Pacific Current : Form 603 – Notice of Initial Substantial Holder

Form 603 Corporations Act 2001 Section 671B Notice of initial substantial holder

To Company Name/Scheme Pacific Current Group Limited

ACN/ARSN 006 708 792

1. Details of substantial holder (1)

   Name Pacific Current Group Limited

   and its subsidiaries which at the date of this notice are set out in item 6 (together, Pacific Current Group).

   ACN/ARSN (if applicable) 006 708 792

   The holder became a substantial holder on 13/04/2017

2. Details of voting power

   Class of securities (4)	Number of securities	Person's votes (5)	Voting power (6)
   Ordinary Shares	13,675,667	13,675,667	32.72%

   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:

3. Details of relevant interests

   Holder of relevant interest	Nature of relevant interest (7)	Class and number of securities
   Pacific Current Group	Restrictions on the disposal of shares under voluntary escrow arrangements disclosed in the Notice of Meeting and Explanatory Memorandum dated 13 February 2017 give Pacific Current Group Limited a technical "relevant interest" under section 608(1)(c) of the Corporations Act 2001 (Cth). However Pacific Current Group Limited has no right to acquire these shares or to control the voting rights attaching to these shares.	13,675,667 fully paid Ordinary Shares in Pacific Current Group Limited.

   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:

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 interest	Registered holder of securities	Person entitled to be registered as holder (8)	Class and number of securities
   Pacific Current Group - see Annexure A	AARON S. RICHMOND	AARON S. RICHMOND	15,373
   Pacific Current Group - see Annexure A	ALEXA Z. CARVER	ALEXA Z. CARVER	190,601
   Pacific Current Group - see Annexure A	ALFRED C. ZEDLITZ III	ALFRED C. ZEDLITZ III	30,745
   Pacific Current Group - see Annexure A	ALICE O. BROWN	ALICE O. BROWN	23,096
   Pacific Current Group - see Annexure A	ALVAH HOWE	ALVAH HOWE	115,480
   Pacific Current Group - see Annexure A	AMAZING INVESTMENTS, LLC	AMAZING INVESTMENTS, LLC	308,013
   Pacific Current Group - see Annexure A	ANTHONY J. CARINO	ANTHONY J. CARINO	76,986
   Pacific Current Group - see Annexure A	ANDREW TURNER	ANDREW TURNER	883,388
   Pacific Current Group - see Annexure A	BALLYSHANNON FAMILY PARTNERSHIP, L.P.	BALLYSHANNON FAMILY PARTNERSHIP, L.P.	89,562
   Pacific Current Group - see Annexure A	BALLYSHANNON PARTNERS, L.P.	BALLYSHANNON PARTNERS, L.P.	447,813

   Pacific Current Group - see Annexure A	BRAD NAKAMURA	BRAD NAKAMURA	15,397
   Pacific Current Group - see Annexure A	BROWN INVESTMENT MANAGEMENT LP	BROWN INVESTMENT MANAGEMENT LP	616,026
   Pacific Current Group - see Annexure A	CARYN A. BUCK	CARYN A. BUCK	30,801
   Pacific Current Group - see Annexure A	C. KEMMONS WILSON JR.	C. KEMMONS WILSON JR.	154,943
   Pacific Current Group - see Annexure A	CHRIS FOSSE	CHRIS FOSSE	1,470
   Pacific Current Group - see Annexure A	CHRISTIANE LAAKMANN	CHRISTIANE LAAKMANN	38,433
   Pacific Current Group - see Annexure A	DAN BALMELLI	DAN BALMELLI	30,795
   Pacific Current Group - see Annexure A	DARCY B. JOHNSON	DARCY B. JOHNSON	15,397
   Pacific Current Group - see Annexure A	DAVE CHEN	DAVE CHEN	7,687
   Pacific Current Group - see Annexure A	DAVID SWIFT	DAVID SWIFT	2,205
   Pacific Current Group - see Annexure A	ERIC CEDERSTRAND	ERIC CEDERSTRAND	38,493
   Pacific Current Group - see Annexure A	FUND BNP PARIBAS CAPITAL PARTNERS PARTICIPATIONS	FUND BNP PARIBAS CAPITAL PARTNERS PARTICIPATIONS	3,004,887
   Pacific Current Group - see Annexure A	GEORGE HOWE	GEORGE HOWE	153,974
   Pacific Current Group - see Annexure A	HEALEY INVESTMENTS I, LLC	HEALEY INVESTMENTS I, LLC	115,435
   Pacific Current Group - see Annexure A	HEALEY INVESTMENTS IV, LLC	HEALEY INVESTMENTS IV, LLC	77,003
   Pacific Current Group - see Annexure A	J. TIMOTHY QUINN	J. TIMOTHY QUINN	15,397
   Pacific Current Group - see Annexure A	JEANINE CASSINO	JEANINE CASSINO	38,493
   Pacific Current Group - see Annexure A	JOHN C. HAGERTY atf the Healey Family Foundation	JOHN C. HAGERTY atf the Healey Family Foundation	115,435
   Pacific Current Group Limited - see Annexure A	JOHN C. SWIFT atf John C Smith Revocable Trust	JOHN C. SWIFT atf John C Smith Revocable Trust	7,350
   Pacific Current Group Limited - see Annexure A	JOHN W. ZIMMERMAN	JOHN W. ZIMMERMAN	7,350
   Pacific Current Group - see Annexure A	KAREL PELTRAM	KAREL PELTRAM	53,891
   Pacific Current Group - see Annexure A	KENNETH K CEDERSTRAND as executor for The Estate Of Eugene Cederstrand	KENNETH K CEDERSTRAND as executor for The Estate Of Eugene Cederstrand	38,493
   Pacific Current Group - see Annexure A	KENNETH K. CEDERSTRAND	KENNETH K. CEDERSTRAND	38,493
   Pacific Current Group - see Annexure A	KENNETH TODD NAKAMURA	KENNETH TODD NAKAMURA	7,698
   Pacific Current Group - see Annexure A	KIM NAKAMURA	KIM NAKAMURA	76,986
   Pacific Current Group - see Annexure A	LAMONT LOO	LAMONT LOO	3,850
   Pacific Current Group - see Annexure A	LISA HANSLER	LISA HANSLER	7,698
   Pacific Current Group - see Annexure A	MARK GILDENHAR	MARK GILDENHAR	76,701
   Pacific Current Group - see Annexure A	MBB VENTURES LLC	MBB VENTURES LLC	77,003
   Pacific Current Group - see Annexure A	MICHAEL V. HILLMAN	MICHAEL V. HILLMAN	24,131
   Pacific Current Group - see Annexure A	NEIL D. SWENSON	NEIL D. SWENSON	23,096
   Pacific Current Group - see Annexure B	NORTHERN LIGHTS CAPITAL PARTNERS, LLC	NORTHERN LIGHTS CAPITAL PARTNERS, LLC	3,399,252
   Pacific Current Group - see Annexure A	PAUL GREENWOOD	PAUL GREENWOOD	531,781
   Pacific Current Group - see Annexure A	PETER RONALD	PETER RONALD	19,247
   Pacific Current Group - see Annexure A	RANDY RUSHFORTH	RANDY RUSHFORTH	53,891
   Pacific Current Group - see Annexure A	RICHARD M DALEY	RICHARD M DALEY	1,470

   Pacific Current Group - see Annexure A	RICK D. LEGGOTT atf Rick D. Leggott Revocable Trust	RICK D. LEGGOTT atf Rick D. Leggott Revocable Trust	308,013
   Pacific Current Group - see Annexure A	RIVC II, LLC	RIVC II, LLC	204,919
   Pacific Current Group - see Annexure A	ROBERT A. WILSON	ROBERT A. WILSON	154,943
   Pacific Current Group - see Annexure A	RONALD L. COLEMAN	RONALD L. COLEMAN	15,397
   Pacific Current Group - see Annexure A	SBS VENTURES, LLC	SBS VENTURES, LLC	77,003
   Pacific Current Group - see Annexure A	SCOTT CARINO	SCOTT CARINO	107,782
   Pacific Current Group - see Annexure A	SPENCE WILSON	SPENCE WILSON	301,956
   Pacific Current Group - see Annexure A	STEVE SHAUB	STEVE SHAUB	61,589
   Pacific Current Group - see Annexure A	STEVEN COPPESS	STEVEN COPPESS	2,940
   Pacific Current Group - see Annexure A	TANA COLUMBIA	TANA COLUMBIA	7,698
   Pacific Current Group - see Annexure A	TAMARA L. CARBONE	TAMARA L. CARBONE	38,493
   Pacific Current Group - see Annexure A	TERRENCE MULLEN	TERRENCE MULLEN	153,674
   Pacific Current Group - see Annexure A	TFV II, LLC	TFV II, LLC	536,731
   Pacific Current Group - see Annexure A	TIMOTHY J. CARVER	TIMOTHY J. CARVER	341,181
   Pacific Current Group - see Annexure A	TODD A. STAKSET	TODD A. STAKSET	38,493
   Pacific Current Group - see Annexure A	THOMAS A. BROWN	THOMAS A. BROWN	23,096
   Pacific Current Group - see Annexure A	WALT MILES	WALT MILES	46,191
   Pacific Current Group - see Annexure A	WILMA WARSHAK	WILMA WARSHAK	38,493
   Pacific Current Group - see Annexure A	ZES-FAM CAPITAL INVESTORS, LLC	ZES-FAM CAPITAL INVESTORS, LLC	115,366

5. Consideration

   Holder of relevant interest	Date of acquisition	Consideration (9)	Class and number of securities
   		Non-cash
   Pacific Current Group	13 April 2017	Transfer of all Class B and vested Class B-1 Units in the Aurora Trust as announced to the ASX on 13 February 2017 and as approved by shareholders at the extraordinary general meeting held on 15 March 2017.	13,675,667

   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:

   603 GUIDE page 1/1 13 March 2000

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
   Aurora Investment Management Pty Limited ACN 600 880 939	Bodies corporate controlled by Pacific Current Group Limited.
   Treasury ROC Pty Ltd ACN 169 571 215	Bodies corporate controlled by Pacific Current Group Limited.
   Treasury Evergreen Pty Ltd ACN 158 401 364	Bodies corporate controlled by Pacific Current Group Limited.
   Global Value Investors Pty Ltd ACN 111 397 392	Bodies corporate controlled by Pacific Current Group Limited.
   Treasury Group Investment Services Ltd ACN 099 932 920	Bodies corporate controlled by Pacific Current Group Limited.
   Northern Lights Capital Group, LLC	Bodies corporate controlled by Pacific Current Group Limited.
   NLCG Distributors, LLC	Bodies corporate controlled by Pacific Current Group Limited.
   Northern Lights Midco, LLC	Bodies corporate controlled by Pacific Current Group Limited.
   Northern Lights Midco II, LLC	Bodies corporate controlled by Pacific Current Group Limited.
   Aether Investment Partners, LLC	Bodies corporate controlled by Pacific Current Group Limited.
   Northern Lights Capital Partners (UK) Ltd	Bodies corporate controlled by Pacific Current Group Limited.
   Strategic Capital Investors LLP	Bodies corporate controlled by Pacific Current Group Limited.

7. Addresses

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

Name	Address
Pacific Current Group Limited	Suite 2, Level 29, 259 George Street Sydney NSW 2000

Bartrop

Signature

print name

Nathan

capacity Company Secretary

sign here date 19/04/2017 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 7 of the form.

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

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

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

5. The total number of votes attached to all the voting shares in the company or voting interests in the scheme (if any) that the person or an associate has a relevant interest in.

6. The person's votes divided by the total votes in the body corporate or scheme multiplied by 100.

7. Include details of: