PARAGON CARE LIMITED — Major Shareholding Notification 2018

Nov 21, 2018

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page 1/2 15 July 2001 604

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Form 604
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Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme	Paragon Care Limited
ACN/ARSN	ACN 064 551 426

1. Details of substantial holder(1)

Name	Karst Peak Capital Limited and related persons as set out in Annexure A
ACN/ARSN (if applicable)	n/a
There was a change in the interests of the	______.

There was a change in the mencap or oldsubstantial holder on		20/11/2018
The previous notice was given to the company on		6, 3, 2018
The previous notice was dated		$6$ / 3/2018

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 schomo, are as follows:

Class of securities (4)	Previous notice		Presont notico
	Person's votes	Voting power (5)	Person's votes!	Voting power (5)
∣See Annexure A

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 thesubstantial holder was last required to give

Date ofchange	Person whoserelevant interestchanged	Nature ofchange (6)	Considerationgiven in relationto change (7)	Class andnumber ofsecuritiesaffected	Person's votesaffected
	lSee Annexure A

4. Present relevant interests

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

Holder ofrelevantInterest	Registeredholder ofsecurities	Person entitledto be registeredas holder (8)	Nature ofrelevantinterest (6)	Class andnumber ofsecurities	Person's votes
	See Annexure A

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5. Changos in association

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in rolation to voting interests in the company or scheme are as follows:

Name and ACN/ARSN (if applicable)	.Nature of association$\sim$ - $\sim$
l See Annexure A

6. Addrosses

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

Name	-----Address_______________________
See Annexure A	__________________________
	_

Signature

print name Adam Gregory Leitzes	capacity Director of Karst Peak Capital Limited
sign here	date 22 / 11 / 2018
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 reforred 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 6 of the form.

• $[2] \centering% \includegraphics[width=1.0\textwidth]{images/TransY.pdf} \caption{The first two different values of $y$ and $y$ (Different Zipfian Parameter $\alpha$ values)}% \label{fig:class}$ 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 person's votes divided by the total votes in the body corporate or scheme multiplied by 100.
• $(6)$ 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 certifying this contract, scheme or arrangement; and
  • 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 $\left( 0\right)$ 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, becom oentitled to receive in relation to that acquisition. Details $\sigma$ 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.
• 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". (B)
• Give details, if appropriate, of the present association and any change in that association since the last substantial holding notico. (9)

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Annexure A

This is Annexure A of 2 pages referred to In the Form 604 relating to Paragon Care Limited ("PGC").

Previous and present voting power:

Notice Giver	Class of	Previous notice		Present notice
	securities	Person'svotes	Voting power	Person's votes	Voting power
Karst Peak CapitalLimited ("KPCL") andAdam Gregory Leitzes('AGL")	Fully PaidOrdinaryShares("FPO")	24,036,171	8.84%	24.412.805	7.24%

Change in relevant interests:

Date of change	Person wholerelevantinterestchanged	Nature of change	Considerationgiven inrelation tochange	Class andnumber ofsecuritiesaffected	Person's votesaffected
20/11/2018	KPCL and AGL	PGC share issuanceper announcementdated 20November 2018	n/a	24,412,805 FPO	24,412,805
20/11/2018	Karst Peak AsiaMaster Fund("KPAMF")	Per above	n/a	15,530,078 FPO	15,530,078
20/11/2018	Vermilion PeakMaster Fund("VPMF")	Per above	n/a	8,882,727 FPO	8,882,727

Present Relevant Interests:

Holder ofrelevantinterest	Registeredholder ofsecurities	Person entitledto be registeredas holder	Nature ofrelevantinterest	Class andnumber ofsecurities	Person's votes
KPAMF	HSBC BankAustralia Limited("HSBC")	HSBC	Owner of FPO	15,530,078 FPO	15,530,078
VPMF	HSBC	HSBC	Owner of FPO	8,882,727 FPO	8,882,727
KPCL	HSBC	HSBC	Discretionaryinvestmentmanager toKPAMF andVPMF.	24,412,805 FPO	24,412,805
AGL	HSBC	HSBC	Shareholder,Director andChiefInvestmentOfficer of KPCL,as well asDirector of	24,412,805 FPO	24,412,805

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			______
		.and
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Changes in association:

No changes in associates nor nature of their association. Vermilion Peak Master Fund was previously named "Karst Peak Vermilion Partners Master Fund".

Addresses:

Name	Address
KPAMF and VPMF	c/o Maples Corporate Services Limited, PO Box 309,
	Ugland House, Grand Cayman, KY1-1104, Cayman
	Islands
KPCL	Suite 1705 Kinwick Centre, 32 Hollywood Road,
	Central, Hong Kong
AGL	Suite 1705 Kinwick Centre, 32 Hollywood Road,
	Central, Hong Kong
HSBC	Level 36, Tower 1, International Towers Sydney, 100
	Barangaroo Avenue, Sydney NSW 2000, Australia

Signed Adam Gregory Leitzes 22 November 2018

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