EML PAYMENTS LIMITED — Major Shareholding Notification 2016

Apr 4, 2016

page 1/2 15 July 2001 605

Form 605

Corporations Act 2001 Section 671B

Notice of ceasing to be a substantial holder

To Company Name/Scheme	$F_{MF}$ erhan $TS$ $T$
ACN/ARSAL	1211256532

1. Details of substantial holder(1)

Name ACN/ARSN (if applicable)	MILFOLD ASSET MANAGEMENT
The holder ceased to be a substantial holder on
The previous notice was given to the company on The previous notice was dated	5/10/

2. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest (2) of the substantial holder or an associate (3) in voting securities of the company or scheme, since the
substantial holder was last required

Date of change	Person whose relevant interest changed	Nature of change $(4)$	Consideration given in relation to change(5)	Class (6) and number of securities affected	Person's votes affected
		سمعينات

3. Changes in association

The persons who have become associates (3) of, ceased to be associates of, or have changed the nature of their association (7) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

Name and ACN/ARSN (if applicable)	Nature of association
-------------------------------------- --------------------------------------	--------------------------------------
	_________

4. Addresses

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

_________ Name	-------------------------------------- ______ ______ Address
--------------------------------------- Year 1 ---------	بتحمر ---- ᄔ management of company and company and _________
. AMER BOILER ---- _ _ _____ _________	------ --------------------------------------- ----- .

Signature

print name	$\sim$ $\sim$ $\sim$ 21. A $\sim$ $\sim$	capacity
sign here		date $\sim$ r.

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 $(1)$ 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 4 of the form.
• See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001. $(2)$
• See the definition of "associate" in section 9 of the Corporations Act 2001. $(3)$
• $(4)$ Include details of:
• any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) applies, a copy of any $(a)$ 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 c
• 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 $\langle b \rangle$ 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.

• 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 $(5)$ 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 subst whom the relevant interest was acquired.
• The voting shares of a company constitute one class unless divided into separate classes. $(6)$
• Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice. $(7)$

Trade Dati	Buy/Sail	Shii
16/10/2015	Buy	110,763	79,671.83
19/10/2015	Buy	189,237	139,751.52
22/10/2015	Buy	5,407	3,893.04
11/02/2016	Sell	500BOO	522,500.00
30/03/2016	Buy	972,000	1,200,517.20
30/03/2016	Buy	142,802	171,362.40
1/04/2016	Sell	500,000	710,050.00
016	Sell	460,000	653,200.00
4/04/2016	Sell	540,000	766,800.00

From: Milford Asset Management

To:10800449707

05/04/2016 17:05 #213 P.004