Perpetual Limited — Major Shareholding Notification 2005

Mar 2, 2005

Form 604

Corporations Law Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme	REBEL LIMITED
ACN/ARSN	003 283 823
1.Details of substantial holder (1)
Name	PERPETUAL TRUSTEES AUSTRALIA LIMITED
ACN (if applicable)	000 431 827
There was a change in the interests of theSubstantial holder on	$02$ / $03$ / $2005$
The previous notice was given to the company on	$-25$ / 11 / 2004
The previous notice was dated	24_/11/2004__

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
	Voting power (5)Person's votes		Person's votes	Voting power (5)
Ordinary	10,468,944	13.58%	11,253,725	14.60%

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 substantial holding notice to the company or scheme are as follows:

Date of change	Person whose relevantinterest changed	Nature ofchange (6)	Considerationgiven in relationto change $(7)$	Class andnumber ofsecurities affected	Person's votesaffected
	Refer annexure 3

4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

Holder ofrelevantinterest	Registered holder ofsecurities	Person entitledto be registeredas holder (8)	Nature of relevantinterest $(6)$	Class andnumber ofsecurities	Person's votes
	Refer annexure 1 & 2

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

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

6. Addresses

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

Name	Address
Refer to Annexure 1

Signature

Print name GLENDA CHARLES Capacity ASST. COMPANY SECRETARY

Perpetual Investments Account Codes & Details

INTERNAL CODE	ACCOUNT DETAILS	REGISTRATION DETAILS
PIHEST	RBC Global Services Australia Nominees PtyLimited ACF: HEST Australia LimitedAccountCode: PIHESTGPO Box 5424 Sydney NSW 2001	JP Morgan Chase NomineesLocked Bag 7, Royal Exchange SydneyNSW 2000
PMISF1	RBC Global Services Australia Nominees PtyLimited ACF: Perpetual's Industrial Share FundAccount Code: PIISF1GPO Box 5424 Sydney NSW 2001	RBC Global Services Australia NomineesPty Limited GPO Box5424 Sydney NSW 2001
PMISF2	RBC Global Services Australia Nominees PtyLimited ACF: Perpetual's Industrial Share FundAccount Code: PIISF2GPO Box 5424 Sydney NSW 2000	RBC Global Services Australia NomineesPty Limited GPO Box5424 Sydney NSW 2001
PMISFJ	RBC Global Services Australia Nominees PtyLimited ACF: Perpetual's Industrial Share FundAccount Code: PIISFJGPO Box 5424 Sydney NSW 2000	RBC Global Services Australia NomineesPty Limited GPO Box5424 Sydney NSW 2001
PIJUTD	Permanent Trustee Australia Ltd ACF: PI UnitedSector Property Fund. Account Code: SMF0024.C/- RBC Global Services Australia Pty LimitedGPO Box 5424 Sydney NSW 2001	Permanent Trustee Australia Ltd<smf 0024=""> GPO Box 4270 SydneyNSW 2000
NSWTC	Cogent Nominees Pty Ltd ACF NSW TreasuryCorporation. Account Code: PINSWTRBC Global Services Australia Nominees PtyLimited GPO Box 5424 Sydney NSW 2001	Cogent Nominees Pty Limited P.O. BoxR209, Royal Exchange, Sydney NSW1225
PIEFM6	Cogent Nominees Pty Ltd ACF EFM AustralianShare Fund 6 Account Code: PIEFM6RBC Global Services Australia Nominees PtyLimited GPO Box 5424 Sydney NSW 2001	Cogent Nominees Pty Limited A/C:WTXME6, P.O. Box R209, RoyalExchange, Sydney NSW 1225
ARF	JP Morgan Chase Nominees Ltd ACF:Australian Retirement Fund, Account Code:PIARF. RBC Global Services AustraliaNominees Pty Limited GPO Box 5424 SydneyNSW 2001	JP Morgan Chase Nominees LockedBag 7, Royal Exchange Sydney NSW2000
PIACT	JP Morgan Chase Nominees Ltd ACF:Australian Capital Territory Treasury. AccountCode: PIACT RBC Global Services AustraliaNominees Pty Limited GPO Box 5424 SydneyNSW 2001	JP Morgan Chase Nominees LockedBag 7, Royal Exchange Sydney NSW2000
PIFIJI	National Nominees Limited ACF: Fiji NationalProvident Fund Account Code: PIFIJI, RBCGlobal Services Australia Nominees Pty LtdGPO Box 5424 Sydney NSW 2001	National Australia Custodian Services A/CFNPEAE. 5th Floor South 271 CollinsStreet Melbourne VIC 3000
SMF	Permanent Trustee Australia Ltd ACF: SMFFunds Management <smf 0013=""> AccountCode: PISMF. RBC Global Services AustraliaPty Limited GPO Box 5424 Sydney NSW 2001	Permanent Trustee Australia Ltd<smf 0013=""> GPO Box 4270 SydneyNSW 2000

GSF	RBC Global Services Australia Nominees PtyLimited. ACF: Perpetual Australia Share Fund.Account Code: PIGSF GPO Box 5424 SydneyNSW 2001	RBC Global Services Australia NomineesPty Limited GPO Box5424 Sydney NSW 2001
PMSCA	RBC Global Services Australia Nominees PtyLimited ATF: Perpetual's Smaller CompaniesAnalyst Fund Account Code: PISCA. GPO Box5424 Sydney NSW 2001	RBC Global Services Australia NomineesPty Limited GPO Box5424 Sydney NSW 2001
PMCBUS	National Nominees Ltd ACF: Construction &Building Union Superannuation Fund AccountCode: PICBUS, RBC Global Services AustraliaNominees Pty Limited. GPO Box 5424 SydneyNSW 2001	National Australia Custodian Services5th Floor South, 271 Collins StreetMelbourne VIC 3000
PPSF	RBC Global Services Australia Nominees PtyLimited ATF: Perpetual Property SecuritiesFund Account Code: PIPSF, GPO Box 5424Sydney NSW 2001	RBC Global Services Australia NomineesPty Limited GPO Box5424 Sydney NSW 2001
ICIS	RBC Global Australia Nominees Pty LimitedACF: Perpetual Investor Choice Industrial AssetGroup Account Code: PISIND GPO Box 5424Sydney NSW 2001	RBC Global Services Australia NomineesPty Limited GPO Box 5424Sydney NSW 2001
ICAS	RBC Global Services Australia Nominess PtyLimited. ACF: Perpetual Investor ChoiceAustralian Asset Group. Account Code: PIICASGPO Box 5424 Sydney NSW 2001	RBC Global Services Australia NomineesPty Limited GPO Box 5424Sydney NSW 2001
ICSC	RBC Global Services Australia Nominees PtyLimited. ACF: Perpetual Investor ChoiceSmaller Asset Group Account Code: PISSCF.GPO Box 5424 Sydney NSW 2001	RBC Global Services Australia NomineesPty Limited GPO Box 5424Sydney NSW 2001
PMHOST	JP Morgan Chase Nominees LimitedACF: Host - Plus Pty Ltd Accoutn Code:PIHOST, RBC Global Services AustraliaNominees Pty Limited, GPO Box 5424 SydneyNSW 2001	JP Morgan Chase Nominees LockedBag 7, Royal Exchange Sydney NSW2000
ALL 'PC' CODES	RBC Global Services Australia Nominees PtyLimited GPO Box 5424 Sydney NSW 2001	RBC Global Services Australia NomineesPty Limited GPO Box 5424 Sydney NSW2001
ALL 'SS' CODES	RBC Global Services Australia Nominees PtyLimited GPO Box 5424 Sydney NSW 2001	RBC Global Services Australia NomineesPty Limited GPO Box 5424 Sydney NSW2001
PMONE	National Nominees Limited ACF: OneSteelSuperannuation Fund Account Code: PIONE,RBC Global Services Australia Nominees PtyLimited GPO Box 5424 Sydney NSW 2001	National Australia Custodian ServicesOneSteel Superannuation FundOSPEAE / 6571-17 5th Floor South271 Collins Street Melbourne VIC 3000

PCEF	RBC Global Services Australia Nominees PtyLimited, Account Code: PICEF GPO Box 5424Sydney NSW 2001	RBC Global Services Australia NomineesPty Limited GPO Box5424 Sydney NSW 2001
QITE2	RBC Global Services Australia Nominees PtyLimited AFT: Quantitative Investments TE 2Equity Fund. Account Code: PIQTE2 GPO Box5424 Sydney NSW 2001	RBC Global Services Australia NomineesPty Limited GPO Box5424 Sydney NSW 2001
PIMIT	Guardian TrustAustralia Ltd ACF: PerpetualJames Fielding Meridian Investment TrustAccount code PIMIT. RBC Global ServicesAustralia Nominees Pty Ltd GPO Box 5424Sydney NSW 2001	Guardian Trust Australia Ltd <meridianA/C> GPO Box 469 Sydney NSW 2001</meridian
PIWGAF	UBS Nominee Pty Ltd ACF: PerpetualWholesale Geared Australian Share FundAccount code PIWGAS. RBC Global ServicesAustralia Nominees Pty Ltd GPO Box 5424Sydney NSW 2001	UBS Nominee Pty Ltd <prime broking<br="">A/C> Level 25, 1 Farrer Place GovenorPhillip Tower Sydney NSW 2000
PIWSPF	UBS Nominee Pty Ltd ACF: PerpetualWholesale Share Plus Fund Account codePIWSPF, RBC Global Services AustraliaNominees Pty Ltd GPO Box 5424 Sydney NSW2001	UBS Nominee Pty Ltd <prime broking<br="">A/C> Level 25, 1 Farrer Place GovenorPhillip Tower Sydney NSW 2000
PMSTA	National Nominees Limited ACF: Super Trust ofAustralia Account Code: PISTA. RBC GlobalServices Australia Nominees Pty Limited GPOBox 5424 Sydney NSW 2001	National Australia Custodian Services5th Floor South 271 Collins StreetMelbourne VIC 3000
PMWSCM	RBC Global Australia Nominees Pty LimitedACF: Perpetual Wholesale Smaller Co FundAccount Code: PIWSCF, GPO Box 5424Sydney NSW 2001	RBC Global Services Australia NomineesPty Limited GPO Box5424 Sydney NSW 2001
PMWSCS	RBC Global Australia Nominees Pty LimitedACF: Perpetual Wholesale Smaller Co FundAccount Code: PIWSCF. GPO Box 5424Sydney NSW 2001	RBC Global Services Australia NomineesPty Limited GPO Box5424 Sydney NSW 2001
AMCORP	National Nominees Ltd ACF: IOOF Account.Account Code: PIAMC RBC Global ServicesAustralia Nominees Pty Limited GPO Box 5424Sydney NSW 2001	National Australia Custodian ServicesA/C ATPFAE 6822 - 16. 5th Floor South271 Collins Street Melbourne VIC 3000
TEL	National Nominees Limited ACF: TelstraSuperannuation Pty Limited Account Code:PITEL RBC Global Services AustraliaNominees Pty Limited GPO Box 5424 SydneyNSW 2001	National Australia Custodian ServicesA/C 3093-15 TSPPAE 5th Floor South271 Collins Street Melbourne VIC 3000
PMFR	Westpac Custodian NomineesACF: Frank Russell Investment ManagementAccount Code: PIMFR RBC Global ServicesAustralia Nominees Pty Limited GPO Box 5424Sydney NSW 2001	Westpac Custodian NomineesState Street Fund BQ8D Level 9 / 50 PittStreet Sydney NSW 2000
PMCPSF	Citicorp Nominees Pty Ltd ACF:CommonwealthProperty Fund 3 Account Code: PICPSF. RBCGlobal Services Australia Pty Ltd, GPO Box5424 Sydney NSW 2001	Citicorp Nominees Pty Ltd A/C EPSS03GPO Box 764G Melbourne VIC 3001

PMCGSF	Citicorp Nominees Pty Ltd ACF: CommonwealthAust Shares Fund 11 Account Code: PICGSFRBC Global Services Australia Pty Ltd GPOBox 5424 Sydney NSW 2001	Citicorp Nominees Pty Ltd A/C EASS11GPO Box 764G, Melbourne VIC 3001
CBAISF	Citicorp Nominees Pty Ltd. ACF:Commonwealth Aust Shares Fund 4. AccountCode:PICISF, RBC Global Services AustraliaPty Ltd GPO Box 5424 Sydney NSW 2001	Citicorp Nominees Pty Ltd A/C EASS04GPO Box 764G, Melbourne VIC 3001
PMWSRF	RBC Global Services Australia Nominess PtyLimited. ACF: Perpetual Wholesael Ethical FundAccount Code: PIWSRF GPO Box 5424 SydneyNSW 2001	RBC Global Services Australia NomineesPty Limited GPO Box5424 Sydney NSW 2001
PWSCF	RBC Global Services Australia Nominess PtyLimited. ACF: Perpetual Wholesale Smaller CoFund Account Code: PIWSCF GPO Box 5424Sydney NSW 2001	RBC Global Services Australia NomineesPty Limited GPO Box5424 Sydney NSW 2001
PTGEN	Perpetual Trustee Services General A / CAccount Code: PTPGEN RBC Global ServicesAustralia Nominees Pty LimitedGPO Box 5424 Sydney NSW 2001	RBC Global Services Australia NomineesPty Limited GPO Box 5424,Sydney NSW 2001
PTAL	Perpetual Trustees Australia LimitedAccount Code: PTALRBC Global ServicesAustralia Nominees Pty LimitedLevel 19 / 1 Castlereagh Street Sydney NSW2000	RBC Global Services Australia NomineesPty Limited GPO Box 5430,Sydney NSW 2000
PTQLD	Perpetual Trustee Queensland LimitedAccount Code: PTQLD RBC Global ServicesAustralia Nominees Pty LimitedLevel 19 / 1 Castlereagh Street Sydney NSW2000	RBC Global Services Australia NomineesPty Limited GPO Box 5430,Sydney NSW 2000
PTCO	Perpetual Trustee Co. LimitedAccount Code: PTPCO RBC Global ServicesAustralia Nominees Pty LimitedGPO Box 5424 Sydney NSW 2001	RBC Global Services Australia NomineesPty Limited GPO Box 5424,Sydney NSW 2001
PTNM	P.T.A. Nominees Limited ATF: PerpetualTrustees Nominees LimitedAccount Code: PTPNM RBC Global ServicesAustralia Nominees Pty LimitedGPO Box 5424 Sydney NSW 2001	RBC Global Services Australia NomineesPty Limited GPO Box 5424Sydney NSW 2001
PTVIC	Perpetual Trustee Victoria LimitedAccount Code: PTNM RBC Global ServicesAustralia Nominees Pty LimitedGPO Box 5424 Sydney NSW 2001	RBC Global Services Australia NomineesPty Limited GPO Box 5424,Sydney NSW 2001
PNOM	Perpetual Nominees Pty LimitedAccount Code: PTPNOM RBC Global ServicesAustralia Nominbees Pty LimitedGPO Box 5424 Sydney NSW 2001	RBC Global Services Australia NomineesPty Limited GPO Box 5424,Sydney NSW 2001

PTAN	Perpetual Nominees Limited Account Code:PTPAN RBC Global Services AustraliaNominees Pty Limited, GPO Box 5424 SydneyNSW 2001	RBC Global Services Australia NomineesPty Limited GPO Box 5424,Sydney NSW 2001
PML	Perpetual Management Limited Account Code:PTPML RBC Global Services AustraliaNominees Pty LimitedGPO Box 5424 Sydney NSW 2001	RBC Global Services Australia NomineesPty Limited GPO Box 5424,Sydney NSW 2001
PTWA	Perpetual Trustee WA LimitedAccount Code: PTPWA RBC Global ServicesAustralia Nominees Pty LimitedGPO Box 5424 Sydney NSW 2001	RBC Global Services Australia NomineesPty Limited GPO Box 5424.Sydney NSW 2001
Τ2	Perpetual Trustee Company LimitedPrivate Client Division )	Perpetual Trustee Company Limited39 Hunter Street, Sydney 2000
T3	Perpetual Trustees Victoria LimitedPrivate Client Division )	Perpetual Trustee Company Limited39 Hunter Street, Sydney 2000
Τ4	Perpetual Trustees Queensland LimitedPrivate Client Division )	Perpetual Trustee Company Limited39 Hunter Street, Sydney 2000
Τ6	Perpetual Trustees WA LimitedPrivate 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
DIRECTOR	Perpetual Trustees Australia Limited,Directors Personal Holdings	Perpetual Trustee Company Limited39 Hunter Street, Sydney 2000

PRESENT RELEVENT INTERESTS

A Summary (Marginal Trusks)Fiel			$\blacksquare$ $\blacksquare$ $\times$
REB (REBEL SPORT LTD)		Portfolios
Potolio	Fûrii	Holdings
$\overline{\nu}$ is be	PМ	5,254,088
MSCA	PM.	49,811
PMWSRF	PM	46,905
PMWSCM	PМ	2,481,567
MWSCS	PM	3,421,354

CHANGES IN RELEVANT INTERESTS

Account	Security	Volume	Value	Price	AsAtDate
ICSC	REB	1,225	3,798	$3.10	25/11/2004
ICSC	REB	43,924	136,164	$3.10	01/12/2004
ICSC	REB	5,229	16,210	$3.10	03/12/2004
ICSC	REB	25,000	77,500	$3.10	03/12/2004
ICSC	REB	7,291	22,602	$3.10	06/12/2004
ICSC	REB	8,847	27,426	$3.10	07/12/2004
ICSC	REB	6,947	21,536	$3.10	07/12/2004
ICSC	REB	8,327	25,668	$3.08	08/12/2004
ICSC	REB	9,049	27,599	$3.05	09/12/2004
ICSC	REB	11,074	34,838	$3.15	31/12/2004
ICSC	REB	2,088	6,577	$3.15	07/01/2005
ICSC	REB	1,044	3,289	$3.15	07/01/2005
ICSC	REB	7,536	23,734	$3.15	10/01/2005
ICSC	REB	37,559	112,114	$2.99	12/01/2005
ICSC	REB	21,724	64,418	$2.97	17/01/2005
ICSC	REB	12,414	36,497	$2.94	18/01/2005
ICSC	REB	19,944	57,760	$2.90	19/01/2005
ICSC	REB	3,139	8,946	$2.85	20/01/2005
ICSC	REB	22,995	65,536	$2.85	24/01/2005
ICSC	REB	49,875	144,538	$2.90	10/02/2005
ICSC	REB	19,561	55,749	$2.85	18/02/2005
ICSC	REB	11,629	33,022	$2.84	21/02/2005
ICSC				2.77
	REB	39,772	110,121	$	22/02/2005
ICSC	REB	3,186	8,666	$2.72	23/02/2005
ICSC	REB	5,311	14,340	$2.70	25/02/2005
ICSC	REB	52,179	137,643	$2.64	28/02/2005
ICSC	REB	17,375	44,603	$2.57	01/03/2005
ICSC	REB	4,076	10,598	$2.60	02/03/2005
PMWSCS	REB	53,121	164,675	$3.10	01/12/2004
PMWSCS	REB	491	1,522	$3.10	06/12/2004
PMWSCS	REB	4,993	15,478	$3.10	07/12/2004
PMWSCS	REB	6,356	19,704	$3.10	07/12/2004
PMWSCS	REB	6,723	20,724	$3.08	08/12/2004
PMWSCS	REB	5,042	15,378	$3.05	09/12/2004
PMWSCS	REB	50,000	157,500	$3.15	10/01/2005
PMWSCS	REB	22,441	66,986	$2.99	12/01/2005
PMWSCS	REB	13,876	41,147	$2.97	17/01/2005
PMWSCS	REB	11,986	35,239	$2.94	18/01/2005
PMWSCS	REB	19,084	55,269	$2.90	19/01/2005
PMWSCS	REB	6,538	18,633	$2.85	24/01/2005
PMWSCS	REB	7,683	21,897	$2.85	18/02/2005
PMWSCS	REB	11,127	31,596	$2.84	21/02/2005
PMWSCS	REB	40,228	111,383	$2.77	22/02/2005
PMWSCS	REB	5,500	14,740	$2.68	24/02/2005
PMWSCS	REB	6,089	16,440	$2.70	25/02/2005
PMWSCS	REB	49,926	131,700	$2.64	28/02/2005
PMWSCS	REB	15,365	39,443	$2.57	01/03/2005
PMWSCS	REB	3,502	9,105	$2.60	02/03/2005
ICSC	REB	1,225	3,798	$3.10	25/11/2004

ICSC	REB	43,617		135,213	$3.10	01/12/2004
ICSC	REB	4,687		14,530	$3.10	03/12/2004
ICSC	REB	22,409		69,468	$3.10	03/12/2004
ICSC	REB	5,079		15,745	$3.10	06/12/2004
ICSC	REB	8,366		25,935	$3.10	07/12/2004
ICSC	REB	6,571		20,370	$3.10	07/12/2004
ICSC	REB	8,093		24,947	$3.08	08/12/2004
ICSC	REB	8,450		25,773	$3.05	09/12/2004
ICSC	REB	11,075		34,841	$3.15	31/12/2004
ICSC	REB	2,087		6,574	$3.15	07/01/2005
ICSC	REB	13,721		40,953	$2.98	12/01/2005
ICSC	REB	7,577		19,700	$2.60	02/03/2005
PMWSCM	REB	53,428		165,627	$3.10	01/12/2004
PMWSCM	REB	2,591		8,032	$3.10	03/12/2004
PMWSCM	REB	542		1,680	$3.10	03/12/2004
PMWSCM	REB	2,703		8,379	$3.10	06/12/2004
PMWSCM	REB	5,370		16,647	$3.10	07/12/2004
PMWSCM	REB	6,836		21,192	$3.10	07/12/2004
PMWSCM	REB	6,957		21,445	$3.08	08/12/2004
PMWSCM	REB	5,642		17,208	$3.05	09/12/2004
PMWSCM	REB	50,000	$\overline{a}$	157,500	$3.15	10/01/2005
PMWSCM	REB	66,326		197,963	$2.98	12/01/2005
PMSCA	REB	2.088		6,577	$3.15	07/01/2005
PMSCA	REB	1,044		3,289	$3.15	07/01/2005