Bell Financial : 01/03/2017 Ceasing to be a substantial holder - HHL

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605	page 1/2 15July 2001

Form605 CorporationsAct 2001 Section 671B Notice of ceasing to be a substantial holder

To CompanyName/Scheme ACN/ARSN

BELL FINANCIAL GROUP LIMITED 083 194 763

1. Details of substantial holder(1)

Name

ACN/ARSN (if applicable)

SEE ANNEXURE 'A' ATTACHED TO THIS FORM

Theholder ceasedto bea substantial holder on	27 /02 / 2017
Thepreviousnoticewasgivento thecompanyon	25 / 11/ 2016
Thepreviousnoticewasdated	25 / 11/ 2016
2. Changes in relevant interests

Particularsof eachchangein, or changein thenatureof, arelevant interest (2)of thesubstantial holder or anassociate(3) invotingsecuritiesof thecompanyor scheme, sincethe substantial holder waslast requiredtogiveasubstantial holdingnoticeto thecompanyor schemeareasfollows:

Date of change	Person whose relevant interest changed	Nature of change(4)	Consideration givenin relation to change(5)	Class(6)and number of securities affected	Person's votes affected
REFER TO	ANNEXURE 'C'

1. Changes in association

   Thepersonswhohavebecomeassociates (3)of, ceasedtobeassociatesof, or havechangedthenatureof their association(7)with, thesubstantial holder in relationtovoting interests in thecompanyor schemeareasfollows:

   Name andACN/ARSN (if applicable)	Nature of association
   ANNEXURE 'B'

2. Addresses

Theaddressesof personsnamedin this formareasfollows:

Name	Address
REFER TO ANNEXURE 'D'

Signature

print name Paula Ferrao

capacity CHIEF FINANCIAL OFFICER

sign here date

01 / 03

/ 2017

HUNTER HALL INVESTMENT MANAGEMENT LTD (A.C.N. 063 081 612) ANNEXURES TO FORM 605‌

BELL FINANCIAL GROUP LIMITED

ANNEXURE A:

Hunter Hall Investment Management Limited (A.C.N. 063 081 612)

Hunter Hall International Limited (A.C.N. 059 300 426)

Hunter Hall Global Value Limited (A.C.N. 107 462 966)

Hampshire Assets & Services Pty Ltd (A.C.N. 059 790 395) Aubigny Investments Pty Limited (A.C.N. 156 613 026), Zeppelin Investments Pty Ltd (A.C.N. 122 550 369) and Peter James Hall

ANNEXURE B:

Holder of Relevant Interest	Person registered and entitled to be Registered as Holder	Nature of relevant Interest	Class and Number of Shares
Hunter Hall Investment Management Ltd	JP Morgan Chase Bank, N.A. as the Custodian of the Hunter Hall Value Growth Trust, Hunter Hall High Conviction Equities Trust, and Hunter Hall Global Value Limited	Hunter Hall Investment Management Limited has the power to control the vote attached to the securities, and the power to exercise control over the disposal of securities as: Responsible Entity for the Hunter Hall Value Growth Trust (7,270,920 ORD), Hunter Hall High Conviction Equities Trust, (1,190,384 ORD) and Investment Manager for Hunter Hall Global Value Limited (4,151,945 ORD)	12,613,249 ORD
Hunter Hall International Limited	As above	Hunter Hall International Ltd has a relevant interest in the said securities, as it wholly owns Hunter Hall Investment Management Limited.	As above
Hampshire Assets & Services Pty Ltd, Aubigny Investments Pty Limited, Zeppelin Investments Pty Ltd and Peter James Hall (Hampshire Associates)	As above	The Hampshire Associates has a relevant interest in the said securities as they hold approximately 24.05% of issued securities in Hunter Hall International Ltd. Hampshire Assets & Services Pty Limited, Aubigny Investments Pty Limited and Zeppelin Investments Pty Ltd are controlled by Peter James Hall.	As above
Hunter Hall Global Value Limited	As above	Hunter Hall Global Value Limited is managed pursuant to an investment management agreement by Hunter Hall Investment Management Ltd. (4,151,945 ORD)	4,151,945 ORD

ANNEXURE C:

Person whose relevant interest changed: Hunter Hall Investment Management Limited Hunter Hall International Limited‌

Hunter Hall Global Value Limited

Hampshire Assets and Services Pty Ltd, Aubigny Investments Pty Limited, Zeppelin Investments Pty Ltd and Peter James Hall

Peter James Hall

Date of Change	Nature of Change	No. of Shares Affected	Consideration Given in Relation to Change AUD	Cumulative
Opening Balance:	18,068,779
5-Jan-17	Sale	-42,500	30,443.59	18,026,279
5-Jan-17	Sale	-42,517	30,455.77	17,983,762
6-Jan-17	Sale	-3,090	2,205.75	17,980,672
6-Jan-17	Sale	-47,906	34,196.87	17,932,766
9-Jan-17	Sale	-4,140	2,965.15	17,928,626
9-Jan-17	Sale	-24,377	17,459.29	17,904,249
11-Jan-17	Sale	-15,000	10,904.01	17,889,249
12-Jan-17	Sale	-16,000	11,551.28	17,873,249
22-Feb-17	Sale	-843	603.77	17,872,406
23-Feb-17	Sale	-25,447	18,225.66	17,846,959
23-Feb-17	Sale	-4,170	2,986.63	17,842,789
23-Feb-17	Sale	-14,540	10,413.84	17,828,249
24-Feb-17	Sale	-20,830	14,918.87	17,807,419
24-Feb-17	Sale	-36,469	26,119.84	17,770,950
24-Feb-17	Sale	-5,970	4,275.82	17,764,980
27-Feb-17	Sale	-2,969,721	2,126,973.57	14,795,259
27-Feb-17	Sale	-486,200	348,226.16	14,309,059
27-Feb-17	Sale	-1,695,810	1,214,573.03	12,613,249
Balance held as at 27th February 2017				12,613,249
% held as at 27th February 2017 based on shares on issue 267,286,480				4.72%

ANNEXURE D:

NAME	ADDRESS
Hunter Hall International Limited	Level 2, 56 Pitt Street SYDNEY NSW 2000
Hunter Hall Investment Management Limited	Level 2, 56 Pitt Street SYDNEY NSW 2000
Hunter Hall Global Value Limited	Level 2, 56 Pitt Street SYDNEY NSW 2000
Hampshire Associates	Level 2, 56 Pitt Street SYDNEY NSW 2000

These 2 pages comprise the Annexures A to D referred to in the Form 605, Notice of ceasing to be a Substantial Shareholder.

Paula Ferrao

Chief Financial Officer

Dated 1/3/2017