Perpetual Limited — Major Shareholding Notification 2005

Nov 17, 2005

Form 603

Corporations Law Section 671B

Notice of initial substantial holder

To Company Name/Scheme JUST GROUP LIMITED ABN 096 911 410 1. Details of substantial holder (1) PERPETUAL TRUSTEES AUSTRALIA LIMITED Name 000 431 827 ACN (if applicable)

The holder became a substantial holder on $17$ / 11 / 2005

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	Persons' votes (5)	Votina power (6)
Ordinary	10,950,314	10,950,314	$5.02%$

3. Details of relevant interests

The nature of the refevant 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 of relevant interest	Nature of relevant interest (7)	Class and number of securities
Refer annexure1 & 2

4. Details of present registered holders

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

Holder of relevant interest	Registered holder ofsecurities	Persons entitled to beregistered as holder (8)	Class and number ofsecurities
Refer annexure 1

5. Consideration

The consideration paid for each relevant interest referred to in paragraph 3 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
Refer annexure 3		Cash	Non - Cash

Associates

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

Name and ACN (if applicable)	Nature of association
Refer to Annexure 1 & 2

6. Addresses

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

Name	Address
Refer to Annexure 1

Signature

Print name JOANNE HAWKINS

Capacity

COMPANY SECRETARY

Perpetual Investments Account Codes & Details

Perpetual Investments Management Limited (PIML) as Responsible Entity for:

INTERNAL CODE	ACCOUNT DETAILS	REGISTRATION DETAILS
ALL 'PC' CODES	RBC Global Services Australia Nominees Pty LimitedACF: PIML (Select Investments)RBC Globabi Services Australia Nominees Pty LimitedGPO Box 5424 Sydney NSW 2001	RBC Global Services Australia Nominees Pty LimitedACF: PIML (Select Investments)GPO Box 5424 Sydney NSW 2001
GSF	RBC Global Services Australia Nominees Pty LimitedACF: Perpetual Australia Share FundAccount Code: PIGSFGPO Box 5424 Sydney NSW 2001	RBC Global Services Australia Nominees Pty LimitedGPO Box 5424 Sydney NSW 2001
ICAS	RBC Global Services Australia Nominess Pty LimitedACF: Perpetual Investor Choice Australian Asset GroupAccount Code: PfICASGPO Box 5424 Sydney NSW 2001	RBC Global Services Australia Nominees Pty LimitedGPO Box 5424 Sydney NSW 2001
ICIS	RBC Global Australia Nominees Pty LimitedACF: Perpetual Investor Choice Industrial Asset GroupAccount Code: PISINDGPO Box 5424 Sydney NSW 2001	RBC Global Services Australia Nominees Pty LimitedGPO Box 5424 Sydney NSW 2001
ICSC	RBC Global Services Australia Nominees Pty LimitedACF: Perpetual Investor Choice Smaller Asset GroupAccount Code: PISSCFGPO Box 5424 Sydney NSW 2001	RBC Global Services Australia Nominees Pty LimitedGPO Box 5424 Sydney NSW 2001
PCEF	RBC Global Services Australia Nominees Pty LimitedAccount Code: PICEFGPO Box 5424 Sydney NSW 2001	RBC Global Services Australia Nominees Pty LimitedGPO Box 5424 Sydney NSW 2001
PIWGAF	UBS Nominee Pty Ltd ACF: Perpetual Wholesale GearedAustralian Share Fund Account code PIWGASRBC Global Services Australia Nominees Pty LtdGPO Box 5424 Sydney NSW 2001	UBS Nominee Pty LtdLevel 25, 1 Farrer Place Govenor Phillip TowerSydney NSW 2008
PIWCPF	RBC Global Services Australia Nominees Pty LtdACF: PI Protected Aust Share Fund AAccount code PIWCPFGPO Box 5424 Sydney NSW 2001	UBS Nominee Pty LtdLevel 25, 1 Farrer Place Govenor Phillip TowerSydney NSW 2008
PIWJPI	RBC Global Services Australia Nominees Pty LimitedACF: Perpetual JF Wholesale Prop Income FundAccount Code: PIWJPIGPO Box 5424 Sydney NSW 2001	RBC Global Services Australia Nominees Pty LimitedGPO Box 5424 Sydney NSW 2001
PIWSPF	UBS Nominee Pty Ltd ACF: Perpetual Wholesale SharePlus Fund Account code PIWSPFRBC Global Services Australia Nominees Pty LtdGPO Box 5424 Sydney NSW 2001	UBS Nominee Pty LtdLevel 25, 1 Farrer Place Govenor Phillip TowerSydney NSW 2000
PMISF1	RBC Global Services Australia Nominees Pty LimitedACF: Perpetual's Industrial Share Fund OneAccount Code: PHSF1GPO Box 5424 Sydney NSW 2001	RBC Global Services Australia Nominees Pty LimitedGPO Box 5424 Sydney NSW 2001
PMISF2	RBC Global Services Australia Nominees Pty LimitedACF: Perpetual's Industrial Share Fund TwoAccount Code: PHSF2GPO Box 5424 Sydney NSW 2000	RBC Global Services Australia Nominees Pty LimitedGPO Box 5424 Sydney NSW 2001

PMISE I	RBC Global Services Australia Nominees Pty LimitedACF: Perpetual's Industrial Share FundAccount Code: PHSFJGPO Box 5424 Sydney NSW 2000	RBC Global Services Australia Nominees Pty LimitedGPO Box 5424 Sydney NSW 2001
PMSCA	RBC Global Services Australia Nominees Pty LimitedATF: Perpetual's Smaller Companies Analyst FundAccount Code: PISCAGPO Box 5424 Sydney NSW 2001	RBC Global Services Australia Nominees Pty LimitedGPO Box 5424 Sydney NSW 2001
PMWSCM	RBC Global Australia Nominees Pty LimitedACF: Perpetual Wholesale Smaller Co FundAccount Code: PIWSCMGPO Box 5424 Sydney NSW 2001	RBC Global Services Australia Nominees Pty LimitedGPO Box 5424 Sydney NSW 2001
PMWSCS	RBC Global Australia Nominees Pty LimitedACF: Perpetual Wholesale Smaller Co FundAccount Code: PIWSCSGPO Box 5424 Sydney NSW 2001	RBC Global Services Australia Nominees Pty LimitedGPO Box 5424 Sydney NSW 2001
PMWSRF	RBC Global Services Australia Nominess Pty LimitedACF: Perpetual Wholesael Ethical FundAccount Code: PIWSRFGPO Box 5424 Sydney NSW 2001	RBC Global Services Australia Nominees Pty LimitedGPO Box 5424 Sydney NSW 2001
PPSF	RBC Global Services Australia Nominees Pty LimitedATF: Perpetual Property Securities FundAccount Code: PIPSFGPO Box 5424 Sydney NSW 2001	RBC Global Services Australia Nominees Pty LimitedGPO Box 5424 Sydney NSW 2001
PWSCF	RBC Global Services Australia Nominess Pty Limited.ACF: Perpetual Wholesale Smaller Co FundAccount Code: PIWSCFGPO Box 5424 Sydney NSW 2001	RBC Global Services Australia Nominees Pty LimitedGPO Box 5424 Sydney NSW 2001

Perpetual Investments Management Limited (PIML) as Trustee for:

ALL 'SS' CODES	RBC Global Services Australia Nominees Pty LimitedACF: PIML (Select Super)GPO Box 5424 Sydney NSW 2001	RBC Global Services Australia Nominees Pty LimitedACF: PIML (Select Super)GPO Box 5424 Sydney NSW 2001

Perpetual Investments Management Limited (PIML) under Investment Management Agreements with:

INTERNAL CODE	ACCOUNT DETAILS	REGISTRATION DETAILS
AMCORP	National Nominees Ltd ACF: IOOF Account.Account Code: PIAMC RBC Global ServicesAustralia Nominees Pty LimitedGPO Box 5424 Sydney NSW 2001	National Australia Custodian ServicesA/C ATPFAE 6822 - 16. 5th Floor South271 Collins Street Melbourne VIC 3000
ARF	JP Morgan Chase Nominees Ltd ACF: AustralianRetirement Fund, Account Code: PIARFRBC Global Services Australia Nominees Pty LimitedGPO Box 5424 Sydney NSW 2001	JP Morgan Chase NomineesA/C 13415 Locked Bag 7Royal Exchange Sydney NSW 2000
CBAISF	Citicorp Nominees Pty Ltd. ACF: CommonwealthAust Shares Fund 4, Account Code:PICISFRBC Global Services Australia Pty LtdGPO Box 5424 Sydney NSW 2001	Citicorp Nominees Pty Ltd. A/C EASS04GPO Box 764G. Melbourne VIC 3001
NSWTC	Cogent Nominees Pty Ltd ACF NSW TreasuryCorporation Account Code: PINSWTRBC Global Services Australia Nominees Pty LimitedGPO Box 5424 Sydney NSW 2001	Cogent Nominees Pty Limited A/C HGFPTEP.O. Box R209, Royal Exchange. Sydney NSW 1225

PIACT	JP Morgan Chase Nominees Ltd ACF: Australian CapitalTerritory Treasury. Account Code: PIACTRBC Global Services Australia Nominees Pty LimitedGPO Box 5424 Sydney NSW 2001	JP Morgan Chase Nominees A/C 32512Locked Bag 7, Royal Exchange Sydney NSW 2000
PIEFM6	Cogent Nominees Pty Ltd ACF EFM AustralianShare Fund 6 Account Code: PIEFM6RBC Global Services Australia Nominees Pty LimitedGPO Box 5424 Sydney NSW 2001	Cogent Nominees Pty Limited A/C: WTXME6P.O. Box R209, Royal Exchange, Sydney NSW 1225
PIFIJI	National Nominees Limited ACF: Fiji National ProvidentFund Account Code: PIFIJIRBC Global Services Australia Nominees Pty LtdGPO Box 5424 Sydney NSW 2001	National Australia Custodian ServicesA/C FNPEAE/9353-16, 5th Floor South271 Collins Street Methourne VIC 3000
PHEST	RBC Global Services Australia Nominees Pty LimitedACF: HEST Australia Limited Account Code: PIHESTGPO Box 5424 Sydney NSW 2001	JP Morgan Chase Nominees A/C 33112Locked Bag 7, Royal Exchange Sydney NSW 2000
PIJUTD	BNP Paribas Securities Services ACF: PI United SectorLeaders Property Fund. Account Code: PIJUTDRBC Global Services Australia Pty LimitedGPO Box 5424 Sydney NSW 2001	Cogent Nominees Pty Limited A/C: USLJFPGPO Box 4270, Sydney NSW 2000
PIMIT	Guardian TrustAustralia Ltd ACF: Perpetual James FieldingMeridian Investment Trust Account code PIMITRBC Global Services Australia Nominees Pty LtdGPO Box 5424 Sydney NSW 2001	Guardian Trust Australia Ltd GPO Box 469 Sydney NSW 2001
PISTCF	RBC Global Services Australia Nominees Pty LimitedACF: SAS Trustee Corporation. Account Code: PISTCFGPO Box 5424 Sydney NSW 2001	JP Morgan Chase Nominees A/C 34893Locked Bag 7, Royal Exchange Sydney NSW 2000
PMCBUS	National Nominees Ltd ACF: Construction & Building UnionSuperannuation Fund Account Code: PICBUSRBC Global Services Australia Nominees Pty Limited.GPO Box 5424 Sydney NSW 2001	National Australia Custodian ServicesA/C CBPFAE/5267-15, 5th Floor South271 Collins Street Melbourne VIC 3000
PMCGSF	Citicorp Nominees Pty Ltd ACF: CommonwealthAust Shares Fund 11 Account Code: PICGSFRBC Global Services Australia Ptv LtdGPO Box 5424 Sydney NSW 2001	Citicorp Nominees Pty Ltd A/C EPSS03GPO Box 764G, Melbourne VIC 3001
PMCPSF	Citicorp Nominees Pty Ltd ACF: CommonwealthProperty Fund 3 Account Code: PICPSFRBC Global Services Australia Pty LtdGPO Box 5424 Sydney NSW 2001	Citicorp Nominees Pty Ltd A/C EPSS03GPO Box 764G Melbourne VIC 3001
PMFR	Westpac Custodian Nominees ACF: Frank Russell InvestmentManagement Account Code: PIMFRRBC Global Services Australia Nominees Pty LimitedGPO Box 5424 Sydney NSW 2001	Westpac Custodian Nominees State Street Fund BQ8DLevel 9 / 50 Pitt Street Sydney NSW 2000
PMHOST	JP Morgan Chase Nominees LimitedACF: Host - Plus Pty Ltd Account Code: PIHOSTRBC Global Services Australia Nominees Pty LimitedGPO Box 5424 Sydney NSW 2001	JP Morgan Chase Nominees A/C 20004Locked Bag 7, Royal Exchange Sydney NSW 2000
PML	Perpetual Management LimitedAccount Code: PTPMLRBC Global Services Australia Nominees Pty LimitedGPO Box 5424 Sydney NSW 2001	RBC Global Services Australia Nominees Pty Limited GPO Box 5424, Sydney NSW 2001

PMSTA	National Nominees Limited ACF: SuperTrust of Australia Account Code: PISTARBC Global Services Australia Nominees Pty LimitedGPO Box 5424 Sydney NSW 2001	National Australia Custodian ServicesA/C: 5498-10 STPAAE 5th Floor South271 Collins Street Metbourne VIC 3000
PNOM	Perpetual Nominees Pty Limited Account Code: PTPNOMRBC Global Services Australia Nominees Pty LimitedGPO Box 5424 Sydney NSW 2001	RBC Global Services Australia Nominees Pty Limited GPO Box 5424, Sydney NSW 2001
PTAL	Perpetual Australia Co Limited Account Code: PTPALRBC Global Services Australia Nominees Pty LimitedGPO Box 5424, Sydney NSW 2000	RBC Global Services Australia Nominees Pty Limited GPO Box 5430, Sydney NSW 2000
PTAN	Perpetual Nominees Limited Account Code: PTPANRBC Global Services Australia Nominees Pty LimitedGPO Box 5424 Sydney NSW 2001	RBC Global Services Australia Nominees Pty Limited GPO Box 5424, Sydney NSW 2001
PTCO	Perpetual Trustee Co. Limited Account Code: PTPCORBC Global Services Australia Nominees Pty LimitedGPO Box 5424 Sydney NSW 2001	RBC Global Services Australia Nominees Pty Limited GPO Box 5424, Sydney NSW 2001
PTGEN	Perpetual Trustee Services General A/CAccount Code: PTPGENRBC Global Services Australia Nominees Pty LimitedGPO Box 5424 Sydney NSW 2001	RBC Global Services Australia Nominees Pty Limited GPO Box 5424, Sydney NSW 2001
PTNM	P.T.A. Nominees Limited ATF: Perpetual TrusteesNominees Limited Account Code: PTPNMRBC Global Services Australia Nominees Pty LimitedGPO Box 5424 Sydney NSW 2001	RBC Global Services Australia Nominees Pty Limited GPO Box 5424 Sydney NSW 2001
PTQLD	Perpetual Trustee Queensland LimitedAccount Code: PTOLDRBC Global Services Australia Nominees Pty LimitedGPO Box 5424 Sydney NSW 2001	RBC Global Services Australia Nominees Pty Limited GPO Box 5424, Sydney NSW 2001
PTVIC	Perpetual Trustee Victoria LimitedAccount Code: PTNMRBC Global Services Australia Nominees Pty LimitedGPO Box 5424 Sydney NSW 2001	RBC Global Services Australia Nominees Pty Limited GPO Box 5424, Sydney NSW 2001
PTWA	Perpetual Trustee WA Limited Account Code: PTPWARBC Global Services Australia Nominees Pty LimitedGPO Box 5424 Sydney NSW 2001	RBC Global Services Australia Nominees Pty Limited GPO Box 5424, Sydney NSW 2001
QITE2	RBC Global Services Australia Nominees Pty LimitedAFT: Quantitative Investments TE 2 Equity FundAccount Code: PIQTE2GPO Box 5424 Sydney NSW 2001	RBC Global Services Australia Nominees Pty LimitedGPO Box 5424 Sydney NSW 2001
SMF	BNP Paribas Securities Services ACF: SMF Funds.Management <smf 0013=""> Account Code: PISMFRBC Global Services Australia Pty LimitedGPO Box 5424 Sydney NSW 2001	Cogent Nominees Pty Limited A/C USLPEE.GPO Box R209, Royal Exchange, Sydney NSW 2000
T 2	Perpetual Trustee Company Limited(Private Client Division)	Perpetual Trustee Company Limited39 Hunter Street, Sydney 2000

T3	Perpetual Trustees Victoria Limited(Private Client Division)	Perpetual Trustee Company Limited39 Hunter Street, Sydney 2000
T4	Perpetual Trustees Queensland Limited(Private Client Division)	Perpetual Trustee Company Limited39 Hunter Street, Sydney 2000
T6	Perpetual Trustees WA Limited(Private Client Division)	Perpetual Trustee Company Limited39 Hunter Street, Sydney 2000
T7	Perpetual Trustee Company Canberra Limited(Private Client Division)	Perpetual Trustee Company Limited39 Hunter Street, Sydney 2000
TEL.	National Nominees Limited ACF: TelstraSuperannuation Pty Limited Account Code: PITELRBC Global Services Australia Nominees Pty LimitedGPO Box 5424 Sydney NSW 2001	National Australia Custodian ServicesA/C 3093-15 TSPPAE 5th Floor South271 Collins Street Methourne VtC 3000

PRESENT RELEVANT INTERESTS

Sammer, Adamster Prississe$\blacksquare$Fie
▓JST (JUST GROUP LIMITED)		Portfolios
Formid	ethei	Holdings
y heek	PМ	3,380,930
PMCBUS	PМ.	1,684,682
PMHOST	PM	689.773
PMSTA	PM	1,601,478
$\mathbb{Z}$ QITE2	PM	193,000
PIACT حض	PM	505,575
SSCEF®	SS	269,384
SSCCM المفهى	SS	197,739
سی SSREN	SS	133,956
PIHEST ھ	PМ.	1,207,770
"PCCEF هن	PC.	226,087
PCCCM	PС	158,829
PCREN المنهى	PC	97,940
PISTCF همه	PМ	594,000
⊮ PIWQLS	PМ	9,171

CHANGES IN RELEVANT INTERESTS

Account	Security		Volume		Value	Price	AsAtDate
PMWSRF	JST		7,500	$\sim$	17,775	$2.37	04/11/2005
PMWSRF	JST		2,400		5,688	$2.37	07/11/2005
PMWSRF	JST	÷	716,679	$\overline{a}$	1,619,695	$2.26	16/11/2005
PMHOST	JST		10,232	$\overline{a}$	24,250	$2.37	04/11/2005
PMHOST	JST		$4,165 -$		9,871	$2.37	07/11/2005
PMHOST	JST		13,624		30,926	$2.27	16/11/2005
PMHOST	JST		48,821		110,335	$2.26	16/11/2005
PMHOST	JST		11,833		26,809	$2.27	17/11/2005
PIACT	JST		7,499 -		17,773	$2.37	04/11/2005
PIACT	JST		3,053		7,236	$2.37	07/11/2005
PIACT	JST		9,988		22,673	$2.27	16/11/2005
PIACT	JST		35,792		80,890	$2.26	16/11/2005
PIACT	JST		8,673		19,650	$2.27	17/11/2005
PIHEST	JST		17,914	$\overline{a}$	42,456	$2.37	04/11/2005
PIHEST	JST		$7,293 -$		17,284	$2.37	07/11/2005
PIHEST	JST		23,860		54,162	$2.27	16/11/2005
PIHEST	JST		85,500		193,230	$2.26	16/11/2005
PIHEST	JST		20,722		46,948	$2.27	17/11/2005
PCEF	JST		48,914	$\overline{a}$	115,926	$2.37	04/11/2005
PCEF	JST		20,311		48,137	$2.37	07/11/2005
PCEF	JST		25,852	$\overline{a}$	60,346	$2.33	09/11/2005
PCEF	JST		276,610		625,139	$2.26	16/11/2005
PCEF	JST		77,193		175,228	$2.27	16/11/2005
PCEF	JST		58,133		131,706	$2.27	17/11/2005
PMCBUS	JST		24,991	$\overline{a}$	59,229	$2.37	04/11/2005
PMCBUS	JST		10,171		24,105	$2.37	07/11/2005
PMCBUS	JST		33,307		75,607	$2.27	16/11/2005
PMCBUS	JST		119,352		269,736	$2.26	16/11/2005
PMCBUS	JST		29,013		65,732	$2.27	17/11/2005
PCCEF	JST		3,462	$\overline{\phantom{a}}$	8,205	$2.37	04/11/2005
PCCEF	JST		1,365	$\overline{\phantom{a}}$	3,235	$2.37	07/11/2005
PCCEF	JST		4,498		10,210	$2.27	16/11/2005
PCCEF	JST		16,118		36,427	$2.26	16/11/2005
PCCEF	JST		3,877		8,784	$2.27	17/11/2005
PCCEF	JST		3,369		8,003	$2.38	03/11/2005
PMSTA	JST	,	25,371 -		60,129	$2.37	04/11/2005
PMSTA	JST		$9,616 -$		22,790	$2.37	07/11/2005
PMSTA	JST		115,267		260,503	$2.26	16/11/2005
PMSTA	JST		32,167		73,019	$2.27	16/11/2005
PMSTA	JST		33,117		75,030	$2.27	17/11/2005
SSCEF	JST		$4,117 -$		9,757	$2.37	04/11/2005
SSCEF	JST		1,626	$\overline{\phantom{a}}$	3,854	$2.37	07/11/2005
SSCEF	JST		19,219		43,435	$2.26	16/11/2005
SSCEF	JST		5,363		12,174	$2.27	16/11/2005
SSCEF	JST		4,622		10,472	$2.27	17/11/2005
SSCEF	JST		4,011		9,529	$2.38	03/11/2005