SCHOOLBLAZER LIMITED — Major Shareholding Notification 2020

May 18, 2020

	Form 604

Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme	HGL Limited (ASX: HNG)
ACN ARSN	009 657 961
1. Details of substantial holder(1)
NameACN/ARSN (if applicable)	See Annexure A

There was a change in the interests of thesubstantial holder on	155.20
The previous notice was given to the company on	234/20
The previous notice was dated	224.20

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 r

Previous notice	Present notice
	Person's votes Voting power (5)21,389,228 29.5%	Person's votes Voting power (5)21,389,228 28.3%

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 a substantial holding notice to the company or scheme are as follows:

Date ofchange등) 장면 자신	Person whoserelevant interestchanged	Nature ofchange (6)29 O. TO 7, CO. O	Considerationgiven in relation.to change (7)	Class andnumber ofsecuritiesaffected	Person's votesaffected-4003066
15/5/20	Entities listed inAnnexure A	Dilution due toissuance of	N/A	N/A	N/A
		shares underretail entitlement
		offer

4. Present relevant interests

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

Holder ofrelevantinterest	Registeredbolder ofsecurities	Person entitledto be registeredas holder (8)	Nature ofrelevant.Interest (6)	Class andnumber ofsecurities	Person's votesTHE R. P. LEWIS CO., LANSING MICH.
	See Annexure B

5. Changes in association

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

6. Addresses

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

34 F V
See Annexure C

Signature

70

grant mame	David Constable	DirectorCROACITY
sign here	Dillous table	18'5'20
	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 4nequity 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

• See the definition of "associate" in section 9 of the Corporations Act 2001. $\alpha$
• See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001. $\Box$
• The voting shares of a company constitute one class unless divided into separate classes. W
• The person's votes divided by the total votes in the body corporate or scheme multiplied by 100. 尚
• 19 Include details of:

form

• any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) applies, a copy of any 劬 document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme orarrangement, must accompany this form, together with a written statement c
• 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 tú 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, become 伺 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 bolder is unable to determine the identity of the person log. If the relevant interest arises because of an option) write "unknown". 撥

Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice. m

HGL Limited ACN: 009 657 961

This is Annexure A of 1 page referred to in ASIC Form 604 (Notice of Change of Interests of Substantial Holder)

Signed:

Williers fale

Date:

$18/5/2020$

Details of substantial holder

• Supervised Investments Australia Limited ACN: 125 580 305 (SIAL) ٠
• Donus Australia Foundation Limited ABN: 396 171 227 46 (Donus) ٠
• · Mr David Constable (DC)
• · Dr Ida Constable (IC)
• · IJV Investments Pty Ltd ACN: 162 906 296 (IJV)
• · Kitwood Pty Ltd ACN: 010 205 099 (Kitwood)
• . Fayrstede Pty Ltd ACN: 117 528 364 ATF The Cooper Superannuation Fund (Fayrstede)

HGL Limited ACN: 009 657 961

This is Annexure B of 1 page referred to in ASIC Form 604 (Notice of Change of Interests of Substantial Holder)

Signed:

Direction

Date:

$18/5/2020$

Present relevant interests

Holder of relevantinterest	Registered holderof securities	Person entitled tobe registered asholder	Nature ofrelevant interest	Number ofFPO sharesand votes
SIAL, Mr DavidConstable, Dr IdaConstable,Fayrstede	JP MorganNominees AustraliaLimited (JPM) ascustodian of TheSupervised Fund$(TSF)$ .	Equity Trustees(EQT) as trustee forTSF.	SIAL has thepower to controlsecurities asinvestmentmanager of TSFby appointmentof EQT. DavidConstable, IdaConstable andFayrstede have arelevant interestin SIAL.	8,833,802
Donus AustraliaFoundation Limited	Donus AustraliaFoundation Limited	Donus AustraliaFoundation Limited	A charitable trustwhose director isDr Ida Constable.	506,000
Dr Ida Constable	Dr Ida Constable	Dr Ida Constable	Holder of shares.	3,466,573
Mr David Constable	Mr David Constable	Mr David Constable	Holder of shares.	255,061
Kitwood	Kitwood	Kitwood	Holder of shares.	1,790,000
UV	IIV	LIV	Holder of shares.	6,537,792

HGL Limited ACN: 009 657 961

This is Annexure C of 1 page referred to in ASIC Form 604 (Notice of Change of Interests of Substantial Holder)

Signed: Quantale

Date: $-18/5/20$

Addresses

Name	Address
HGL Limited	68-72 Waterloo Road, Macquarie Park NSW 2113
SIAL	GPO Box 4380, Sydney, NSW 2001
EQT	Level 2, 575 Bourke Street, Melbourne Victoria 3000
JPM	Locked Bag 7, Royal Exchange NSW 1225
Fayrstede	PO Box 718, Moss Vale NSW 2677
Mr David Constable
Dr Ida Constable
Donus AustraliaFoundation Limited	20 Chandos Street, St Leonards NSW 2065
Kitwood	20 Chandos Street, St Leonards NSW 2065
UV	20 Chandos Street, St Leonards NSW 2065