The holder ceased to be a substantial holder on

11 / 12 / 15

The previous notice was given to the company on

18 / 09 / 15

The previous notice was dated

2. Changes in relevant interests

18 / 09 / 15

Date of change

Person whose relevant interest changed

Nature of change (4)

Considerat ion given in relation to change (5)

Class (6) and number of securities affected

Person's voted affected

11/12/15

Chapmans Limited

Dilution due to share issue

N/A

Fully Paid Ordinary 31,000,000

-

Name

Address

Chapmans Limited

Level 10, 52 Phillip Street

SYDNEY NSW 2000

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 4 of the form.

2. See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.

3. See the definition of "associate" in section 9 of the Corporations Act 2001.

4. Include details of:

(a)

any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) applies, a copy of any 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

(b)

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 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.

1. 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 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.

2. The voting shares of a company constitute one class unless divided into separate classes.

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