PRO-PAC PACKAGING LIMITED — Major Shareholding Notification 2017

Nov 7, 2017

$\frac{1}{2}$ , $\frac{1}{2}$ , $\frac{1}{2}$

FACSIMILE TRANSMISSION

To:	Company Announcements	From:	Investors Mutual Ltd
Company:	ASX.
Fax:	1300 135 638	Fax:	$(02)$ 9232 7511
Page 1 of:	Pages. (incl. Coversheet)	Date:	8 November 2017
Subject:	Form – 603 Notice of Initial Substantial Holder - AMENDED

To whom it may concern,

Please find enclosed the above amended notice regarding Investors Mutual Limited shareholding in Pro-Pac Packaging Limited.

Should you require any further information, please call on the number below.

Kind regards,

Investors Mutual Limited Direct phone (02) 8224 0500

No. 0830 P. 2

603 page 1/2 15 July 2001

$\mathcal{L}$

Form 603

Corporations Act 2001 Section 671B

Notice of initial substantial holder

To Company Name/Scheme	Pro-Pac Packaging Limited
ACN/ARSN	112 971 874
1. Details of substantial holder (1)
Name	Investors Mutual Limited
ACN/ARSN (if applicable)	078 030 752

The holder became a substantial holder on

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

06/11/2017

Class of securities (4)	Number of securitiesPerson's votes (5)		Voting power (6)
Ordinarv	31.795.617	31,795,617	5.66%

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 relevant interest (7)	Class and number of securities
See Annexure 1

4. Details of present registered holders

The persons registered as holders of the securities referred to in paragraph 3 above are as follows:

Holder of relevantInterest	Registered holder ofsecurities	Person entitled to beregistered as holder (8)	Class and numberof securities
See Annexure 2

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 relevantInterest	Date of acoulsition		Consideration (9)
		Cash	Non-cash
See Annexure 3

603 page 2/2 15 July 2001

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	---------$\cdots$Address
See Annexure 4	-------
---

Signature
	print name	Zac A¢zi	Company Secretarycapacity
	sign here		$4$ date $6 / W / 201$
		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.
• See the definition of "relevant interest" in sections 600 and 671B(7) of the Corporations Act 2001. $(3)$
• $(4)$ 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.
• The person's votes divided by the total votes in the body corporate or scheme multiplied by 100. $6$
• $\boldsymbol{\eta}$ Include details of:
  • 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 (a) 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 $\langle b \rangle$ 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.

• 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". 佃
• 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 (9) 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.

$\hat{\mathbf{r}}$

Investors Mutual Limited ACN/ARSN:

Annexure 1 of page 1

3. Details of relevant interests

Holder of relevant interest	Nature of relevant interest	Class - Ordinary
Investors Mutual Limited	Ability to influence thevoting and disposal ofIshares	31,795,617

$\mathcal{A}^{\pm}$

Investors Mutual Limited ACN/ ARSN: 078 030 752

Annexure 2 of page 1

4. Details of Present Registered Holders

$\sim 10^7$

Holder of relevant	Registered holder of	lPerson entitied to be	lClass - Ordinarv
linterest	lsecurities	registered as holder
Investors MutualLimited	J P Morgan	J P Morgan	4,400,000
Investors Mutual	RBC Global Services	RBC Global Services	27,395,617
Limited	Australia Pty Ltd	Australia Pty Ltd

$\mathcal{A}^{\pm}$

$\mathbf{r}$

$\mathbb{Z}^2$

Investors Mutual Limited ACN/ ARSN: 078 030 752

Annexure 3 of page 1

5. Consideration

$\mathcal{L}_{\mathcal{A}}$

$\hat{\boldsymbol{\theta}}$

Person whose relevantInterest changed	Date of acquisition		Consideration	Ordinary Units
		Cash	Non Cash
Investors Mutual Limited	11-Sep-17	$361,000.00		950000
Investors Mutual Limited	11-Sep-17	$950,000.00		2500000
Investors Mutual Limited	11-Sep-17	$543,400.00		1430000
Investors Mutual Limited	11-Sep-17	$570,000.00		1500000
Investors Mutual Limited	11-Sep-17	$615,600.00		1620000
Investors Mutual Limited	4-Oct-17	$68,000.00		170000
Investors Mutual Limited	$4-0ct-17$	$380,000.00		950000
Investors Mutual Limited	4-Oct-17	$108,000.00		270000
Investors Mutual Limited	4-Oct-17	$124,000.00		310000
Investors Mutual Limited	2-Nov-17	$9,216.93		23334
Investors Mutual Limited	$6-Nov-17$	$253,866.44		746666
Investors Mutual Limited	$6-Nov-17$	$782,000.00		2300000
Investors Mutual Limited	6-Nov-17	$385,333.22		1133333
Investors Mutual Limited	6-Nov-17	$340,000.00		1000000
Investors Mutual Limited	$6-Nov-17$	5437,466.44		1286666
Investors Mutual Limited	6-Nov-17	$334,333.56		933334
Investors Mutual Limited	6-Nov-17	$2,074,000.00		6100000
Investors Mutual Limited	6-Nov-17	$532,666.78		1566667
Investors Mutual Limited	6-Nov-17	$1,700,000.00		5000000
Investors Mutual Limited	6-Nov-17	$647,909.78		1905617
Investors Mutual Limited	$6-Nov-17$	$19,500.00		50000

$\hat{\mathcal{A}}$

$\bar{u}$

Investors Mutual Limited ACN/ARSN:

078 030 752

Annexure 2 of page 2

1. Addresses

Name	Address
IInvestors Mutual Limited	Level 24, 25 Bligh Street, Sydney NSW 2000.
JP Morgan	85 Castlereagh Street, Sydney NSW 2000
RBC Global Services Australia PtyLimited	Level 17, 2 Park Street, SYDNEY NSW 2000