer to App. B
10/21/2021 BofA Securities, Inc. Securities returned N/A ADS (200) (1,600) Refer to App. B
10/21/2021 Merrill Lynch (Australia) Futures Limited BUY 373 Ordinary 294 294 N/A
10/21/2021 Merrill Lynch (Australia) Futures Limited BUY 3,359 Ordinary 2,645 2,645 N/A
10/21/2021 Merrill Lynch (Australia) Futures Limited SELL (135) Ordinary (105) (105) N/A
10/21/2021 Merrill Lynch (Australia) Futures Limited SELL (15,126) Ordinary (11,840) (11,840) N/A
10/21/2021 Merrill Lynch (Australia) Futures Limited BUY 12,245 Ordinary 9,567 9,567 N/A
10/21/2021 Merrill Lynch (Australia) Futures Limited SELL (12,277) Ordinary (9,667) (9,667) N/A
10/22/2021 Merrill Lynch Markets (Australia) Pty. Limited Securities borrowed N/A Ordinary 104,247 104,247 Refer to App. B
10/22/2021 Merrill Lynch Markets (Australia) Pty. Limited Securities returned N/A Ordinary (3,263) (3,263) Refer to App. B
10/22/2021 Merrill Lynch (Australia) Futures Limited SELL (244) Ordinary (194) (194) N/A
10/22/2021 Merrill Lynch (Australia) Futures Limited BUY 15,327 Ordinary 12,164 12,164 N/A
10/22/2021 Merrill Lynch (Australia) Futures Limited BUY 7,212 Ordinary 5,661 5,661 N/A
10/22/2021 Merrill Lynch (Australia) Futures Limited BUY 3,496 Ordinary 2,742 2,742 N/A
10/22/2021 Merrill Lynch (Australia) Futures Limited SELL (17,302) Ordinary (13,570) (13,570) N/A
10/22/2021 Merrill Lynch (Australia) Futures Limited SELL (10,756) Ordinary (8,403) (8,403) N/A
10/25/2021 Merrill Lynch Markets (Australia) Pty. Limited Securities returned N/A Ordinary (338) (338) Refer to App. B
10/25/2021 Merrill Lynch International Securities borrowed N/A ADS 464,922 3,719,376 Refer to App. B
10/25/2021 Merrill Lynch (Australia) Futures Limited BUY 5,542 Ordinary 4,364 4,364 N/A
10/25/2021 Merrill Lynch (Australia) Futures Limited SELL (13,407) Ordinary (10,469) (10,469) N/A
10/25/2021 Merrill Lynch (Australia) Futures Limited SELL (5,564) Ordinary (4,364) (4,364) N/A
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Appendix B-1: Prescribed information

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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 Entity Of Regal Investment Fund
Holder of voting Securities borrower. Securities lender may instruct the registered holder to vote on
rights securities.
Are there any No
restrictions on voting
rights?
If yes, detail N/A
Scheduled return On recall of the securities loan by the securities lender.
date (if any)
Does the borrower Yes
have the right to
return early?
If yes, detail Securities borrower will have right to return assets at any time.
Does the lender have Yes
the right to recall
early?
If yes, detail Securities lender will have right to recall assets at any time.
Will the securities be Yes
returned on
settlement?
If yes, detail any N/A
exceptions
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Appendix B-2: Prescribed information

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Type of agreement International Prime Brokerage Agreement
Parties to agreement Merrill Lynch International, Merrill Lynch Markets (Australia) Pty Limited and Regal
Funds Management Pty Limited as Trustee of Regal Australian Long Short Equity Fund
Holder of voting Securities borrower. Securities lender may instruct the registered holder to vote on
rights securities.
Are there any No
restrictions on voting
rights?
If yes, detail N/A
Scheduled return On recall of the securities loan by the securities lender.
date (if any)
Does the borrower Yes
have the right to
return early?
If yes, detail Securities borrower will have right to return assets at any time.
Does the lender have Yes
the right to recall
early?
If yes, detail Securities lender will have right to recall assets at any time.
Will the securities be Yes
returned on
settlement?
If yes, detail any N/A
exceptions
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Appendix B-3: Prescribed information

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Type of agreement International Prime Brokerage Agreement
Parties to agreement Merrill Lynch International, Merrill Lynch Markets (Australia) Pty Limited and Regal
Funds Management Pty Limited as Trustee of Tasman Market Neutral Fund
Holder of voting Securities borrower. Securities lender may instruct the registered holder to vote on
rights securities.
Are there any No
restrictions on voting
rights?
If yes, detail N/A
Scheduled return On recall of the securities loan by the securities lender.
date (if any)
Does the borrower Yes
have the right to
return early?
If yes, detail Securities borrower will have right to return assets at any time.
Does the lender have Yes
the right to recall
early?
If yes, detail Securities lender will have right to recall assets at any time.
Will the securities be Yes
returned on
settlement?
If yes, detail any N/A
exceptions
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Appendix B-4: Prescribed information

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Type of agreement International Prime Brokerage Agreement
Parties to agreement Merrill Lynch International, Merrill Lynch Markets (Australia) Pty Limited and Regal
Funds Management Pty Limited as Trustee of Atlantic Absolute Return Fund
Holder of voting Securities borrower. Securities lender may instruct the registered holder to vote on
rights securities.
Are there any No
restrictions on voting
rights?
If yes, detail N/A
Scheduled return On recall of the securities loan by the securities lender.
date (if any)
Does the borrower Yes
have the right to
return early?
If yes, detail Securities borrower will have right to return assets at any time.
Does the lender have Yes
the right to recall
early?
If yes, detail Securities lender will have right to recall assets at any time.
Will the securities be Yes
returned on
settlement?
If yes, detail any N/A
exceptions
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Appendix B-5: Prescribed information

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Type of agreement International Prime Brokerage Agreement
Parties to agreement Merrill Lynch International, Merrill Lynch Markets (Australia) Pty Limited and
Susquehanna Pacific Pty Ltd
Holder of voting Securities borrower. Securities lender may instruct the registered holder to vote on
rights securities.
Are there any No
restrictions on voting
rights?
If yes, detail N/A
Scheduled return On recall of the securities loan by the securities lender.
date (if any)
Does the borrower Yes
have the right to
return early?
If yes, detail Securities borrower will have right to return assets at any time.
Does the lender have Yes
the right to recall
early?
If yes, detail Securities lender will have right to recall assets at any time.
Will the securities be Yes
returned on
settlement?
If yes, detail any N/A
exceptions
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Appendix B-6: Prescribed information

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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 Securities borrower. Securities lender may instruct the registered holder to vote on
rights securities.
Are there any No
restrictions on voting
rights?
If yes, detail N/A
Scheduled return On recall of the securities loan by the securities lender.
date (if any)
Does the borrower Yes
have the right to
return early?
If yes, detail Securities borrower will have right to return assets at any time.
Does the lender have Yes
the right to recall
early?
If yes, detail Securities lender will have right to recall assets at any time.
Will the securities be Yes
returned on
settlement?
If yes, detail any N/A
exceptions
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Appendix B-7: Prescribed information

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Type of agreement International Prime Brokerage Agreement
Parties to agreement Merrill Lynch International, Merrill Lynch Markets (Australia) Pty Limited and
PARHELION LTD (GCM)
Holder of voting Securities borrower. Securities lender may instruct the registered holder to vote on
rights securities.
Are there any No
restrictions on voting
rights?
If yes, detail N/A
Scheduled return On recall of the securities loan by the securities lender.
date (if any)
Does the borrower Yes
have the right to
return early?
If yes, detail Securities borrower will have right to return assets at any time.
Does the lender have Yes
the right to recall
early?
If yes, detail Securities lender will have right to recall assets at any time.
Will the securities be Yes
returned on
settlement?
If yes, detail any N/A
exceptions
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Appendix B-8: Prescribed information

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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 Securities borrower. Securities lender may instruct the registered holder to vote on
rights securities.
Are there any No
restrictions on voting
rights?
If yes, detail N/A
Scheduled return On recall of the securities loan by the securities lender.
date (if any)
Does the borrower Yes
have the right to
return early?
If yes, detail Securities borrower will have right to return assets at any time.
Does the lender have Yes
the right to recall
early?
If yes, detail Securities lender will have right to recall assets at any time.
Will the securities be Yes
returned on
settlement?
If yes, detail any N/A
exceptions
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Appendix B-9: Prescribed information

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Type of agreement Securities Lending Agreement
Parties to agreement BofA Securities, Inc. and CHARLES SCHWAB & CO INC
Holder of voting rights Securities borrower. Securities lender may instruct the registered holder to vote on securities.
Are there any
restrictions on voting No
rights?
If yes, detail N/A
Scheduled return date
On recall of the securities loan by the securities lender.
(if any)
Does the borrower
have the right to return Yes
early?
If yes, detail Securities borrower will have right to return assets at any time.
Does the lender have
the right to recall Yes
early?
If yes, detail Securities lender will have right to recall assets at any time.
Will the securities be
returned on Yes
settlement?
If yes, detail any
N/A
exceptions
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Appendix B-10: Prescribed information

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Type of agreement Securities Lending Agreement
Parties to agreement BofA Securities, Inc. and INTERACTIVE BROKERS
Holder of voting rights Securities borrower. Securities lender may instruct the registered holder to vote on securities.
Are there any
restrictions on voting No
rights?
If yes, detail N/A
Scheduled return date
On recall of the securities loan by the securities lender.
(if any)
Does the borrower
have the right to return Yes
early?
If yes, detail Securities borrower will have right to return assets at any time.
Does the lender have
the right to recall Yes
early?
If yes, detail Securities lender will have right to recall assets at any time.
Will the securities be
returned on Yes
settlement?
If yes, detail any
N/A
exceptions
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Appendix B-11: Prescribed information

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

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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) Futures Limited 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
BofA Securities, Inc. United States 5793661
NB Holdings Corporation United States 2361372
Bank of America Corporation United States N/A628
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