Opthea : Becoming a substantial holder

Form 603

Corporations Act

Section 671B

Notice of initial substantial holder

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 became a substantial holder on:	21 October 2020

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	Persons' votes (5)	Voting power (6)
Ordinary	12,315,724	12,315,724	3.65%
American Depository Shares (ADS)	1,146,879	9,175,032	2.71%
Total Voting Power	21,490,756	6.36%

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
Merrill Lynch (Australia) Futures Limited	Power to control voting and/or disposal of	Ordinary 5,863,512
	securities in its capacity as ultimate beneficial
	owner having a principal position.
Merrill Lynch International	Power to control voting and/or disposal of	Ordinary 4,223
	securities in its capacity as ultimate beneficial
	owner having a principal position.
Merrill Lynch International	Borrowing of securities pursuant to a Prime	Ordinary 268,177
	Brokerage Agreement (see Appendix B), with
	power to control the voting and/or disposal of
	borrowed securities.
Merrill Lynch International	Borrowing of securities pursuant to a Prime	1,103,279 ADS representing
	Brokerage Agreement (see Appendix B), with	8,826,232 Ordinary Shares
	power to control the voting and/or disposal of
	borrowed securities.
Merrill Lynch Markets (Australia) Pty	Borrowing of securities pursuant to a Prime	Ordinary 6,179,812
Limited	Brokerage Agreement (see Appendix B), with
	power to control the voting and/or disposal of
	borrowed securities.

Holder of relevant interest	Nature of relevant interest (7)	Class and number of securities
BofA Securities, Inc.	Borrowing of securities pursuant to a Stock	43,600 ADS representing
	Borrow Loan Agreement (see Appendix B),	348,800 Ordinary Shares
	with power to control the voting and/or
	disposal of borrowed securities.

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	Registered holder of	Person entitled to be	Class and number of
interest	securities	registered as holder (8)	securities
Merrill Lynch (Australia)	Merrill Lynch (Australia)	Merrill Lynch (Australia)	Ordinary 5,863,512
Futures Limited	Nominees Pty Ltd	Futures Limited
Merrill Lynch International	Merrill Lynch (Australia)	Merrill Lynch International	Ordinary 9,098,632
	Nominees Pty Ltd
Merrill Lynch Markets	Merrill Lynch (Australia)	Merrill Lynch Markets	Ordinary 6,179,812
(Australia) Pty Limited	Nominees Pty Ltd	(Australia) Pty Limited
BofA Securities, Inc.	Merrill Lynch (Australia)	BofA Securities, Inc.	Ordinary 348,800
	Nominees Pty Ltd

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)	Class and number
of securities
		Cash	Non-cash

Please see Annexure A.

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
Merrill Lynch (Australia) Futures Limited	Related body corporate
Merrill Lynch (Australia) Nominees Pty Ltd	Related body corporate
Merrill Lynch Markets (Australia) Pty Limited	Related body corporate
Merrill Lynch International	Related body corporate
BofA Securities, Inc.	Related body corporate

7. 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 38, Governor Phillip Tower, 1 Farrer Place, Sydney NSW
2000, Australia
Merrill Lynch (Australia) Nominees Pty Ltd	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:	Kelvin Kwok	Capacity:	Authorised signatory
Sign Here:		Date:	23 October 2020

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
06/22/2020	Merrill Lynch Markets (Australia) Pty. Limited	Securities returned	N/A	Ordinary	(999,725)	(999,725)	Refer to App. B
06/22/2020	Merrill Lynch International	SELL	(10,982)	Ordinary	(4,008)	(4,008)	N/A
06/22/2020	Merrill Lynch International	BUY	10,982	Ordinary	4,008	4,008	N/A
06/22/2020	Merrill Lynch (Australia) Futures Limited	SELL	(37,251)	Ordinary	(13,115)	(13,115)	N/A
06/22/2020	Merrill Lynch (Australia) Futures Limited	BUY	3,085	Ordinary	1,081	1,081	N/A
06/22/2020	Merrill Lynch (Australia) Futures Limited	SELL	(3,359)	Ordinary	(1,187)	(1,187)	N/A
06/22/2020	Merrill Lynch (Australia) Futures Limited	BUY	268,639	Ordinary	94,193	94,193	N/A
06/23/2020	Merrill Lynch Markets (Australia) Pty. Limited	Securities returned	N/A	Ordinary	(246,588)	(246,588)	Refer to App. B
06/23/2020	Merrill Lynch Markets (Australia) Pty. Limited	Securities returned	N/A	Ordinary	(171,560)	(171,560)	Refer to App. B
06/23/2020	Merrill Lynch Markets (Australia) Pty. Limited	Securities returned	N/A	Ordinary	(929,497)	(929,497)	Refer to App. B
06/23/2020	Merrill Lynch Markets (Australia) Pty. Limited	Securities returned	N/A	Ordinary	(81,106)	(81,106)	Refer to App. B
06/23/2020	Merrill Lynch International	Securities borrowed	N/A	Ordinary	30,221	30,221	Refer to App. B
06/23/2020	Merrill Lynch (Australia) Futures Limited	SELL	(631)	Ordinary	(233)	(233)	N/A
06/23/2020	Merrill Lynch (Australia) Futures Limited	SELL	(16,620)	Ordinary	(6,133)	(6,133)	N/A
06/23/2020	Merrill Lynch (Australia) Futures Limited	BUY	17,287	Ordinary	6,318	6,318	N/A
06/23/2020	Merrill Lynch (Australia) Futures Limited	SELL	(1,666)	Ordinary	(604)	(604)	N/A
06/23/2020	Merrill Lynch (Australia) Futures Limited	SELL	(99,843)	Ordinary	(36,979)	(36,979)	N/A
06/24/2020	Merrill Lynch Markets (Australia) Pty. Limited	Securities borrowed	N/A	Ordinary	616,380	616,380	Refer to App. B
06/24/2020	Merrill Lynch International	Securities returned	N/A	Ordinary	(624,000)	(624,000)	Refer to App. B
06/24/2020	Merrill Lynch International	Securities returned	N/A	Ordinary	(100,000)	(100,000)	Refer to App. B
06/24/2020	Merrill Lynch International	Securities returned	N/A	Ordinary	(16,456)	(16,456)	Refer to App. B
06/24/2020	Merrill Lynch (Australia) Futures Limited	SELL	(6,185)	Ordinary	(2,233)	(2,233)	N/A
06/24/2020	Merrill Lynch (Australia) Futures Limited	SELL	(9,848)	Ordinary	(3,594)	(3,594)	N/A
06/24/2020	Merrill Lynch (Australia) Futures Limited	BUY	667	Ordinary	243	243	N/A
06/24/2020	Merrill Lynch (Australia) Futures Limited	BUY	100,457	Ordinary	36,322	36,322	N/A
06/24/2020	Merrill Lynch (Australia) Futures Limited	SELL	(4,462)	Ordinary	(1,611)	(1,611)	N/A
06/25/2020	Merrill Lynch Markets (Australia) Pty. Limited	Securities returned	N/A	Ordinary	(130,084)	(130,084)	Refer to App. B
06/25/2020	Merrill Lynch Markets (Australia) Pty. Limited	Securities returned	N/A	Ordinary	(178,206)	(178,206)	Refer to App. B
06/25/2020	Merrill Lynch International	SELL	(16)	Ordinary	(6)	(6)	N/A
06/25/2020	Merrill Lynch (Australia) Futures Limited	SELL	(253,169)	Ordinary	(99,128)	(99,128)	N/A