COKAL LIMITED — Major Shareholding Notification 2012

Oct 11, 2012

PASSPORT CAPITAL

FACSIMILE TRANSMITTAL SHEET

TO:	PROM:
ASX Company Announcements	Mary Scholten
COMPANY:	DATE: OCTOBER 11, 2012
FAX NUMBER: 61 2 9778 0999	TOTAL NO. OF PAGES INCLUDING COVER: 5
PHONE NUMBER:	SENDER'S PHONE NUMBER: $(415)$ 694-7042

Please find attached a Form 604 to be filed. Please contact me if you have any questions or require additional information.

Thank you,
Mary Scholten

Tel 415-694-7042 Fax 415-694-7560 mary@passportcapital.com

30 HOTALING PLACE, SAN FRANCISCO, CA 941111
PH: 415-321-4600 FX: 415-321-4620

Oct. 11. 2012 6:07PM

$\sim$

Form 604 Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

To: Company Name/Scheme	Cokal Limited
ARSN	ACN 125 546 910
1. Details of substantial holder(1)
Name	Passport Materials Master Fund, LP, Passport Materials Master Fund II, LP, Blackwell Parlners LLC, Norges Bank (Central Bank of Norway), Passport Advisors, LP, Passport Holdings, LLC Passport Capital, LLC, and John H. Burbank III.
ACN/ARSN (If applicable)	NA.
There was a change in the interests of the substantial holder on	See annex
The previous notice was given to the company on	11/10/2011
The previous notice was dated	11/10/2011

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 securilles $\left(4\right)$	Previous notice		Present notice
		Voling power (5) Person's votes		Person's votes	Voling power (5)
Passport Malerials Master Fund, LP	Ordinary shares	7.593.648	2.11%	5.400,990	1.31%
Passport Materials Master Fund II, LP	Ordinary shares	6.682.276	1.92%	5,271,041	1.27%
Blackwell Partners LLC.	Ordinary shares	7.566.244	2.11%	8.507.481	$2.07\%$
Norges Bank (Central Bank of Norway)	Ordinary shares	17.762.634	4.95% _____	16,390,397	3.99%

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 voling 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:

Dale of change	Parson whose relevant interest changed	Nature of change (6)	Consideration given in relation to change (7)	Number and Class -01 Securities	Person's votes affected
See alleched Аппех

4. Present relevant interests

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

Holder of relevant Interest	Registered holder of securities	Person entitled to be registered as holder (8)	Nature of relevant Interest $(6)$	Number Of Shares	Class of Securities	Person's voles
Passport Materials Master Fund, LP	Passport Malerials Mesler Fund, LP	Passport Materials Master Fund, LP	Relevant Interest arising pursuant to section 606 (1) of the Corporations Act	5,400.990	Ordinary shares	1.31%
Passport Materials Master Fund II, LP	Passport Malerials Master Fund II, LP	Passport Materials Master Fund II, LP	Relevant Interest arising pursuant to section 608 (1) of the Corporations Act	5.217.041	Ordinary shares	1.27%
Blackwell Partners LLC	Blackwell Partners LLC.	Blackwell Partners LLC	Relevant interest arising pursuant to section 608 (1) of the Corporations Act	8,507,481	Ordinary shares	207%
Norges Bank (Central Bank of Norway)	Norges Bank (Central Bank of Norway)	Norges Bank (Central Bank of Norway)	Relevant Interest arising pursuant to section 608 (1) of the Corporations Act	16,390,397	Ordinary shares	3.99%
Passport Advisors, LP	Passport Materials Masler Fund, LP, Passport Materials Master Fund II, LP	Passport Materials Master Fund, LP. Passport Materials Masler Fund II, LP	Relevant Interest arising pursuant to section 608 (1) of the Corporations Act	10.616.031	Ordinary shares	2.58%
Passport Holdings, LLC	Passport Materials Masler Fund, LP, Passport Materials Master Fund II, LP	Passport Malerials Master Fund, LP. Passport Malerials Master Fund II, LP	Relevant interest arising pursuant to section 608 (1) of the Corporations Act	10,616,031	Ordinary shares	2.58%
Passport Capital, LLC	Passport Materials Masler Fund, LP: Passport Materials Masler Fund II, LP; Blackwell Partners LLC; Norges Bank (Central Bank of Norway)	Passport Materials Master Fund, LP: Passport Materials Master Fund II, LP; Blackwell Partners LLC: Norges Bank (Central Bank of Norway)	Relevant interest arising pursuant to section 608 (1) of the Corporations Act	36,050,909	Ordinary shares	8.64%
John H. Burbank III	Passport Malerials Master Fund, LP: Passport Materials Master Pund II, LP: Blackwell Partners LLC: Norges Bank (Central Bank of Norway)	Passport Malerials Master Fund, LP: Passport Materials Master Fund II, LP: Blackwell Partners LLC: Norges Bank (Central Bank of Norway)	Relevant Interest10arising pursuant to section 608 (1) of the Corporations Act	36,050,909	Ordinary shares	8.64%

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 substaniial holder in relation to voting interests in the company or scheme are as fo

Name and ACN (If applicable)	Nalure oi
----	association.
NIA	N/A

6. Addresses

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

Name	Address
Passport Materials Master Fund, LP	c/o WSmiths Finance Limited, Nemours Chambers, PO Box 3170, Road Town, Tortola, British Virgin Islands
Passport Materials Master Fund II, LP	c/o WSmilhs Finance Limited, Nemours Chambers, PO Box 3170, Road Town, Tortola, Brillsh Virgin Islands
Blackwell Partners LLC	c/o Gothic Corporation, 406 Blackwell Street, Suite 300, Durham, North Carolina 2770, United States of America
Norges Bank (Central Bank of Norway)	Bankplassen 2, PB 1179 Sentrum, N-0107, Oslo, Norway
Passport Holdings, LLC	One Market Street, Steuart Tower, Suite 2200, San Francisco, CA 94105, United States of America
Passport Advisors, LP	One Markel Street, Steuart Tower, Sulte 2200, San Francisco, CA 94105, United States of America
Passport Capital, LLC	One Market Street, Steuart Tower, Suite 2200, San Francisco, CA 94105, United States of America
John H. Burbank III	One Markel Street, Steuart Tower, Suite 2200, San Francisco, CA 94105, United Stetes of America

Signature

print name: Joanne Cormican Capacity: Chief Operating Officer

date

sign here /s/ Joanne Cormican

11/10/2012

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Annex A Changes in relevant interests

		Nature
Date of Change	Person whole relevant Interest changed	οf Change	Consideration (AUD)		Class and Number of Shares	Person's Votes Affected
27/08/2012	Passport Materials Fund, LP	Sell	315.99	Ordinary	1.759	7,591,889
29/08/2012	Passport Materials Fund, LP	Sell	45.026.06	Ordinary	265.390	7.326,499
30/08/2012	Passport Malerials Fund, LP	Sell	9.284.30	Ordinary	54 723	7,271,776
31/08/2012	Passport Malerials Fund, LP	Sell	218.69	Ordinary	1.289	7,270,467
4/09/2012	Passport Materials Fund, LP	Sell	53 641.40	Ordinary	316,170	6,954,317
5/09/2012	Passport Materials Fund, LP	Sell	1.401.56	Ordinary	8,261	6,946,058
8/09/2012	Passport Malerials Fund, LP	Sell	19,989.66	Ordinary	111,773	6,834,283
7/09/2012	Passport Malerials Fund, LP	Sell	59.077.09	Ordinary	207.764	6,536,519
10/09/2012	Passport Materials Fund, LP	Sell	26,106.36	Ordinary	136,041	6,400,478
13/09/2012	Passport Materials Fund, LP	Sell	31 650.08	Ordinary	160.534	6,239,944
14/09/2012	Passport Melerials Fund, LP	Sell	10.689.46	Ordinary	53,608	6,186,336
18/09/2012	Passport Materials Fund, LP	Sell	17,258.08	Ordinary	91,014	6,095,322
19/09/2012	Passport Materials Fund, LP	Sell	1.439.03	Ordinary	7.589	6,087,733
4/10/2012	Passport Materials Fund, LP	Sell	1.350.47	Ordinary	7,122	6,080,611
5/10/2012	Passport Materials Fund, LP	Sell	44.552.92	Ordinary	234,959	5,845,652
9/10/2012	Passport Materials Fund, LP	Sell	36.967.04	Ordinary	172.525	5,673,127
9/10/2012	Passport Materials Fund, LP	Sell	6,539.54	Ordinary	30,520	5,642,607
10/10/2012	Passport Materials Fund, LP	Sell	54.809.70	Ordinary	241.617	5,400,990
29/02/2012	Passport Materials Fund II, LP	Buy	267 041.05	Ordinary	453.000	7,335,276
27/08/2012	Passport Materials Fund II, LP	Sell	305.03	Ordinary	1,698	7,333,578
29/06/2012	Passport Materials Fund II, LP	Sell	43.494.04	Ordinary	256,300	7,077,218
30/08/2012	Passport Materials Fund II, LP	Sell	8.966.23	Ordinary	62.860	7,024,350
31/08/2012	Passport Materials Fund II, LP	Sell	211.23	Ordinary	1.245	7,023,113
4/09/2012	Passport Materials Fund II, LP	Sell	51816.37	Ordinary	305.413	6,717,700
5/09/2012	Passport Materials Fund II, LP	Seil	1,353.89	Ordinary	7.980	6,709,720
6/09/2012	Passport Materials Fund II. LP	Sell	19,309.88	Ordinary	107.972	6,601,740
7/09/2012	Passport Materials Fund II, LP	Sell	57 087.52	Ordinary	207 736	6,314,012
10/09/2012	Passport Materials Fund II, LP	Sell	25,229.01	Ordinary	131 459	6,182,553
13/09/2012	Passport Materials Fund II, LP	Sell	30,592.16	Ordinary	155,129	6,027,424
14/09/2012	Passport Materials Fund II, LP	Sell	10.329.64	Ordinary	51.803	5,976,621
18/09/2012	Passport Materials Fund II, LP	Sell	16.669.87	Ordinary	87.912	6,887,709
19/09/2012	Passport Meterials Fund II, LP	Sell	1.389.72	Ordinary	7 3 2 9	5,880,380
4/10/2012	Passport Materials Fund II, LP	Sell	1,304,21	Ordinary	6,878	5,873,502
5/10/2012	Passport Materials Fund II, LP	Sell	43,034.83	Ordinary	226,953	5,640,549
9/10/2012	Passport Materials Fund II, LP	Sell	35.707.12	Ordinary	166,645	5,479,904
9/10/2012	Passport Materials Fund II, LP	Sell	6.316.70	Ordinary	29.480	5,450,424
10/10/2012	Passport Materials Fund II, LP	Sell	52.941.86	Ordinary	233,383	5,217,041
29/02/2012 29/02/2012	Blackwell Partners LLC Norges Bank (Central Bank of Norway	Buy Sell	553 675.14 819,895.89	Ordinary Ordinary	939.237 1,392,237	8,507,401 16,390,397