Tatts : Change in substantial holding

Form 604

Corporations Law Section 671B

Notice of change of interests of substantial holder

To: Company Name/Scheme TATTS GROUP LIMITED -

AC N/ARSN 108 686 040 -

1. Details of substantial holder

   NameUBS Group AG and its related bodies corporate ACN/ARSN (if applicable):

   There was a change in the interests of the substantial holder on 28 November 2016

   The previous notice was given to the company on 29 November 2016

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	229,951,249	15.66%	207,949,510	14.16%

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 of change	Person whose relevant interest changed	Nature of Change (6)	Consideration given in relation to change (7)	Class and Number of securities affected	Person's votes affected
   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 relevant interest	Registered holder of securities	Person entitled to be registered holder (8)	Nature of relevant interest (6)	Class and number of securities	Person's votes
   UBS AG	Various Custodians	UBS AG	Fund Manager with power to exercise control over voting shares	148,421 Ordinary	148,421
   UBS Asset Management {Americas) Inc	Various Custodians	UBS Asset Management {Americas) Inc	Fund Manager with power to exercise control over voting shares	55,906 Ordinary	55,906

   UBS Asset Management (Australia) Ltd	Various Custodians	UBS Asset Management (Australia) Ltd	Fund Manager with power to exercise control over voting shares	22,225,633 Ordinary	22,225,633
   UBS Asset Management (Deutschland) GmbH	Various Custodians	UBS Asset Management (Deutschland) GmbH	Fund Manager with power to exercise control over voting shares	124,296 Ordinary	124,296
   UBS Asset Management (Hong Kong) Ltd	Various Custodians	UBS Asset Management (Hong Kong) Ltd	Fund Manager with power to exercise control over voting shares	999,307 Ordinary	999,307
   UBS Asset Management Life Limited	Various Custodians	UBS Asset Management life Limited	Fund Manager with power to exercise control over voting shares	213,950 Ordinary	213,950
   UBS Asset Management (Singapore) Ltd	Various Custodians	UBS Asset Management (Singapore) Ltd	Fund Manager with power to exercise control over voting shares	15,679 Ordinary	15,679
   UBS Asset Management Trust Company	Various Custodians	UBS Asset Management Trust Company	Fund Manager with power to exercise control over voting shares	52,645 Ordinary	52,645
   UBS Asset Management (UK) Limited	Various Custodians	UBS Asset Management (UK) Limited	Fund Manager with power to exercise control over voting shares	3,583,790 Ordinary	3,583,790
   UBS Fund Management (Luxembourg) S.A.	Various Custodians	UBS Fund Management (Luxembourg) SA	Fund Manager with power to exercise control over voting shares	3,359,464 Ordinary	3,359,464
   UBS Fund Management (Switzerland) AG	Various Custodians	UBS Fund Management (Switzerland) AG	Fund Manager with power to exercise control over voting shares	3,677,153 Ordinary	3,677, 153
   UBS Third Party Management Company S.A.	Various Custodians	UBS Third Party Management Company S.A.	Fund Manager with power to exercise control over voting shares	11,443 Ordinary	11,443
   UBS AG London Branch	Various Custodians	UBS AG London Branch	Power to control disposal over shares pursuant to stock borrowing and lending activities (see Appendix A)	5,430,000 Ordinary	5,430,000
   	Various Custodians	UBS AG London Branch	Beneficial Owner	141,241 Ordinary	141,241
   	Citicorp Nominees Ply Ltd	UBS AG London Branch	Prime Broker that has exercised its borrowing right in respect of shares pursuant to a Prime Broking Agreement (see Appendix A)	1,403,896 Ordinary	1,403,896
   UBS Securities Australia Ltd	Warbont Nominees Pty Ltd	UBS Securities Australia Ltd	Power to control disposal over shares pursuant to stock borrowing and lending activities (see Appendix A)	11,980,000 Ordinary	11,980,000
   	Brispot Nominees Pty Ltd	UBS Securities Australia Ltd	Beneficial Owner	151,556,097 Ordinary	151,556,097
   	NIA	UBS Securities Australia Ltd	Beneficial Owner	60,000 Options	60,000
   UBS Switzerland AG	Various Custodians	UBS Switzerland AG	Broker with power to exercise discretion over account	8,287 Ordinary	8,287
   UBS AG Australia Branch	UBS Nominees Pty Ltd	UBS AG Australia Branch	Prime Broker that has exercised its borrowing right in respect of shares pursuant to a Prime Broking Agreement (see Appendix A)	2,902,302 Ordinary	2,902,302

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/ 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 the following link: http://apps2.ubs.com/locationfinder/

SIGNATURE

Print Name: Kyu-Ri Kim

Capacity: Authorised signatory

s;gn H--------D•_•_•_:_a_o_N_o_v_•_m_b_e_,_2_0_1s__

Print Name: Serene Peh Capacity: Authorised signatory

s;gn Hece f'-"-------------D_•_•_•:_a_o_N_ov__•m_b_e ,_2_0_1_s _

Contact details for this notice: Serene Peh

Compliance & Operational Risk Control

(T) [phone]

Aooendix A

Holder of relevant Interest	UBS AG, London Branch	UBS AG, London Branch		UBS Securities Australia Ltd
Type of agreement	Securities Lending Agreement	Prime Brokerage Agreement		Securities Lending Agreement
Parties to agreement	(I) UBS AG, London Branch ("UBS AG ")/ UBS Limited (!i) Client (Please refer to Appendix A-1.)	(i) UBS AG, London Branch ("UBS AG") (ii) Client (Please refer to Appendix A-1.)		UBS AG, Australia Branch ("UBS AG")f UBS Securities Australla Limited 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 Limited	UBS AG		UBS AG/ UBS Securities Australia Limited
Are there any restrictions on voting rights?	Please referlo the details below.	No.		Please refer to the details below.
If yes, detail	Since all right and title In the securities passes to the transferee (i.e. UBS AG! UBS Limited), the transferee has the right to vote. However, in certain circumstances, the transferee may seek to arrange for instructions to be exercised in accordance with the instructions of the transferor (i.e. Client).	NIA		Since au right and title in the securities passes to the transferee (i.e. UBS AG/ UBS Securities Australia Limited), the transferee has the right to vote. However, in certain circumstances, the transferee may seek to arrange for instructions to be exercised in accordance with the instructions of the transferor (i.e. Client).
Scheduled return date (if any)	None.	None.		None, subject to the terms of the relevant loan.
Does the borrower have the right to return early?	Yes.	Yes.		Yes.
If yes, detail	The borrower (i.e. UBS AG/ UBS Limited) has the right to return at its discretion subject to the terms of the relevant loan.	The borrower (i.e. UBS AG) has the right to return at its discrellon.		The borrower (i.e. UBS AG/ UBS Securl!ies Australia Limited) has the rtght to return at its discrellon.
Does the lender have the right to recall early?	Yes.	Yes.		Yes.
If yes, detail	The lender (I.e. Client) can recall at its request subject to compHance with margin requirements and the terms of the relevant loan.	The lender (I.e. Cllent) can recall at its request subject to compliance with margin requirements and the terms of the relevant loan.		The lender (i.e. Client) can recall at its request subject to compliance with margin requirements and the terms of the relevant loan.
Will the securitles be returned on settlement?	Yes.	Yes.		Yes.
If yes, detail any exceptions	None.	None.	None.

The information in this appendix is based on the relevant standard UBS agreement

A copy of the agreement is available to the company, or responsible entity to whom the prescribed form must be given, or to ASIC, upon request.