Announcement PDF Form604 Corporations Act 2001 Section 671B Notice of change of interests of substantial holder To: Company Name/Scheme RACE ONCOLOGY LIMITED ACN/ARSN 149 318 749 1. Details of substantial holder (1) Name WILLIAM JAMES GARNER ACN/ARSN (if applicable) There was a change in the interests of the substantial holder on 20 December 2018 Theprevious notice was given to the companyon 13 December 2018 The previous notice was dated 13 December 2018 2. Previous and present voting power The total numberof 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) Fully paid ordinary shares Previous notice Person's votes Voting power (5) 11,398,338 14.76% Present notice Person's votes Voting power (5) 14,405,916 17.52% 3. Changes in relevant interests Particulars of eachchange 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 20/12/2018 William James Garner 20/12/2018 William James Garner 21/12/2018 William James Garner Nature of change (6) Consideration given in relation to change (7) Class and Person's votes number of affected securities affected 1,992,422 FPO William James Garner Off-market transfer by Nil director related entity to non-related shareholders of director related entity Off-market transfer by Nil 7,958,879 FPO William James Garner director related entity to William James Garner as a shareholder of director related entity Conversion into FPO of Nil – conversion of 5,000,000 FPO William James Garner Milestone (i) performance shares into performance shares on a FPO one for one basis 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 as holder (8) William James Update Pharma Inc Garner Update Pharma Inc William James William James Garner Garner William James Garner Nature of relevant interest (6) Relevant interest under section 608(3)(b) of the Corporations Act 2001 (Cth) being a relevant interest arising through controlling Update Pharma Inc Relevant interest under section 6081(a) of the Corporations Act 2001 (Cth) being a relevant interest arising through being the holder of the shares. Class and number of securities Person's votes 6,197,037 FPO 6,197,037 7,983,879 FPO 7,983,897 William James Citicorp Nominees Pty Ltd William James Garner Garner Relevant interest under section 608(1)(b) and (c) of the Corporations Act 2001 (Cth) being a relevant interest arising through having the power to exercise a right to vote attached to the securities and to dispose of the securities. 225,000 FPO 225,000 5. Changes in association Thepersons 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) N/A Nature of association 6. Addresses The addresses of persons named in this form are as follows: Name William James Garner Address 100 Calle Del Muelle, #21007, San Juan, PR 00901 Update Pharma Inc 77 Bissell Road, Lebanon, New Jersey 08833 USA Citicorp Nominees Pty Limited GPO Box 764G, Melbourne VIC 3001 Signature print name capacity Personally William J Garner sign here date 24 December 2018 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 namesand addresses of members is clearly set out inparagraph6of 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) Theperson's votes divided by the total votes in the body corporate or scheme multipliedby 100. (6) Include details of: (a) any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection671B(4)applies, a copy of any document setting out the termsof any relevant agreement, and a statement by the persongiving full and accurate details of any contract, schemeor 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 votingwpeors 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. (7) Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquiredhas, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional 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 thaerey not paid directly to the person from whom the relevant interest was acquired. (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) Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice. Information in this guide is intended as a guide only. Please consult your accountant or solicitor for further advice.