Perpetual Limited — Major Shareholding Notification 2012

Jun 14, 2012

Form 604

Corporations Law Section 671B

Notice of change of interests of substantial holder

To: Company Name/Scheme	PERPETUAL LIMITED
ACN/ARSN	000 431 827
1.Details of substantial holder
Name	UBS AG and its related bodies corporate
ACN/ARSN (if applicable):
	There was a change in the interests of the substantial holder on	12 June 2012
The previous notice was given to the company on		12 June 2012

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 ofsecurities (4)	Previous Notice		Present Notice
	Person's Votes	Voting Power (5)	Person's Votes	Voting Power (5)
Ordinary	2,221,615	5.29%	2,699,744	6.43%

$3.$ 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 a substantial holding notice to the company or scheme are as follows:

Date ofchange	Person whoserelevant interestchanged	Nature of Change (6)	Considerationaiven inrelation tochange (7)	Class andNumber ofsecuritiesaffected	Person'svotesaffected
Please see Appendix B.

4. Present relevant interests

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

Holder of relevantinterest	Registeredholder ofsecurities	Person entitled tobe registeredholder (8)	Nature of relevant interest(6)	Class andnumber ofsecurities	Person'svotes
UBS Global Asset	Various	UBS Global Asset	Fund Manager with power to	78,206	78,206
Management(Australia) Ltd	Custodians	Management(Australia) Ltd	exercise control over votingshares	Ordinary
UBS Global Asset	Various	UBS Global Asset	Fund Manager with power to	6,333	6,333
Management LifeLimited	Custodians	Management LifeLimited	exercise control over votingshares	Ordinary
UBS Global Asset	Various	UBS Global Asset	Fund Manager with power to	602	602
Management(Singapore) Ltd	Custodians	Management(Singapore) Ltd	exercise control over votingshares	Ordinary
UBS SecuritiesAustralia Ltd	Warbont	UBS Securities	Power to control disposal	406,000	406,000
	Nominees PtyLtd	Australia Ltd	over shares pursuant tostock borrowing and lendingactivities (see Appendix A)	Ordinary
	Brispot	UBS Securities	Beneficial Owner	1,164,032	1,164,032
	Nominees PtyLtd.	Australia Ltd		Ordinary
	N/A	UBS Securities	Beneficial Owner	15,000	15,000
		Australia Ltd		Options
UBS Securities LLC	Various	UBS Securities LLC	Power to control disposal	99,063	99,063
	Custodians		over shares pursuant tostock borrowing and lendingactivities (see Appendix A)	Ordinary
UBS AG, London	Various	UBS AG, London	Power to control disposal	129,912	129,912
Branch	Custodians	Branch	over shares pursuant tostock borrowing and lendingactivities (see Appendix A)	Ordinary
	Various	UBS AG, London	Beneficial Owner	3,983	3,983
	Custodians	Branch		Ordinary
	Citicorp	UBS AG, London	Prime Broker that has	172,244	172,244
	Nominees PtyLtd	Branch	exercised its borrowing rightin respect of shares pursuantto a prime BrokingAgreement (see Appendix A)	Ordinary
UBS AG, AustraliaBranch	UBS NomineesPty Ltd	UBS AG, AustraliaBranch	Prime Broker that has	624,369	624,369
			exercised its borrowing rightin respect of shares pursuantto a Prime BrokingAgreement (see Appendix A)	Ordinary

5. Changes in association

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of theirassociation (9) with, the substantial holder in relation to voting interests in the company or scheme are as fo

Name and ACN/ ARSN (if applicable)	Nature of association
N/A	N/A

6. Addresses

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

Name	Address
Details of all UBS offices can be found through thefollowing link: http://apps.ubs.com/locationfinder

SIGNATURE

Authorised signatoryCapacity:
14 June 2012Date:
Authorised signatoryCapacity:
14 June 2012Date:

$\frac{1}{2}$

Contact details for this notice:

---

1980 - Johann Barn, mars eta bizkailar (h. 1980).

Trish Lee Legal & Compliance(T) +852 3712 4387(F) +852 2971 7895 ---------------

Appendix A

Holder of relevant interest	UBS Securities Australia Ltd	UBS Securities LLC	UBS AG, London Branch
Type of agreement	Securities Lending Agreement	Securities Lending Agreement	Securities Lending Agreement
Parties to agreement	(i) UBS AG, Australia Branch ("UBSAG")/ UBS Securities AustraliaLimited(ii) Client (Please refer to Appendix$A-1.$	(i) UBS Securities LLC ("UBS SecLLC")(ii) Client (Please refer to Appendix$A-1.$	(i) UBS AG, London Branch ("UBSAG ")/ UBS Limited(ii) Client (Please refer to Appendix$A-1.$
Transfer date	Please refer to Appendix A-1.	Please refer to Appendix A-1.	Please refer to Appendix A-1.
Holder of voting rights	UBS AG/ UBS Securities AustraliaLimited	UBS Sec LLC	UBS AG/ UBS Limited
Are there any restrictions onvoting rights?	Please refer to the details below.	No.	Please refer to the details below.
If yes, detail	Since all right and title in thesecurities passes to the transferee(i.e. UBS AG/ UBS SecuritiesAustralia Limited), the transfereehas the right to vote. However, incertain circumstances, thetransferee may seek to arrange forinstructions to be exercised inaccordance with the instructions ofthe transferor (i.e. Client).	N/A	Since all right and title in thesecurities passes to the transferee(i.e. UBS AG/ UBS Limited), thetransferee has the right to vote.However, in certain circumstances,the transferee may seek to arrangefor instructions to be exercised inaccordance with the instructions ofthe transferor (i.e. Client).
Scheduled return date (if any)	None, subject to the terms of therelevant loan.	None unless agreed to by theparties.	None.
Does the borrower have the rightto return early?	Yes.	Yes. Either party can terminate theloan upon notice unless otherwiseagreed.	Yes.
If yes, detail	The borrower (i.e. UBS AG/ UBSSecurities Australia Limited) has theright to return at its discretion.	The borrower (i.e. UBS Sec LLC)has the right to return at itsdiscretion.	The borrower (i.e. UBS AG/ UBSLimited) has the right to return at itsdiscretion subject to the terms of therelevant loan.
Does the lender have the right torecall early?	Yes.	Yes. Either party can terminate theloan upon notice unless otherwiseagreed.	Yes.
If yes, detail	The lender (i.e. Client) can recall atits request subject to compliancewith margin requirements and theterms of the relevant loan.	The lender has the right to return atits discretion.	The lender (i.e. Client) can recall atits request subject to compliancewith margin requirements and theterms of the relevant loan.
Will the securities be returned onsettlement?	Yes.	Yes (equivalent securities).	Yes.
If yes, detail any exceptions	None.	None.	None.

Appendix A

Holder of relevant interest	UBS AG, London Branch	UBS AG, Australia Branch
Type of agreement	Prime Brokerage Agreement	Prime Brokerage Agreement
Parties to agreement	(i) UBS AG, London Branch ("UBSAG")(ii) Client (Please refer to Appendix$A-1.$	(i) UBS AG, Australia Branch ("UBSAG")(ii) Client (Please refer to Appendix$A-1.$ )
Transfer date	Please refer to Appendix A-1.	Please refer to Appendix A-1.
Holder of voting rights	UBS AG	UBS AG
Are there any restrictions onvoting rights?	No.	Please refer to the details below.
If yes, detail	N/A	Since all right and title in thesecurities passes to the transferee(i.e. UBS AG), the transferee hasthe right to vote. However, in certaincircumstances, the transferee mayseek to arrange for instructions tobe exercised in accordance with theinstructions of the transferor (i.e.Client).
Scheduled return date (if any)	None.	None, subject to the terms of therelevant loan.
Does the borrower have the rightto return early?	Yes.	Yes.
If yes, detail	The borrower (i.e. UBS AG) has theright to return at its discretion.	The borrower (i.e. UBS AG) has theright to return at its discretion.
Does the lender have the right torecall early?	Yes.	Yes.
If yes, detail	The lender (i.e. Client) can recall atits request subject to compliancewith margin requirements and theterms of the relevant loan.	The lender (i.e. Client) can recall atits request subject to compliancewith margin requirements and theterms of the relevant loan.
Will the securities be returned onsettlement?	Yes.	Yes.
If yes, detail any exceptions	None.	None.

Securities Lending Agreement - UBS AG, Australia Branch/ UBS Securities Australia Limited

Parties to agreement		Transfer date
JPMorgan Chase Bank, N.A. as an agent acting on behalf of its clients	$\left( i\right)$	31 January 2012
	(ii)	21 May 2012
	(iii)	31 May 2012
	(iv)	8 June 2012

Securities Lending Agreement - UBS Securities LLC

Parties to agreement	Transfer date
Citibank NA as an agent acting on behalf of its clients	(i)	21 January 2011
State Street Bank & Trust Company as an agent acting on behalf of its clients	$\langle i \rangle$	11 September 2006
	(ii)	14 September 2010
	(iii)	5 October 2011

Securities Lending Agreement - UBS AG, London Branch/ UBS Limited

Parties to agreement		Transfer date
Citibank NA as an agent acting on behalf of its clients	(i)	20 July 2011
Legal & General Assurance (Pensions Management) Limited	$\left( i \right)$	12 November 2009
	(ii)	24 February 2011
	(iii)	30 March 2011

Prime Brokerage Agreement - UBS AG, London Branch

Partles to agreement	Transfer date
Zambezi Absolute Return Fund	(i)9 March 2012
	(ii)14 March 2012
	(iii)19 March 2012
	21 March 2012(iv)
	30 March 2012(v)
	2 April 2012(vi)
	4 April 2012(vii)
	(viii)18 April 2012

Prime Brokerage Agreement - UBS AG, Australia Branch

Parties to agreement	Transfer date
Regal Funds Management Pty Ltd as trustee and manager of Atlantic Absolute ReturnFund		13 March 2012
		14 March 2012
	(iii)	16 March 2012
	(iv)	19 March 2012
	(v)	21 March 2012
	(vi)	30 March 2012
	(vii)	4 April 2012
	(viii)	23 April 2012
	(ix)	1 May 2012
	$\left( x\right)$	4 June 2012
	(xi)	8 June 2012
Regal Funds Management Pty Limited as trustee and manager of Tasman Market		13 March 2012
Neutral Fund	(ii)	16 March 2012
	(iii)	17 April 2012
	(iv)	26 April 2012
	(v)	3 May 2012
	(vi)	14 May 2012
	(vii)	15 May 2012
	(viii)	5 June 2012
	(x)	6 June 2012
	(x)	12 June 2012
Regal Funds Management Pty Limited as trustee for Regal Australian Long Short		23 March 2012
Geared Equity Fund	(ii)	10 April 2012
	(iii)	11 April 2012
Regal Funds Management Pty Limited as manager and trustee for Regal AustralianLong Short Equity Fund		4 June 2012
		7 June 2012

				PPT - Appendix B
Date of change	Person whose relevantinterest changed	Nature of Change	Considerationgiven in relation	Number ofsecurities	Class
			to change
$11 - Jun - 12$	UBS $AG$	Collateral returned	N/A
$11$ -Jun-12	UBS AG	Collateral returned	N/A	(29, 401)(140)	OrdinaryOrdinary
11-Jun-12	UBS AG	Collateral returned	N/A	(151)	Ordinary
$11$ -Jun-12	UBS AG	Collateral returned	N/A	(123)	Ordinary
$12$ -Jun-12	UBS AG, London Branch	Sell	22	(1)	Ordinary
12-Jun-12	UBS AG, London Branch	Sell	22	(1)	Ordinary
12-Jun-12	UBS AG, London Branch	Sell	22	(1)	Ordinary
12-Jun-12	UBS AG, London Branch	Sell	22	(1)	Ordinary
12-Jun-12	UBS AG, London Branch	Sell	22	(1)	Ordinary
$12 - Jun-12$	UBS AG, London Branch	Sell	22	(1)	Ordinary
12-Jun-12	UBS AG, London Branch	Sell	22	(1)	Ordinary
12-Jun-12	UBS AG, London Branch	Sell	22	(1)	Ordinary
12-Jun-12	UBS AG, London Branch	Sell	22	(1)	Ordinary
12-Jun-12	UBS AG, London Branch	Sell	22	(1)	Ordinary
12-Jun-12	UBS AG, London Branch	Sell	22	(1)	Ordinary
12-Jun-12	UBS AG, London Branch	Sell	22	(1)	Ordinary
12-Jun-12	UBS AG, London Branch	Sell	22	(1)	Ordinary
12-Jun-12	UBS AG, London Branch	Sell	22	(1)	Ordinary
12-Jun-12	UBS AG, London Branch	Sell	22	(1)	Ordinary
12-Jun-12	UBS AG, London Branch	Sell	22	(1)	Ordinary
$12 - Jun - 12$	UBS AG, London Branch	Sell	22	(1)	Ordinary
12-Jun-12	UBS AG, London Branch	Sell	22	(1)	Ordinary
12-Jun-12	UBS AG, London Branch	Sell	22	(1)	Ordinary
12-Jun-12	UBS AG, London Branch	$S$ ell	22	(1)	Ordinary
$12$ -Jun-12	UBS AG, London Branch	Sell	22	(1)	Ordinary
12-Jun-12	UBS AG, London Branch	Sell	22	(1)	Ordinary
12-Jun-12	UBS AG, London Branch	Sell	22	(1)	Ordinary
$12$ -Jun-12	UBS AG, London Branch	Sell	22		$(1)$ Ordinary
12-Jun-12	UBS AG, London Branch	Sell	22	(1)	Ordinary
12-Jun-12	UBS AG, London Branch	Sell	22	(1)	Ordinary
12-Jun-12	UBS AG, London Branch	Sell	22	(1)	Ordinary
12-Jun-12	UBS AG, London Branch	Sell	22	(1)	Ordinary
12-Jun-12	UBS AG, London Branch	Sell	22	(1)	Ordinary
12-Jun-12	UBS AG, London Branch	Sell	22	(1)	Ordinary
12-Jun-12	UBS AG, London Branch	Sell	22	(1)	Ordinary
12-Jun-12	UBS AG, London Branch	Sell	22	(1)	Ordinary
12-Jun-12	UBS AG, London Branch	Sell	22	(1)	Ordinary
12-Jun-12	UBS AG, London Branch	Sell	22	(1)	Ordinary
12-Jun-12	UBS AG, London Branch	Sell	22	(1)	Ordinary
12-Jun-12	UBS AG, London Branch	Sell	22	(1)	Ordinary
$12$ -Jun-12	UBS AG, London Branch	Sell	22	(1)	Ordinary
12-Jun-12	UBS AG, London Branch	Sell	10,981	(501)	Ordinary
$12$ -Jun-12	UBS AG, London Branch	Stock returned	N/A	(5,000)	Ordinary
$12$ -Jun-12	UBS AG, Australia Branch	Stock received	N/A	50,000	Ordinary
12-Jun-12	UBS Securities Australia Ltd	Buy	74,999	3,418	Ordinary
12-Jun-12	UBS Securities Australia Ltd	Buy	3,880,825	176,642	Ordinary
12-Jun-12	UBS Securities Australia Ltd	Buy	2,091,961	95,219	Ordinary
12-Jun-12	UBS Securities Australia Ltd	Buy	4,134,820	188,203	Ordinary