PRO-PAC PACKAGING LIMITED — Major Shareholding Notification 2017

Nov 6, 2017

FACSIMILE TRANSMISSION

· To:	Announcemerh Company		Mlmlai Ltd Investors
Company	Asx
Fax:	1300135638	Fax:	9232 (02) 7511
l Page of.	(Ind. Pages Coversheet) 7	Date:	7 November 2017
Subject	-603 of Notice Initial Substantial Holder Form

To whom it may concern,

Please find enclosed the above nollce regarding Investors Mutual Umlbd shareholdhig in Pro·Pac Packaging L.inlted

Should you requke any further hformation, please call on the number below.

Kind regards,

Investors utual Umlind Direct phone (02) 8224 0500

603 page 1/2 15 July 2001

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 (t) Name	Investors Mutual Limited
ACN/ARSN (if applicable)	078 030 752
The holder became a substantial holder on	በ6/11/2017

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 a
relevant interest (3) in on the date the substantial holder

Class of securities (4)	Number of securities	Person's votes (5)	Voting power (6)
Ordinarv	31.795.617	31,795,617	'.89%

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 relevant interest	Registered holder of securities	Person entitled to be registered as holder (B)	Class and number of 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 relevant Interest	Date of acoulsition	Consideration (9)		Class and number of securities.
		Cash	Non-cash
See Annexure 3

603 page 2/2 15 July 2001

	Name and ACN/ARSN (If applicable)	Nature of association
7. Addresses	The addresses of persons named in this form are as follows:	٠.
	Name	Address
	See Annexure 4
Signature	print name Zac Azzi	Company Secretary capacity
	sign here	date $J \backslash \backslash \backslash \backslash \backslash \mathcal{D}$ (7)

• (2) See the definition of "associate" In section 9 of the Corporations Act 2001.
• $\mathbf{G}$ 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.
• 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 $\left( 5\right)$ Interest in.
• $(6)$ The person's votes divided by the total votes in the body corporate or scheme multiplied by 100.
• $\left( n\right)$ 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 contra

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 $\boldsymbol{\left( 0 \right)}$ 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,

• $[0] % \centering \includegraphics[width=0.9\columnwidth]{figures/fig_10.pdf} \caption{The figure shows the number of times and the number of times. The number of times are indicated with the number of times.} \label{fig:time} %$ 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".
• 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 $\boldsymbol{\omega}$ entitied 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.

$\bar{z}$

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 the voting and disposal of Ishares	4,400,000
Natixis Global Asset Management	Natixis holds over 50% of the voting power in IML	27,395,617

$\frac{1}{2}$

$\bar{z}$

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

$\hat{\mathcal{A}}$

$\mathcal{A}$

Investors Mutual Limited ACN/ ARSN: 078 030 752

Annexure 2 of page 1

4. Details of Present Registered Holders

Holder of relevant lînterest	Registered holder of lsecurities	lPerson entitled to be registered as holder	Class - Ordinary
Investors Mutual Limited	J P Morgan	Investors Mutual Ltd	4,400,000
Natixis Global Asset Management	RBC Global Services Australia Pty Ltd	Investors Mutual Ltd	27,395,617

$\hat{A}$

Ŧ.

Investors Mutual Limited ACN/ARSN: 078 030 752

Annexure 3 of page 1

5. Consideration

$\mathbf{r}$

Person whose relevant interest changed	Date of acquisition	Consideration		Ordinary Units
		Cash	Non Cash
Investors Mutual Limited	11-5ep-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-Oct-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	\$437,466.44		1286666
Investors Mutual Limited	6-Nov-17	\$334,333.56		983334
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

$\frac{1}{\sqrt{2}}$

$\sim 10^{-10}$

$\mathcal{A}^{\text{max}}$

$\bar{\mathcal{A}}$

$\frac{1}{2}$

Investors Mutual Limited ACN/ ARSN:

078 030 752

$\mathcal{L}$

Annexure 2 of page 2

1. Addresses

Name	Address
Investors Mutual Limited	Level 24, 25 Bligh Street, Sydney NSW 2000.
JP Morgan	85 Castlereagh Street, Sydney NSW 2000
Natixis Global Asset Management	75634 Paris Cedex 13, France