Navigator Global Investments : Becoming a substantial holder

Form 603

Corporations Law

Section 671B

Notice of initial substantial holder

To: Company Name/Scheme NAVIGATOR GLOBAL INVESTMENTS LIMITED

ACN/ARSN

101 585 737

1.Details of substantial holder (1)

Name:	UBS Group AG and its related bodies corporate
ACN/ARSN (if applicable)
The holder became a substantial holder on:	29 April 2019

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 became a substantial holder are as follows:

Class of securities (4)	Number of securities	Persons' votes (5)	Voting power (6)
Ordinary	9,102,854	9,102,854	5.61%

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
UBS Asset Management	Fund Manager with power to exercise control over	968,523	Ordinary
(Australia) Ltd	voting shares
UBS Asset Management Trust	Fund Manager with power to exercise control over	28,710	Ordinary
Company	voting shares
UBS Asset Management (UK)	Fund Manager with power to exercise control over	8,886	Ordinary
Limited	voting shares
UBS Fund Management	Fund Manager with power to exercise control over	63,577	Ordinary
(Switzerland) AG	voting shares
UBS Securities Australia Ltd	Beneficial Owner	1,402,736	Ordinary
UBS AG London Branch	Prime Broker that has exercised its borrowing right in	6,630,422	Ordinary
	respect of shares pursuant to a Prime Broking
	Agreement (see Appendix A)

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	Registered holder of	Person entitled to be	Class and number of
interest	securities	registered as holder (8)	securities
UBS Asset Management	Various Custodians	UBS Asset Management	968,523	Ordinary
(Australia) Ltd		(Australia) Ltd
UBS Asset Management Trust	Various Custodians	UBS Asset Management	28,710	Ordinary
Company		Trust Company
UBS Asset Management (UK)	Various Custodians	UBS Asset Management	8,886	Ordinary
Limited		(UK) Limited
UBS Fund Management	Various Custodians	UBS Fund Management	63,577	Ordinary
(Switzerland) AG		(Switzerland) AG
UBS Securities Australia Ltd	Brispot Nominees Pty Ltd	UBS Securities Australia Ltd	1,402,736	Ordinary
UBS AG London Branch	Citicorp Nominees Pty Ltd	UBS AG London Branch	6,630,422	Ordinary

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 acquisition	Consideration (9)	Class and number
of securities
		Cash	Non-cash
Please see Appendix B.

6.Associates

The reasons the persons named in paragraph 3 above are associates of the substantial holder are as follows:

Name and ACN/ ARSN (if applicable)	Nature of association
UBS Asset Management (Australia) Ltd	Related body corporate
UBS Asset Management Trust Company	Related body corporate
UBS Asset Management (UK) Limited	Related body corporate
UBS Fund Management (Switzerland) AG	Related body corporate
UBS Securities Australia Ltd	Related body corporate
Brispot Nominees Pty Ltd	Related body corporate
UBS AG London Branch	Related body corporate

7. Addresses

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

Name	Addresses
Details of all UBS offices can be found through the
following link: http://apps2.ubs.com/locationfinder/

SIGNATURE

Print Name:	Philip Alexander	Capacity:	Authorised signatory
Sign Here:		Date:	1 May	2019
Print Name:	Joanne Chan	Capacity:	Authorised signatory
Sign Here:		Date:	1 May	2019

Contact details for this notice:

-----------------------------------------------------

Philip Alexander

Compliance & Operational Risk Control

(T)[phone]

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Appendix A

Holder of relevant interest	UBS AG, London Branch
Type of agreement	Prime Brokerage Agreement
Parties to agreement	(i) UBS AG, London Branch ("UBS
	AG")
	(ii) Client (Please refer to Appendix
	A-1.)
Transfer date	Please refer to Appendix A-1.
Holder of voting rights	UBS AG
Are there any restrictions on	No.
voting rights?
If yes, detail	N/A
Scheduled return date (if any)	None.
Does the borrower have the right	Yes.
to return early?
If yes, detail	The borrower (i.e. UBS AG) has the
	right to return at its discretion.
Does the lender have the right to	Yes.
recall early?
If yes, detail	The lender (i.e. Client) can recall at
	its request subject to compliance
	with margin requirements and the
	terms of the relevant loan.
Will the securities be returned on	Yes.
settlement?
If yes, detail any exceptions	None.

The information in this appendix is based on the relevant standard UBS agreement.

A copy of the agreement is available to the company, or responsible entity to whom the prescribed form must be given, or to ASIC, upon request.

Appendix A-1

Prime Brokerage Agreement - UBS AG London Branch

Parties to agreement	Transfer date
Amitell Holdings Pte. Ltd.	(i)	26	February 2019
	(ii)	5	March 2019
CC&L Q Equity Extension Fund II	(i)	5	March 2019
	(ii)	20	March 2019
	(iii)	21	March 2019
	(iv)	8	April 2019
Delaware Street Capital Master Fund LTD	(i)	24	April 2019
	(ii)	26	April 2019