CUSCAL LIMITED — Major Shareholding Notification 2024

Nov 28, 2024

603 page 1/3 15 July 2001

Form603

Corporations Act 2001 Section 671B

Notice of initial substantial holder

CUSCAL LIMITED To Company Name/Scheme 087 822 455 ACN/ARSN YARRA CAPITAL MANAGEMENT LIMITED ACN 003 376 252 ( YCML ); YARRA FUNDS 1. Details of substantial holder (1) MANAGEMENT LIMITED ACN 005 885 567 ( YFM ); YARRA CAPITAL MANAGEMENT Name HOLDINGS PTY LTD ACN 614 782 795 ( YCMH ); YARRA MANAGEMENT NOMINEES PTY LTD ACN 616 681 068 ( YMN ); AA AUSTRALIA FINCO PTY LTD ACN 614 781 172 ( FINCO ); TA SP AUSTRALIA TOPCO PTY LTD ACN 612 486 452 ( TOPCO ); TA UNIVERSAL INVESTMENT HOLDINGS LTD ( UNIVERSAL ); TYNDALL EQUITIES AUSTRALIA PTY LTD ACN 149 370 301 ( TEAL ) ACN/ARSN (if applicable) See above The holder became a substantial holder on 27/11 /2024

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	Person's votes(5)	Voting power(6)
Ordinary Fully Paid Shares	10,820,000	10,820,000	5.65%

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
YCML	Relevant interest pursuant to s608(3)(b) of the Corporations	Ordinary Fully Paid Shares /
	Act (CA), being a relevant interest held through a body	10,820,000
	corporate (TA SP Australia TopCo Pty Limited (TOPCO), AA
	Australia FinCo Pty Limited (FINCO), Yarra Capital
	Management Holding Pty Ltd (YCMH), Yarra Funds
	Management Limited (YFM)) that YCML controls
YCMH	Relevant interest pursuant to s608(3)(b) of the Corporations	Ordinary Fully Paid Shares /
	Act (CA), being a relevant interest held through a body	10,820,000
	corporate (YFM) that YCMH controls
YFM	Relevant interest pursuant to s608(1) of the CA, being the	Ordinary Fully Paid Shares /
	power to exercise or control the exercise of a right to vote	10,820,000
	attached to the securities and/or the power to dispose of
	securities as investment manager of trustee.
YMN	Relevant interest pursuant to s608(3)(a) of the CA, being a	Ordinary Fully Paid Shares /
	relevant interest held through a body corporate (YCMH) in	10,820,000
	which YMN's voting power is more than 20%
FINCO	Relevant interest pursuant to s608(3)(a) of the CA, being a	Ordinary Fully Paid Shares /
	relevant interest held through a body corporate (YCMH) in	10,820,000
	which FINCO's voting power is more than 20%
TOPCO	Relevant interest pursuant to s608(3)(b) of the CA, being a	Ordinary Fully Paid Shares /
	relevant interest held through a body corporate (FINCO) that	10,820,000
	TOPCO controls

603 page 2/3 15 July 2001

		603 page 2/3 15
UNIVERSAL	Relevant interest pursuant to s608(3)(b) of the CA, being a relevant interest held through a body corporate (TOPCO) that	Ordinary Fully Paid Shares / 10,820,000
	UNIVERSAL controls
TEAL	Relevant interest pursuant to s608(1) of the CA, being the power to exercise or control the exercise of a right to vote attached to the securities and/or the power to dispose of securities as investment manager	Ordinary Fully Paid Shares / 20,000

4. Details of present registered holders

The persons registered as holders of the securities referred to in paragraph3 above are as follows:

Holder of relevant	Registered holder of securities	Person entitled to be	Class and number
interest		registered as holder (8)	of securities
All substantial	Citigroup Pty Limited	YFM as the responsible
holders named in 1 above		entity for a range of managed investment	Ordinary Fully Paid Shares /
		schemes	1,237,238
All substantial	JP Morgan Nominees Australia Ltd; Northern Trust	Relevant interest held
holders named in 1	Company; State Street Australia Limited	in YFM’s capacity as	Ordinary Fully
above		investment manager	Paid Shares /
		for a range of client	9,582,762
		portfolios

5. Consideration

The consideration paid for each relevant interest referred to in paragraph3 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
All substantial holders names in	28 August 2024 to 27 November 2024	$27,050,000	-	10,820,000 ordinary fully paid shares
1 above

6. Associates

The reasons the persons named in paragraph3 above are associates of the substantial holder are as follows:

Name and ACN/ARSN (if applicable)	Nature of association
N/A

7. Addresses

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

Name	Address
YCML	LEVEL 19,101 COLLINS STREET,MELBOURNE VICTORIA 3000
YCMH	LEVEL 19,101 COLLINS STREET,MELBOURNE VICTORIA 3000
YFM	LEVEL 19,101 COLLINS STREET,MELBOURNE VICTORIA 3000
YMN	LEVEL 19,101 COLLINS STREET,MELBOURNE VICTORIA 3000
FINCO	LEVEL 19,101 COLLINS STREET,MELBOURNE VICTORIA 3000
TOPCO	LEVEL 19, 101 COLLINS STREET, MELBOURNE VICTORIA 3000
UNIVERSAL	3RD FLOOR,DEVONSHIRE HOUSE 1 MAYFAIR PLACE,LONDON W1J 8AJ,UNITED KINGDOM
TEAL	LEVEL 19,101 COLLINS STREET,MELBOURNE VICTORIA 3000

603 page 3/3 15 July 2001

Signature

print name Garvin Louie capacity COMPANY SECRETARY OF YFM

sign here

date 29 / 11 / 2024