Opthea Ltd — Major Shareholding Notification 2022

May 25, 2022

Notice of ceasing to be a substantial holder

Form 605

Corporations Act Section 671B

To: Company Name/Scheme OPTHEA LIMITED

ACN/ ~~ARSN~~

006 340 567

1. Details of substantial holder (1)

Name

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

ACN/ARSN (if applicable):

The holder ceased to be a substantial shareholder on

The previous notice was given to the company on

The previous notice was dated

24 May 2022 23 May 2022 19 May 2022

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 of change	Person whose relevant interest changed	Nature of Change (4)	Consideration given in relation to change (5)	Class (6) and Number of securities affected	Person’s votes affected
See Appendix A

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
N/A	N/A

4. 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: 26 May 2022

Appendix A

Date of change	Person whose relevant interest changed	Nature of change (4)	Considera tion (5)	Class (6) of securities	Securities affected	Person's votes affected	Remark
5/20/2022	Merrill Lynch International	Securities returned	N/A	American Depository Shares	(221,087)	(1,768,696)	Refer to App. B
5/20/2022	Merrill Lynch(Australia)Futures Limited	SELL	(6,035)	Ordinary	(4,405)	(4,405)	N/A
5/20/2022	Merrill Lynch(Australia)Futures Limited	BUY	7,882	Ordinary	5,771	5,771	N/A
5/20/2022	Merrill Lynch(Australia)Futures Limited	BUY	5,198	Ordinary	3,812	3,812	N/A
5/20/2022	Merrill Lynch(Australia)Futures Limited	BUY	567	Ordinary	423	423	N/A
5/20/2022	Merrill Lynch(Australia)Futures Limited	SELL	(6,557)	Ordinary	(4,786)	(4,786)	N/A
5/22/2022	Merrill Lynch(Australia)Futures Limited	SELL	(1,117)	Ordinary	(815)	(815)	N/A
5/23/2022	Merrill Lynch Markets (Australia) Pty. Limited	Securities returned	N/A	Ordinary	(752,397)	(752,397)	Refer to App. B
5/23/2022	Merrill Lynch Markets (Australia) Pty. Limited	Securities returned	N/A	Ordinary	(917,970)	(917,970)	Refer to App. B
5/23/2022	Merrill Lynch Markets (Australia) Pty. Limited	Securities returned	N/A	Ordinary	(1,005,498)	(1,005,498)	Refer to App. B
5/23/2022	Merrill Lynch Markets (Australia) Pty. Limited	Securities returned	N/A	Ordinary	(1,080,483)	(1,080,483)	Refer to App. B
5/23/2022	Merrill Lynch Markets (Australia) Pty. Limited	Securities returned	N/A	Ordinary	(9,208,732)	(9,208,732)	Refer to App. B
5/23/2022	BofA Securities, Inc.	Securities borrowed	N/A	Ordinary	203,294	203,294	Refer to App. B
5/23/2022	BofA Securities, Inc.	Securities borrowed	N/A	Ordinary	142,180	142,180	Refer to App. B
5/23/2022	Merrill Lynch International	Securities returned	N/A	American Depository Shares	(158,169)	(1,265,352)	Refer to App. B
5/24/2022	Merrill Lynch(Australia)Futures Limited	SELL	(163)	Ordinary	(121)	(121)	N/A
5/24/2022	Merrill Lynch(Australia)Futures Limited	BUY	162	Ordinary	121	121	N/A

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 Regal Funds Management Pty Limited 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-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 Pty Limited as Trustee of Regal Australian Long Short Equity 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 Pty Limited 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-4: 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 Entity Of 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-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 Pty Ltd
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 Virtu Financial Asia Pty Ltd
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 Lending Agreement
Parties to agreement	BofA Securities, Inc. and BBH FUND 012887
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-10: Prescribed information

Type of agreement	Securities Lending Agreement
Parties to agreement	BofA Securities, Inc. and BBH FUND 249180
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 C

Appendix C
Related bodies corporate	Incorporated	**ACN/Registration/Incorporation Number **
Merrill Lynch International	UnitedKingdom	2312079
MLUKCapital HoldingsLimited	UnitedKingdom	4971231
BofAML EMEA Holdings2 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
Bankof 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