SANDFIRE RESOURCES LIMITED — Major Shareholding Notification 2018

Apr 23, 2018

Form 605 Corporations Act 2001
Section 671B

Notice of ceasing to be a substantial holder

To Company Name/Scheme		SANDFIRE RESOURCES NL
ACN/ARSN	105 154 185
Details of substantial holder (1) 1.
Name		Morgan Stanley and its subsidiaries listed in Annexure A
ACN/ARSN (if applicable)	Not Applicable
The holder ceased to be a
substantial holder on		April 20, 2018
The previous notice was given to the company on		April 23, 2018
The previous notice was dated		April 19, 2018
The holder became aware on		April 24, 2018

2. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest (2) of the substantial holder or an associate (3) 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 of change	Person whose relevant interest changed	Nature of change (4)	Consideration given in relation to change (5)	Class (6) and number of Securities affected	Person's votes affected
4/20/2018	Morgan Stanley Australia Securities Limited	Buy	395.04	47 Ordinary Shares	47
4/20/2018	Morgan Stanley Australia Securities Limited	Buy	9.229.00	1,100 Ordinary Shares	1.100
4/20/2018	Morgan Stanley Australia Securities Limited	Buy	1,243.62	147 Ordinary Shares	147
4/20/2018	Morgan Stanley Australia Securities Limited	Buv	8.366.40	996 Ordinary Shares	996
4/20/2018	Morgan Stanley Australia Securities Limited	Buy	1,099.75	131 Ordinary Shares	131
4/20/2018	Morgan Stanley Australia Securities Limited	Buv	1,141.72	136 Ordinary Shares	136
4/20/2018	Morgan Stanley Australia Securities Limited	Buy	3.038.99	362 Ordinary Shares	362
4/20/2018	Morgan Stanley Australia Securities Limited	Buy	2,526.00	300 Ordinary Shares	300
4/20/2018	Morgan Stanley Australia Securities Limited	Buy	3,561.60	424 Ordinary Shares	424
4/20/2018	Morgan Stanley Australia Securities Limited	Buy	2.553.60	304 Ordinary Shares	304
4/20/2018	Morgan Stanley Australia Securities Limited	Buy	8.845.20	1,053 Ordinary Shares	1.053
4/20/2018	Morgan Stanley Australia Securities Limited	Buy	21,058.90	2,510 Ordinary Shares	2,510
4/20/2018	Morgan Stanley Australia Securities Limited	Buy	5.132.40	611 Ordinary Shares	611
4/20/2018	Morgan Stanley Australia Securities Limited	Buv	1.373.76	162 Ordinary Shares	162
4/20/2018	Morgan Stanley Australia Securities Limited	Buy	1,195.64	142 Ordinary Shares	142
4/20/2018	Morgan Stanley Australia Securities Limited	Buy	5,772.96	684 Ordinary Shares	684
4/20/2018	Morgan Stanley Australia Securities Limited	Buv	3,171.42	378 Ordinary Shares	378
4/20/2018	Morgan Stanley Australia Securities Limited	Buv	589.05	70 Ordinary Shares	70
4/20/2018	Morgan Stanley Australia Securities Limited	Buy	2,898.00	345 Ordinary Shares	345
4/20/2018	Morgan Stanley Australia Securities Limited	Buy	2,298.86	274 Ordinary Shares	274
4/20/2018	Morgan Stanley Australia Securities Limited	Buy	7.433.54	886 Ordinary Shares	886
4/20/2018	Morgan Stanley Australia Securities Limited	Buy	12.987.65	1,537 Ordinary Shares	1,537
4/20/2018	Morgan Stanley Australia Securities Limited	Buy	2,743.00	325 Ordinary Shares	325
4/20/2018	Morgan Stanley Australia Securities Limited	Buy	8.059.20	960 Ordinary Shares	960
4/20/2018	Morgan Stanley Australia Securities Limited	Buv	6,963.84	832 Ordinary Shares	832
4/20/2018	Morgan Stanley Australia Securities Limited	Buy	4.373.20	520 Ordinary Shares	520
4/20/2018	Morgan Stanley Australia Securities Limited	Buy	12,821.40	1,530 Ordinary Shares	1,530
4/20/2018	Morgan Stanley Australia Securities Limited	Buy	106.495.20	12,678 Ordinary Shares	12,678
4/20/2018	Morgan Stanley Australia Securities Limited	Buv	7,552.74	897 Ordinary Shares	897
4/20/2018	Morgan Stanley Australia Securities Limited	Buy 1	5,256.25	625 Ordinary Shares	625

	Morgan Stanley Australia Securities Limited	Buy	3,197.70	380 Ordinary Shares	380
4/20/2018 4/20/2018	Morgan Stanley Australia Securities Limited	Buy	261.33	31 Ordinary Shares	31
4/20/2018	Morgan Stanley Australia Securities Limited	Buy	8,736.73	1,037 Ordinary Shares	1,037
4/20/2018	Morgan Stanley Australia Securities Limited	Buy	10,022.56	1,184 Ordinary Shares	1,184
4/20/2018	Morgan Stanley Australia Securities Limited	Buy	6,464.15	770 Ordinary Shares	770
	Morgan Stanley Australia Securities Limited	Buy	1,004.36	119 Ordinary Shares	119
4/20/2018	Morgan Stanley Australia Securities Limited	Buy	936.10	110 Ordinary Shares	110
4/20/2018	Morgan Stanley Australia Securities Limited	Buy	2,081.16	246 Ordinary Shares	246
4/20/2018	Morgan Stanley Australia Securities Limited	Buy	1,426.30	170 Ordinary Shares	170
4/20/2018	Morgan Stanley Australia Securities Limited	Buy	1,827.14	217 Ordinary Shares	217
4/20/2018	Morgan Stanley Australia Securities Limited	Buy	22,411.62	2,646 Ordinary Shares	2,646
4/20/2018	Morgan Stanley Australia Securities Limited	Buy	1,850.20	220 Ordinary Shares	220
4/20/2018	Morgan Stanley Australia Securities Limited	Buy	1,294.38	153 Ordinary Shares	153
4/20/2018	Morgan Stanley Australia Securities Limited	Buy	5,001.48	594 Ordinary Shares	594
4/20/2018 4/20/2018	Morgan Stanley Australia Securities Limited	Buy	8,692.04	1,036 Ordinary Shares	1,036
	Morgan Stanley Australia Securities Limited	Buy	2,576.52	306 Ordinary Shares	306
4/20/2018	Morgan Stanley Australia Securities Limited	Buy	2,955.42	351 Ordinary Shares	351
4/20/2018	Morgan Stanley Australia Securities Limited	Buy	763.49	91 Ordinary Shares	91
4/20/2018	Morgan Stanley Australia Securities Limited	Buy	4,265.58	506 Ordinary Shares	506
4/20/2018	Morgan Stanley Australia Securities Limited	Buy	97,502.13	11,649 Ordinary Shares	11,649
4/20/2018	Morgan Stanley Australia Securities Limited	Buy	473.20	56 Ordinary Shares	56
4/20/2018	Morgan Stanley Australia Securities Limited	Buy	1,108.80	132 Ordinary Shares	132
4/20/2018	Morgan Stanley Australia Securities Limited	Buy	159.03	19 Ordinary Shares	19
4/20/2018	Morgan Stanley Australia Securities Limited	Buy	571.54	68 Ordinary Shares	68
4/20/2018	Morgan Stanley Australia Securities Limited	Buy	27,703.78	3,302 Ordinary Shares	3,302
4/20/2018	Morgan Stanley Australia Securities Limited	Buy	11,314.80	1,347 Ordinary Shares	1,347
4/20/2018 4/20/2018	Morgan Stanley Australia Securities Limited	Buy	8,784.33	1,047 Ordinary Shares	1,047
4/20/2018	Morgan Stanley Australia Securities Limited	Buy	2,276.40	271 Ordinary Shares	271
4/20/2018	Morgan Stanley Australia Securities Limited	Buy	11,768.40	1,401 Ordinary Shares	1,401
4/20/2018	Morgan Stanley Australia Securities Limited	Buy	569.16	68 Ordinary Shares	68
4/20/2018	Morgan Stanley Australia Securities Limited	Buy	1,276.04	152 Ordinary Shares	152
4/20/2018	Morgan Stanley Australia Securities Limited	Buy	5,488.90	655 Ordinary Shares	655
4/20/2018	Morgan Stanley Australia Securities Limited	Buy	19,610.28	2,318 Ordinary Shares	2,318
4/20/2018	Morgan Stanley Australia Securities Limited	Buy	3,439.69	409 Ordinary Shares	409
4/20/2018	Morgan Stanley Australia Securities Limited	Buy	15,268.36	1,822 Ordinary Shares	1,822
4/20/2018	Morgan Stanley Australia Securities Limited	Buy	2,419.20	288 Ordinary Shares	288
4/20/2018	Morgan Stanley Australia Securities Limited	Buy	1,225.67	146 Ordinary Shares	146
4/20/2018	Morgan Stanley Australia Securities Limited	Buy	2,419.20	288 Ordinary Shares	288
4/20/2018	Morgan Stanley Australia Securities Limited	Buy	5,829.60	694 Ordinary Shares	694
4/20/2018	Morgan Stanley Australia Securities Limited	Buy	24,511.20	2,918 Ordinary Shares	2,918
4/20/2018	Morgan Stanley Australia Securities Limited	Buy	32,299.83	3,859 Ordinary Shares	3,859
4/20/2018	Morgan Stanley Australia Securities Limited	Buy	4,347.97	517 Ordinary Shares	517
4/20/2018	Morgan Stanley Australia Securities Limited	Buy	6,696.00	800 Ordinary Shares	800
4/20/2018	Morgan Stanley Australia Securities Limited	Buy	8,107.24	964 Ordinary Shares	964
4/20/2018	Morgan Stanley Australia Securities Limited	Buy	5,208.00	620 Ordinary Shares	620
4/20/2018	Morgan Stanley Australia Securities Limited	Buy	30,249.18	3,614 Ordinary Shares	3,614
4/20/2018	Morgan Stanley Australia Securities Limited	Buy	2,044.85	243 Ordinary Shares	243
4/20/2018	Morgan Stanley Australia Securities Limited	Buy	1.903.40	227 Ordinary Shares	227
4/20/2018	Morgan Stanley Australia Securities Limited	Buy	7,567.78	902 Ordinary Shares	902
4/20/2018	Morgan Stanley Australia Securities Limited	Buy	1,218.00	145 Ordinary Shares	145
4/20/2018	Morgan Stanley Australia Securities Limited	Buy	40,115.70	4,770 Ordinary Shares	4,770
4/20/2018	Morgan Stanley Australia Securities Limited	Buy	753.83	89 Ordinary Shares	89
4/20/2018	Morgan Stanley Australia Securities Limited	Buy	11,742.99	1,393 Ordinary Shares	1,393
4/20/2018	Morgan Stanley Australia Securities Limited	Buy	2,810.65	335 Ordinary Shares	335
4/20/2018	Morgan Stanley Australia Securities Limited	Buy	1,139.00	134 Ordinary Shares	134
4/20/2018	Morgan Stanley Australia Securities Limited	Buy	1,799.55	215 Ordinary Shares	215
4/20/2018	Morgan Stanley Australia Securities Limited	Buy	1,042.22	124 Ordinary Shares	124 225
4/20/2018	Morgan Stanley Australia Securities Limited	Buy	1,894.50	225 Ordinary Shares	615
4/20/2018	Morgan Stanley Australia Securities Limited	Buy	5,233.65	615 Ordinary Shares	226
4/20/2018	Morgan Stanley Australia Securities Limited	Buy	1,900.66	226 Ordinary Shares	4
4/20/2018	Morgan Stanley Australia Securities Limited	Buy	33.72	4 Ordinary Shares	6,138
4/20/2018	Morgan Stanley Australia Securities Limited	Buy	51,681.96	6,138 Ordinary Shares	6,119
4/20/2018	Morgan Stanley Australia Securities Limited	Buy	51,644.36	6,119 Ordinary Shares	692
4/20/2018	Morgan Stanley Australia Securities Limited	Buy	5,802.42	692 Ordinary Shares

4/20/2018	Morgan Stanley Australia Securities Limited	Buy	997.10	118 Ordinary Shares	118
4/20/2018	Morgan Stanley Australia Securities Limited	Buy	6,199.20	738 Ordinary Shares	738
4/20/2018	Morgan Stanley Australia Securities Limited	Buy	1,291.29	154 Ordinary Shares	154
4/20/2018	Morgan Stanley Australia Securities Limited	Buy	682.02	81 Ordinary Shares	81
4/20/2018	Morgan Stanley & Co. International plc	Sell	4,247.45	-509 Ordinary Shares	-509
4/20/2018	Morgan Stanley & Co. International plc	Sell	316.97	-38 Ordinary Shares	$-38$
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	4,071.48	-488 Ordinary Shares	-488
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	1,444.55	-173 Ordinary Shares	$-173$
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	15,093.96	-1,812 Ordinary Shares	$-1,812$
4/20/2018	Morgan Stanley Australia Securities Limited	Seil	90.86	-11 Ordinary Shares	$-11$
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	4,458.90	-534 Ordinary Shares	-534
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	2,585.38	-313 Ordinary Shares	$-313$
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	492.95	-59 Ordinary Shares	-59
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	250.50	-30 Ordinary Shares	$-30$
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	83.25	-10 Ordinary Shares	-10
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	391.51	-47 Ordinary Shares	-47
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	4,750.20	-580 Ordinary Shares	-580
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	15,812.56	-1,919 Ordinary Shares	-1,919
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	7,368.64	-883 Ordinary Shares	-883
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	1,664.00	-200 Ordinary Shares	$-200$
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	1,290.86	-158 Ordinary Shares	$-158$
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	133.76	-16 Ordinary Shares	$-16$
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	1,292.44	-158 Ordinary Shares	-158
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	4,179.93	-503 Ordinary Shares	$-503$
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	187.91	-23 Ordinary Shares	$-23$
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	2,487.00	-300 Ordinary Shares	$-300$
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	221.67	-27 Ordinary Shares	-27
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	11,611.70	-1,399 Ordinary Shares	$-1,399$
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	8.20	-1 Ordinary Shares	$-1$
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	4,024.70	-482 Ordinary Shares	-482
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	227.92	-28 Ordinary Shares	$-28$
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	1,822.62	-222 Ordinary Shares	$-222$
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	5,395.60	-658 Ordinary Shares	$-658$
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	286.30	-35 Ordinary Shares	-35
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	6,366.10	-767 Ordinary Shares	$-767$
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	1,722.24	-208 Ordinary Shares	$-208$
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	5.001.92	-616 Ordinary Shares	-616
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	116.48	-14 Ordinary Shares	-14
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	1,790.25	-217 Ordinary Shares	$-217$
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	873.60	-105 Ordinary Shares	$-105$
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	3,953.16	-474 Ordinary Shares	$-474$
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	1,572.48	-189 Ordinary Shares	-189
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	97.80	-12 Ordinary Shares	$-12$
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	138.21	-17 Ordinary Shares	-17
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	4,592.50	-550 Ordinary Shares	-550
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	19,614.14	-2,366 Ordinary Shares	-2,366
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	141.87	-17 Ordinary Shares	-17
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	41.65	-5 Ordinary Shares	-5
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	431.08	-52 Ordinary Shares	$-52$
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	1,656.00	-200 Ordinary Shares	-200
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	233.94	-28 Ordinary Shares	-28
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	1,549.01	-191 Ordinary Shares	-191
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	1,660.00	-200 Ordinary Shares	$-200$
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	5,337.60	-640 Ordinary Shares	-640
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	4,350.02	-526 Ordinary Shares	-526
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	367.62	-44 Ordinary Shares	-44
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	1,155.00	-140 Ordinary Shares	-140
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	99.96	-12 Ordinary Shares	$-12$
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	4,495.26	-539 Ordinary Shares	-539
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	976.37	-117 Ordinary Shares	$-117$
4/20/2018 4/20/2018	Morgan Stanley Australia Securities Limited	Sell	215.54	-26 Ordinary Shares	$-26$
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	374.85	-45 Ordinary Shares	$-45$
	Morgan Stanley Australia Securities Limited	Sell	1,286.67	-154 Ordinary Shares	$-154$
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	467.04	-56 Ordinary Shares	-56

4/20/2018	Morgan Stanley Australia Securities Limited	Sell	105.56	-13 Ordinary Shares	-13
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	6,583.76	-799 Ordinary Shares	$-799$
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	1,019.92	-122 Ordinary Shares	$-122$
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	21,673.60	-2,605 Ordinary Shares	$-2,605$
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	330.80	-40 Ordinary Shares	-40
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	1,287.40	-157 Ordinary Shares	-157
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	8,090.02	-989 Ordinary Shares	-989
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	2,520.30	-310 Ordinary Shares	-310
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	2,688.70	-322 Ordinary Shares	-322
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	1,934.88	-232 Ordinary Shares	$-232$
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	4,567.68	-549 Ordinary Shares	-549
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	3,341.25	-405 Ordinary Shares	-405
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	2,802.16	-337 Ordinary Shares	-337
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	1,664.00	-200 Ordinary Shares	$-200$
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	13,852.80	-1,665 Ordinary Shares	$-1,665$
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	2,077.50	-250 Ordinary Shares	-250
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	1,099.56	-132 Ordinary Shares	$-132$
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	1,191.90	-145 Ordinary Shares	$-145$
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	7,797.90	-935 Ordinary Shares	-935
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	17,843.95	-2,137 Ordinary Shares	$-2,137$
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	162.40	-20 Ordinary Shares	$-20$
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	803.16	-97 Ordinary Shares	-97
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	876.75	-105 Ordinary Shares	-105
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	295.20	-36 Ordinary Shares	-36
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	19,424.88	-2.346 Ordinary Shares	$-2,346$
4/20/2018	Morgan Stanley Australia Securities Limited	Seil	125.25	-15 Ordinary Shares	-15
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	1,642.00	-200 Ordinary Shares	$-200$ $-13$
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	108.03	-13 Ordinary Shares	$-11$
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	91.41	-11 Ordinary Shares	$-175$
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	1,442.88	-175 Ordinary Shares -848 Ordinary Shares	-848
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	7,080.80	-493 Ordinary Shares	-493
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	4,057.39	-34 Ordinary Shares	$-34$
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	283.73 133.04	-16 Ordinary Shares	$-16$
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	292.43	-35 Ordinary Shares	$-35$
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	1,524.39	-183 Ordinary Shares	$-183$
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	372.60	-45 Ordinary Shares	$-45$
4/20/2018	Morgan Stanley Australia Securities Limited	Sell Sell	1,909.00	-230 Ordinary Shares	$-230$
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	98.16	-12 Ordinary Shares	-12
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	109,719.00	-13,140 Ordinary Shares	-13,140
4/20/2018	Morgan Stanley Australia Securities Limited Morgan Stanley Australia Securities Limited	Sell	2,673.60	-320 Ordinary Shares	-320
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	5,243.80	-628 Ordinary Shares	$-628$
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	1,291.68	-156 Ordinary Shares	-156
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	4,362.75	-525 Ordinary Shares	$-525$
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	192.28	-23 Ordinary Shares	$-23$
4/20/2018 4/20/2018	Morgan Stanley Australia Securities Limited	Sell	50,940.72	-6,108 Ordinary Shares	-6,108
4/20/2018	Morgan Stanley Australia Securities Limited	Seil	8,782.74	-1,062 Ordinary Shares	-1,062
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	1,485.70	-179 Ordinary Shares	$-179$
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	4,439.89	-533 Ordinary Shares	$-533$
4/20/2018	Morgan Stanley Australia Securities Limited	Sell	45,659.24	-5,500 Ordinary Shares	$-5,500$
4/20/2018	Morgan Stanley & Co. LLC	Borrow Returned	N/A	-2,248,700 Ordinary Shares	$-2,248,700$
4/20/2018	Morgan Stanley & Co. International plc	Borrow Returned	N/A	-397,220 Ordinary Shares	$-397,220$

3. Changes in association

The persons who have become associates (3) of, ceased to be associates of, or have changed the nature of their association (7) 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
Not applicable	Not applicable

$\bar{z}$

4. Addresses

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

Name	Address
Morgan Stanley	1585 Broadway, New York 10036, USA
Morgan Stanley & Co. LLC	1585 Broadway, New York 10036, USA
Morgan Stanley & Co. International plc	25 Cabot Square Canary Wharf, London, E14 4QA, United Kingdom
Morgan Stanley Investment Management Inc.	522 5th Avenue 6th Floor, New York 10036, USA
Morgan Stanley Australia Securities Limited	Level 39 Chifley Tower, 2 Chifley Square, Sydney NSW 2000, Australia

Signature
	print name	Wilson Li			capacity	Vice President
	sign here			∽	date	April 24, 2018
			v

Annexure A

List of Morgan Stanley and its subsidiaries that have a relevant interest or deemed to have a relevant interest in the shares or units.

Name
Morgan Stanley
---Morgan Stanley Capital Management, LLC
——Morgan Stanley Domestic Holdings, Inc.
│ ├ - Morgan Stanley & Co. LLC
Morgan Stanley Investment Management Inc.
Morgan Stanley International Holdings Inc.
├─┬ Morgan Stanley International Limited
Morgan Stanley Investments (UK)
- Morgan Stanley & Co. International plc
Morgan Stanley International Incorporated
-Morgan Stanley (Australia) Securities Holdings Pty Limited
-Morgan Stanley Australia Securities Limited

Signature

print name	Wilson Li		capacity	Vice President
sign here		⌒	date	April 24, 2018

DIRECTIONS

• $(1)$ If there are a number of substantial holders with similar or related relevant interests (eg. 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 4 of the form.
• $(2)$ See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.
• $(3)$ See the definition of "associate" in section 9 of the Corporations Act 2001.
• $(4)$ Include details of:
• any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) applies, a copy $(a)$ of any document setting out the terms of any relevant agreement, and 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
• 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 $(b)$ 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.

• $(5)$ Details of the consideration must include any and all benefits, moneys 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.
• The voting shares of a company constitute one class unless divided into separate classes. $(6)$
• $(7)$ Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice.

GUIDE

This guide does not form part of the prescribed form and is included by ASIC to assist you in completing and lodging form 605.

Signature	This form must be signed by either a director or a secretary of the substantial holder.
Lodging period	Nil
Lodging Fee	Nil
Other forms to be completed	Nil
Additional information	(a)			If additional space is required to complete a question, the information may be included on a separate piece of paper annexed to the form.
	(b)			This notice must be given to a listed company, or the responsible entity for a listed managed investment scheme. A copy of this notice must also be given to each relevant securities exchange.
	(c)			The person must give a copy of this notice:
		(i)		within 2 business days after they become aware of the information; or
		(ii)		by 9.30 am on the next trading day of the relevant securities exchange after they become aware of the information if:
			(A)	a takeover bid is made for voting shares in the company or voting interests in the scheme; and
			(B)	the person becomes aware of the information during the bid period.
Annexures				To make any annexure conform to the regulations, you must use A4 size paper of white or light pastel colour with a margin of at least 10mm on all sides
	1 $\mathbf{2}$			show the corporation name and ACN or ARBN
	3			number the pages consecutively
	4			print or type in BLOCK letters in dark blue or black ink so that the document is clearly legible when photocopied
	5			identify the annexure with a mark such as A, B, C, etc
	6			endorse the annexure with the words: This is annexure (mark) of (number) pages referred to in form (form number and title)
	7			sign and date the annexure.
				The annexure must be signed by the same person(s) who signed the form.

Information in this guide is intended as a guide only. Please consult your accountant or solicitor for further advice.

Appendix B

This is Annexure B referred to in the Form 605: Notice of ceasing to be a substantial holder issued by Morgan Stanley and its subsidiaries. The following is description of the securities lending agreements referenced in the accompanying Form 605.

Schedule
Type of Agreement	Overseas Securities Lender's Agreement
Parties to agreement	Morgan Stanley & Co. International plc and RBC INVESTOR SERVICES TRUST
Transfer Date	20180417; 20180420;
Holder of Voting Rights	Each Party undertakes that where it holds securities of the same
	description as any securities borrowed by it or transferred to it by way of
	collateral at a time when a right to vote arises in respect of such securities,
	it will use its best endeavours to arrange for the voting rights attached to
	such securities to be exercised in accordance with the instructions of the
	Lender or Borrower (as the case may be).
Are there any restrictions on voting rights?	Yes AHO
If yes, detail As stated above.
Scheduled Return Date (if any)	Open
Does the borrower have the right to return early?	Yes Ale
	If yes, detail The Borrower is entitled at any time to terminate a particular loan of Securities 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 may 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 relevant borrowed
	Securities were originally delivered. The Borrower shall redeliver such Equivalent Securities not later than the expiry of such notice in accordance with
the Lender's instructions. Will the securities be returned on settlement?
	Yes /No
	If yes, detail any exceptions If an Event of Default occurs in relation to either Party, the Parties' delivery and payment obligations shall be accelerated so as to require performance thereof at the time such Event of Default occurs. In such event the Relevant Value of the Securities to be
	delivered by each Party shall be established in accordance with the Agreement and on the basis of the Relevant Values so established, the sums
due from one Party shall be set-off against the sums due from the other and only the balance of the account shall be payable.
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
	TOTUS CAPITAL PTY LTD AS TRUSTEE FOR TOTUS ALPHA FUND
Transfer Date	20170913; 20170929; 20171130; 20171208; 20180209; 20180327;
	20180403;
Holder of Voting Rights	If prime broker has settled a short sale for the client, voting rights will
	pass to the purchaser of the securities.
Are there any restrictions on voting rights?	Yes/No

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 At any time the client may return to the prime broker shares which the client previously sold short. Does the lender have the right to recall early? Yes/No If yes, detail The prime broker may require the client to return shares delivered on behalf of the client at any time. 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
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 EQUITY TRUSTEES LIMITED AS THE RESPONSIBLE ENTITY OF WATERMARK GLOBAL LEADERS TRUST
Transfer Date	20180312; 20180410;
Holder of Voting Rights	If prime broker has settled a short sale for the client, voting rights will pass to the purchaser of the securities.
Are there any restrictions on voting rights?	Yes/No
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 At any time the client may return to the prime broker shares which the client previously sold short.
Does the lender have the right to recall early?	Yes /No
If yes, detail The prime broker may require the client to return shares delivered on behalf of the client at any time.
Will the securities be returned on settlement?	Yes /No
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.	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

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 EQUITY TRUSTEES LIMITED AS TRUSTEE FOR L1 CAPITAL LONG SHORT FUND
Transfer Date	20180418;
Holder of Voting Rights	If prime broker has settled a short sale for the client, voting rights will pass to the purchaser of the securities.
Are there any restrictions on voting rights?	¥es/No
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 At any time the client may return to the prime broker shares which the client previously sold short.
Does the lender have the right to recall early?	Yes ANO
If yes, detail The prime broker may require the client to return shares delivered on behalf of the client at any time.
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
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
	WATERMARK GLOBAL LEADERS FUND LIMITED
Transfer Date	20180312; 20180410;
Holder of Voting Rights	If prime broker has settled a short sale for the client, voting rights will
	pass to the purchaser of the securities.
Are there any restrictions on voting rights?	Yes/No
If yes, detail Not applicable
Scheduled Return Date (if any)	Open
Does the borrower have the right to return early?	Yes Ale
If yes, detail At any time the client may return to the prime broker shares which the client previously sold short.
Does the lender have the right to recall early?	Yes Ale
If yes, detail The prime broker may require the client to return shares delivered on behalf of the client at any time.
Will the securities be returned on settlement?	Yes ANO
	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	Master Securities Loan Agreement
Parties to agreement	Morgan Stanley & Co. LLC, MS Securities Services Inc. and THE BANK OF NEW YORK MELLON
Transfer Date	20180419; 20180420;
Holder of Voting Rights	Borrower
Are there any restrictions on voting rights?	Yes/No
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 Either party may terminate a Loan on a termination date established by notice given to the other party prior to the Close of Business on a Business Day. The termination date established by a termination notice shall be a date no earlier than the standard settlement date that would apply to a purchase or sale of the Loaned Securities (in the case of a notice given by Lender) or the non-cash Collateral securing the Loan (in the case of a notice given by Borrower) entered into at the time of such notice, which date shall, unless Borrower and Lender agree to the contrary, be the third Business Day following such notice.

Does the lender have the right to recall early?	Yes /No

If yes, detail Either party may terminate a Loan on a termination date established by notice given to the other party prior to the Close of Business on a Business Day. The termination date established by a termination notice shall be a date no earlier than the standard settlement date that would apply to a purchase or sale of the Loaned Securities (in the case of a notice given by Lender) or the non-cash Collateral securing the Loan (in the case of a notice given by Borrower) entered into at the time of such notice, which date shall, unless Borrower and Lender agree to the contrary, be the third Business Day following such notice.

Will the securities be returned on settlement? Yes/No

If yes, detail any exceptions Upon the occurrence of a Default entitling the Lender to terminate all Loans, the Lender has the right to purchase a like amount of Loaned Securities, to sell any Collateral and to apply and set off the Collateral and any proceeds thereof against the payment of the purchase price for such Replacement Securities. In the event the Lender exercises such rights, the Borrower's obligation to return a like amount of the Loaned Securities shall terminate.

Schedule
Type of Agreement	Customer Prime Broker Account Agreement
Parties to agreement	Morgan Stanley & Co. LLC on behalf of all Morgan Stanley entities and
	customer WATERMARK FUNDS MANAGEMENT PTY LIMITED
Transfer Date	20180221; 20180222; 20180223; 20180226; 20180410;
Holder of Voting Rights	Shares are used to settle customer's short sales. Voting rights are held
	by third party purchaser.
Are there any restrictions on voting rights?	No
If yes, detail Not applicable
Scheduled Return Date (if any)	Open
Does the borrower have the right to return early?	Yes.
If yes, detail The borrower may return shares to the lender at any time.
Does the lender have the right to recall early?	Yes
If yes, detail The lender may recall shares from the borrower at any time.
Will the securities be returned on settlement?	Yes
If yes, detail any exceptions In the ordinary course of business, customer will return the securities to the prime broker. Upon a customer Event of
Default, Morgan Stanley has the right to set off obligations owed to the customer against obligations of the customer to Morgan Stanley and to
foreclose on any collateral for the purpose of arriving at a single closeout amount. In such a default scenario, the shares may not be returned to
the prime broker.

The above 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.

Signature Vice President capacity print name Wilson Li April 24, 2018 date sign here