Perpetual Limited — Major Shareholding Notification 2014

May 8, 2014

Form 604

Corporations Law Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme MERMAID MARINE AUSTRALIA LIMITED

ACN/ARSN	083 185 693

1.Details of substantial holder (1)
Name	PERPETUAL LIMITED and subsidiaries
ACN (if applicable)	000 431 827
There was a change in the interests of theSubstantial holder on	08 /05 /2014_
The previous notice was given to the company on	02 /04 /2014_
The previous notice was dated	31 /03 /2014_

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
	Person's votes	Voting power (5)	Person's votes	Voting power (5)
Ordinary	41,747,695	12.50%	49,536,928	13.51%

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 as follows:

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 DEPUTY COMPANY SECRETARY

ANNEXURE 1 - Perpetual Investments Account Codes & Details

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

INTERNAL CODE	ACCOUNT DETAILS	REGISTRATION DETAILS
ALL 'PC' CODES	RBC Investor Services TrustACF: PIML (Select Investments)RBC Dexia Investor Services Australia Pty LimitedGPO Box 5430 Sydney NSW 2001	RBC Investor Services TrustACF: PIML (Select Investments)RBC Dexia Investor Services Australia Pty LimitedGPO Box 5430 Sydney NSW 2001
PCEF	RBC Investor Services TrustACF: Perpetual's Wholesale Concentrated Equity FundAccount Code: PICEFGPO Box 5430 Sydney NSW 2001	RBC Investor Services TrustGPO Box 5430 Sydney NSW 2001
PIBIAS	RBC Investor Services TrustACF: Perpetual Pure Value Share FundAccount Code: PIBIASGPO Box 5430 Sydney NSW 2001	RBC Investor Services TrustGPO Box 5430 Sydney NSW 2001
PIDGPF	RBC Investor Services TrustACF: Perpetual Dynamic Global Property FundAccount Code: PIDGPFGPO Box 5430 Sydney NSW 2001	RBC Investor Services TrustGPO Box 5430 Sydney NSW 2001
PIGPVF	RBC Investor Services TrustACF: Perpetual's Pure Value 2 Share FundAccount Code: PIGPVFGPO Box 5430 Sydney NSW 2001	RBC Investor Services TrustGPO Box 5430 Sydney NSW 2001
PIGSFP	RBC Investor Services TrustACF: Perpetual's Australian Share FundAccount Code: PIGSFPGPO Box 5430 Sydney NSW 2001	RBC Investor Services TrustGPO Box 5430 Sydney NSW 2001
PIICAP	RBC Investor Services TrustACF: WealthFocus Investment Advantage Perpetual Australian ShareFundAccount Code: PIICAPGPO Box 5430 Sydney NSW 2001	RBC Investor Services TrustGPO Box 5430 Sydney NSW 2001
PMISF	RBC Investor Services TrustACF: Perpetual's Industrial Share FundAccount Code: PMISFGPO Box 5430 Sydney NSW 2001	RBC Investor Services TrustGPO Box 5430 Sydney NSW 2001
PIRAF	RBC Investor Services TrustACF: Perpetual Resources FundAccount code: PIRAFGPO Box 5430 Sydney NSW 2001	RBC Investor Services TrustGPO Box 5430 Sydney NSW 2001
PISINP	RBC Investor Services TrustACF: WealthFocus Investment Advantage Perpetual Industrial ShareFundAccount Code: PISINPGPO Box 5430 Sydney NSW 2001	RBC Investor Services TrustGPO Box 5430 Sydney NSW 2001
PISMA1	RBC Investor Services TrustACF: SMA Equity Imputation PortfolioAccount Code: PISMA1GPO Box 5430 Sydney NSW 2001	RBC Investor Services TrustGPO Box 5430 Sydney NSW 2001
PISMA2	RBC Investor Services TrustACF: SMA Capital Accumulation PortfolioAccount Code: PISMA2GPO Box 5430 Sydney NSW 2001	RBC Investor Services TrustGPO Box 5430 Sydney NSW 2001
PIWGAP	UBS Nominee Pty LtdACF: Perpetual Wholesale Geared Australian Share FundAccount code: A1044169C/- RBC Dexia Investor Services Australia Nominees Pty LimitedGPO Box 5430 Sydney NSW 2001	UBS Nominee Pty LtdLevel 16, Chifley Tower2 Chifley SquareSydney NSW 2000
PIWCPF	UBS Nominee Pty LtdACF: PI Protected Aust Share Fund AAccount code: A1019475C/- RBC Dexia Investor Services Australia Nominees Pty LimitedGPO Box 5430 Sydney NSW 2001	UBS Nominee Pty LtdLevel 16, Chifley Tower2 Chifley SquareSydney NSW 2000

PIWJPI	RBC Investor Services TrustACF: Perpetual JF Wholesale Prop Income FundAccount Code: PIWJPIGPO Box 5430 Sydney NSW 2001	RBC Investor Services TrustGPO Box 5430 Sydney NSW 2001
PIWMCX	RBC Investor Services TrustACF: Perpetual Pure Microcap PoolAccount Code: PIWMCXGPO Box 5430 Sydney NSW 2001	RBC Investor Services TrustGPO Box 5430 Sydney NSW 2001
PIWEYX	RBC Investor Services TrustACF: Perpetual Pure Equity Yield PoolAccount Code: PIWEYXGPO Box 5430 Sydney NSW 2001	RBC Investor Services TrustGPO Box 5430 Sydney NSW 2001
PIWARX	UBS Nominee Pty LtdACF: Perpetual Pure Equity Alpha PoolAccount code: A1081898/A8081898C/- RBC Dexia Investor Services Australia Nominees Pty LimitedGPO Box 5430 Sydney NSW 2001	UBS Nominee Pty LtdLevel 16, Chifley Tower2 Chifley SquareSydney NSW 2000
PIWSPP	UBS Nominee Pty LtdACF: Perpetual Wholesale Share Plus FundAccount code: A111267C/- RBC Dexia Investor Services Australia Nominees Pty LimitedGPO Box 5430 Sydney NSW 2001	UBS Nominee Pty LtdLevel 16, Chifley Tower2 Chifley SquareSydney NSW 2000
PIWSRP	RBC Investor Services TrustACF: Perpetual Wholesael Ethical FundAccount Code: PIWSRPGPO Box 5430 Sydney NSW 2001	RBC Investor Services TrustGPO Box 5430 Sydney NSW 2001
PMWSC	RBC Investor Services TrustACF: Perpetual Wholesale Smaller Company FundAccount Code: PIWSCSGPO Box 5430 Sydney NSW 2001	RBC Investor Services TrustGPO Box 5430 Sydney NSW 2001
PPSF	RBC Investor Services TrustACF: Perpetual Wholesale Property Securities FundAccount Code: PPSFGPO Box 5430 Sydney NSW 2001	RBC Investor Services TrustGPO Box 5430 Sydney NSW 2001
PISTIF	RBC Investor Services TrustACF: Perpetual Pure Credit Alpha FundAccount Code: PISTIFGPO Box 5430 Sydney NSW 2001	RBC Investor Services TrustGPO Box 5430 Sydney NSW 2001

Perpetual Investments Management Limited (PIML), subsidiary of Perpetual Limited, as Trustee for:

ALL 'SS' CODES	RBC Investor Services Trust	RBC Investor Services Trust
	ACF: PIML (Select Super)	ACF: PIML (Select Super)
	RBC Dexia Investor Services Australia Pty Limited	RBC Dexia Investor Services Australia Pty Limited
	GPO Box 5430 Sydney NSW 2001	GPO Box 5430 Sydney NSW 2001

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

INTERNAL CODE	ACCOUNT DETAILS	REGISTRATION DETAILS
CBAISF	Citicorp Nominees Pty Ltd.ACF: Commonwealth Aust Shares Fund 4Account Code:PICISFC/- RBC Dexia Investor Services Australia Nominees Pty LimitedGPO Box 5430 Sydney NSW 2001	Citicorp Nominees Pty LtdA/C EASS04GPO Box 764GMelbourne VIC 3001
NSWTC	Cogent Nominees Pty LtdACF: NSW Treasury CorporationAccount Code: PINSWTC/- RBC Dexia Investor Services Australia Nominees Pty LimitedGPO Box 5430 Sydney NSW 2001	Cogent Nominees Pty LimitedA/C HGFPTEP.O. Box R209 Royal ExchangeSydney NSW 1225
PIACT	JP Morgan Chase Nominees LtdACF: Australian Capital Territory TreasuryAccount Code: PIACTC/- RBC Dexia Investor Services Australia Nominees Pty LimitedGPO Box 5430 Sydney NSW 2001	JP Morgan Chase NomineesA/C 32512Locked Bag 7, Royal Exchange Sydney NSW 2000
PIAVIV	JP Morgan Chase Nominees limitedACF: NAVIGATOR AUSTRALIA LIMITEDAccount Code: PIAVIVC/- RBC Dexia Investor Services Australia Nominees Pty LimitedGPO Box 5430 Sydney NSW 2001	JP Morgan Chase NomineesA/C 58815Locked Bag 7, Royal ExchangeSydney NSW 2000

PIACSR	Cogent Nominees Pty LtdACF: Australian Catholic Superannuation & Retirement FundAccount code: PIACSRC/- RBC Dexia Investor Services Australia Nominees Pty LimitedGPO Box 5430 Sydney NSW 2000	Cogent Nominees Pty LtdA/C CSFPCPP.O. Box R209, Royal ExchangeSydney NSW 1225
PIAVSU	Cogent Nominees Pty LtdACF: AvSuper Pty LtdAccount code: PIAVSUC/- RBC Dexia Investor Services Australia Nominees Pty LimitedGPO Box 5430 Sydney NSW 2000	Cogent Nominees Pty LtdA/C PISPTEP.O. Box R209, Royal ExchangeSydney NSW 1225
PICLUB	National Nominees LtdACF: Club Plus SuperannuationAccount Code: PICLUBC/- RBC Dexia Investor Services Australia Nominees Pty LimitedGPO Box 5430 Sydney NSW 2001	National Australia Custodian ServicesA/C C8PTAE/21184-16Level 21, 500 Bourke StMelbourne VIC 3000
PIEFM6	Cogent Nominees Pty LtdACF: EFM Australian Share Fund 6Account Code: PIEFM6C/- RBC Dexia Investor Services Australia Nominees Pty LimitedGPO Box 5430 Sydney NSW 2001	Cogent Nominees Pty LimitedA/C WTXME6P.O. Box R209 Royal ExchangeSydney NSW 1225
PIFIRS	National Nominees LtdACF: FIRST SUPER MANDATE AUSTRALIAAccount Code: PIFIRSC/- RBC Dexia Investor Services Australia Nominees Pty LimitedGPO Box 5430 Sydney NSW 2001	National Australia Custodian ServicesA/C 16444-14Level 21, 500 Bourke StMelbourne VIC 3000
PIHEST	JP Morgan Chase Nominees limitedACF: HEST Australia LimitedAccount Code: PIHESTC/- RBC Dexia Investor Services Australia Nominees Pty LimitedGPO Box 5430 Sydney NSW 2001	JP Morgan Chase NomineesA/C 33112Locked Bag 7, Royal ExchangeSydney NSW 2000
PIMEDA	Cogent Nominees Pty LtdACF: MEDIA SUPER SMALLER COMPANIES FUNDAccount code: PIMEDAC/- RBC Dexia Investor Services Australia Nominees Pty LimitedGPO Box 5430 Sydney NSW 2000	Cogent Nominees Pty LtdA/C PISPTEP.O. Box R209, Royal ExchangeSydney NSW 1225
PINGSS	State Street Australia LimitedACF: NGS SUPER PTY LTDAccount code: PINGSSC/- RBC Dexia Investor Services Australia Nominees Pty LimitedGPO Box 5430 Sydney NSW 2000	State Street Australia LimitedA/C SDA7Level 18, 338 Pitt StreetSydney NSW 2000
PIRAEO	State Street Australia LimitedACF: RUSSELL AUSTRALIAN OPPORTUNITIES FUNDAccount code: PIRAEOC/- RBC Dexia Investor Services Australia Nominees Pty LimitedGPO Box 5430 Sydney NSW 2000	State Street Australia LimitedA/C BT7BLevel 18, 338 Pitt StreetSydney NSW 2000
PITWUS	National Nominees LtdACF: TWU SUPERANNUATIONAccount Code: PITWUSC/- RBC Dexia Investor Services Australia Nominees Pty LimitedGPO Box 5430 Sydney NSW 2001	National Australia Custodian ServicesA/C TUPPAE/16448-28Level 21, 500 Bourke StMelbourne VIC 3000
PIVISI	National Nominees LtdACF: TWU SUPERANNUATIONAccount Code: PITWUSC/- RBC Dexia Investor Services Australia Nominees Pty LimitedGPO Box 5430 Sydney NSW 2001	National Australia Custodian ServicesA/C TUPPAE/16448-28Level 21, 500 Bourke StMelbourne VIC 3000
PMCBUS	National Nominees LtdACF: Construction & Building Union Superannuation FundAccount Code: PICBUSC/- RBC Dexia Investor Services Australia Nominees Pty LimitedGPO Box 5430 Sydney NSW 2001	National Australia Custodian ServicesA/C CBPFAE/5267-15Level 21, 500 Bourke StMelbourne VIC 3000
PMCGSF	Citicorp Nominees Pty LtdACF: Commonwealth Aust Shares Fund 11Account Code: PICGSFC/- RBC Dexia Investor Services Australia Nominees Pty LimitedGPO Box 5430 Sydney NSW 2001	Citicorp Nominees Pty LtdA/C EASS11GPO Box 764G Melbourne VIC 3001
PMCPSF	Citicorp Nominees Pty LtdACF:Commonwealth Property Fund 3Account Code: PICPSFC/- RBC Dexia Investor Services Australia Nominees Pty LimitedGPO Box 5430 Sydney NSW 2001	Citicorp Nominees Pty LtdA/C EPSS03GPO Box 764G Melbourne VIC 3001
PIAUST	JP Morgan Chase Nominees LimitedACF: Australian Super Ethical SRI FundAccount Code: PIAUSTC/- RBC Dexia Investor Services Australia Nominees Pty LimitedGPO Box 5430 Sydney NSW 2001	JP Morgan Chase NomineesA/C 36018Locked Bag 7 Royal ExchangeSydney NSW 2000

PMSTA	JP Morgan Chase Nominees LimitedACF: Super Trust of AustraliaAccount Code: PISTAC/- RBC Dexia Investor Services Australia Nominees Pty LimitedGPO Box 5430 Sydney NSW 2001	JP Morgan Chase NomineesA/C 40909Locked Bag 7 Royal ExchangeSydney NSW 2000
T2	Perpetual Trustee Company Limited(Private Client Division)	Perpetual Trustee Company LimitedGPO Box 4172 Sydney NSW 2001
T3	The Trust Company Limited(Personal Client Services)	The Trust Company LimitedGPO Box 4270 Sydney NSW 2001
T4	Perpetual Trustees Queensland Limited(Private Client Division)	Perpetual Trustee Company LimitedGPO Box 4172 Sydney NSW 2001
T6	Perpetual Trustees WA Limited(Private Client Division)	Perpetual Trustee Company LimitedGPO Box 4172 Sydney NSW 2001
T7	Perpetual Trustee Company Canberra Limited(Private Client Division)	Perpetual Trustee Company LimitedGPO Box 4172 Sydney NSW 2001
TEL	National Nominees LimitedACF: Telstra Superannuation Pty LimitedAccount Code: PITELC/- RBC Dexia Investor Services Australia nominees Pty LimitedGPO Box 5430 Sydney NSW 2001	National Australia Custodian ServicesA/C 3093-15 TSPPAELevel 21, 500 Bourke StreetMelbourne VIC 3000
PIVICS	National Nominees LimitedACF: Vic Super Pty LimitedAccount Code: PIVICSC/- RBC Dexia Investor Services Australia nominees Pty LimitedGPO Box 5430 Sydney NSW 2001	National Australia Custodian ServicesA/C 20243-13 VSPSASLevel 21, 500 Bourke StreetMelbourne VIC 3000
PICATH	National Australia Custodian ServicesACF: CATHOLIC SUPER FUND PTY LTDAccount Code: PICATHC/- RBC Dexia Investor Services Australia Nominees Pty LimitedGPO Box 5430 Sydney NSW 2001	National Australia Custodian ServicesA/C CDPRDE/17392-10Level 21, 500 Bourke StMelbourne VIC 3000
PIHEAL	JP Morgan Chase Nominees limitedACF: HEALTH SUPER PTY LTDAccount Code: PIHEALC/- RBC Dexia Investor Services Australia Nominees Pty LimitedGPO Box 5430 Sydney NSW 2001	JP Morgan Chase NomineesA/C 74805Locked Bag 7, Royal ExchangeSydney NSW 2000
PILGSS	JP Morgan Chase Nominees limitedACF: HEST Australia LimitedAccount Code: PILGSSC/- RBC Dexia Investor Services Australia Nominees Pty LimitedGPO Box 5430 Sydney NSW 2002	JP Morgan Chase NomineesA/C 56466Locked Bag 7, Royal ExchangeSydney NSW 2000
PILUCR	JP Morgan Chase Nominees LtdACF: LUCRF PTY LTD MANDATEAccount code: PILUCRC/- RBC Dexia Investor Services Australia Nominees Pty LimitedGPO Box 5430 Sydney NSW 2000	JP Morgan Chase NomineesA/C 58865Locked Bag 7, Royal ExchangeSydney NSW 1999
PISTCF	JP Morgan Chase Nominees LtdACF: SAS Trustee CorporationAccount code: PISTCFC/- RBC Dexia Investor Services Australia Nominees Pty LimitedGPO Box 5430 Sydney NSW 2001	JP Morgan Chase NomineesA/C 34893Locked Bag 7, Royal ExchangeSydney NSW 2000
PMHOST	JP Morgan Chase Nominees LimitedACF: Host - Plus Pty LtdAccount Code: PIHOSTC/- RBC Dexia Investor Services Australia Nominees Pty LimitedGPO Box 5430 Sydney NSW 2001	JP Morgan Chase NomineesA/C 20004Locked Bag 7 Royal ExchangeSydney NSW 2000
PIWQLS	UBS Nominee Pty LtdACF: Perpetual QI Long Short FundAccount code: A1025745C/- RBC Dexia Investor Services Australia Nominees Pty LimitedGPO Box 5430 Sydney NSW 2001	UBS Nominee Pty LtdLevel 16, Chifley Tower2 Chifley SquareSydney NSW 2000

QITE2

RBC Investor Services Trust <PIQTE2 A/C> GPO Box 5430 Sydney NSW 2001

Perpetual Limited GPO BOX 4172 Sydney NSW 2001

ANNEXURE 2

PRESENT RELEVANT INTERESTS

Summary (Perpetual Ltd)	$\Box$ o $\mathbf{x}$
Eile
MRM (Mermaid Marine Aust)		Portfolios
Porfolio	Fund	Holdings
PIVISI	PМ	1,330,964
PMWSC	PM.	18,378,879
PIWSRP	PM.	12,014,609
PIMEDA	PM.	3,566,064
$\mathcal V$ PCAEPR	PC.	467,983
$\mathbf{V}$ PIBIAS	PМ	5,012,402
$\mathcal V$ PIAUST	PM.	8,766,027

ANNEXURE 3

CHANGES IN RELEVANT INTERESTS

Account	Security	Volume	Value	Price		AsAtDate
PCAEPR	MRM	6,393	14,319	$	2.24	01/04/2014
PIAUST	MRM	250,000	535,024	$	2.14	30/04/2014
PIAUST	MRM	155,119	347,467	$	2.24	01/04/2014
PIBIAS	MRM	30,000	64,599	$	2.15	07/05/2014
PIBIAS	MRM	100,000	218,525	$	2.18	02/05/2014
PIBIAS	MRM	80,000	170,013	$	2.12	01/05/2014
PIBIAS	MRM	100,000	213,497	$	2.13	01/05/2014
PIBIAS	MRM	400,000	855,871	$	2.14	30/04/2014
PIBIAS	MRM	100,000	213,648	$	2.13	30/04/2014
PIBIAS	MRM	40,000	87,134	$	2.18	29/04/2014
PIBIAS	MRM	100,000	218,205	$	2.18	29/04/2014
PIBIAS	MRM	-6,006	14,414	$	2.37	07/04/2014
PIBIAS	MRM	4,068,408	9,764,179	$	2.40	02/04/2014
PIMEDA	MRM	17,144	36,920	$	2.15	07/05/2014
PIMEDA	MRM	61,533	134,480	$	2.18	02/05/2014
PIMEDA	MRM	60,747	129,712	$	2.13	01/05/2014
PIMEDA	MRM	48,598	103,290	$	2.12	01/05/2014
PIMEDA	MRM	22,897	48,927	$	2.13	30/04/2014
PIMEDA	MRM	134,861	288,616	$	2.14	30/04/2014
PIMEDA	MRM	15,049	32,786	$	2.18	29/04/2014
PIMEDA	MRM	37,623	82,104	$	2.18	29/04/2014
PIMEDA	MRM	-85,217	314,548	$	2.36	09/04/2014
PIMEDA	MRM	35,254	81,959	$	2.32	03/04/2014
PIVISI	MRM	6,415	13,813	$	2.15	07/05/2014
PIVISI	MRM	23,466	51,279	$	2.18	02/05/2014
PIVISI	MRM	22,791	48,658	$	2.13	01/05/2014
PIVISI	MRM	18,233	38,748	$	2.12	01/05/2014
PIVISI	MRM	49,310	105,512	$	2.14	30/04/2014
PIVISI	MRM	8,311	17,757	$	2.13	30/04/2014
PIVISI	MRM	5,055	11,012	$	2.18	29/04/2014
PIVISI	MRM	12,636	27,572	$	2.18	29/04/2014
PIVISI	MRM	-31,288	115,630	$	2.36	09/04/2014
PIVISI	MRM	9,286	21,585	$	2.32	03/04/2014
PIWSRP	MRM	60,000	130,701	$	2.18	29/04/2014
PIWSRP	MRM	150,000	327,307	$	2.18	29/04/2014
PMWSC	MRM	61,466	132,355	$	2.15	07/05/2014
PMWSC	MRM	315,001	688,357	$	2.18	02/05/2014
PMWSC	MRM	316,462	675,636	$	2.13	01/05/2014
PMWSC	MRM	253,169	538,025	$	2.12	01/05/2014
PMWSC	MRM	118,792	253,809	$	2.13	30/04/2014
PMWSC	MRM	665,829	1,424,726	$	2.14	30/04/2014
PMWSC	MRM	79,896	174,041	$	2.18	29/04/2014
PMWSC	MRM	199,741	435,845	$	2.18	29/04/2014
PMWSC	MRM	-483,201	1,785,753	$	2.36	09/04/2014
PMWSC	MRM	155,460	361,360	$	2.32	03/04/2014