CAPRAL LIMITED — Major Shareholding Notification 2016

Feb 23, 2016

FORM 604 Corporations Act 2001 Section 671B

NOTICE OF CHANGE OF INTERESTS OF SUBSTANTIAL HOLDER

To: Company Name/Scheme CAA - Capral Limited

ACN/ARSN

004 213 692

1. Details of Substantial Holder(1)

Name Acorn Capital Limited ACN/ARSN (if applicable) 082 694 531 There was a change in the interests of the 24/02/2016 substantial holder on The previous notice was given to the company on 23/02/2016 The previous notice was dated 23/02/2016

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	Previous notice	Present Notice	Present Notice
	Person's votes	Voting power (5)	Person's votes	Voting power (5)
Ordinary	43,114,666	9.08%	32,537,641	6.85%

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
See Annexure A

4. Present relevant interests

Particulars of each relevant interests of the substantial holder in voting securities after the change are as follows:

Holder of Relevant Interest		Registered Holder of Securities	Registered Holder of Securities	Person Entitled to be Registered as Holder (8)	Nature of relevant interest	Nature of relevant interest	Class and	Person's
					(6)		Number of Securities	Votes
Acorn Capital Ltd		National Nominees		National Nominees	In its capacity as investment manager for various superannuation funds, institutional investor		3,763,417	3,763,417
Acorn Capital Ltd		Citicorp Nominees		Citicorp Nominees	portfolios and unit trusts has the power to exercise , or control of, a right attached to ~~t~~he securities and has the power to dispose of, or control the exercise of a power to dispose of, the ~~s~~ecurities.		9,324,257	9,324,257
Acorn Capital Ltd	(	HSBC Custody Nominees AUS) Ltd	(	HSBC Custody Nominees AUS) Ltd			9,552,323	9,552,323
Acorn Capital Ltd		JP Morgan Chase Nominees		JP Morgan Chase Nominees			9,897,644	9,897,644

5. Changes in Associates

The persons who have become associates (2) of, ceased to be associates, or have change 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) Name of Association

6. Addresses

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

Name	Address
All Relevant Holders	C/O Acorn Capital Limited, Level 12, 90 Collins Street, Melbourne Victoria 3000

Print Name PAUL PALUMBO Capacity Portfolio Manager

Sign Here

24/02/2016 Date

Annexure A

23-Feb-2016 to 24-Feb-2016

Entity Date Of Change 23/02/2016 Acorn Capital Ltd	Quantity Consideration Type of Transaction -$1,020,328.59 -10,577,025 Sale	Quantity