CTI LOGISTICS LIMITED — Major Shareholding Notification 2017

May 28, 2017

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Date: 29 May 2017 To: Company Announcements Office Company: Australian Stock Exchange From: Steve Johnson Contact number: 02 8305 6051 Pgs (inc cover): 3

FORM 603 - NOTICE OF INITIAL SUBSTANTIAL HOLDER

We attach a notice of initial substantial holder with regards to our interest in shares in CTI Logistics Limited (CLX).

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Steven Johnson Director

Form 603 Corporations Act 2001

Section 671B NOTICE OF INITIAL SUBSTANTIAL HOLDER

To CTI Logistics Ltd (ASX Code: CLX) CAN/ABN 008778925

1. Details of substantial holder (1)

Name Forager Funds Management Pty Ltd ABN 091 524 515

The holder became a substantial holder on 29 / 05 / 2017

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 relevant interest (3) in on the date the substantial holder became a substantial holder are as follows:

substantial holder are as follows:	ial holder are as follows:
Class of securities (4)Number of securitiesPerson’s votes (5)Voting power (6)Ordinary Shares5,385,9685,385,9687.24%3. Details of relevant interestsThe nature of the relevant interest the substantial holder or an associate had in the following voting securities on thedate thesubstantial holder became a substantial holder are as follows:Holder of relevant interestNature of relevant interest (7)Class and number ofsecuritiesForager Funds Management PtyLtdPower to (or to control) exercisevotes 5,385,968 fully paid ordinaryshares and/or dispose of thesecurities as investment managersof the Forager Australian SharesFund and Forager Wholesale ValueFund5,385,968 ordinary shares4. Details of present registered holdersThe persons registered as holders of the securities referred to in paragraph 3 above are as follows:Holder of relevant interestRegistered holder ofsecuritiesPersons entitled to beregistered as holderClass and number ofsecuritiesForager FundsManagement Pty LtdJP Morgan NomineesAustralia Limited ascustodian of theForager AustralianShares Fund ARSN139 641 491The Trust CompanyLimited asresponsible entity ofthe ForagerAustralian SharesFund ARSN 139 6414914,630,000 ordinarysharesForager FundsManagement Pty LtdBond StreetCustodians Limited ascustodian of theForager WholesaleValue Fund ARSN 110619 488Macro Capital asResponsible Entity ofthe ForagerWholesale ValueFundARSN 110 619 488755,968 ordinaryshares	Class of securities (4)Ordinary Shares	Number of securities5,385,968		Person’s votes (5)5,385,968		Voting power (6)7.24%
	Holder of relevant interestForager FundsManagement Pty LtdForager FundsManagement Pty Ltd		Registered holder ofsecuritiesJP Morgan NomineesAustralia Limited ascustodian of theForager AustralianShares Fund ARSN139 641 491Bond StreetCustodians Limited ascustodian of theForager WholesaleValue Fund ARSN 110619 488		Persons entitled to beregistered as holderThe Trust CompanyLimited asresponsible entity ofthe ForagerAustralian SharesFund ARSN 139 641491Macro Capital asResponsible Entity ofthe ForagerWholesale ValueFundARSN 110 619 488		Class and number ofsecurities4,630,000 ordinaryshares755,968 ordinaryshares

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 the substantial holder is as follows:

Holder of relevant interest	Date ofacquisition	Consideration (9)	Consideration (9)	Class and number ofsecurities
		Cash	Non-cash
Forager Funds Management Pty Ltd	29/05/2017	$2,400,000		3,200,000
Forager FundsManagementPtyLtd	29/05/2017	$1,639,476		2,185,968

6. Associates

The reasons the person named in paragraph 3 above are associates of the substantial holder are as follows: Name and CAN/ARSN (if applicable) Name of association

7. Addresses

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

NameCTI LogisticsLimitedForager Funds Management Pty LtdMacro Capital LimitedThe Trust Company LimitedePrint name: Steven JohnsonSignature:	Name	Address
	CTI LogisticsLimited	1 DrummondPlace,WestPerth,WA,Australia, 6005
	Forager Funds Management Pty Ltd	Suite 3.02, 66 King Street, Sydney, NSW, Australia,2000
	Macro Capital Limited	Unit2, 55 SalvadoRoad, Subiaco,WA,Australia, 6008
	The Trust Company Limited	Angel Place, 123 Pitt Street, Sydney, NSW, Australia
		Capacity: DirectorDate: 29 May 2017

Signature

DIRECTIONS

(1) 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 annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 7 of the form.

(2) See the definition of "associate" in section 9 of the Corporations Act 2001.

• (3) See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.

• (4) The voting shares of a company constitute one class unless divided into separate classes.

(5) 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.

• (7) 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 contract, scheme or arrangement; and

  • (b) 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 particular securities to which the qualification applies).

See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.

(8) 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".

(9) 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 must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.