HUB24 LIMITED — Major Shareholding Notification 2021

May 20, 2021

604 Page 1 of 3 15 July 2001

Form 604

Corporations Act 2001

Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme

HUB24 Ltd

ACN/ARSN 124 891 685

1. Details of substantial holder (1)

PINNACLE INVESTMENT MANAGEMENT GROUP LIMITED (AND ITS SUBSIDIARIES Name LISTED IN ANNEXURE A) 100 325 184

ACN/ARSN (if applicable)

There was a change in the interests of the substantial holder on

substantial holder on 17/05/2021 The previous notice was given to the company on 25/02/2021 The previous notice was dated 22/02/2021

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 securities (4)	Previous notice		Present notice
	Person’s votes	Voting power(5)	Person’s votes	Voting power(5)
ORDINARY FULLY PAID	6,315,570	9.43%	5,510,008	8.06%
			REFER TO ANNEXURE A PART 1 AND PART 2

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 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	Nature of change (6)	Consideration given in relation to change (7)	Class and number of securities affected	Person's votes affected
REFER TO ANNEXURE B

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)	Nature of relevant interest (6)	Class and number of securities	Person's votes
REFER TO ANNEXURE C

604 Page 2 of 3 15 July 2001

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 substantial holder in relation to voting interests in the company or scheme are as follows:

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

NO CHANGES - REFER TO
ANNEXURE D FOR PRESENT
ASSOCIATIONS

6. Addresses

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

Name	Address
REFER TO ANNEXURE E

Signature

print name CALVIN KWOK capacity COMPANY SECRETARY sign here date 20/05/2021

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 names and addresses of members is clearly set out in paragraph 6 of 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) The person's votes divided by the total votes in the body corporate or scheme multiplied by 100.

• (6) Include details of:

• (a) any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) applies, a copy of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or 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 voting powers 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 acquired has, 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 they are not paid directly to the person from whom the relevant interest was acquired.

604 Page 3 of 3 15 July 2001

• (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.

HUB24 Ltd

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Annexure A - Part 1
Holder of relevant interest Nature of relevant interest Number of Class of securities
securities
Pinnacle Investment Management Group Limited Relevant interest by virtue of section 608(3) 5,510,008 ORDINARY FULLY
Pinnacle Investment Management Limited of the Corporations Act as it or its associates holds directly or PAID
Ariano Pty Limited (ACN 605 250 799) indirectly above 20% voting power in one or more affiliated
Next Financial Limited (ACN 081 722 894) investment managers (see Annexure A – Part 2) and Pinnacle
Next Financial Nominees Pty Ltd (ACN 093 252 576) Fund Services Limited, who each in turn hold relevant interests
Next Financial Nominees No. 2 Pty Ltd (ACN 132 819 115) in the securities the subject of this notice.
Investment Solutions Client Services Pty Ltd (ACN 117 898 334)
Priority Funds Management Pty Ltd (ACN 120 826 575)
Priority Investment Management Pty Ltd (ACN 116 943 456
PNI Option Plan Managers Pty Ltd (ACN 125 030 766)
Pinnacle RE Services Limited (ACN 130 508 379)
Pinnacle Services Administration Pty Ltd (ACN 126 175 148)
Pinnacle Investment Management (UK) Limited (Company Number 11026111)
POSH Nominees Pty Limited (ACN 620 094 251)
Pinnacle Fund Services Limited (ACN 082 494 362) Relevant interest held through the power to control voting 5,510,008 ORDINARY FULLY
and/or disposal of securities in its capacity as responsible PAID
entity or trustee of registered or unregistered schemes and/or
relevant interest by virtue of section 608(3)
of the Corporations Act as it or its associates holds directly or
indirectly above 20% voting power in one or more affiliated
investment managers (see Annexure A – Part 2) who each in
turn hold relevant interests in the securities the subject of this
notice.
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This is Annexure "A - Part 1" as mentioned in form 604 Notice of change of interests of substantial holder

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Calvin Kwok Company Secretary Date: 20/05/2021

HUB24 Ltd

Annexure A - Part 2 Affiliated Investment Managers in which Pinnacle has over 20% voting power Antipodes Partners Limited (ACN 602 042 035) Hyperion Asset Management Limited (ACN 080 135 897) Metrics Credit Partners Pty Limited (ACN 150 646 996) Palisade Investment Partners Limited (ACN 124 326 361) Plato Investment Management Limited (ACN 120 730 136) Resolution Capital Limited (ACN 108 584 167) Solaris Investment Management Limited (ACN 128 512 621) Two Trees Investment Management Pty Limited (ACN 616 424 170) Riparian Capital Partners Pty Ltd (ACN 630 179 752)

This is Annexure "A - Part 2" as mentioned in form 604 Notice of change of interests of substantial holder

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Calvin Kwok Company Secretary Date: 20/05/2021

HUB24 Ltd

Annexure B

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Date of Person whose relevant Nature of Consideration Class of Securities Number of Person's votes
change interest changed change securities affected
Cash Non-cash
10/03/2021 Pinnacle Investment Purchase $ 167,846.26 ORDINARY FULLY 7,821 7,821
Management Group PAID
Limited (and its
subsidiaries listed in
Annexure A)
11/03/2021 As Above Purchase $ 2,488,863.47 ORDINARY FULLY 115,839 115,839
PAID
16/03/2021 As Above Sale -$ 74,927.81 ORDINARY FULLY - 3,054 - 3,054
PAID
16/03/2021 As Above Sale -$ 381,606.84 ORDINARY FULLY - 15,554 - 15,554
PAID
17/03/2021 As Above Sale -$ 422,610.98 ORDINARY FULLY - 16,718 - 16,718
PAID
17/03/2021 As Above Sale -$ 82,965.02 ORDINARY FULLY - 3,282 - 3,282
PAID
17/03/2021 As Above Purchase $ 992,177.37 ORDINARY FULLY 39,230 39,230
PAID
18/03/2021 As Above Purchase $ 322,016.21 ORDINARY FULLY 12,842 12,842
PAID
18/03/2021 As Above Sale -$ 1,015,628.35 ORDINARY FULLY - 40,534 - 40,534
PAID
18/03/2021 As Above Sale -$ 84,539.65 ORDINARY FULLY - 3,374 - 3,374
PAID
19/03/2021 As Above Sale -$ 142,624.13 ORDINARY FULLY - 5,806 - 5,806
PAID
19/03/2021 As Above Sale -$ 3,400,870.59 ORDINARY FULLY - 138,444 - 138,444
PAID
19/03/2021 As Above Sale -$ 485,108.73 ORDINARY FULLY - 19,748 - 19,748
PAID
22/03/2021 As Above Sale -$ 280,057.70 ORDINARY FULLY - 11,504 - 11,504
PAID
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22/03/2021 As Above Sale -$ 73.04 ORDINARY FULLY - 3 - 3
PAID
22/03/2021 As Above Sale -$ 5,672.24 ORDINARY FULLY - 233 - 233
PAID
22/03/2021 As Above Sale -$ 9,445.62 ORDINARY FULLY - 388 - 388
PAID
22/03/2021 As Above Sale -$ 18,428.70 ORDINARY FULLY - 757 - 757
PAID
22/03/2021 As Above Sale -$ 315,576.15 ORDINARY FULLY - 12,963 - 12,963
PAID
22/03/2021 As Above Purchase $ 396,295.42 ORDINARY FULLY 16,277 16,277
PAID
22/03/2021 As Above Sale -$ 34,228.19 ORDINARY FULLY - 1,406 - 1,406
PAID
22/03/2021 As Above Sale -$ 30,406.13 ORDINARY FULLY - 1,249 - 1,249
PAID
22/03/2021 As Above Sale -$ 16,310.73 ORDINARY FULLY - 670 - 670
PAID
23/03/2021 As Above Sale -$ 22,306.65 ORDINARY FULLY - 926 - 926
PAID
23/03/2021 As Above Sale -$ 41,578.05 ORDINARY FULLY - 1,726 - 1,726
PAID
23/03/2021 As Above Sale -$ 46,781.32 ORDINARY FULLY - 1,942 - 1,942
PAID
23/03/2021 As Above Sale -$ 71,834.14 ORDINARY FULLY - 2,982 - 2,982
PAID
23/03/2021 As Above Sale -$ 25,197.35 ORDINARY FULLY - 1,046 - 1,046
PAID
23/03/2021 As Above Sale -$ 12,911.84 ORDINARY FULLY - 536 - 536
PAID
23/03/2021 As Above Sale -$ 7,756.74 ORDINARY FULLY - 322 - 322
PAID
23/03/2021 As Above Sale -$ 96.35 ORDINARY FULLY - 4 - 4
PAID
23/03/2021 As Above Sale -$ 382,922.72 ORDINARY FULLY - 15,896 - 15,896
PAID
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24/03/2021 As Above Sale -$ 1,186,051.35 ORDINARY FULLY - 49,340 - 49,340
PAID
24/03/2021 As Above Sale -$ 697.11 ORDINARY FULLY - 29 - 29
PAID
24/03/2021 As Above Sale -$ 53,413.18 ORDINARY FULLY - 2,222 - 2,222
PAID
24/03/2021 As Above Sale -$ 88,797.60 ORDINARY FULLY - 3,694 - 3,694
PAID
24/03/2021 As Above Sale -$ 173,340.42 ORDINARY FULLY - 7,211 - 7,211
PAID
24/03/2021 As Above Sale -$ 101,345.62 ORDINARY FULLY - 4,216 - 4,216
PAID
24/03/2021 As Above Sale -$ 286,032.12 ORDINARY FULLY - 11,899 - 11,899
PAID
24/03/2021 As Above Sale -$ 153,580.92 ORDINARY FULLY - 6,389 - 6,389
PAID
29/03/2021 As Above Purchase $ 2,165,329.99 ORDINARY FULLY 103,894 103,894
PAID
30/03/2021 As Above Purchase $ 4,295.38 ORDINARY FULLY 210 210
PAID
31/03/2021 As Above Purchase $ 389,954.27 ORDINARY FULLY 18,868 18,868
PAID
31/03/2021 As Above Purchase $ 887,185.30 ORDINARY FULLY 42,691 42,691
PAID
31/03/2021 As Above Purchase $ 59,667.06 ORDINARY FULLY 2,887 2,887
PAID
31/03/2021 As Above Purchase $ 135,765.89 ORDINARY FULLY 6,533 6,533
PAID
31/03/2021 As Above Purchase $ 5,063.54 ORDINARY FULLY 245 245
PAID
31/03/2021 As Above Purchase $ 11,512.99 ORDINARY FULLY 554 554
PAID
1/04/2021 As Above Purchase $ 9,210.36 ORDINARY FULLY 435 435
PAID
1/04/2021 As Above Purchase $ 24,810.05 ORDINARY FULLY 1,163 1,163
PAID
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1/04/2021 As Above Purchase $ 108,688.30 ORDINARY FULLY 5,134 5,134
PAID
1/04/2021 As Above Purchase $ 292,837.10 ORDINARY FULLY 13,729 13,729
PAID
1/04/2021 As Above Purchase $ 710,447.46 ORDINARY FULLY 33,554 33,554
PAID
1/04/2021 As Above Purchase $ 1,913,851.00 ORDINARY FULLY 89,714 89,714
PAID
6/04/2021 As Above Purchase $ 117,005.98 ORDINARY FULLY 5,217 5,217
PAID
8/04/2021 As Above Purchase $ 1,988,593.41 ORDINARY FULLY 87,004 87,004
PAID
8/04/2021 As Above Sale -$ 8,443.96 ORDINARY FULLY - 378 - 378
PAID
8/04/2021 As Above Sale -$ 175,106.47 ORDINARY FULLY - 7,839 - 7,839
PAID
9/04/2021 As Above Sale -$ 770,748.14 ORDINARY FULLY - 35,236 - 35,236
PAID
9/04/2021 As Above Sale -$ 177,537.40 ORDINARY FULLY - 8,174 - 8,174
PAID
9/04/2021 As Above Purchase $ 533,541.11 ORDINARY FULLY 24,442 24,442
PAID
9/04/2021 As Above Purchase $ 1,091,443.24 ORDINARY FULLY 50,000 50,000
PAID
12/04/2021 As Above Sale -$ 519,472.76 ORDINARY FULLY - 24,008 - 24,008
PAID
13/04/2021 As Above Sale -$ 2,012,579.10 ORDINARY FULLY - 90,105 - 90,105
PAID
13/04/2021 As Above Purchase $ 353,871.00 ORDINARY FULLY 15,775 15,775
PAID
14/04/2021 As Above Sale -$ 461,981.16 ORDINARY FULLY - 20,388 - 20,388
PAID
23/04/2021 As Above Sale -$ 415,628.93 ORDINARY FULLY - 16,511 - 16,511
PAID
28/04/2021 As Above Purchase $ 11,054.74 ORDINARY FULLY 429 429
PAID
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29/04/2021 As Above Sale -$ 4,888,910.45 ORDINARY FULLY - 189,969 - 189,969
PAID
30/04/2021 As Above Sale -$ 2,578,489.25 ORDINARY FULLY - 101,075 - 101,075
PAID
5/05/2021 As Above Purchase $ 14,553.36 ORDINARY FULLY 590 590
PAID
7/05/2021 As Above Purchase $ 97,063.74 ORDINARY FULLY 4,078 4,078
PAID
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This is Annexure "B" as mentioned in form 604 Notice of change of interests of substantial holder

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Calvin Kwok Company Secretary Date: 20/05/2021

HUB24 Ltd

Annexure C

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Holder of relevant interest Registered holder of securities Person entitled to be Number of Class of Person's votes
registered as holder securities securities
Pinnacle Investment Management Bank of New York Bank of New York Ordinary fully Ordinary fully paid 63,967
Group Limited (and its subsidiaries paid
listed in Annexure A)
Pinnacle Investment Management BNP Paribas Securities Services BNP Paribas Securities Ordinary fully Ordinary fully paid 875,001
Group Limited (and its subsidiaries Services paid
listed in Annexure A)
Pinnacle Investment Management Citibank Citibank Ordinary fully Ordinary fully paid 2,641,184
Group Limited (and its subsidiaries paid
listed in Annexure A)
Pinnacle Investment Management JP Morgan Chase Bank JP Morgan Chase Bank Ordinary fully Ordinary fully paid 425,556
Group Limited (and its subsidiaries paid
listed in Annexure A)
Pinnacle Investment Management Northern Trust Northern Trust Ordinary fully Ordinary fully paid 273,038
Group Limited (and its subsidiaries paid
listed in Annexure A)
Pinnacle Investment Management RBC Investor Services Trust RBC Investor Services Trust Ordinary fully Ordinary fully paid 137,317
Group Limited (and its subsidiaries paid
listed in Annexure A)
Pinnacle Investment Management State Street State Street Ordinary fully Ordinary fully paid 1,093,945
Group Limited (and its subsidiaries paid
listed in Annexure A)
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This is Annexure "C" of 1 page as mentioned in form 604 Notice of change of interests of substantial holder

`

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Calvin Kwok Company Secretary Date: 20/05/2021

HUB24 Ltd

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Annexure D
Name ACN Nature of Association
Pinnacle Investment Management 100 325 184 Related body corporate of each other entity listed in
Group Limited Annexure D.
Pinnacle Investment Management 109 659 109 Related body corporate of each other entity listed in
Limited Annexure D.
Pinnacle Fund Services Limited 082 494 362 Related body corporate of each other entity listed in
Annexure D.
Ariano Pty Limited 605 250 799 Related body corporate of each other entity listed in
Annexure D.
Next Financial Limited 081 722 894 Related body corporate of each other entity listed in
Annexure D.
Next Financial Nominees Pty Ltd 093 252 576 Related body corporate of each other entity listed in
Annexure D.
Next Financial Nominees No. 2 Pty 132 819 115 Related body corporate of each other entity listed in
Ltd Annexure D.
Investment Solutions Client 117 898 334 Related body corporate of each other entity listed in
Services Pty Ltd Annexure D.
Priority Funds Management Pty Ltd 120 826 575 Related body corporate of each other entity listed in
Annexure D.
Priority Investment Management Pty 116 943 456 Related body corporate of each other entity listed in
Ltd Annexure D.
PNI Option Plan Managers Pty Ltd 116 943 456 Related body corporate of each other entity listed in
Annexure D.
Pinnacle RE Services Limited 130 508 379 Related body corporate of each other entity listed in
Annexure D.
Pinnacle Services Administration 126 175 148 Related body corporate of each other entity listed in
Pty Ltd Annexure D.
Pinnacle Investment Management Company Related body corporate of each other entity listed in
(UK) Limited Number Annexure D.
11026111
POSH Nominees Pty Limited 620 094 251 Related body corporate of each other entity listed in
Annexure D.
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This is Annexure "D" as mentioned in form 604 Notice of change of interests of substantial holder

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Calvin Kwok Company Secretary Date: 20/05/2021

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HUB24 Ltd
Annexure E
Name Address
Pinnacle Investment Management Group Limited Level 19, 307 Queen St, Brisbane QLD 4000, Australia
Pinnacle Fund Services Limited Level 19, 307 Queen St, Brisbane QLD 4000, Australia
Pinnacle Investment Management Limited Level 19, 307 Queen St, Brisbane QLD 4000, Australia
Pinnacle Investment Management Group Limited Level 19, 307 Queen St, Brisbane QLD 4000, Australia
Pinnacle Investment Management Limited Level 19, 307 Queen St, Brisbane QLD 4000, Australia
Pinnacle Fund Services Limited Level 19, 307 Queen St, Brisbane QLD 4000, Australia
Ariano Pty Limited Level 19, 307 Queen St, Brisbane QLD 4000, Australia
Next Financial Limited Level 19, 307 Queen St, Brisbane QLD 4000, Australia
Next Financial Nominees Pty Ltd Level 19, 307 Queen St, Brisbane QLD 4000, Australia
Next Financial Nominees No. 2 Pty Ltd Level 19, 307 Queen St, Brisbane QLD 4000, Australia
Investment Solutions Client Services Pty Ltd Level 19, 307 Queen St, Brisbane QLD 4000, Australia
Priority Funds Management Pty Ltd Level 19, 307 Queen St, Brisbane QLD 4000, Australia
Priority Investment Management Pty Ltd Level 19, 307 Queen St, Brisbane QLD 4000, Australia
PNI Option Plan Managers Pty Ltd Level 19, 307 Queen St, Brisbane QLD 4000, Australia
Pinnacle Investment Management (UK) Limited 7th Floor, Dashwood House, 69 Old Broad Street, London EC2M 1QS, United Kingdom
Pinnacle RE Services Limited Level 19, 307 Queen St, Brisbane QLD 4000, Australia
Pinnacle Services Administration Pty Ltd Level 19, 307 Queen St, Brisbane QLD 4000, Australia
POSH Nominees Pty Limited Level 19, 307 Queen St, Brisbane QLD 4000, Australia
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This is Annexure "E" as mentioned in form 604 Notice of change of interests of substantial holder

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Calvin Kwok Company Secretary Date: 20/05/2021