CTI LOGISTICS LIMITED — Major Shareholding Notification 2014

Jan 19, 2014

l.

÷

$\sim$ $\mathbf{r}$	$\lambda$ Form 603 л Corporations Act 2001 Section 671B
	Notice of initial substantial holder
To Company Name/Scheme ACN/ARSN	II Logistics Limited 008778925 ABN
1. Details of substantial holder (1) Name ACN/ARSN (if applicable)	Grandeur Peak Global Advisors
The holder became a substantial holder on	$1/16/14$ (16 January)

1. Details of voting power

are service to complement.
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

Class of securities (4)	Number of securities	Person's votes (5)	Voting power (6)
Stock Common	3.250934 sharad	.	3,250,834 thares

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 refevant interest (7)	Class and number of securities

4. Details of present registered holders

$\lambda$

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 registered as holder (8)	Class and number of securities
Grandew Peak Global	$\sim$ 0 $\mu$	atthe Check Auner
Advisors مصاما

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)
Gandeur la		Cash	Non-cash
ک دن اللہ لەطىك
	प्तस्ट	attalchea -	AMNev

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 7. Addresses The addresses of persons named in this form are as follows: Name Address Grandeur Peak Globa 136 South Main Street SaltLakeCity Advisors LLC Signature Vicefresident, Trad Hone rt mu print name capacity ons sign here date $\int$ DIRECTIONS If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and trustee of an
equity trust), the names could be included in an ann $(1)$ form. $\left\langle 2\right\rangle$ See the definition of "associate" in section 9 of the Corporations Act 2001. $\begin{array}{c} \text{(3)} \end{array}$ See the definition of "relevant interest" in sections 608 and 6718(7) of the Corporations Act 2001. $\left( 4\right)$ The voting shares of a company constitute one class unless divided into separate classes. $\left( 5\right)$ The total number of votes attached to all the voting shares in the company or voting interests in the scheme (if any) that the person or an associate has a relevant Interest in. $(6)$ The person's votes divided by the total votes in the body corporate or scheme multiplied by 100. $\langle 7 \rangle$ Include details of: $(a)$ any relevant agreement or other circumstances by which the relevant interest was acquired. If subsection 671B(4) applies, a copy of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany
this form, together with a written statement certifying this contra any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities to
which the relevant interest relates (indicating clearly the (b) See the definition of "relevant agreement" in section 9 of the Corporations Act 2001. If the substantial holder is unable to determine the identity of the person (eg. if the relevant interest arises because of an option) write "unknown". $\left( 0\right)$ Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, become entitled to receive in relation to that acquisition. Details m $\left(!\delta\right)$ the relevant interest was acquired.

Annexure 1

Response to 4. Details of present registered holders:

Grandeur Peak Global Advisors, LLC is the investment adviser and has sole discretion of the following accounts, who each own shares in CTI Logistics Limited:

Registered holder of securities	Class and number of securities
Financial Investors Trust -	Common Stock
Grandeur Peak Global Opportunities Fund	1,364,790
Financial Investors Trust -	Common Stock
Grandeur Peak International Opportunities Fund	1,347,442
Grandeur Peak Global	Common Stock
Opportunities LP	435,000
Financial Investors Trust -	Common Stock
Grandeur Peak Global Reach Fund	103,602
Total	3,250,834

Annexure 2

Response to 5. Consideration:

Grandeur Peak Global Advisors, LLC is the investment adviser and has sole discretion of the following accounts, who each own shares in CTI Logistics Limited:

Registered Holder	Date of	Consideration	Class	Number of
	Acquisition	(Cash)		Shares
Financial Investors Trust - Grandeur	10/18/2013	57,760.04	Common	27,700
Peak Global Reach Fund			Stock
Financial Investors Trust - Grandeur	10/23/2013	17,427.46	Common	8,200
Peak Global Reach Fund			Stock
Financial Investors Trust - Grandeur	11/11/2013	91,530.71	Common	42,865
Peak Global Opportunities Fund			Stock
Financial Investors Trust - Grandeur	11/12/2013	96,918.33	Common	45,176
Peak Global Opportunities Fund			Stock
Financial Investors Trust - Grandeur	11/18/2013	21,854.50	Common	10,000
Peak Global Opportunities Fund			Stock
Financial Investors Trust - Grandeur	11/21/2013	60,516.67	Common	26,949
Peak Global Opportunities Fund			Stock
Financial Investors Trust - Grandeur	12/11/2013	11,378.38	Common	5,000
Peak Global Opportunities Fund			Stock
Financial Investors Trust - Grandeur	12/12/2013	34,135.13	Common	15,000
Peak Global Opportunities Fund			Stock
Financial Investors Trust - Grandeur	1/16/2014	24,917.88	Common	9,800
Peak Global Opportunities Fund			Stock
Financial Investors Trust - Grandeur	1/16/2014	23,412.64	Common	9,208
Peak International Opportunities			Stock
Fund