REGION GROUP — Major Shareholding Notification 2024

Dec 26, 2024

Form 605

Form 605 Corporations Act 2001 Section 671B

Notice of ceasing to be a substantial holder

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|---|---|
|To: Company Name/Scheme:|Region Group|
|ACN/ARSN:|Region Re Ltd (ABN 47 158 809 851), Region Management Trust (ARSN 160 612 626), Region Retail Trust (ARSN 160 612 788)|
|1. Details of substantial holder|
|Name:|Mitsubishi UFJ Financial Group, Inc.|
|The holder ceased to be a substantial holder on:|19 December 2024|
|The previous notice was given to the company on:|20 December 2024|
|The previous notice was dated:|20 December 2024|
|The holder became aware on:|23 December 2024|

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2. 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:

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Person whose Class and
Date of change relevant interest changed Nature of change Consideration given in relation to change number of securities affected Person's votes affected
See annexure A to
this notice
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3. Changes in association

The persons who have become associates of, ceased to be associates of, or have changed the nature of their association with, the substantial holder in relation to voting interests in the company or scheme are as follows:

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

4. Addresses

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

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|Name|Address|
|Mitsubishi UFJ Financial Group, Inc.|1-4-5, Marunouchi, Chiyoda-ku, Tokyo 100-8330, Japan|

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5. Signature

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Dated 24 December 2024

Authorised signatory

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Page 1

Annexure A

This is annexure A of 3 pages referred to in Form 605, Notice of ceasing to be a substantial holder dated 24 December 2024

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Authorised signatory Dated 24 December 2024

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Date of change [Person whose relevant interest ] changed Nature of change Consideration given in relation to change Class and number of securities affected Person's votes affected
18/12/2024 Mitsubishi UFJ Financial Group, Inc. Purchase of securities by an entity controlled 1,762.31 814 Fully Paid Stapled Securities 814
by Morgan Stanley
18/12/2024 Mitsubishi UFJ Financial Group, Inc. Purchase of securities by an entity controlled 18,895.68 8,748 Fully Paid Stapled Securities 8,748
by Morgan Stanley
18/12/2024 Mitsubishi UFJ Financial Group, Inc. Purchase of securities by an entity controlled 1,584.55 737 Fully Paid Stapled Securities 737
by Morgan Stanley
18/12/2024 Mitsubishi UFJ Financial Group, Inc. Purchase of securities by an entity controlled 1,105.26 507 Fully Paid Stapled Securities 507
by Morgan Stanley
18/12/2024 Mitsubishi UFJ Financial Group, Inc. Purchase of securities by an entity controlled 20,109.60 9,310 Fully Paid Stapled Securities 9,310
by Morgan Stanley
18/12/2024 Mitsubishi UFJ Financial Group, Inc. Purchase of securities by an entity controlled 10,212.02 4,706 Fully Paid Stapled Securities 4,706
by Morgan Stanley
18/12/2024 Mitsubishi UFJ Financial Group, Inc. Purchase of securities by an entity controlled 1,313.70 604 Fully Paid Stapled Securities 604
by Morgan Stanley
18/12/2024 Mitsubishi UFJ Financial Group, Inc. Purchase of securities by an entity controlled 8,104.32 3,752 Fully Paid Stapled Securities 3,752
by Morgan Stanley
18/12/2024 Mitsubishi UFJ Financial Group, Inc. Purchase of securities by an entity controlled 232.73 107 Fully Paid Stapled Securities 107
by Morgan Stanley
18/12/2024 Mitsubishi UFJ Financial Group, Inc. Sale of securities by an entity controlled by 39,919.09 18,919 Fully Paid Stapled Securities 18,919
Morgan Stanley
18/12/2024 Mitsubishi UFJ Financial Group, Inc. Sale of securities by an entity controlled by 6,521.12 3,076 Fully Paid Stapled Securities 3,076
Morgan Stanley
18/12/2024 Mitsubishi UFJ Financial Group, Inc. Sale of securities by an entity controlled by 17,084.73 8,021 Fully Paid Stapled Securities 8,021
Morgan Stanley
18/12/2024 Mitsubishi UFJ Financial Group, Inc. Sale of securities by an entity controlled by 8,931.09 4,193 Fully Paid Stapled Securities 4,193
Morgan Stanley
18/12/2024 Mitsubishi UFJ Financial Group, Inc. Sale of securities by an entity controlled by 10,535.23 4,993 Fully Paid Stapled Securities 4,993
Morgan Stanley
18/12/2024 Mitsubishi UFJ Financial Group, Inc. Sale of securities by an entity controlled by 13,157.01 6,177 Fully Paid Stapled Securities 6,177
Morgan Stanley
18/12/2024 Mitsubishi UFJ Financial Group, Inc. Sale of securities by an entity controlled by 22,469.39 10,649 Fully Paid Stapled Securities 10,649
Morgan Stanley
18/12/2024 Mitsubishi UFJ Financial Group, Inc. Borrowed by an entity controlled by Morgan N/A 7,906 Fully Paid Stapled Securities 7,906
Stanley - see Annexure B
18/12/2024 Mitsubishi UFJ Financial Group, Inc. Borrow Returned by an entity controlled by N/A 96,000 Fully Paid Stapled Securities 96,000
Morgan Stanley - see Annexure B
18/12/2024 Mitsubishi UFJ Financial Group, Inc. Borrow Returned by an entity controlled by N/A 40,000 Fully Paid Stapled Securities 40,000
Morgan Stanley - see Annexure B
18/12/2024 Mitsubishi UFJ Financial Group, Inc. Collateral Returned by an entity controlled by N/A 199,992 Fully Paid Stapled Securities 199,992
Morgan Stanley - see Annexure B
18/12/2024 Mitsubishi UFJ Financial Group, Inc. Sale of securities by an entity controlled by 19,479.52 9,232 Fully Paid Stapled Securities 9,232
Morgan Stanley
18/12/2024 Mitsubishi UFJ Financial Group, Inc. Sale of securities by an entity controlled by 430.26 202 Fully Paid Stapled Securities 202
Morgan Stanley
18/12/2024 Mitsubishi UFJ Financial Group, Inc. Sale of securities by an entity controlled by 7,216.44 3,388 Fully Paid Stapled Securities 3,388
Morgan Stanley
18/12/2024 Mitsubishi UFJ Financial Group, Inc. Sale of securities by an entity controlled by 557.56 263 Fully Paid Stapled Securities 263
Morgan Stanley
18/12/2024 Mitsubishi UFJ Financial Group, Inc. Sale of securities by an entity controlled by 12,181.47 5,719 Fully Paid Stapled Securities 5,719
Morgan Stanley
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Page 2

Annexure A

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18/12/2024 Mitsubishi UFJ Financial Group, Inc. Sale of securities by an entity controlled by 12,972.28 6,119 Fully Paid Stapled Securities 6,119
Morgan Stanley
18/12/2024 Mitsubishi UFJ Financial Group, Inc. Sale of securities by an entity controlled by 1,323.88 623 Fully Paid Stapled Securities 623
Morgan Stanley
18/12/2024 Mitsubishi UFJ Financial Group, Inc. Sale of securities by an entity controlled by 1,310.16 618 Fully Paid Stapled Securities 618
Morgan Stanley
18/12/2024 Mitsubishi UFJ Financial Group, Inc. Sale of securities by an entity controlled by 7,926.68 3,739 Fully Paid Stapled Securities 3,739
Morgan Stanley
18/12/2024 Mitsubishi UFJ Financial Group, Inc. Sale of securities by an entity controlled by 10,485.99 4,923 Fully Paid Stapled Securities 4,923
Morgan Stanley
18/12/2024 Mitsubishi UFJ Financial Group, Inc. Sale of securities by an entity controlled by 8,132.32 3,836 Fully Paid Stapled Securities 3,836
Morgan Stanley
18/12/2024 Mitsubishi UFJ Financial Group, Inc. Sale of securities by an entity controlled by 198,361.10 94,010 Fully Paid Stapled Securities 94,010
Morgan Stanley
18/12/2024 Mitsubishi UFJ Financial Group, Inc. Sale of securities by an entity controlled by 21,939.78 10,398 Fully Paid Stapled Securities 10,398
Morgan Stanley
18/12/2024 Mitsubishi UFJ Financial Group, Inc. Sale of securities by an entity controlled by 11,471.76 5,424 Fully Paid Stapled Securities 5,424
Morgan Stanley
18/12/2024 Mitsubishi UFJ Financial Group, Inc. Sale of securities by an entity controlled by 140,566.09 66,619 Fully Paid Stapled Securities 66,619
Morgan Stanley
18/12/2024 Mitsubishi UFJ Financial Group, Inc. Sale of securities by an entity controlled by 6,285.75 2,958 Fully Paid Stapled Securities 2,958
Morgan Stanley
18/12/2024 Mitsubishi UFJ Financial Group, Inc. Sale of securities by an entity controlled by 33,171.25 15,610 Fully Paid Stapled Securities 15,610
Morgan Stanley
18/12/2024 Mitsubishi UFJ Financial Group, Inc. Sale of securities by an entity controlled by 5,097.09 2,393 Fully Paid Stapled Securities 2,393
Morgan Stanley
18/12/2024 Mitsubishi UFJ Financial Group, Inc. Sale of securities by an entity controlled by 7,795.24 3,677 Fully Paid Stapled Securities 3,677
Morgan Stanley
18/12/2024 Mitsubishi UFJ Financial Group, Inc. Sale of securities by an entity controlled by 346.38 163 Fully Paid Stapled Securities 163
Morgan Stanley
18/12/2024 Mitsubishi UFJ Financial Group, Inc. Sale of securities by an entity controlled by 17,034.20 8,035 Fully Paid Stapled Securities 8,035
Morgan Stanley
19/12/2024 Mitsubishi UFJ Financial Group, Inc. Sale of securities by an entity controlled by 4,996.60 2,324 Fully Paid Stapled Securities 2,324
Morgan Stanley
19/12/2024 Mitsubishi UFJ Financial Group, Inc. Sale of securities by an entity controlled by 19,549.95 9,093 Fully Paid Stapled Securities 9,093
Morgan Stanley
19/12/2024 Mitsubishi UFJ Financial Group, Inc. Purchase of securities by an entity controlled 3,101.05 1,439 Fully Paid Stapled Securities 1,439
by Morgan Stanley
19/12/2024 Mitsubishi UFJ Financial Group, Inc. Sale of securities by an entity controlled by 242.65 115 Fully Paid Stapled Securities 115
Morgan Stanley
19/12/2024 Mitsubishi UFJ Financial Group, Inc. Sale of securities by an entity controlled by 1,442.65 671 Fully Paid Stapled Securities 671
Morgan Stanley
19/12/2024 Mitsubishi UFJ Financial Group, Inc. Sale of securities by an entity controlled by 1,628.06 759 Fully Paid Stapled Securities 759
Morgan Stanley
19/12/2024 Mitsubishi UFJ Financial Group, Inc. Sale of securities by an entity controlled by 8,838.65 4,111 Fully Paid Stapled Securities 4,111
Morgan Stanley
19/12/2024 Mitsubishi UFJ Financial Group, Inc. Sale of securities by an entity controlled by 7,614.75 3,550 Fully Paid Stapled Securities 3,550
Morgan Stanley
19/12/2024 Mitsubishi UFJ Financial Group, Inc. Purchase of securities by an entity controlled 4,510.94 2,103 Fully Paid Stapled Securities 2,103
by Morgan Stanley
19/12/2024 Mitsubishi UFJ Financial Group, Inc. Purchase of securities by an entity controlled 2,700.68 1,262 Fully Paid Stapled Securities 1,262
by Morgan Stanley
19/12/2024 Mitsubishi UFJ Financial Group, Inc. Sale of securities by an entity controlled by 5,790.84 2,706 Fully Paid Stapled Securities 2,706
Morgan Stanley
19/12/2024 Mitsubishi UFJ Financial Group, Inc. Sale of securities by an entity controlled by 4,536.88 2,125 Fully Paid Stapled Securities 2,125
Morgan Stanley
19/12/2024 Mitsubishi UFJ Financial Group, Inc. Sale of securities by an entity controlled by 5,873.01 2,738 Fully Paid Stapled Securities 2,738
Morgan Stanley
19/12/2024 Mitsubishi UFJ Financial Group, Inc. Sale of securities by an entity controlled by 302.46 142 Fully Paid Stapled Securities 142
Morgan Stanley
19/12/2024 Mitsubishi UFJ Financial Group, Inc. Sale of securities by an entity controlled by 1,177.00 550 Fully Paid Stapled Securities 550
Morgan Stanley
19/12/2024 Mitsubishi UFJ Financial Group, Inc. Sale of securities by an entity controlled by 1,513.60 704 Fully Paid Stapled Securities 704
Morgan Stanley
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Page 3

Annexure A

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19/12/2024 Mitsubishi UFJ Financial Group, Inc. Sale of securities by an entity controlled by 1,407.12 656 Fully Paid Stapled Securities 656
Morgan Stanley
19/12/2024 Mitsubishi UFJ Financial Group, Inc. Sale of securities by an entity controlled by 10,568.42 4,927 Fully Paid Stapled Securities 4,927
Morgan Stanley
19/12/2024 Mitsubishi UFJ Financial Group, Inc. Sale of securities by an entity controlled by 2.14 1 Fully Paid Stapled Security 1
Morgan Stanley
19/12/2024 Mitsubishi UFJ Financial Group, Inc. Sale of securities by an entity controlled by 1,634.49 762 Fully Paid Stapled Securities 762
Morgan Stanley
19/12/2024 Mitsubishi UFJ Financial Group, Inc. Sale of securities by an entity controlled by 4,763.64 2,226 Fully Paid Stapled Securities 2,226
Morgan Stanley
19/12/2024 Mitsubishi UFJ Financial Group, Inc. Purchase of securities by an entity controlled 6,484.34 3,023 Fully Paid Stapled Securities 3,023
by Morgan Stanley
19/12/2024 Mitsubishi UFJ Financial Group, Inc. Sale of securities by an entity controlled by 119,972.68 56,062 Fully Paid Stapled Securities 56,062
Morgan Stanley
19/12/2024 Mitsubishi UFJ Financial Group, Inc. Borrow Returned by an entity controlled by N/A 319,359 Fully Paid Stapled Securities 319,359
Morgan Stanley - see Annexure B
19/12/2024 Mitsubishi UFJ Financial Group, Inc. Borrow Returned by an entity controlled by N/A 1,940,491 Fully Paid Stapled Securities 1,940,491
Morgan Stanley - see Annexure B
19/12/2024 Mitsubishi UFJ Financial Group, Inc. Collateral Received by an entity controlled N/A 537,351 Fully Paid Stapled Securities 537,351
by Morgan Stanley - see Annexure B
19/12/2024 Mitsubishi UFJ Financial Group, Inc. Purchase of securities by an entity controlled 29,947.35 13,929 Fully Paid Stapled Securities 13,929
by Morgan Stanley
19/12/2024 Mitsubishi UFJ Financial Group, Inc. Purchase of securities by an entity controlled 4,003.30 1,862 Fully Paid Stapled Securities 1,862
by Morgan Stanley
19/12/2024 Mitsubishi UFJ Financial Group, Inc. Purchase of securities by an entity controlled 117,682.40 54,736 Fully Paid Stapled Securities 54,736
by Morgan Stanley
19/12/2024 Mitsubishi UFJ Financial Group, Inc. Sale of securities by an entity controlled by 12,448.38 5,817 Fully Paid Stapled Securities 5,817
Morgan Stanley
19/12/2024 Mitsubishi UFJ Financial Group, Inc. Sale of securities by an entity controlled by 2.14 1 Fully Paid Stapled Security 1
Morgan Stanley
19/12/2024 Mitsubishi UFJ Financial Group, Inc. Purchase of securities by an entity controlled 1,036.04 483 Fully Paid Stapled Securities 483
by Morgan Stanley
19/12/2024 Mitsubishi UFJ Financial Group, Inc. Purchase of securities by an entity controlled 145,804.89 68,453 Fully Paid Stapled Securities 68,453
by Morgan Stanley
19/12/2024 Mitsubishi UFJ Financial Group, Inc. Sale of securities by an entity controlled by 73,541.10 34,365 Fully Paid Stapled Securities 34,365
Morgan Stanley
19/12/2024 Mitsubishi UFJ Financial Group, Inc. Sale of securities by an entity controlled by 37,054.10 17,315 Fully Paid Stapled Securities 17,315
Morgan Stanley
19/12/2024 Mitsubishi UFJ Financial Group, Inc. Sale of securities by an entity controlled by 1,314.89 613 Fully Paid Stapled Securities 613
Morgan Stanley
19/12/2024 Mitsubishi UFJ Financial Group, Inc. Sale of securities by an entity controlled by 4,676.10 2,180 Fully Paid Stapled Securities 2,180
Morgan Stanley
19/12/2024 Mitsubishi UFJ Financial Group, Inc. Purchase of securities by an entity controlled 15,335.95 7,133 Fully Paid Stapled Securities 7,133
by Morgan Stanley
19/12/2024 Mitsubishi UFJ Financial Group, Inc. Sale of securities by an entity controlled by 1,322.52 618 Fully Paid Stapled Securities 618
Morgan Stanley
19/12/2024 Mitsubishi UFJ Financial Group, Inc. Sale of securities by an entity controlled by 23,154.80 10,820 Fully Paid Stapled Securities 10,820
Morgan Stanley
19/12/2024 Mitsubishi UFJ Financial Group, Inc. Sale of securities by an entity controlled by 182,231.70 85,155 Fully Paid Stapled Securities 85,155
Morgan Stanley
19/12/2024 Mitsubishi UFJ Financial Group, Inc. Sale of securities by an entity controlled by 1,699.46 796 Fully Paid Stapled Securities 796
Morgan Stanley
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Page 4

Annexure B

This is annexure B of 3 pages referred to in Form 605, Notice of ceasing to be a substantial holder dated 24 December 2024

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Authorised signatory Dated 24 December 2024

The below schedules are based on the relevant standard agreements. The entity filing the report will, if requested by the company or responsible entity to whom the prescribed form must be given or ASIC, give a copy of the agreement to the company, responsible entity or ASIC.

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Schedule
Type of Agreement Global Master Securities Lending Agreement
Parties to agreement Morgan Stanley & Co. International plc and THE NORTHERN TRUST COMPANY
20240926; 20240930; 20241022; 20241024; 20241025; 20241028; 20241030; 20241031; 20241105; 20241108; 20241203; 20241210;
Transfer Date
20241213; 20241218; 20241219;
Holder of Voting Rights Borrower
Are there any restrictions on voting rights? Yes/N o
If yes, detail Not applicable
Scheduled Return Date (if any) Open
Does the borrower have the right to return early? Yes /No
If yes, detail The Borrower is entitled at any time to terminate a Loan and to redeliver all and any Equivalent Securities due and outstanding to the Lender in accordance with the Lender's instructions.
Does the lender have the right to recall early? Yes /No
If yes, detail The Lender is entitled to terminate a Loan and to call for the redelivery of all or any Equivalent Securities at any time by giving notice on any Business Day of not less than the standard
settlement time for such Equivalent Securities on the exchange or in the clearing organisation through which the Loaned Securities were originally delivered.
Will the securities be returned on settlement? Yes /No
If yes, detail any exceptions If the Borrower does not redeliver Equivalent Securities in accordance with the Agreement, the Lender may by written notice to Borrower terminate the Loan forthwith and
the Parties' delivery and payment obligations in respect thereof.
Schedule
Type of Agreement International Prime Brokerage Agreement
Morgan Stanley & Co. International plc for itself and as agent and trustee for and on behalf of the other Morgan Stanley Companies and
Parties to agreement
K2 ASSET MANAGEMENT LTD AS RESPONSIBLE ENTITY FOR K2 AUSTRALIAN SMALL CAP FUND
Transfer Date 20241219;
Holder of Voting Rights Prime broker has the right to vote securities rehypothecated from the Client.
Are there any restrictions on voting rights? Yes/N o
If yes, detail Not applicable
Scheduled Return Date (if any) Open
Does the borrower have the right to return early? Yes /No
If yes, detail Prime broker may return shares which were rehypothecated from the client at any time.
Does the lender have the right to recall early? Yes /No
If yes, detail Prime broker will be required to return to the client shares rehypothecated from the client's account upon a sale of those shares by the client.
Will the securities be returned on settlement? Yes /No
If yes, detail any exceptions Upon an Event of Default, the default market value of all Equivalent Securities to be delivered will be determined and on the basis of the amounts so established, an account
shall be taken of what is due from each party to the other. The amounts due from one party shall be set off against the amounts due from the other party and only the balance of the account shall be
payable.
Schedule
Type of Agreement International Prime Brokerage Agreement
Morgan Stanley & Co. International plc for itself and as agent and trustee for and on behalf of the other Morgan Stanley Companies and
Parties to agreement
COASTER ABC SERVICES PTY LTD AS TRUSTEE FOR ARROW FUND
Transfer Date 20241219;
Holder of Voting Rights Prime broker has the right to vote securities rehypothecated from the Client.
Are there any restrictions on voting rights? Yes/N o
If yes, detail Not applicable
Scheduled Return Date (if any) Open
Does the borrower have the right to return early? Yes /No
If yes, detail Prime broker may return shares which were rehypothecated from the client at any time.
Does the lender have the right to recall early? Yes /No
If yes, detail Prime broker will be required to return to the client shares rehypothecated from the client's account upon a sale of those shares by the client.
Will the securities be returned on settlement? Yes /No
If yes, detail any exceptions Upon an Event of Default, the default market value of all Equivalent Securities to be delivered will be determined and on the basis of the amounts so established, an account
shall be taken of what is due from each party to the other. The amounts due from one party shall be set off against the amounts due from the other party and only the balance of the account shall be
payable.
Schedule
Type of Agreement International Prime Brokerage Agreement
Morgan Stanley & Co. International plc for itself and as agent and trustee for and on behalf of the other Morgan Stanley Companies and
Parties to agreement
K2 ASSET MANAGEMENT LTD AS RESPONSIBLE ENTITY FOR K2 GLOBAL HIGH ALPHA FUND
Transfer Date 20241219;
Holder of Voting Rights Prime broker has the right to vote securities rehypothecated from the Client.
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Page 5

Annexure B

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Are there any restrictions on voting rights? Yes/N o
If yes, detail Not applicable
Scheduled Return Date (if any) Open
Does the borrower have the right to return early? Yes /No
If yes, detail Prime broker may return shares which were rehypothecated from the client at any time.
Does the lender have the right to recall early? Yes /No
If yes, detail Prime broker will be required to return to the client shares rehypothecated from the client's account upon a sale of those shares by the client.
Will the securities be returned on settlement? Yes /No
If yes, detail any exceptions Upon an Event of Default, the default market value of all Equivalent Securities to be delivered will be determined and on the basis of the amounts so established, an account
shall be taken of what is due from each party to the other. The amounts due from one party shall be set off against the amounts due from the other party and only the balance of the account shall be
payable.
Schedule
Type of Agreement International Prime Brokerage Agreement
Morgan Stanley & Co. International plc for itself and as agent and trustee for and on behalf of the other Morgan Stanley Companies and
Parties to agreement
CHANNEL INVESTMENT MANAGEMENT LIMITED AS RESPONSIBLE ENTITY FOR CC SAGE CAPITAL EQUITY PLUS FUND
Transfer Date 20241219;
Holder of Voting Rights Prime broker has the right to vote securities rehypothecated from the Client.
Are there any restrictions on voting rights? Yes/N o
If yes, detail Not applicable
Scheduled Return Date (if any) Open
Does the borrower have the right to return early? Yes /No
If yes, detail Prime broker may return shares which were rehypothecated from the client at any time.
Does the lender have the right to recall early? Yes /No
If yes, detail Prime broker will be required to return to the client shares rehypothecated from the client's account upon a sale of those shares by the client.
Will the securities be returned on settlement? Yes /No
If yes, detail any exceptions Upon an Event of Default, the default market value of all Equivalent Securities to be delivered will be determined and on the basis of the amounts so established, an account
shall be taken of what is due from each party to the other. The amounts due from one party shall be set off against the amounts due from the other party and only the balance of the account shall be
payable.
Schedule
Type of Agreement International Prime Brokerage Agreement
Morgan Stanley & Co. International plc for itself and as agent and trustee for and on behalf of the other Morgan Stanley Companies and
Parties to agreement
EQUITY TRUSTEES LIMITED AS TRUSTEE FOR BLACKWATTLE LONG-SHORT 130/30 QUALITY FUND
Transfer Date 20241219;
Holder of Voting Rights Prime broker has the right to vote securities rehypothecated from the Client.
Are there any restrictions on voting rights? Yes/N o
If yes, detail Not applicable
Scheduled Return Date (if any) Open
Does the borrower have the right to return early? Yes /No
If yes, detail Prime broker may return shares which were rehypothecated from the client at any time.
Does the lender have the right to recall early? Yes /No
If yes, detail Prime broker will be required to return to the client shares rehypothecated from the client's account upon a sale of those shares by the client.
Will the securities be returned on settlement? Yes /No
If yes, detail any exceptions Upon an Event of Default, the default market value of all Equivalent Securities to be delivered will be determined and on the basis of the amounts so established, an account
shall be taken of what is due from each party to the other. The amounts due from one party shall be set off against the amounts due from the other party and only the balance of the account shall be
payable.
Schedule
Type of Agreement International Prime Brokerage Agreement
Morgan Stanley & Co. International plc for itself and as agent and trustee for and on behalf of the other Morgan Stanley Companies and
Parties to agreement
CHANNEL INVESTMENT MANAGEMENT LIMITED AS TRUSTEE FOR ARNOTT OPPORTUNITIES TRUST
Transfer Date 20241219;
Holder of Voting Rights Prime broker has the right to vote securities rehypothecated from the Client.
Are there any restrictions on voting rights? Yes/N o
If yes, detail Not applicable
Scheduled Return Date (if any) Open
Does the borrower have the right to return early? Yes /No
If yes, detail Prime broker may return shares which were rehypothecated from the client at any time.
Does the lender have the right to recall early? Yes /No
If yes, detail Prime broker will be required to return to the client shares rehypothecated from the client's account upon a sale of those shares by the client.
Will the securities be returned on settlement? Yes /No
If yes, detail any exceptions Upon an Event of Default, the default market value of all Equivalent Securities to be delivered will be determined and on the basis of the amounts so established, an account
shall be taken of what is due from each party to the other. The amounts due from one party shall be set off against the amounts due from the other party and only the balance of the account shall be
payable.
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Schedule

Schedule
Type of Agreement	International Prime Brokerage Agreement
Parties to agreement	Morgan Stanley & Co. International plc for itself and as agent and trustee for and on behalf of the other Morgan Stanley Companies and K2 AUSTRALIAN ABSOLUTE RETURN FUND
Transfer Date	20241219;
Holder of Voting Rights	Prime broker has the right to vote securities rehypothecated from the Client.
Are there any restrictions on voting rights?	~~Yes/~~ ~~N~~o
If yes, detailNot applicable
Scheduled Return Date (if any)	Open
Does the borrower have the right to return early?	Yes~~/No~~
If yes, detailPrime broker may return shares which were rehypothecated from the client at any time.
Does the lender have the right to recall early?	Yes~~/No~~
If yes, detailPrime broker will be required to return to the client shares rehypothecated from the client's account upon a sale of those shares by the client.

Page 6

Annexure B

Will the securities be returned on settlement? Yes ~~/No~~

If yes, detail any exceptions Upon an Event of Default, the default market value of all Equivalent Securities to be delivered will be determined and on the basis of the amounts so established, an account shall be taken of what is due from each party to the other. The amounts due from one party shall be set off against the amounts due from the other party and only the balance of the account shall be payable.

Page 7