RAM ESSENTIAL SERVICES PROPERTY FUND — Major Shareholding Notification 2021

Oct 25, 2021

Pendal Group Limited

Level 14, The Chifley Tower 2 Chifley Square Sydney NSW 2000 Australia

ABN 28 126 385 822

Company Announcements Platform Australian Securities Exchange Limited 20 Bridge Street SYDNEY NSW 2000

26 October 2021

Re: Notice of Initial Substantial Holder

In accordance with section 671B of the Corporations Act 2001 (Cth), we attach a Notice of Initial Substantial Holder (Form 603) in respect of RAM Essential Services Property Fund (REP).

Yours faithfully

Joanne Hawkins Group Company Secretary

Form 603

Corporations Act 2001 Section 671B

Notice of initial substantial holder

To	Company Name/Scheme	RAM ESSENTIAL SERVICES PROPERTY FUND (REP)
ACN/ARSN		ACN 28 629 968 163
1.	Details of substantial holder(1)
Name		PENDAL GROUP LIMITED (PDL)
	ACN/ARSN (if applicable)	ACN 126 385 822
	The holder became a substantial holder on	22/10/2021

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	Person's votes (5)	Voting power (6)
Ordinary Shares	35,731,917	35,731,917
Total	35,731,917	35,731,917	6.86%

3. Details of relevant interests

The nature of the relevant 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)	Number of securities	Class of securities
Pendal Fund Services	Pendal Fund Services Limited	21,547,598	Unit
Limited *	is the responsible entity of
	various managed investment
	schemes and, in that capacity,
	can exercise the power to vote
	or dispose of the shares.
Pendal Institutional	Pendal Institutional Limited is	14,184,319	Unit
Limited	the responsible entity of
	various managed investment
	schemes and, in that capacity,
	can exercise the power to vote
	or dispose of the shares.

*Pendal Fund Services Limited has appointed Pendal Institutional Limited to act as the investment manager of the trusts of which it is responsible entity, giving Pendal Institutional Limited the capacity to exercise the power to vote or dispose of the shares. Pendal Institutional Limited therefore also has a relevant interest in shares in which Pendal Fund Services Limited has a relevant interest.

Details of present registered holders

Holder of relevant interest	Registered holder of	Persons entitled to be	Class and number of
	securities	registered as holder (8)	securities
Pendal Fund Services	State Street Australia Limited	See Annexure 'A'	21,547,598
Limited	HSBC Custody Nominees(Australia) Limited.		Unit
Pendal InstitutionalLimited	HSBC Custody Nominees(Australia) Limited.	See Annexure 'A'	14,184,319Unit
	Citicorp Nominees PtyLimited

The persons registered as holders of the securities referred to in paragraph 3 above are as follows:

4. 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	Date of acquisition	Consideration (9)		Class and number of
interest		Cash	Non-cash	securities

5. Associates

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

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

6. Addresses

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

Name	Address
Pendal Group Limited (PDL)	Level 14, Chifley Tower, 2 Chifley Square, Sydney
	NSW 2000
Pendal Fund Services Limited	Level 14, Chifley Tower, 2 Chifley Square, Sydney
	NSW 2000
Pendal Institutional Limited	Level 14, Chifley Tower, 2 Chifley Square, Sydney
	NSW 2000
	The Company Secretary,
RAM ESSENTIAL SERVICES PROPERTY FUND	Suite 32.02, Level 32, 264 George Street,
(REP)	Sydney NSW 2000

Signature

Print name Joanne Hawkins Capacity Company Secretary

Sign here Date 26/10/2021

DIRECTIONS

• (1) If there are a number of substantial holders with similar or related relevant interests (e.g. 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 7 of the form.
• (2) See the definition of "associate" in section 9 of the Corporations Act 2001.
• (3) See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.
• (4) The voting shares of a company constitute one class unless divided into separate classes.
• (5) The total number of votes attached to all the voting shares in the company or voting interests in the scheme (if any) that the person or an associate has a relevant interest in.
• (6) The person's votes divided by the total votes in the body corporate scheme multiplied by 100.
• (7) Include details of:
  • (a) any relevant agreement or other circumstances by which the relevant interest was acquired. If subsection 671B(4) applies, a copy of any document setting out the terms of any relevant agreement, and with 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.

• (8) If the substantial holder is unable to determine the identity of the person (e.g. if the relevant interest arises because of an option) write "unknown".
• (9) Details of the consideration must include any and all benefits, money 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.

ANNEXURE A

This is annexure 'A' referred to in Form 603, Notice of initial substantial holder, lodged for Pendal Group Limited ACN 126 385 822.

Joanne Hawkins – Company Secretary, Pendal Group Limited 26/10/2021

TRANSACTION HISTORY

Sales & Purchases for the period : 20/10/2021 to 22/10/2021

SECURITY: REP

Pendal Fund Services Limited

Date	Registered Company	Nature ofChange	Quantity	Consideration	Class ofSecurities	Person's votesaffected
20/10/2021	HSBC Custody Nominees(Australia) Limited	Buy	126,452	129,181.21	Unit	126,452
20/10/2021	HSBC Custody Nominees(Australia) Limited	Buy	20,830,402	20,830,402.00	Unit	20,830,402
21/10/2021	HSBC Custody Nominees(Australia) Limited	Buy	78,741	80,109.18	Unit	78,741
22/10/2021	HSBC Custody Nominees(Australia) Limited	Buy	227,229	232,588.47	Unit	227,229
	Total		21,262,824	21,272,280.86
Date	Registered Company	Nature ofChange	Quantity	Consideration	Class ofSecurities	Person's votesaffected
20/10/2021	State Street Bank & TrustCompany	Buy	1,657	1,692.75	Unit	1,657
20/10/2021	State Street Bank & TrustCompany	Buy	278,082	278,082	Unit	278,082
21/10/2021	State Street Bank & TrustCompany	Buy	1,029	1,046.89	Unit	1,029
22/10/2021	State Street Bank & TrustCompany	Buy	4,006	4,100.48	Unit	4,006
	Total		284,774	284,922.12

Pendal Fund Services Limited 21,547,598 21,557,202.98

Pendal Institutional Limited

Date	Registered Company	Nature ofChange	Quantity	Consideration	Class ofSecurities	Person's votesaffected
20/10/2021	Citibank, N.A.	Buy	71,679	73,226.04	Unit	71,679
20/10/2021	Citibank, N.A.	Buy	12,042,459	12,042,459.00	Unit	12,042,459
21/10/2021	Citibank, N.A.	Buy	44,054	44,819.48	Unit	44,054
22/10/2021	Citibank, N.A.	Buy	172,510	176,578.84	Unit	172,510
	Total		12,330,702	12,337,083.36

Date	Registered Company	Nature ofChange	Quantity	Consideration	Class ofSecurities	Person's votesaffected
20/10/2021	HSBC Custody Nominees(Australia) Limited	Buy	212	216.57	Unit	212
20/10/2021	HSBC Custody Nominees(Australia) Limited	Buy	1,849,057	1,849,057.00	Unit	1,849,057
21/10/2021	HSBC Custody Nominees(Australia) LimitedTotal	Buy	4,348	4,423.54	Unit	4,348
			1,853,617	1,853,697.11
	Pendal Institutional Limited		14,184,319	14,190,780.47