Ellerston Capital Limited ABN 34 110 397 674 AFSL No. 283 000

Level 11, 179 Elizabeth Street Sydney NSW 2000 Phone +612 9021 7797 Fax +612 9261 0528 www.ellerstoncapital.com

TO: The Manager, Company Announcements, ASX

FAX No:

Ellerston Capital Limited FROM:

12/05/2017 DATE:

NO. OF PAGES (Including this page)

Dear Manager

RE:

PRIMARY HEALTH CARE LIMITED - Form 604

We attach our notice of a change in substantial holding (Form 604) in respect of PRIMARY HEALTH CARE LIMITED.

We note that the shares reported in this Form are owned by third party accounts under the discretionary investment management of Ellerston Capital Limited.

None of Ellerston Capital Limited, nor any of its shareholders or any of their associates hold a direct interest in any shares disclosed in this Form.

$\overline{7}$

Yours sincerely,

INHolly.

lan Kelly Company Secretary Ellerston Capital Limited

Form 604 Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

INVERSE OF SHAHAR OF HILSTSSIG OF SAMSLAHEMI HUHAU
To Company Name/Scheme	PRIMARY HEALTH CARE LIMITED
ACN/ARSN/ARBN	ACN 064 530 516

1. Details of substantial holder (1)
Name	Ellerston Capital Limited (Primary Person), and its associates being those persons listed in Annexure B
ACN/ARSN (if applicable)	ACN 110 397 674
There was a change in the interests of the substantial holder on		10/05/2017
The previous notice was given to the company on		14/03/2017
The previous notice was dated		14/03/2017

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:

	Previous Notice		Present Notice
Class of securities (4)	Person's votes	Voting power (5)	Person's votes	Voting power (5)
Securities	57,707,229	11.07%	52,319,965	10.03%

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

Date of change	Person whose relevant interest changed	Nature of change (6)	Consideration given in relation to change	Class and number of securities affected	Person's votes affected
See Annexure A	See Annexure A	See Annexure A	See Annexure A	See Annexure A	See Annexure A

Note, all transactions took place on a prescribed financial market (ASX or ChiX)

4. Present relevant interests

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

Holder of relevant interest	Registered holder of Securities	Person entitled to be registered as holder (8)	Nature of relevant interest (6)	Class and number of securities	Person's votes
Primary Person	BNP Paribas Nominees Pty Limited	BNP Paribas Nominees Pty Limited	In respect of 4,715,089 Securities shares held by BNP Paribas Nominees Pty Limited as nominee under s608(1)(b) and (c) by having the power to control voting and disposal.	4,715,089 Securities	.9%
Primary Person	Citicorp Nominees Pty Limited	Citicorp Nominees Pty Limited	In respect of 15,533,424 Securities shares held by Citicorp Nominees Pty Limited as nominee under s608(1)(b) and (c) by having the power to control voting and disposal.	15,533,424 Securities	2.98%
Primary Person	HSBC Custody Nominees (Australia) Limited	HSBC Custody Nominees (Australia) Limited	In respect of 638,571 Securities shares held by HSBC Custody Nominees (Australia) Limited as nominee under s608(1)(b) and (c) by having the power to control voting and disposal.	638,571 Securities	.12%
Primary Person	JP Morgan Nominees Australia Limited	JP Morgan Nominees Australia Limited	In respect of 26,478,099 Securities shares held by JP Morgan Nominees Australia Limited as nominee under s608(1)(b) and (c) by having the power to control voting and disposal.	26,478,099 Securities	5.08%
Primary Person	National Nominees Limited	National Nominees Limited	In respect of 4,398,356 Securities shares held by National Nominees Limited as nominee under s608(1)(b) and (c) by having the power to control voting and disposal.	4,398,356 Securities	.84%

IPrimary Person	State Street (Australia) Ltd	State Street (Australia) Ltd	In respect of 556,426 Securities shares held by State Street (Australia) Ltd as nominee under s608(1)(b) and (c) by having the power to control voting and disposal.	556.426 Securities	11%
------------------------	---------------------------------	----------------------------------------	----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------	-----------------------	-----

5. 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
IN/A

6. Addresses

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

Name	Address
The Substantial Shareholder - c/- Level 11, 179 Elizabeth Street, Sydney, NSW, 2000 See annexures
	The entities listed in Annexure B - c/- Level 11, 179 Elizabeth Street, Sydney, NSW, 2000
IPRIMARY HEALTH CARE LIMITED	Level 6, 203 Pacific Highway, ST LEONARDS, NSW, 2065

Signature

print name	$T_{11}$ $\cup$ $\overline{1}$	capacity	Company Secretary
sign here		date	12/05/2017