Hastings Diversified Utilities Fund : Change in substantial holding

UBSAG

Hong Kong Branch

52/F, Two lnternational Finance Centre

8 Finance Street

Centrai, Hong Kong

Tel.[phone]

Fax

Compliance

Legai & Compliance

21 August 2012

Strictly Private &: Confidential

to Hastings Diversified Utilities Fund Level27, 35 Collins Street, Melbourne, VIC, 3000,

Australia

[phone]

subject Disclosure Of Substantial Shareholding

Dear Sirs

Please find attached a notification of substantial shareholding in Hastings Diversified Utilities Fund (Stock code: HDF) far tra de date 17 August 2012. Please contact Trish Lee at [phone] should you

have any queries in relation to this matter. Yours sincerely,

UBSAG

Trish Lee

Legai & Compliance

So Young Kim

Legai & Compliance

The information contained in this facsimile message is confidential information intended only for the individuai or entity named herein. lf the reader of this information is not the named recipient, you are hereby notified that any dissemination, distribution or copy of this facsimile is strictly prohibited. lf you have received this facsimile in errar, please immediately contact us by telephone and return the originai message to us at the above address. Thank you.

lncorporat•d In Switzerland w1th Limited Liabillty

Form 604

Corporations Law

Section 6718

Notice of change of interests of substantial holder

To: Company Name/Scheme HASTINGS DIVERSIFIED UTILITIES FUND

ACN/ARSN 058 693 388

1. Details of substantial holder

Name UBS AG and its related bodies corporale

ACN/ARSN (if applìcable):

There was a change in the interests of the substantial holder on 17 August 2012

The previous notice was given to the company an 6 August 2012

2. Previous and present voting power

The total number of votes aHached to ali 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 securltles	Previous Notice	Present Notice
	Person's Votes	Voting Power	Person's Votes	Voting Power
Stapled Securities	26,946,998	5.08%	35,239	,595	6.65%

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	Consideration given in relation to change	Class and Number of securities	Person's votes affected
Please see Appendix B.

4. Present relevant interests

ParticuJars of each relevant interest of the substantial holder in voting securities after the change are as follows:

Holderof relevant interest	Registered holder of		Person entitled to be registered	Nature of relevant interest	Class and numberof	Person's votes
	securities		holder		securities
UBS Global	Various		UBS Global Asse!	Fund Managerwith powerto	842,801	842,801
Asset Custodians Management Management (Australia) Ltd (Australia) Ltd UBS AG, London Various UBS AG, London Branch Custodians Branch UBS Securities Brispot UBS Securities Australia Ltd Nominees pty Australia Ltd Ltd UBS Wealth UBS Wealth UBS Wealth	exercise contro! over voting shares	Stapled Securities
Asset Custodians Management Management (Australia) Ltd (Australia) Ltd UBS AG, London Various UBS AG, London Branch Custodians Branch UBS Securities Brispot UBS Securities Australia Ltd Nominees pty Australia Ltd Ltd UBS Wealth UBS Wealth UBS Wealth	Beneficiai owner	12,837,793	12,837,793
Asset Custodians Management Management (Australia) Ltd (Australia) Ltd UBS AG, London Various UBS AG, London Branch Custodians Branch UBS Securities Brispot UBS Securities Australia Ltd Nominees pty Australia Ltd Ltd UBS Wealth UBS Wealth UBS Wealth		Stapled Securities
Asset Custodians Management Management (Australia) Ltd (Australia) Ltd UBS AG, London Various UBS AG, London Branch Custodians Branch UBS Securities Brispot UBS Securities Australia Ltd Nominees pty Australia Ltd Ltd UBS Wealth UBS Wealth UBS Wealth	Beneficiai owner	20,615,882	20,615,882
Asset Custodians Management Management (Australia) Ltd (Australia) Ltd UBS AG, London Various UBS AG, London Branch Custodians Branch UBS Securities Brispot UBS Securities Australia Ltd Nominees pty Australia Ltd Ltd UBS Wealth UBS Wealth UBS Wealth		Stapled Securities
Asset Custodians Management Management (Australia) Ltd (Australia) Ltd UBS AG, London Various UBS AG, London Branch Custodians Branch UBS Securities Brispot UBS Securities Australia Ltd Nominees pty Australia Ltd Ltd UBS Wealth UBS Wealth UBS Wealth	Broker with power to exercise	40,000	40,000

Management Management Management discretion aver account Stapled
Australia Ltd Australia Australia Ltd
Nominees Pty Securities

Ltd

UBSAG, UBS UBS AG, Australia Prime Broker that has exercised 903,119 903,119
Australia Branch Nominees Pty Branch its borrowing right in respect of Stapled

Ltd shares pursuant a Prime

Broking Agreement (see Securities
AppendixA)

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 reJation to voting interests in the company or scheme are as follows:

Name and ACN (if applicable)	Nature of association
N/A	N/A

6. Addresses

The addresses of persons named in this formare as follows:
Name Address
Details of ali UBS offices can be found through the following link:: http:/lapps.ubs.com/locationfrnder

SIGNATURE

Print Name: Sign Here:

Print Name: Sign Here:

So Young Kim Capacity: Authorised signatory

Date: 21 August 2012

Trish Lee Capacity: Authorised signatory

Date: 21 August 2012

Contact details for this notice:

Trish Lee

Legai & Compliance

(T) [phone]

{F) [phone]

Appendix A

Holder of relevant lnterest	UBS AG, Australia Branch
Type of agreement	Prime Brokerage Agreemenl
Parties to agreement	(i) UBS AG, Australia Branch ('UBS AG") (ii) Clienl(Piease refer lo Appendix A-1.)
Transfer date	Please refer lo Appendix A-1.
Holder of voting rights	UBSAG
Are there any restrictions on voting rights?	Please refer lo lhe details below.
lf yes, detail	Since ali righiand tìtle in lhe securities passes lo the lransferee (J.e. UBS AG), the transferee has lhe righilo vote. However, in certain circumslances, lhe lransferee may seek lo arrange for inslructions lo be exercised in accordance with lhe lnslructions of lhe lransferor (i.e. Client).
Scheduled retum date (if any)	None, subjeclto the terms of lhe relevant loan.
Does the borrower have th ;right to return early?	Yes.
lf yes, deiail	The borrower (i.e. UBS AG) has lhe righito retum at its discretion.
Ooes the tender have the rlght lo recati early?	Yes.
lf yes, delail	The tender (i.e. Client) can recall al ils request subject lo compliance with margin requirements and the terms ofthe relevanlloan.
Wlll the securltles be retumed on settlement?	Yes.
lf yes, detail any exceptions	None.

The information in lhis appendix is based on the relevanlstandard UBS agreement.

A copy of the agreemenlis available lo lhe company, or responsible entity lo whom the prescribed form musibe given, orto ASlC, upon request.

Prime Brokerage Agreement- UBS AG, Australia Branch

Appendix A-1

ParliHto agreement	Transfer date
Regal Funds Management Pty Ud as truslee and manager of Atlantic Absolute Retum Fund	(i) 3 August2012
Regal Funds Management Pty Limited as trustee and manager of Tasman Market Neutra! Fund	(i) 3 August 2012
Regal Funds Management Pty Limiled as trustee for Regal Australian Long Short Geared Equlty Fund	(i) 3 August 2012

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