Deterra Royalties Limited — Major Shareholding Notification 2020

Dec 7, 2020

Form 603

Corporations Act 2001 Section 671B

Notice of initial substantial holder

To Company Name/Scheme: DETERRA ROYALTIES LIMITED

ACN/ARSN: 641 743 348

1. Details of substantial holder (1)

Schroder Investment Management Australia Limited and all of its Name: related bodies corporate

ACN/ARSN (if applicable): 000 443 274

The holder became a 04/12/2020 substantial holder on:

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 shares	27,672,555	27,672,555	5.24%

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:

SIMALHolder of relevantinterestSIM LTD	Power to dispose of securitiesNature of relevant interest (7)Power to dispose of securities	4,523,710 OrdinarySharesClass and number ofsecurities21,030,400 OrdinaryShares

2,118,445 Ordinary Shares

SIMNA

Power to dispose of securities

4. Details of present registered holders

The persons registered as holders of the securities referred to in paragraph 3 above are as follows:

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----- Start of picture text ----- Person entitled to beHolder of relevant Registered holder of Class and number ofregistered as holderinterest securities securities(8)1,941,437SIM LTD HSBC London HSBC LondonOrdinary SharesJP Morgan Chase JP Morgan Chase 2,582,273SIM LTDB'Mouth B'Mouth Ordinary SharesBNP Paribas Securities BNP Paribas Securities 4,633,269SIMALServices Services Ordinary SharesCiticorp Nominees Ltd Citicorp Nominees Ltd 3,337,130SIMALHK HK Ordinary SharesJP Morgan Custodial JP Morgan Custodial 9,312,980SIMALServices Services Ordinary SharesNational Nominees Ltd - National Nominees Ltd - 3,747,021SIMALMelbourne Melbourne Ordinary SharesJP Morgan Chase JP Morgan Chase 1,491,249SIMNAB'Mouth B'Mouth Ordinary Shares129,747SIMNA Citibank NY Citibank NYOrdinary Shares497,449SIMNA RBC DEXIA London RBC DEXIA LondonOrdinary Shares----- End of picture text -----

5. Consideration

The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in

CashNon-cashHolder ofrelevantDate ofacquisitionConsideration (9)SIMAL23/10/2020 -04/12/2020$97,871,862.99	Class and number ofsecurities21,097,220 OrdinaryShares
SIM LTD23/10/2020 -04/12/2020$23,591,754.47SIMNA23/10/2020 -04/12/2020$13,350,543.20	5,129,020 OrdinaryShares2,902,292 OrdinaryShares

6. Associates

The reasons the persons named in paragraph 3 above are associates of the substantial holder are

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----- Start of picture text ----- Name and ACN/ARSN (if applicable) Nature of associationSchroder Investment Management AustraliaRelated Fund ManagerLimited (“SIMAL”)Schroder Investment Management Limited (“SIMRelated Fund ManagerLTD”)Schroder Investment Management NorthRelevant Fund ManagerAmerica (“SIMNA”)----- End of picture text -----

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

Name	Address
Schroder Investment Management Australia	Level 20, Angel Place, 123 Pitt Street, Sydney,
Limited (“SIMAL”)	2000, Australia
Schroder Investment Management Limited (“SIMLTD”)	31 Gresham Street, London EC2V 7QA, UK
Schroder Investment Management NorthAmerica (“SIMNA”)	31 Gresham Street, London EC2V 7QA, UK