Western Areas : Becoming a substantial holder from MS

February 27, 2022 at 11:02 pm EST

Form 603

Corporations Act 2001

Section 671B

Notice of initial substantial holder

ToCompany Name/Scheme	WESTERN AREAS LIMITED

ACN/ARSN				…
091 049 357


1. Details of substantial holder (1)
Name	Morgan Stanley and its subsidiaries listed in Annexure A

ACN/ARSN (if applicable)	Not Applicable
only
		February 23, 2022
The holder became a substantial holder on

The holder became aware on			February 25, 2022

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:
use
	Class of securities (4)	Number of securities	Person's votes (5)	Voting power (6)

	Ordinary Shares	32,148,720	32,148,720	10.00%

				Based on 321,643,155 Ordinary
				Shares Outstanding

3. Details of relevant interests

The ature 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:
personal
Holder of relevant interest	Nature of relevant interest (7)	Class and number

	of securities


	Morgan Stanley & Co.	Holder of securities subject to an obligation to return under a prime brokerage	1,545,274 Ordinary
	International plc	agreement.	Shares

	Morgan Stanley & Co.	Shares held or in respect of which the holder may exercise control over	8,569,343 Ordinary
	International plc	disposal in the ordinary course of sales and trading businesses.	Shares

	Morgan Stanley Australia	Shares held or in respect of which the holder may exercise control over	20,812,397 Ordinary
For	Securities Limited	disposal in the ordinary course of sales and trading businesses.	Shares

Morgan Stanley Investment	Shares held or in respect of which the holder may exercise control over	1,449 Ordinary Shares

	Management Inc.	disposal in the ordinary course of investment management business.


	Morgan Stanley Smith Barney	Shares held or in respect of which the holder may exercise control over	3,125 Ordinary Shares
	LLC	disposal in the ordinary course of discretionary managed business.


	Morgan Stanley Wealth	Shares held or in respect of which the holder may exercise control over	303,450 Ordinary
	Management Australia Pty Ltd	disposal in the ordinary course of discretionary managed business.	Shares

	Parametric Portfolio Associates	Shares held or in respect of which the holder may exercise control over	913,682 Ordinary
	LLC	disposal in the ordinary course of investment management business.	Shares

Each of the entities (as listed in	Each of the above entities is a body corporate that each upstream entity	32,148,720 Ordinary
Annexure A) in the Morgan	Shares(N.B.: Total of
controls and therefore has the relevant interests that the above entities
Stanley group upstream of the	the above direct
collectively have.
above entities	interest)

4. Details of present registered holders

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

only		Holder of relevant interest	Registered holder of securities	Person entitled to be	Class and number of

		registered as holder (8)	securities


		Parametric Portfolio Associates LLC	Unknown		Not Applicable		913,682 Ordinary
				Shares


		Morgan Stanley Investment	HSBC Custody Nominees (Australia)		Not Applicable		1,449 Ordinary Shares
		Management Inc.	Limited


use		Morgan Stanley & Co. International plc	HSBC Custody Nominees (Australia)		Not Applicable		10,114,617 Ordinary
	Limited			Shares

	Morgan Stanley Australia Securities	Morgan Stanley Australia Securities		Not Applicable		20,812,397 Ordinary

		Limited	(Nominee) Pty Limited			Shares


		Morgan Stanley Wealth Management	Morgan Stanley Wealth Management		Not Applicable		303,450 Ordinary
		Australia Pty Ltd	Australia Pty discretionary client account		Shares


		Morgan Stanley Smith Barney LLC	HSBC Custody Nominees (Australia)		Not Applicable		3,125 Ordinary Shares
		Limited

personal
Morgan Stanley Australia Securities Limited	10/25/2021	487.64	Buy	146 Ordinary Shares
5. 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 interest	Date of acquisition	Consideration (9)	Class and number

				interest of securities
				Cash	Non-cash


		Morgan Stanley & Co. International plc	10/25/2021	502.5	Buy	150 Ordinary Shares

		Morgan Stanley & Co. International plc	10/25/2021	5,696.88	Buy	1,697 Ordinary Shares

		Morgan Stanley & Co. International plc	10/25/2021	58,687.14	Buy	17,487 Ordinary Shares

		Morgan Stanley & Co. International plc	10/25/2021	N/A	Collateral	101,566 Ordinary Shares
		Received

		Morgan Stanley Australia Securities Limited	10/25/2021	176.76	Buy	53 Ordinary Shares


		Morgan Stanley Australia Securities Limited	10/25/2021	1,255.15	Buy	373 Ordinary Shares

For	Morgan Stanley Australia Securities Limited	10/25/2021	1,452.72	Buy	433 Ordinary Shares


		Morgan Stanley Australia Securities Limited	10/25/2021	2,911.15	Buy	869 Ordinary Shares

		Morgan Stanley Australia Securities Limited	10/25/2021	4,528.29	Buy	1,366 Ordinary Shares

		Morgan Stanley Australia Securities Limited	10/25/2021	8,027.35	Buy	2,407 Ordinary Shares

		Morgan Stanley Australia Securities Limited	10/25/2021	8,027.35	Buy	2,407 Ordinary Shares

		Morgan Stanley Australia Securities Limited	10/25/2021	8,306.58	Buy	2,487 Ordinary Shares

		Morgan Stanley Australia Securities Limited	10/25/2021	8,846.88	Buy	2,633 Ordinary Shares

		Morgan Stanley Australia Securities Limited	10/25/2021	9,161.96	Buy	2,739 Ordinary Shares

		Morgan Stanley Australia Securities Limited	10/25/2021	11,991.84	Buy	3,569 Ordinary Shares

		Morgan Stanley Australia Securities Limited	10/25/2021	30,227.05	Buy	9,023 Ordinary Shares

		Morgan Stanley Australia Securities Limited	10/25/2021	32,247.10	Buy	9,626 Ordinary Shares

		Morgan Stanley Australia Securities Limited	10/25/2021	261,665.15	Buy	78,109 Ordinary Shares

		Morgan Stanley & Co. International plc	10/26/2021	3,694.50	Buy	1,102 Ordinary Shares

			2

For personal use only

Morgan Stanley & Co. International plc