PEET LIMITED — Major Shareholding Notification 2023

Jan 24, 2023

Form 605 Corporations Act 2001

Section 671B

Notice of ceasing to be a substantial holder

To Company Name/Scheme	PEET LIMITED
ACN/ARSN	008 665 834
1.Details of substantial holder (1)
Name		Morgan Stanley and its subsidiaries listed in Annexure A
ACN/ARSN (if applicable)	Not Applicable
The holder ceased to be asubstantial holder on		January 23, 2023
The previous notice was given to the company on		January 23, 2023
The previous notice was dated		January 19, 2023
The holder became aware on		January 25, 2023
2.Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest (2) of the substantial holder or an associate (3) 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 ofchange (4)	Consideration given inrelation to change (5)	Class (6) and number ofSecurities affected	Person'svotesaffected
01/20/2023	Morgan Stanley Australia Securities Limited	Sell	2,035.03	1,867 Ordinary Shares	1,867
01/23/2023	Morgan Stanley Australia Securities Limited	Buy	53.04	48 Ordinary Shares	48
01/23/2023	Morgan Stanley Australia Securities Limited	Sell	2,100.67	1,859 Ordinary Shares	1,859
01/23/2023	Morgan Stanley Australia Securities Limited	Sell	3,059.56	2,744 Ordinary Shares	2,744
01/23/2023	Morgan Stanley Australia Securities Limited	Sell	2,100.38	1,867 Ordinary Shares	1,867
01/23/2023	Morgan Stanley & Co. International plc	CollateralReturned	N/A	19,333,832 Ordinary Shares	19,333,832

3. Changes in association

The persons who have become associates (3) of, ceased to be associates of, or have changed the nature of their association (7) 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
Not Applicable	Not Applicable

4. Addresses

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

NameAddress
-----------------	--

Morgan Stanley	1585 Broadway, New York, New York, 10036, USA.
Morgan Stanley & Co. International plc	Legal & Compliance Department, 25 Cabot Square, Canary Wharf, London, E144QA, UNITED KINGDOM.
Morgan Stanley Australia Securities Limited	Level 39, Chifley Tower, 2 Chifley Square, Sydney, 2000, AUSTRALIA.

Signature

print name	Wilson Li		Vice Presidentcapacity
sign here		date	January 25, 2023

Annexure A

List of Morgan Stanley and its subsidiaries that have a relevant interest or deemed to have a relevant interest in the shares or units.

Name
└─┬─Morgan Stanley
└─┬─Morgan Stanley International Holdings Inc.
├─┬─Morgan Stanley (Australia) Securities Holdings Pty Limited
│ └───Morgan Stanley Australia Securities Limited
└─┬─Morgan Stanley International Limited
└─┬─Morgan Stanley Investments (UK)
└───Morgan Stanley & Co. International plc

Signature

print name	Wilson Li	capacity	Vice President
sign here		date	January 25, 2023

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 4 of the form.
• (2) See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.
• (3) See the definition of "associate" in section 9 of the Corporations Act 2001.
• (4) 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.

• (5) Details of the consideration must include any and all benefits, moneys 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.
• (6) The voting shares of a company constitute one class unless divided into separate classes.
• (7) Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice.

GUIDE This guide does not form part of the prescribed form and is included by ASIC to assist you in completing and lodging form 605.

Signature			This form must be signed by either a director or a secretary of the substantial holder.
Lodging period	Nil
Lodging Fee	Nil
Other forms to becompleted	Nil
Additional information	(a)			If additional space is required to complete a question, the information may be included on a separate piece ofpaper annexed to the form.
	(b)	This notice must be given to a listed company, or the responsible entity for a listed managed investment scheme.A copy of this notice must also be given to each relevant securities exchange.
	(c)			The person must give a copy of this notice:
		(i)		within 2 business days after they become aware of the information; or
		(ii)		by 9.30 am on the next trading day of the relevant securities exchange after they become aware of theinformation if:
			(A)	a takeover bid is made for voting shares in the company or voting interests in the scheme; and
			(B)	the person becomes aware of the information during the bid period.
Annexures				To make any annexure conform to the regulations, you must
	1			use A4 size paper of white or light pastel colour with a margin of at least 10mm on all sides
	2		show the corporation name and ACN or ARBN
	3		number the pages consecutively
	4	print or type in BLOCK letters in dark blue or black ink so that the document is clearly legible when photocopied
	5			identify the annexure with a mark such as A, B, C, etc
	6		endorse the annexure with the words:This is annexure (mark) of (number) pages referred to in form (form number and title)
	7			sign and date the annexure.
				The annexure must be signed by the same person(s) who signed the form.

Information in this guide is intended as a guide only. Please consult your accountant or solicitor for further advice.

Annexure B:

This is Annexure B referred to in the Form 605: Notice of ceasing to be a substantial holder issued by Morgan Stanley and its subsidiaries. The following is description of the securities lending agreements referenced in the accompanying Form 605.

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
	andEQUITY TRUSTEES LIMITED AS TRUSTEE FOR L1
	CAPITAL LONG SHORT FUND
Transfer Date	20230123;
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, detail Not applicable
Scheduled Return Date (if any)	Open
Does the borrower have the right to return early?	Yes/No
If yes, detail Prime 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	20230123;
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, detail Not applicable
Scheduled Return Date (if any)	Open
Does the borrower have the right to return early?	Yes/No
If yes, detail Prime 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, detail	Prime 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	20230123;
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, detail Not applicable
Scheduled Return Date (if any)	Open
Does the borrower have the right to return early?	Yes/No
If yes, detail Prime 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 EQUITY TRUSTEES LIMITED AS RESPONSIBLE ENTITY
	FOR REGAL INVESTMENT FUND
Transfer Date	20230123;
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, detail Not applicable
Scheduled Return Date (if any)	Open
Does the borrower have the right to return early?	Yes/No
If yes, detail Prime 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

The above schedules are based on the relevant standard agreements. The entity filing the report will, if requested by the company or responsible entity to whom the prescribed form must be given or ASIC, give a copy of the agreement to the company, responsible entity or ASIC.

Signature

payable.

print name	Wilson Li	capacity	Vice President
sign here		date	January 25, 2023