SCHOOLBLAZER LIMITED — Major Shareholding Notification 2014

May 26, 2014

Form 604

Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

To Company Name/SchemeACN/ARSN	HGL Limited (HNG)009 657 961
1. Details of substantial holder (1)
Name	Mrs Ida Constable, IJV investments Pty Ltd (ACN: 162 908 296), LiconTrading, Mr David Constable, Kitwood Pty Ltd (ACN: 010 205 099), MrJoseph Constable, Ms Sarah Constable, Ms Lola Lichter, Ms VirginiaLittle, Mr Julian Constable, Trina Investments Pty Ltd, Armada TradingPty Ltd.
ACN/ARSN (if applicable)
There was a change in the interests of thesubstantial holder on	16/05/2014
The previous notice was given to the company on	04/03/2014
The previous notice was dated	28/02/2014

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 oran associate (2) had a relevant interest (3) in when last required, and when now r company or scheme, are as follows:

Class of securities (4)	Previous notice		Present notice
FPO Orinary Shares	Person's votes	Voting power (5)	Person's votes	Voting power (5)
	9,259,495	16.28%	9,949,544	17.50%

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 ofthe company or scheme, since the substantial holder was last required to give

Date ofchange	Person whoserelevant interestchanged	Nature of change (6)	Consideration given inrelation to change (7)	Class and numberof securitiesaffected	Person's votesaffected
SEEANNEXUREA

4. Present relevant interests

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

Holder ofrelevantinterest	Registered holderof securities	Person entitled to beregistered as holder(8)	Nature of relevantinterest (6)	Class and numberof securities	Person's votes
SEEANNEXUREв

5. Changes 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 relation to voting interests in the company or scheme are as follows:

Name and ACN/ARSN (if applicable)	Nature of association
Trina Investments PtyLtd	Profit sharing arrangement with $upervised InvestmentsAustralia Limited.
Armada Trading Pty Ltd	Profit sharing arrangement with Supervised InvestmentsAustralia Limited.

6. Addresses

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

Name	Address
SEE ANNEXURE C

Signature

print name

DIRECTORARMADA TRADING PTYLOD

sign here

26/05/2014

capacity

date

DIRECTIONS

• If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the $(1)$ 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 6 of the form.
• See the definition of "associate" in section 9 of the Corporations Act 2001. $(2)$
• See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Adt 2001. $(3)$

ANTHONY C BERG

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• The voting shares of a company constitute one class unless divided into separate classes. $(4)$
• The person's votes divided by the total votes in the body corporate or scheme multiplied by 100 $(5)$
• $(6)$ Include details of:
  • any relevant agreement or other circumstances because of which the change n relevant interest occurred. If subsection 671B(4) $(a)$ any relevant agreement or virus encountered because of military and encoupled processes accounted. It advancesapplies, a copy of any document setting out the terms of any relevant agreement, and a statement by the person applied, a dupy of any document octaris on the terms of any relevant as company and a chalchook by the person string for anyaccurate details of any contract, scheme or arrangement, must accompany this form, together with contract, scheme or arrangement; and
  • any qualification of the power of a person to exercise, control the exercise of, $\frac{1}{2}$ influence the exercise of, the voting powers or $(b)$ disposal of the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification

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 $(7)$ has, or may, become 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.
• If the substantial holder is unable to determine the identity of the person (eg. if the relevant interest arises because of an option) write $(8)$
• Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice. $(9)$

$\blacksquare$

ANNEXURE A- CHANGES IN RELEVANT INTERESTS

Date of Change	Person whose relevantinterest changed	Nature of change	change	Consideration	Class and numbergiven in relation to of FPO securitiesaffected	Persons votesaffected
		Relevent interests in shares heldthrough supervised investments
	3/03/2014 Licon Trading	australia Limited as trustee of TheSupervised Fund (s608(3)(a) of theCorporations Act)	$	41,338.87	80,790	80,790
	6/03/2014 Licon Trading	AS ABOVE
	11/03/2014 Licon Trading	AS ABOVE	$	20,062.49	38,313	38,313
	2/04/2014 Armada Trading Pty Ltd	On Market Purchase	$	3,762.38	7,500	7,500
	2/04/2014 Trina Investments Pty Ltd	On Market Purchase	$	23,988.80	43,366	43,366
	4/04/2014 Armada Trading Pty Ltd	On Market Purchase	$	2,887.50	5,000	5,000
	11/04/2014 Armada Trading Pty Ltd	On Market Purchase	$	39,121.98	71,129	71,129
	11/04/2014 Trina Investments Pty Ltd	On Market Purchase	$$	4,889.79	8,871	8,871
	15/04/2014 Armada Trading Pty Ltd	On Market Purchase	$	2,487.65	4,523	4,523
	15/04/2014 Trina Investments Pty Ltd	On Market Purchase	$	29,948.35	54,332	54,332
	16/04/2014 Armada Trading Pty Ltd	On Market Purchase	$	8,512.35	15,477	15,477
	24/04/2014 Armada Trading Pty Ltd	On Market Purchase		1,378.03	2,500	2,500
	24/04/2014 Trina Investments Pty Ltd	On Market Purchase	$	23,741.30	42,916	42,916
	28/04/2014 Armada Trading Pty Ltd	On Market Purchase	$	24,887.50	45,000	45,000
	7/05/2014 Armada Trading Pty Ltd	On Market Purchase	$	16,590.87	30,066	30,066
	7/05/2014 Trina Investments Pty Ltd	On Market Purchase	$	5,343.78	9,684	9,684
	9/05/2014 Armada Trading Pty Ltd	On Market Purchase	$	4,966,34	9,000	9,000
	9/05/2014 Trina Investments Pty Ltd	On Market Purchase	$	1,603.02	2,905	2,905
	12/05/2014 Armada Trading Pty Ltd	On Market Purchase	$	320.61	581	581
	13/05/2014 Armada Trading Pty Ltd	On Market Purchase	$	4,966.34	9,000	9.000
	14/05/2014 Armada Trading Pty Ltd	On Market Purchase	$	7,595.18	13,764	13,764
	16/05/2014 Armada Trading Pty Ltd	On Market Purchase	$	13,862.15	25,121	25,121
	16/05/2014 Trina Investments Pty Ltd		$	9,697.60	17.574	17,574
	19/05/2014 Armada Trading Pty Ltd	On Market Purchase	$	7,193.46	13,036	13,036
	19/05/2014 Trina Investments Pty Ltd	On Market Purchase	$	8,569.13	15,529	15,529
	22/05/2014 Armada Trading Pty Ltd	On Market Purchase	$	2, 142. 15	3,882	3,882
	22/05/2014 Trina Investments Pty Ltd	On Market Purchase	$	42,729.80	77,435	77,435
	23/05/2014 Armada Trading Pty Ltd	On Market Purchase	$	8,545.96	15,487	15,487
	26/05/2014 Armada Trading Pty Ltd	On Market Purchase	$	3,293.24	5,968	5,968
	26/05/2014 Trina Investments Pty Ltd	On Market Purchase	$	5,087.73	9,220	9,220
		On Market Purchase	$	6,665.93	12,080	12,080

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

HGL Limited. ACN: 009 657 961.

ANNEXURE B- PRESENT RELEVANT INTERESTS

Holder of relevant interest	Registered holder ofsecurities	Person entitled to beregistered as holder	Nature of relevant interest	Class andnumber ofsecurities	Persons votes
IJV Investments Pty Ltd	IJV Investments Pty Ltd	IJV Investments Pty Ltd	Holder of shares (s608(1)(a))	5,582,653	5,582,653
Licon Trading	JP Morgan NomineesAustralia Ltd	Supervised InvestmentsAustralia Limited as trusteefor The Supervised Fund	Relevant interest in shares heldthrough Supervised InvestmentsAustralia Limited (s608(1)(a))	2,364,091	2,237,488
Licon Trading	Bell Potter Nominees Ltd	Licon Trading	Holder of shares (s608(1)(a))	30,000	30000
Mrs Ida Constable	Mrs Ida Constable, IJVInvestments Pty Limited andSupervised InvestmentsAustralia Limited as trusteefor The Supervised Fund	Mrs Ida Constable, IJVInvestments Pty Limited andSupervised InvestmentsAustralia Limited as trusteefor The Supervised Fund	Relevart interest in shares heldthrough IJV investments Pty Ltdand Licon Trading (s608(3)(b))	7,976,744	7,850,141
Mrs Ida Constable	Mrs Ida Constable	Mrs Ida Constable	Holder of shares (s608(1)(a))	275,000	275,000
Ms Virginia Little	Ms Virginia Little	Ms Virginia Little	Holder of shares (s608(1)(a))	122,729	122,729
Mr Julian Constable	Mr Julian Constable	Mr Julian Constable	Holder of shares (s608(1)(a))	44.000	44,000
Mr Julian Constable as trusteefor Abby Constable	Mr Julian Constable as trustee Mr Julian Constable asfor Abby Constable	trustee for Abby Constable	Holderof shares (s608(1)(a))	625	625
Kitwood Pty Ltd	Kitwood Pty Ltd	Kitwood Pty Ltd	Holderof shares (s608(1)(a))	886,000	886.000
Mr David Constable	Kitwood Pty Ltd	Kitwood Pty Ltd	Relevant interest in shares heldby Kitwood Pty Ltd as controllerof Kitwobd Pty Ltd (s608(1)(a))	886,000	886,000
Ms Lola Lichter	Ms Lola Lichter	Ms Lola Lichter	Holder of shares (s608(1)(a))	25,000	25,000
Ms Sarah Constable	Ms Sarah Constable	Ms Sarah Constable	Holder of shares (s608(1)(a))	38,000	38,000
Mr Joseph Constable	Mr Joseph Constable	Mr Joseph Constable	Holder of shares (s608(1)(a))	38,000	38000
Armada Trading Pty Ltd	Armada Trading Pty Ltd	Armada Trading Pty Itd	Holder of shares (s608(1)(a))	439,380	439,380
Trina Investments Pty Ltd	Trina Investments Pty Ltd	Trinia Investments Pty Ltd	Holder of shares (s608(1)(a))	124,066	124.066

ANNEXURE C- ADDRESSES

NAME UV Investments Pty Ltd Licon Trading Mrs Ida Constable Ms Virginia Little Mr Julian Constable Mr David Constable Supervised Investments Australia Limited Ms Lola Lichter Ms Sarah Constable Mr Joseph Constable Kitwood Pty Ltd Bell Potter Nominees Ltd JP Morgan Nominees Australia Ltd Trina Investments Pty Ltd Armada Trading Pty Ltd

ADDRESS

432 Elizabeth Street, Surry Hills 2010 432 Elizabeth Street, Surry Hills 2010 205 Gillards Road, Pokolbin 2320 15 Pindarl Avenue, Mosman 2088 15 Eastgate Avenue, Killara 2071 205 Gillards Road, Pokolbin 2320 432 Elizabeth Street, Surry Hills 2010 45 Seymour Road, Elsternwick 3135 432 Elizabeth Street, Surry Hills 2010 432 Elizabeth Street, Surry Hills 2010 432 Elizabeth Street, Surry Hills 2010 GPO Box 4718TT, Melbourne VIC 3001 Locked Bag 7, Royal Exchange NSW 1225 C/- Barry Mendal Frank Group. Lvi 53 MLC Centre, 19 Martin Place, C/- Barry Mendal Frank Group. Lvl 53 MLC Centre, 19 Martin Place,

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