Adore Beauty : Change in substantial holding from MUFG

Class of securities	Previous notice	Present notice
Person's votes	Voting power (%)	Person's votes	Voting power (%)
Fully Paid ordinary shares	7,216,419	7.67%	6,196,406	6.58%

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
See annexure A to this notice

Name and ACN/ARSN (if applicable)	Nature of association
Not applicable

Form604
Form 604
Corporations Act 2001
Section 671B
Notice of change of interests of substantial holder
To: Company Name/Scheme:	Adore Beauty Group Limited
ACN/ARSN	636 138 988
1. Details of substantial holder	Mitsubishi UFJ Financial Group, Inc.
Name
There was a change in the interests of the	26-Apr-22
substantial holder on
The previous notice was given to the company on	23-Mar-22
The previous notice was dated	23-Mar-22
The holder became aware on	28-Apr-22
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 had a relevant interest in when last required, and when now required, to give a substantial holding notice to the company or scheme are as follows:

3. Changes in relevant interest

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:

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 as holder	Nature of relevant interest	Class and number of securities	Person's votes
Mitsubishi UFJ Financial Group, Inc.	HSBC Custody Nominees (Australia) Limited	Not applicable	Relevant interest in securities that Morgan Stanley has a relevant interest in under section 608(3) of the Corporations Act as Mitsubishi UFJ Financial Group, Inc. has voting power of over 20% in Morgan Stanley.	5,588,596 Ordinary Shares	5,588,596
Mitsubishi UFJ Financial Group, Inc.	HSBC Custody Nominees (Australia) Limited	Not applicable	Relevant interest in securities that Morgan Stanley has a relevant interest in under section 608(3) of the Corporations Act as Mitsubishi UFJ Financial Group, Inc. has voting power of over 20% in Morgan Stanley.	565,235 Ordinary Shares	565,235
Mitsubishi UFJ Financial Group, Inc.	Morgan Stanley Australia Securities (Nominee) Pty Limited	Not applicable	Relevant interest in securities that Morgan Stanley has a relevant interest in under section 608(3) of the Corporations Act as Mitsubishi UFJ Financial Group, Inc. has voting power of over 20% in Morgan Stanley.	42,575 Ordinary Shares	42,575

5. 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

6. 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

Form604

Signature

Dated 2 May 2022

Authorised signatory

Annexure A

This is annexure A of 7 pages referred to in Form 604, Notice of change of interest of substantial holder dated 2 May 2022

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
21/03/2022	Mitsubishi UFJ Financial Group, Inc.	Purchase of securities by an entity controlled by Morgan Stanley	596.75	275 Ordinary Shares	275
21/03/2022	Mitsubishi UFJ Financial Group, Inc.	Sale of securities by an entity controlled by Morgan Stanley	3,118.88	1,544 Ordinary Shares	1,544
21/03/2022	Mitsubishi UFJ Financial Group, Inc.	Sale of securities by an entity controlled by Morgan Stanley	394,760.00	200,000 Ordinary Shares	200,000
21/03/2022	Mitsubishi UFJ Financial Group, Inc.	Sale of securities by an entity controlled by Morgan Stanley	1,186.04	596 Ordinary Shares	596
21/03/2022	Mitsubishi UFJ Financial Group, Inc.	Sale of securities by an entity controlled by Morgan Stanley	1,279.22	651 Ordinary Shares	651
21/03/2022	Mitsubishi UFJ Financial Group, Inc.	Sale of securities by an entity controlled by Morgan Stanley	1,684.35	855 Ordinary Shares	855
22/03/2022	Mitsubishi UFJ Financial Group, Inc.	Sale of securities by an entity controlled by Morgan Stanley	555.5	275 Ordinary Shares	275
22/03/2022	Mitsubishi UFJ Financial Group, Inc.	Sale of securities by an entity controlled by Morgan Stanley	3,224.00	1,612 Ordinary Shares	1,612
22/03/2022	Mitsubishi UFJ Financial Group, Inc.	Sale of securities by an entity controlled by Morgan Stanley	510.23	259 Ordinary Shares	259
23/03/2022	Mitsubishi UFJ Financial Group, Inc.	Sale of securities by an entity controlled by Morgan Stanley	3,043.77	1,429 Ordinary Shares	1,429
23/03/2022	Mitsubishi UFJ Financial Group, Inc.	Purchase of securities by an entity controlled by Morgan Stanley	4,699.08	2,061 Ordinary Shares	2,061
23/03/2022	Mitsubishi UFJ Financial Group, Inc.	Purchase of securities by an entity controlled by Morgan Stanley	4,790.68	2,092 Ordinary Shares	2,092
23/03/2022	Mitsubishi UFJ Financial Group, Inc.	Sale of securities by an entity controlled by Morgan Stanley	4,217.62	2,018 Ordinary Shares	2,018
24/03/2022	Mitsubishi UFJ Financial Group, Inc.	Sale of securities by an entity controlled by Morgan Stanley	6,776.91	3,123 Ordinary Shares	3,123
24/03/2022	Mitsubishi UFJ Financial Group, Inc.	Sale of securities by an entity controlled by Morgan Stanley	477.4	220 Ordinary Shares	220
24/03/2022	Mitsubishi UFJ Financial Group, Inc.	Sale of securities by an entity controlled by Morgan Stanley	6,420.00	3,000 Ordinary Shares	3,000
24/03/2022	Mitsubishi UFJ Financial Group, Inc.	Sale of securities by an entity controlled by Morgan Stanley	10.95	5 Ordinary Shares	5
24/03/2022	Mitsubishi UFJ Financial Group, Inc.	Sale of securities by an entity controlled by Morgan Stanley	557.5	250 Ordinary Shares	250
24/03/2022	Mitsubishi UFJ Financial Group, Inc.	Sale of securities by an entity controlled by Morgan Stanley	4,358.88	2,018 Ordinary Shares	2,018
25/03/2022	Mitsubishi UFJ Financial Group, Inc.	Sale of securities by an entity controlled by Morgan Stanley	30,052.68	13,181 Ordinary Shares	13,181
25/03/2022	Mitsubishi UFJ Financial Group, Inc.	Sale of securities by an entity controlled by Morgan Stanley	7,616.77	3,269 Ordinary Shares	3,269
25/03/2022	Mitsubishi UFJ Financial Group, Inc.	Sale of securities by an entity controlled by Morgan Stanley	20,116.00	8,560 Ordinary Shares	8,560

Authorised signatory Dated 2 May 2022

25/03/2022	Mitsubishi UFJ Financial Group, Inc.	Sale of securities by an entity controlled by Morgan Stanley	176,313.04	75,997 Ordinary Shares	75,997
25/03/2022	Mitsubishi UFJ Financial Group, Inc.	Sale of securities by an entity controlled by Morgan Stanley	30,173.50	12,950 Ordinary Shares	12,950
25/03/2022	Mitsubishi UFJ Financial Group, Inc.	Sale of securities by an entity controlled by Morgan Stanley	9,846.38	4,235 Ordinary Shares	4,235
25/03/2022	Mitsubishi UFJ Financial Group, Inc.	Sale of securities by an entity controlled by Morgan Stanley	3,518.76	1,491 Ordinary Shares	1,491
25/03/2022	Mitsubishi UFJ Financial Group, Inc.	Sale of securities by an entity controlled by Morgan Stanley	826.2	360 Ordinary Shares	360
25/03/2022	Mitsubishi UFJ Financial Group, Inc.	Sale of securities by an entity controlled by Morgan Stanley	4,266.00	1,800 Ordinary Shares	1,800
25/03/2022	Mitsubishi UFJ Financial Group, Inc.	Sale of securities by an entity controlled by Morgan Stanley	1,518.00	660 Ordinary Shares	660
25/03/2022	Mitsubishi UFJ Financial Group, Inc.	Sale of securities by an entity controlled by Morgan Stanley	2,676.00	1,200 Ordinary Shares	1,200
25/03/2022	Mitsubishi UFJ Financial Group, Inc.	Sale of securities by an entity controlled by Morgan Stanley	1,844.00	800 Ordinary Shares	800
25/03/2022	Mitsubishi UFJ Financial Group, Inc.	Sale of securities by an entity controlled by Morgan Stanley	739.35	318 Ordinary Shares	318
25/03/2022	Mitsubishi UFJ Financial Group, Inc.	Sale of securities by an entity controlled by Morgan Stanley	189,764.40	81,795 Ordinary Shares	81,795
25/03/2022	Mitsubishi UFJ Financial Group, Inc.	Sale of securities by an entity controlled by Morgan Stanley	161,472.48	70,512 Ordinary Shares	70,512
25/03/2022	Mitsubishi UFJ Financial Group, Inc.	Sale of securities by an entity controlled by Morgan Stanley	13,684.91	5,811 Ordinary Shares	5,811
25/03/2022	Mitsubishi UFJ Financial Group, Inc.	Sale of securities by an entity controlled by Morgan Stanley	4,017.15	1,695 Ordinary Shares	1,695
25/03/2022	Mitsubishi UFJ Financial Group, Inc.	Sale of securities by an entity controlled by Morgan Stanley	35,144.63	15,347 Ordinary Shares	15,347
28/03/2022	Mitsubishi UFJ Financial Group, Inc.	Sale of securities by an entity controlled by Morgan Stanley	26,053.94	12,466 Ordinary Shares	12,466
28/03/2022	Mitsubishi UFJ Financial Group, Inc.	Sale of securities by an entity controlled by Morgan Stanley	2,259.29	1,081 Ordinary Shares	1,081
28/03/2022	Mitsubishi UFJ Financial Group, Inc.	Sale of securities by an entity controlled by Morgan Stanley	4,774.00	2,200 Ordinary Shares	2,200
28/03/2022	Mitsubishi UFJ Financial Group, Inc.	Sale of securities by an entity controlled by Morgan Stanley	3,780.00	1,800 Ordinary Shares	1,800
28/03/2022	Mitsubishi UFJ Financial Group, Inc.	Sale of securities by an entity controlled by Morgan Stanley	3,255.00	1,550 Ordinary Shares	1,550
28/03/2022	Mitsubishi UFJ Financial Group, Inc.	Sale of securities by an entity controlled by Morgan Stanley	6,119.00	2,900 Ordinary Shares	2,900
28/03/2022	Mitsubishi UFJ Financial Group, Inc.	Sale of securities by an entity controlled by Morgan Stanley	123.12	54 Ordinary Shares	54
28/03/2022	Mitsubishi UFJ Financial Group, Inc.	Sale of securities by an entity controlled by Morgan Stanley	280.73	134 Ordinary Shares	134
28/03/2022	Mitsubishi UFJ Financial Group, Inc.	Sale of securities by an entity controlled by Morgan Stanley	4,047.00	1,900 Ordinary Shares	1,900
28/03/2022	Mitsubishi UFJ Financial Group, Inc.	Sale of securities by an entity controlled by Morgan Stanley	3,706.00	1,700 Ordinary Shares	1,700
28/03/2022	Mitsubishi UFJ Financial Group, Inc.	Purchase of securities by an entity controlled by Morgan Stanley	115.56	54 Ordinary Shares	54
28/03/2022	Mitsubishi UFJ Financial Group, Inc.	Borrow by an entity controlled by Morgan Stanley - see Annexure B	N/A	4,000 Ordinary Shares	4,000
29/03/2022	Mitsubishi UFJ Financial Group, Inc.	Sale of securities by an entity controlled by Morgan Stanley	10,633.00	4,900 Ordinary Shares	4,900
29/03/2022	Mitsubishi UFJ Financial Group, Inc.	Sale of securities by an entity controlled by Morgan Stanley	13,845.00	6,500 Ordinary Shares	6,500

29/03/2022

Mitsubishi UFJ Financial Group, Inc.

Purchase of securities by an entity controlled by Morgan

Stanley

1,484.00

700 Ordinary Shares

700

29/03/2022

Mitsubishi UFJ Financial Group, Inc.

Purchase of securities by an entity controlled by Morgan

Stanley

3,990.00

1,900 Ordinary Shares

1,900

29/03/2022

Mitsubishi UFJ Financial Group, Inc.

Sale of securities by an entity controlled by Morgan Stanley

4,372.89

2,053 Ordinary Shares

2,053

29/03/2022

Mitsubishi UFJ Financial Group, Inc.

Sale of securities by an entity controlled by Morgan Stanley

5,184.00

2,400 Ordinary Shares

2,400

29/03/2022

Mitsubishi UFJ Financial Group, Inc.

Sale of securities by an entity controlled by Morgan Stanley

3,311.00

1,540 Ordinary Shares

1,540

29/03/2022

Mitsubishi UFJ Financial Group, Inc.

Sale of securities by an entity controlled by Morgan Stanley

2,969.15

1,381 Ordinary Shares

1,381

30/03/2022

Mitsubishi UFJ Financial Group, Inc.

Purchase of securities by an entity controlled by Morgan

Stanley

3,025.74

1,434 Ordinary Shares

1,434

30/03/2022

Mitsubishi UFJ Financial Group, Inc.

Sale of securities by an entity controlled by Morgan Stanley

2,553.10

1,210 Ordinary Shares

1,210

30/03/2022

Mitsubishi UFJ Financial Group, Inc.

Sale of securities by an entity controlled by Morgan Stanley

29,247.03

13,731 Ordinary Shares

13,731

30/03/2022

Mitsubishi UFJ Financial Group, Inc.

Purchase of securities by an entity controlled by Morgan

Stanley

4.16

2 Ordinary Shares

2

30/03/2022

Mitsubishi UFJ Financial Group, Inc.

Sale of securities by an entity controlled by Morgan Stanley

6,963.00

3,300 Ordinary Shares

3,300

30/03/2022

Mitsubishi UFJ Financial Group, Inc.

Sale of securities by an entity controlled by Morgan Stanley

360.82

169 Ordinary Shares

169

30/03/2022

Mitsubishi UFJ Financial Group, Inc.

Purchase of securities by an entity controlled by Morgan

Stanley

2,019.58

964 Ordinary Shares

964

30/03/2022

Mitsubishi UFJ Financial Group, Inc.

Purchase of securities by an entity controlled by Morgan

Stanley

915.6

436 Ordinary Shares

436

30/03/2022

Mitsubishi UFJ Financial Group, Inc.

Sale of securities by an entity controlled by Morgan Stanley

438.84

207 Ordinary Shares

207

30/03/2022

Mitsubishi UFJ Financial Group, Inc.

Sale of securities by an entity controlled by Morgan Stanley

4,220.92

1,991 Ordinary Shares

1,991

30/03/2022

Mitsubishi UFJ Financial Group, Inc.

Purchase of securities by an entity controlled by Morgan

Stanley

1,040.82

498 Ordinary Shares

498

30/03/2022

Mitsubishi UFJ Financial Group, Inc.

Borrow Returned by an entity controlled by Morgan Stanley see Annexure B

-

N/A

54 Ordinary Shares

54

30/03/2022

Mitsubishi UFJ Financial Group, Inc.

Collateral Received by an entity controlled by Morgan Stanley - see Annexure B

N/A

54 Ordinary Shares

54

31/03/2022

Mitsubishi UFJ Financial Group, Inc.

Sale of securities by an entity controlled by Morgan Stanley

2,915.55

1,395 Ordinary Shares

1,395

31/03/2022

Mitsubishi UFJ Financial Group, Inc.

Sale of securities by an entity controlled by Morgan Stanley

1,306.20

622 Ordinary Shares

622

1/04/2022

Mitsubishi UFJ Financial Group, Inc.

Sale of securities by an entity controlled by Morgan Stanley

3,632.42

1,738 Ordinary Shares

1,738

1/04/2022

Mitsubishi UFJ Financial Group, Inc.

Sale of securities by an entity controlled by Morgan Stanley

2,312.10

1,101 Ordinary Shares

1,101

4/04/2022

Mitsubishi UFJ Financial Group, Inc.

Sale of securities by an entity controlled by Morgan Stanley

5,203.56

2,526 Ordinary Shares

2,526

4/04/2022

Mitsubishi UFJ Financial Group, Inc.

Sale of securities by an entity controlled by Morgan Stanley

3,296.00

1,600 Ordinary Shares

1,600

4/04/2022

Mitsubishi UFJ Financial Group, Inc.

Sale of securities by an entity controlled by Morgan Stanley

35.02

17 Ordinary Shares

17

4/04/2022

Mitsubishi UFJ Financial Group, Inc.

Sale of securities by an entity controlled by Morgan Stanley

24.78

12 Ordinary Shares

12

4/04/2022

Mitsubishi UFJ Financial Group, Inc.

Sale of securities by an entity controlled by Morgan Stanley

3,519.00

1,700 Ordinary Shares

1,700

5/04/2022

Mitsubishi UFJ Financial Group, Inc.

Sale of securities by an entity controlled by Morgan Stanley

816.06

402 Ordinary Shares

402