ORORA LIMITED — Major Shareholding Notification 2021

Apr 13, 2021

603 page 1/3 15 July 2001

Form603

Corporations Act 2001 Section 671B

Notice of initial substantial holder

ORORA LIMITED To Company Name/Scheme 004 275 165 ACN/ARSN

1. Details of substantial holder (1)NameACN/ARSN (if applicable)The holder became a substantial holder on	YARRA MANAGEMENT NOMINEES PTY LTD ACN 616 681 068 (YMN); TA UNIVERSALINVESTMENT HOLDINGS LTD (UNIVERSAL)
	See above
	12/04/2021

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	60,041,229	60,041,229	6.5933%

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 ofrelevant interest	Nature of relevant interest (7)	Class and number of securities
YMN	Relevant interest pursuant to s608(3)(a) of the CA, being a relevant interest heldthrough a body corporate (Yarra Capital Management Limited (YCML) formerlynamed Nikko AM Limited) in which YMN's voting power is more than 20%	Ordinary Fully Paid Shares /60,041,229
UNIVERSAL	Relevant interest pursuant to s608(3)(a) of the CA, being a relevant interest heldthrough a body corporate (Yarra Capital Management Limited) in whichUNIVERSAL's voting power is more than 20%	Ordinary Fully Paid Shares /60,041,229

603 page 2/3 15 July 2001

4. Details of present registered holders

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

Holder of rinterest	elevant	Registere	d holder of securities		Person entitled t	be	Class and numbe	r
					registered as hol	der (8)	of securities
All substantialholders named in 1above, YCML, NikkoAsset ManagementAustralia Limited(NAM AU), Nikko AMEquities Pty Ltd(NEAL)	bstantial		BNP Paribas Securities Services		NAM AU	as the	Ordinary Fully Pa
	named in 1CML, Nikko				responsible efor a range of	tity/trusteemanaged	Shares /5,987,322
	anagementlia Limited				investment	schemes
All suholdersabove, Y	bstantialnamed in 1	BNPAustrali	Paribas Securities Services; JP Morgan Noa Ltd; Citicorp Nominees Pty Limited; Nation	mineesal Australia	Various Client	s of YCML	Ordinary Fully PaShares /	id
	CML, NEAL	BanN	k Limited (NAB Custodian Services); HSBCominees (Australia); State Street Australia L	Custodyimited			54,053,907

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 ofsecurities
		Cash	Non-cash
YCML, NAM AU andNEAL	12/4/2021	Nil	Nil	60,386,626

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
YMN	LEVEL 19, 101 COLLINS STREET, MELBOURNE VICTORIA 3000
UNIVERSAL	3RD FLOOR, DEVONSHIRE HOUSE 1 MAYFAIR PLACE, LONDON W1J 8AJ, UNITED KINGDOM
YCML	ONE INTERNATIONAL TOWERS SYDNEY LEVEL 26 100 BARANGAROO
NAM AU	AVENUE BARANGAROO NSW 2000ONE INTERNATIONAL TOWERS SYDNEY LEVEL 26 100 BARANGAROO
NEAL	ONE INTERNATIONAL TOWERS SYDNEY LEVEL 26 100 BARANGAROO

Signature

print name Dion Hershan

capacity DIRECTOR OF YMN

sign here date 14 / 04 / 2021