PEET LIMITED — Major Shareholding Notification 2021

May 9, 2021

Form604

Form 604 Corporations Act 2001 Section 671B Notice of change of interests of substantial holder

To: Company Name/Scheme: ACN/ARSN 1. Details of substantial holder Name There was a change in the interests of the 5/05/2021 substantial holder on The previous notice was given to the company on 7/05/2021 The previous notice was dated 7/05/2021 The holder became aware on 7/05/2021 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 had a relevant interest in when last required, and when now required, to give a substantial holding notice to the company or scheme are as follows: Mitsubishi UFJ Financial Group, Inc. PEET LIMITED 008 665 834	To: Company Name/Scheme: ACN/ARSN 1. Details of substantial holder Name There was a change in the interests of the 5/05/2021 substantial holder on The previous notice was given to the company on 7/05/2021 The previous notice was dated 7/05/2021 The holder became aware on 7/05/2021 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 had a relevant interest in when last required, and when now required, to give a substantial holding notice to the company or scheme are as follows: Mitsubishi UFJ Financial Group, Inc. PEET LIMITED 008 665 834	To: Company Name/Scheme: ACN/ARSN 1. Details of substantial holder Name There was a change in the interests of the 5/05/2021 substantial holder on The previous notice was given to the company on 7/05/2021 The previous notice was dated 7/05/2021 The holder became aware on 7/05/2021 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 had a relevant interest in when last required, and when now required, to give a substantial holding notice to the company or scheme are as follows: Mitsubishi UFJ Financial Group, Inc. PEET LIMITED 008 665 834	To: Company Name/Scheme: ACN/ARSN 1. Details of substantial holder Name There was a change in the interests of the 5/05/2021 substantial holder on The previous notice was given to the company on 7/05/2021 The previous notice was dated 7/05/2021 The holder became aware on 7/05/2021 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 had a relevant interest in when last required, and when now required, to give a substantial holding notice to the company or scheme are as follows: Mitsubishi UFJ Financial Group, Inc. PEET LIMITED 008 665 834	To: Company Name/Scheme: ACN/ARSN 1. Details of substantial holder Name There was a change in the interests of the 5/05/2021 substantial holder on The previous notice was given to the company on 7/05/2021 The previous notice was dated 7/05/2021 The holder became aware on 7/05/2021 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 had a relevant interest in when last required, and when now required, to give a substantial holding notice to the company or scheme are as follows: Mitsubishi UFJ Financial Group, Inc. PEET LIMITED 008 665 834
Class of securities	Previous notice		Present notice
	Person’s votes	Voting power(%)	Person’s votes	Voting power(%)
FullyPaid ordinaryshares	28,448,805	5.89%	34,459,683	7.13%

3. Changes in relevant interest

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:

as follows:
Date of change	Person whose relevant interest changed	Nature of change	Consideration given in relation to change	Class and number of securities affected	Person's votes affected
See annexure A to this notice

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	Nature of relevant interest	Class and number of securities	Person's votes
Mitsubishi UFJ Financial Group, Inc.	HSBC Custody Nominees (Australia) Limited		Relevant interest in securities that Morgan Stanley has a relevant interestin under section 608(3) of theCorporations Act as Mitsubishi UFJFinancial Group, Inc. has voting powerof over 20% in Morgan Stanley.	422,949 Fully paid ordinary shares	422,949
Morgan Stanley & Co. International plc	HSBC Custody Nominees (Australia) Limited		Relevant interest in securities that Morgan Stanley has a relevant interest in under section 608(3) of the Corporations Act as Mitsubishi UFJ Financial Group, Inc. has voting power of over 20% in Morgan Stanley.	24,168,181 Fully paid ordinary shares	24,168,181
Mitsubishi UFJ Financial Group, Inc.	Morgan Stanley Australia Securities (Nominee) Pty Limited		Relevant interest in securities that Morgan Stanley has a relevant interestin under section 608(3) of theCorporations Act as Mitsubishi UFJFinancial Group, Inc. has voting powerof over 20% in Morgan Stanley.	730 Fully paid ordinary shares	730
Mitsubishi UFJ Financial Group, Inc.	Citicorp Nominees Pty Limited (Australia)		Relevant interest in securities that First Sentier Investors Holdings Pty Limited has a relevant interest in under section 608(3) of the Corporations Act as Mitsubishi UFJ Financial Group, Inc. has voting power of 100% in First Sentier Investors Holdings Pty Limited.	6,321,415 Fully paid ordinary shares	6,321,415
Mitsubishi UFJ Financial Group, Inc.	Citibank N A Hong Kong		Relevant interest in securities that First Sentier Investors Holdings Pty Limited has a relevant interest in under section 608(3) of the Corporations Act as Mitsubishi UFJ Financial Group, Inc. has voting power of 100% in First Sentier Investors Holdings Pty Limited.	2,861,738 Fully paid ordinary shares	2,861,738
Mitsubishi UFJ Financial Group, Inc.	National Custodian Services		Relevant interest in securities that First Sentier Investors Holdings Pty Limited has a relevant interest in under section 608(3) of the Corporations Act as Mitsubishi UFJ Financial Group, Inc. has voting power of 100% in First Sentier Investors Holdings Pty Limited.	684,670 Fully paid ordinary shares	684,670

5. Changes in association

The persons who have become associates of, ceased to be associates of, or have changed the nature of their association with, the substantial holder in relation to voting interests in the company or scheme are as follows:

Page 1

Form604

Name and ACN/ARSN (if applicable)	Nature of association
6. Addresses The addresses of persons named in this form are as follows:
Name	Address
Mitsubishi UFJ Financial Group,Inc.	2-7-1,Marunouchi,Chiyoda-ku,Tokyo 100-8330,Japan

Signature

==> picture [91 x 28] intentionally omitted <==

==> picture [41 x 5] intentionally omitted <==

----- Start of picture text -----

Dated 10 May 2021
----- End of picture text -----

==> picture [118 x 7] intentionally omitted <==

----- Start of picture text -----

Ryuichiro Sakuma Authorised signatory
----- End of picture text -----

Page 2

AnnexureA

Annexure A

This is annexure A of 1 page referred to in Form 604, Notice of change of interest of substantial holder dated 10 May 2021

==> picture [92 x 28] intentionally omitted <==

Authorised signatory Dated 10 May 2021 Ryuichiro Sakuma	Authorised signatory Dated 10 May 2021 Ryuichiro Sakuma	Authorised signatory Dated 10 May 2021 Ryuichiro Sakuma	Authorised signatory Dated 10 May 2021 Ryuichiro Sakuma	Authorised signatory Dated 10 May 2021 Ryuichiro Sakuma	Authorised signatory Dated 10 May 2021 Ryuichiro Sakuma
Date of change	Person whose relevant interest changed	Nature of change	Consideration given in relation to change	Class and number of securities affected	Person's votes affected
5/05/2021	Mitsubishi UFJ Financial Group,Inc.	Sale of securities by an entity controlled byMorgan Stanley	589.17	479 OrdinaryShares	479
5/05/2021	Mitsubishi UFJ Financial Group,Inc.	Collateral Received by an entity controlled by Morgan Stanley– see Annexure B	N/A	6,011,357 OrdinaryShares	6,011,357

Page 3

AnnexureB

Annexure B

This is annexure B of 1 page referred to in Form 604, Notice of change of interest of substantial holder dated 10 May 2021

==> picture [92 x 28] intentionally omitted <==

Ryuichiro Sakuma

Authorised signatory Dated 10 May 2021

Schedule	Schedule
Type of Agreement	International Prime Brokerage Agreement
Parties to agreement	Morgan Stanley & Co. International plc for itself and as agent and trustee for and on behalf of the other Morgan Stanley Companies and EQUITY TRUSTEES LIMITED AS TRUSTEE FOR L1 CAPITAL LONG SHORT FUND
Transfer Date	20210505;
Holder of Voting Rights	Prime broker has the right to vote securities rehypothecated from the Client.
Are there any restrictions on voting rights?	~~Yes/~~ No
If yes, detailNot applicable
Scheduled Return Date (if any)	Open
Does the borrower have the right to return early?	Yes~~/No~~
If yes, detailPrime broker may return shares which were rehypothecated from the client at any time.
Does the lender have the right to recall early?	Yes~~/No~~
If yes, detailPrime broker will be required to return to the client shares rehypothecated from the client's account upon a sale of those shares by the client.
Will the securities be returned on settlement?	Yes~~/No~~
If yes, detail any exceptionsUpon an Event of Default, the default market value of all Equivalent Securities to be delivered will be determined and on the basis of the amounts so established, an account shall be taken of what is due from each party to the other. The amounts due from one party shall be set off against the amounts due from the other party and only the balance of the account shall be payable.
Schedule
Type of Agreement	International Prime Brokerage Agreement
Parties to agreement	Morgan Stanley & Co. International plc for itself and as agent and trustee for and on behalf of the other Morgan Stanley Companies and CERES CAPITAL PTY LTD
Transfer Date	20210505;
Holder of Voting Rights	Prime broker has the right to vote securities rehypothecated from the Client.
Are there any restrictions on voting rights?	~~Yes/~~ No
If yes, detailNot applicable
Scheduled Return Date (if any)	Open
Does the borrower have the right to return early?	Yes~~/No~~
If yes, detailPrime broker may return shares which were rehypothecated from the client at any time.
Does the lender have the right to recall early?	Yes~~/No~~
If yes, detailPrime broker will be required to return to the client shares rehypothecated from the client's account upon a sale of those shares by the client.
Will the securities be returned on settlement?	Yes~~/No~~
If yes, detail any exceptionsUpon an Event of Default, the default market value of all Equivalent Securities to be delivered will be determined and on the basis of the amounts so established, an account shall be taken of what is due from each party to the other. The amounts due from one party shall be set off against the amounts due from the other party and only the balance of the account shall be payable.
Schedule
Type of Agreement	International Prime Brokerage Agreement
Parties to agreement	Morgan Stanley & Co. International plc for itself and as agent and trustee for and on behalf of the other Morgan Stanley Companies and INTEGRATED CORE STRATEGIES(ASIA)PTE LTD.
Transfer Date	20210505;
Holder of Voting Rights	Prime broker has the right to vote securities rehypothecated from the Client.
Are there any restrictions on voting rights?	~~Yes/~~ No
If yes, detailNot applicable
Scheduled Return Date (if any)	Open
Does the borrower have the right to return early?	Yes~~/No~~
If yes, detailPrime broker may return shares which were rehypothecated from the client at any time.
Does the lender have the right to recall early?	Yes~~/No~~
If yes, detailPrime broker will be required to return to the client shares rehypothecated from the client's account upon a sale of those shares by the client.
Will the securities be returned on settlement?	Yes~~/No~~
If yes, detail any exceptionsUpon an Event of Default, the default market value of all Equivalent Securities to be delivered will be determined and on the basis of the amounts so established, an account shall be taken of what is due from each party to the other. The amounts due from one party shall be set off against the amounts due from the other party and only the balance of the account shall be payable.
Schedule
Type of Agreement	International Prime Brokerage Agreement
Parties to agreement	Morgan Stanley & Co. International plc for itself and as agent and trustee for and on behalf of the other Morgan Stanley Companies and L1 LONG SHORT FUND LIMITED
Transfer Date	20210505;
Holder of Voting Rights	Prime broker has the right to vote securities rehypothecated from the Client.
Are there any restrictions on voting rights?	~~Yes/~~ No
If yes, detailNot applicable
Scheduled Return Date (if any)	Open
Does the borrower have the right to return early?	Yes~~/No~~
If yes, detailPrime broker may return shares which were rehypothecated from the client at any time.
Does the lender have the right to recall early?	Yes~~/No~~
If yes, detailPrime broker will be required to return to the client shares rehypothecated from the client's account upon a sale of those shares by the client.
Will the securities be returned on settlement?	Yes~~/No~~
If yes, detail any exceptionsUpon an Event of Default, the default market value of all Equivalent Securities to be delivered will be determined and on the basis of the amounts so established, an account shall be taken of what is due from each party to the other. The amounts due from one party shall be set off against the amounts due from the other party and only the balance of the account shall be payable.

Page 4