Spectrum Metals : Becoming a substantial holder from MUFG

Form 603

Corporations Act 2001

Section 671B

Notice of initial substantial holder

ToCompany Name/Scheme	SPECTRUM METALS LIMITED
ACN/ARSN		…
115 770 226

1. Details of substantial holder (1)

Name	Mitsubishi UFJ Financial Group, Inc.
ACN/ARSN (if applicable)	Not Applicable
The holder became a substantial holder on	25 February 2020
The holder became aware on		27 February 2020

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	76,276,737	76,276,737	5.43%
			Based on 1,405,515,165 Ordinary
			Shares Outstanding

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)	Class and number
of securities
Mitsubishi UFJ Financial Group,	Relevant interest in securities that Morgan Stanley has a relevant interest in	76,276,737 Ordinary
under section 608(3) of the Corporations Act as Mitsubishi UFJ Financial
Inc.	Group, Inc. has voting power of over 20% in Morgan Stanley.	Shares

4. Details of present registered holders

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

Holder of relevant interest	Registered holder of securities	Person entitled to be	Class and number of
registered as holder (8)	securities
Mitsubishi UFJ Financial Group, Inc	Morgan Stanley Australia Securities	Not Applicable	76,276,737 Ordinary
(Nominee) Pty Limited	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
(MM/DD/YY)			of securities
		Cash	Non-cash
Mitsubishi UFJ Financial Group, Inc.	11/07/2019	3,409.96	N/A	55,901 Ordinary Shares
Mitsubishi UFJ Financial Group, Inc.	11/08/2019	3,816.00	N/A	63,600 Ordinary Shares
Mitsubishi UFJ Financial Group, Inc.	11/13/2019	690.00	N/A	10,000 Ordinary Shares
		1

Mitsubishi UFJ Financial Group, Inc.	02/10/2020	86,291.06	N/A	639,193 Ordinary Shares
Mitsubishi UFJ Financial Group, Inc.	02/10/2020	338,208.50	N/A	2,552,517 Ordinary Shares
Mitsubishi UFJ Financial Group, Inc.	02/11/2020	168,750.00	N/A	1,250,000 Ordinary Shares
Mitsubishi UFJ Financial Group, Inc.	02/11/2020	333,458.25	N/A	2,516,666 Ordinary Shares
Mitsubishi UFJ Financial Group, Inc.	02/11/2020	135,000.00	N/A	1,000,000 Ordinary Shares
Mitsubishi UFJ Financial Group, Inc.	02/11/2020	111,047.17	N/A	854,209 Ordinary Shares
Mitsubishi UFJ Financial Group, Inc.	02/12/2020	8,779.03	N/A	67,531 Ordinary Shares
Mitsubishi UFJ Financial Group, Inc.	02/12/2020	17,220.97	N/A	132,469 Ordinary Shares
Mitsubishi UFJ Financial Group, Inc.	02/12/2020	26,526.40	N/A	200,000 Ordinary Shares
Mitsubishi UFJ Financial Group, Inc.	02/12/2020	244,266.93	N/A	1,843,524 Ordinary Shares
Mitsubishi UFJ Financial Group, Inc.	02/14/2020	5,647.46	N/A	40,339 Ordinary Shares
Mitsubishi UFJ Financial Group, Inc.	02/14/2020	1,244.24	N/A	9,049 Ordinary Shares
Mitsubishi UFJ Financial Group, Inc.	02/17/2020	168.14	N/A	1,269 Ordinary Shares
Mitsubishi UFJ Financial Group, Inc.	02/17/2020	220,971.03	N/A	1,675,000 Ordinary Shares
Mitsubishi UFJ Financial Group, Inc.	02/17/2020	5,921.78	N/A	43,865 Ordinary Shares
Mitsubishi UFJ Financial Group, Inc.	02/18/2020	9,363.98	N/A	73,443 Ordinary Shares
Mitsubishi UFJ Financial Group, Inc.	02/18/2020	80,832.57	N/A	621,789 Ordinary Shares
Mitsubishi UFJ Financial Group, Inc.	02/18/2020	260,340.72	N/A	2,041,888 Ordinary Shares
Mitsubishi UFJ Financial Group, Inc.	02/18/2020	133,368.05	N/A	1,041,710 Ordinary Shares
Mitsubishi UFJ Financial Group, Inc.	02/19/2020	4,806.68	N/A	35,605 Ordinary Shares
Mitsubishi UFJ Financial Group, Inc.	02/19/2020	315,592.59	N/A	2,403,398 Ordinary Shares
Mitsubishi UFJ Financial Group, Inc.	02/19/2020	315,019.13	N/A	2,333,475 Ordinary Shares
Mitsubishi UFJ Financial Group, Inc.	02/19/2020	90,893.34	N/A	673,284 Ordinary Shares
Mitsubishi UFJ Financial Group, Inc.	02/19/2020	77,251.48	N/A	583,030 Ordinary Shares
Mitsubishi UFJ Financial Group, Inc.	02/20/2020	303,004.67	N/A	2,244,479 Ordinary Shares
Mitsubishi UFJ Financial Group, Inc.	02/20/2020	8,571.69	N/A	63,494 Ordinary Shares
Mitsubishi UFJ Financial Group, Inc.	02/20/2020	842.46	N/A	6,127 Ordinary Shares
Mitsubishi UFJ Financial Group, Inc.	02/20/2020	22,677.41	N/A	167,813 Ordinary Shares
Mitsubishi UFJ Financial Group, Inc.	02/20/2020	5,303.24	N/A	38,569 Ordinary Shares
Mitsubishi UFJ Financial Group, Inc.	02/21/2020	426,657.55	N/A	3,102,964 Ordinary Shares
Mitsubishi UFJ Financial Group, Inc.	02/21/2020	235,859.55	N/A	1,730,000 Ordinary Shares
Mitsubishi UFJ Financial Group, Inc.	02/21/2020	162,262.44	N/A	1,201,944 Ordinary Shares
Mitsubishi UFJ Financial Group, Inc.	02/24/2020	1,569,556.95	N/A	10,463,713 Ordinary Shares
Mitsubishi UFJ Financial Group, Inc.	02/24/2020	8,806.79	N/A	61,802 Ordinary Shares
Mitsubishi UFJ Financial Group, Inc.	02/24/2020	26,464.20	N/A	176,428 Ordinary Shares
Mitsubishi UFJ Financial Group, Inc.	02/24/2020	286,951.97	N/A	2,013,698 Ordinary Shares
Mitsubishi UFJ Financial Group, Inc.	02/24/2020	2,979,464.40	N/A	19,800,000 Ordinary Shares
Mitsubishi UFJ Financial Group, Inc.	02/24/2020	77,500.00	N/A	500,000 Ordinary Shares
Mitsubishi UFJ Financial Group, Inc.	02/24/2020	76,326.25	N/A	500,500 Ordinary Shares
Mitsubishi UFJ Financial Group, Inc.	02/24/2020	586,618.48	N/A	4,190,132 Ordinary Shares
Mitsubishi UFJ Financial Group, Inc.	02/24/2020	455,459.79	N/A	3,141,102 Ordinary Shares
Mitsubishi UFJ Financial Group, Inc.	02/24/2020	8,211.90	N/A	54,746 Ordinary Shares
Mitsubishi UFJ Financial Group, Inc.	02/25/2020	19,829.31	N/A	134,436 Ordinary Shares
Mitsubishi UFJ Financial Group, Inc.	02/25/2020	361,568.52	N/A	2,451,312 Ordinary Shares
Mitsubishi UFJ Financial Group, Inc.	02/25/2020	523,036.50	N/A	3,500,000 Ordinary Shares
Mitsubishi UFJ Financial Group, Inc.	02/25/2020	84,949.35	N/A	566,329 Ordinary Shares
Mitsubishi UFJ Financial Group, Inc.	02/25/2020	36,250.00	N/A	250,000 Ordinary Shares
Mitsubishi UFJ Financial Group, Inc.	02/25/2020	122,250.00	N/A	815,000 Ordinary Shares
		2

6. 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
See Annexure A	Each company referred to is an associate of Mitsubishi UFJ Financial Group, Inc. under
section 12 of the Corporations Act

7. Addresses

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

Name	Address
Mitsubishi UFJ Financial Group, Inc.	2-7-1, Marunouchi, Chiyoda-ku, Tokyo 100-8330, Japan

Signature

print name	Kenji Takase	capacity	Authorised signatory
sign here		date	28 February 2020

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Annexure A

This is annexure A of 4 pages referred to in Form 603, Notice of initial substantial holder dated 28 February 2020

Kenji Takase

Authorised signatory

Dated 28 February 2020

MUFG Bank, Ltd.

Mitsubishi UFJ Trust and Banking Corporation

Mitsubishi UFJ Securities Holdings Co., Ltd.

MU Business Engineering, Ltd.

The Mitsubishi UFJ Factors Limited

Mitsubishi UFJ Jinji Service Co., Ltd.

MU Techno-service Co., Ltd.

Tokyo Credit Service, Ltd.

Tokyo Associates Finance Corp.

MU Business Service Co., Ltd.

Mitsubishi UFJ Loan Business Co.,Ltd.

Mitsubishi UFJ Information Technology, Ltd.

MU Center Service Tokyo Co., Ltd.

MU Center Service Nagoya Co., Ltd.

MU Center Service Osaka Co., Ltd.

MU Business Aid Co., Ltd.

MU Property Reserch Company Limited

Mitsubishi UFJ Home Loan CREDIT CO., LTD.

The Diamond Home Credit Company Limited

Mitsubishi UFJ Reserch & Consulting Co., Ltd.

MU Frontier Servicer Co., Ltd.

Otemachi Guarantee Co., Ltd.

GD Holdings Company Limited

MU Loan Administration Support Co., Ltd.

MU Communications Co.,Ltd.

Japan Electronic Monetary Claim Organization

MU Business Partner Co., Ltd.

MUT Business Outsourcing Co., Ltd.

Mezzanine Solution II Limited Partnership

Mezzanine Solution III Limited Partnership

Mitsubishi UFJ Capital Co., Ltd.

Mitsubishi UFJ Capital Ⅲ, Limited Partnership

Mitsubishi UFJ Capital Ⅳ, Limited Partnership

Mitsubishi UFJ Capital Ⅴ, Limited Partnership

Mitsubishi UFJ Capital Ⅵ, Limited Partnership

Mitsubishi UFJ Capital Ⅶ, Limited Partnership

Mitsubishi UFJ Life Science 1, Limited Partnership

Mitsubishi UFJ Life Science 2, Limited Partnership

Tohoku Senary Industry Support, Limited Partnership

OiDE Fund Investment Limited Partnership

Mitsubishi UFJ Personal Financial Advisers Co., Ltd.

Mitsubishi UFJ Financial Partners Co.,Ltd.

The Mitsubishi Asset Brains Company, Limited

BOT Lease Co., Ltd.

The Chukyo Bank, Ltd.

Nippon Mutual Housing Loan Co., Ltd.

JM Real Estate Co., Ltd.

Jibun Bank Corporation

JACCS CO.,LTD.

JALCARD Inc.

Yume Shokei Fund No.2

Yume Shokei Fund No.3

Marunouchi Capital Fund II Limited Partnership

M･U･Trust Sougou Kanri Co., Ltd.

Mitsubishi UFJ Trust Business Co., Ltd.

Ryoshin Data Co., Ltd.

Mitsubishi UFJ Trust Systems Co., Ltd.

Mitsubishi UFJ Trust Investment Technology Institute Co., Ltd.

Mitsubishi UFJ Trust Hosyo Co., Ltd.

M･U･Trust･Apple Planning Company, Ltd.

Mitsubishi UFJ Real Estate Services Co., Ltd.

Mitsubishi UFJ Daiko Business Co., Ltd.

The Master Trust Bank of Japan, Ltd.

MU Investments Co., Ltd.

Japan Shareholder Services Ltd.

Mitsubishi UFJ Kokusai Asset Management Co., Ltd.

Tokumei-Kumiai (CPI)

Tokumei-Kumiai (GII)

Tokumei-Kumiai (Gate Bridge 1)

Tokumei-Kumiai (CENTOMILIARDO)

Tokumei-Kumiai (MEET)

Tokumei-Kumiai (FIELD)

Ippan Shadan Houjin Leone

4

Jointly Managed Monetary Trust Fund (Fund Number:550001) MU Trust Property Management Co., Ltd.

Tokumei-Kumiai (RICE) TOKKINGAI (Fund Number.900338) TOKKINGAI (Fund Number.900327) TOKKINGAI (Fund Number.900344) AMP Capital Investors KK

MM Partnership

MUS Information Systems Co., Ltd. MUS Business Service Co., Ltd.

Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. Mitsubishi UFJ Morgan Stanley PB Securities Co., Ltd. kabu.com Securities Co., Ltd.

Morgan Stanley MUFG Securities Co., Ltd. Mitsubishi UFJ NICOS Co., Ltd.

Card Business Service Co.,Ltd.

MU NICOS Business Service Co., Ltd. MU NICOS Credit Co.,Ltd.

Ryoshin DC Card Company Ltd. JMS Co., Ltd.

Paygent Co., Ltd.

JA Card Co., Ltd

ACOM CO., LTD.

IR Loan Servicing, Inc.

MU Credit Guarantee Co., Ltd. Japan Digital Design, Inc. Crowd Money Inc.

MUMEC Visionary Design, Ltd. Global Open Network, Inc. Global Open Network Japan, Inc. MUFG Innovation Partners Co., Ltd.

MUFG Innovation Partners No.1 Investment Partnership Mitsubishi Research Institute DCS Co.,Ltd.

HR Solution DCS Co.,Ltd.

Mitsubishi UFJ Lease & Finance Company Limited Hitachi Capital Corporation

Nihombashi TG Jigyo Kyodo Kumiai

NIHOMBASHI TG SERVICE CO., LTD.

SHIN-NIHOMBASHI TSUSHO CO., LTD. Solution Design Co.,ltd.

Nippon Record Keeping Network Co., Ltd. Banco MUFG Brasil S.A.

9808680 Canada Inc.

BTMU (Curacao) Holdings N.V. MUFG Bank (Europe) N.V.

MUFG Business Services (Holland) B.V. MUFG Funding (UK) Limited

MUFG Europe Lease (Deutschland) GmbH MUFG Bank (Malaysia) Berhad

MUFG North America International, Inc. MUFG Bank Mexico, S.A.

MUFG Nominees (HK) Limited

MUFG Nominees (UK) Limited

MUFG Americas Holdings Corporation MUFG Union Bank, N.A.

Union Bank of California Leasing, Inc. UBOC Community Development Corporation UnionBanc Investment Services, LLC Bankers Commercial Corporation UnionBanCal Equities, Inc.

UnionBanCal Leasing Corporation

UnionBanCal Mortgage Corporation Mills-Ralston, Inc.

HighMark Capital Management, Inc. BCC OX I, Inc.

BCC OX II, Inc.

SEMA OP9 LLC

SEMA OP8 LLC MORGANTOWN OL6 LLC MORGANTOWN OL7 LLC MORGANTOWN OL5 LLC DICKERSON OL4 LLC TRL One A, LLC

TRL One B, LLC TRL One, LP BM1,LLC

UB Leasing Corporation Pacific Capital Statutory Trust I Shiloh ⅣWind Project, LLC Shiloh ⅣHoldings Lessor Trust Green Union I Trust

Green Union II Trust

Green Union III Trust

Tohlease Corporation

MUFG Americas Funding Corporation

MUFG Americas Financial & Leasing Corporation B-4 U.B. Vehicle Leasing, Inc.

MUFG Americas Leasing Corporation

5

MUFG Americas Financial Services, Inc. MUFG Americas Leasing (Canada) Corporation MUFG Americas Leasing & Finance, Inc.

MUFG Americas Capital Leasing & Finance, LLC MUFG Americas Corporate Advisory, Inc. MUFG Americas LF Capital LLC

MUFG Americas Capital Company

MUFG Fund Services (USA) LLC

MUFG Securities Americas Inc. MUFG Capital Analytics LLC MUFG Investor Services (US), LLC Intrepid Investment Bankers LLC

Southern California Business Development Corporation Catalina Solar Holdings Lessor Trust

Catalina Solar, LLC

Morgan Stanley MUFG Loan Partners, LLC PT U Finance Indonesia

PT. MU Research and Consulting Indonesia

MU Research and Consulting (Thailand) Co., Ltd. MUFG Participation (Thailand) Co., Ltd.

AO MUFG Bank (Eurasia)

MUFG Bank (China), Ltd.

BTMU Preferred Capital 8 Limited

BTMU Preferred Capital 9 Limited

BTMU Liquidity Reserve Investment Limited MUFG Bank Turkey Anonim Sirketi

Bank of Ayudhya Public Company Limited Krungsri Ayudhya AMC Limited Krungsri Factoring Company Limited

Ayudhya Development Leasing Company Limited Ayudhya Capital Auto Lease Public Company Limited Krungsriayudhya Card Company Limited

General Card Services Limited

Ayudhya Capital Services Company Limited

Krungsri General Insurance Broker Limited Krungsri Life Assurance Broker Limited Krungsri Asset Management Company Limited Total Services Solutions Public Company Limited Ngern Tid Lor Company Limited

Krungsri Securities Public Company Limited

Siam Realty and Services Security Co.,Ltd. Krungsri Leasing Services Co., Ltd.

Hattha Kaksekar Limited Krungsri Finnovate Co., Ltd. Tesco Card Services Limited

BTMU Liquidity Reserve Investment 2 Limited

BTMU Liquidity Reserve Investment 3 Limited PT Guna Dharma

PT Bank Danamon Indonesia, Tbk. PT Adira Quantum Multifinance

PT Adira Dinamika Multi Finance Tbk PT Asuransi Adira Dinamika

BOT Lease (HK) Co., Ltd.

PT Bumiputera - BOT Finance

BOT Lease Holding Philippines, Inc. BOT Lease and Finance, Philippines, Inc. BOT Lease (Thailand) Co., Ltd.

MUFG Holding (Thailand) Co., Ltd. Bangkok MUFG Limited

BOT Lease(Eurasia)LLC BOT Lease (Tianjin) Co., Ltd.

BOTL Factoring (Shanghai) Co., Ltd.

BOT LEASE MEXICO S.A. DE C.V.

BOT FINANCE MEXICO, S.A. DE C.V., SOFOM, E.N.R.

GOLDEN ASIA FUND VENTURES LTD. Lakefield Wind Project OP Trust Lakefield Wind Project, LLC

Pacwind Holdings Lessor Trust Pacific Wind, LLC

Vietnam Joint Stock Commercial Bank for Industry and Trade

GOLDEN ASIA FUND II, L.P. Security Bank Corporation

Mitsubishi UFJ Trust International Limited

Mitsubishi UFJ Baillie Gifford Asset Management Limited Mitsubishi UFJ Investor Services & Banking (Luxembourg) S.A. MUFG Lux Management Company S.A.

Mitsubishi UFJ Investment Services (HK) Limited Mitsubishi UFJ Asset Management (UK) Ltd.

LUX J1 FUND

MUFG Investor Services Holdings Limited

MUFG Fund Services (Bermuda) Limited

MUFG Fund Services (Cayman) Limited MUFG Fund Services (Cayman) Group Limited MUFG Fund Services (Ireland) Limited

Fund Secretaries Limited MUFG Fund Services Limited

MUFG Fund Services (Canada) Limited MUFG Fund Services (UK) Limited MUFG Fund Services (Halifax) Limited

6

MUFG Fund Services (Singapore) Pte. Ltd.

MUFG Fund Services (Hong Kong) Limited

MUFG Alternative Fund Services (Cayman) Limited Firtown International Holdings Ltd.

General Secretaries Ltd.

AFS Controlled Subsidiary 1 Ltd.

AFS Controlled Subsidiary 2 Ltd.

AFS Controlled Subsidiary 3 Ltd.

MUFG Alternative Fund Services (Ireland) Limited

MUFG Alternative Fund Services (Jersey) Limited MUFG Jersey Management Company Limited MUFG Controlled Subsidiary 1 (Cayman) Limited

SWS MU FUND MANAGEMENT CO.,LTD.

SWSMU (SHANGHAI) ASSETS MANAGEMENT COMPANY LIMITED AMP Capital Holdings Limited

MUFG Global Fund SICAV MUFG Securities EMEA plc MUFG Securities (Europe) N.V.

MUFG Securities Asia (Singapore) Limited MUFG Securities Asia Limited

Mitsubishi UFJ Wealth Management Bank (Switzerland), Ltd. MUFG Securities (Canada), Ltd.

EASY BUY Public Company Limited

ACOM CONSUMER FINANCE CORPORATION MUFG Capital Finance 8 Limited

MUFG Capital Finance 9 Limited

GOLDEN ASIA FUND, L.P.

DCS Information Technology (Shanghai) Co., Ltd MRIDCS Americas, Inc.

Morgan Stanley

Purple Finance (Cayman) International Ltd. Bangkok Mitsubishi UFJ Lease Co., Ltd The California-Sansome Corporation First Sentier Investors Holdings Pty Limited

First Sentier Investors (Australia) IP Holdings Pty Limited First Sentier Investors (Australia) Services Pty Limited

CFSPAI EUROPE CO LIMITED (COMPANY CODE C41267) CFSPAI EUROPE HOLDCO LIMITED (COMPANY CODE C41260) First Sentier Investors (Australia) IM Ltd

First Sentier Investors (Australia) Infrastructure Holdings Ltd First Sentier Investors (Australia) Infrastructure Managers Pty Ltd

COLONIAL FIRST STATE INVESTMENT MANAGERS (UK) LIMITED (COMPANY NO. 00153197) First Sentier Investors (Australia) RE Ltd

EDIF II GP S.A.R.L. (COMPANY NO. B204413)

FIRST STATE EUROPEAN DIVERSIFIED INFRASTRUCTURE S.A.R.L. (COMPANY NO. B134314) FIRST STATE INFRASTRUCTURE MANAGERS (INTERNATIONAL) LIMITED (COMPANY NO. 298444) FIRST STATE INVESTMENT MANAGEMENT (UK) LIMITED (COMPANY NO. SC047708)

First Sentier Investors Asia Holdings Limited

FIRST STATE INVESTMENT SERVICES (UK) LIMITED (COMPANY NO. 03904320) FIRST STATE INVESTMENTS (HONG KONG) LIMITED (CR NO. 0206616)

FIRST STATE INVESTMENTS (IRELAND) LIMITED (COMPANY NO. 629188)

FIRST STATE INVESTMENTS (JAPAN) LIMITED (COMPANY NUMBER 0104-01-093090) FIRST STATE INVESTMENTS (SINGAPORE) (COMPANY NO. 02294743)

FIRST STATE INVESTMENTS (UK HOLDINGS) LIMITED (COMPANY NO. 03904310) FIRST STATE INVESTMENTS (UK) LIMITED (COMPANY NO. 02294743)

FIRST STATE INVESTMENTS (US) LLC (FILE NUMBER 546 9442)

FIRST STATE INVESTMENTS FUND MANAGEMENT S.A.R.L (COMPANY NO. B128117)

FIRST STATE INVESTMENTS HOLDINGS (SINGAPORE) LIMITED (REGISTRATION NO. 199901706Z) FIRST STATE INVESTMENTS INTERNATIONAL LIMITED (COMPANY NO. SC079063)

FIRST STATE NOMINEES (HONG KONG) LIMITED (CR NO. 0206615)

FSIB LTD

First Sentier Investors Realindex Pty Ltd

SI HOLDINGS LIMITED (COMPANY NO. SC109439) TOTAL KEEN INVESTMENT LIMITED (CR NO. 0580652)

7