Astro Japan Property : Change in substantial holding

2 ELLERSTON CAPITAL

Ellerston Capital Limited ABN 34 110 397 674

AFSL No. 283 000

Level 11, 179 Elizabeth Street

Sydney NSW 2000

Phone [phone]

Fax [phone]

www.e llerstoncapital.com

TO: The Manager, Company Announcements, ASX FAX No:

FROM: Ellerston Capital Limited DATE: 10/08/2017

NO. OF PAGES (Including this page) 7

Dear Manager RE:

ASTRO JAPAN PROPERTY GROUP LIMITED - Form 604

We attach our notice of a change in substantial holding (Form 604) in respect of ASTRO JAPAN PROPERTY GROUP LIMITED.

We note that the shares reported in this Form are owned by third party accounts under the discretionary investment management of Ellerston Capital Limited.

None of Ellerston Capital Limited, nor any of its shareholders or any of their associates hold a direct interest in any shares disclosed in this Form.

Yours sincerely,

Ian Kelly

Company Secretary Ellerston Capital Limited

Form 604 Corporations Act 2001 Section 671B Notice of change of interests of substantial holder

IQ Company Name/Scheme ASTRO JAPAN PROPERTY GROUP LIMITED ACN/ARSN/ARBN ACN 135 381 663

1. Details of substantial holder (1)

   Name

   ACN/ARSN (if applicable)

   Ellerston Capital Limited (Primary Person), and its associates being those persons listed in Annexure B ACN 110 397 674

   There was a change in the interests of the

   substantial holder on 09/08/2017

   The previous notice was given to the company on The previous notice was dated

   26/06/2017

   26/06/2017

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

   Class of securities (4)	Previous Notice		Present Notice
   	Person's votes	Voting power (5)	Person's votes	Voting power (5)
   Securities	6,449,046	10.63%	5,724,371	9.44%

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 of change	Person whose relevant interest changed	Nature of change (6)	Consideration given in relation to change (7)	Class and number of securities affected	Person's votes affected
   See Annexure A	See Annexure A	See Annexure A	See Annexure A	See Annexure A	See Annexure A

   Note, all transactions took place on a prescnbed financial market (ASX or Ch1X)

4. Present relevant interests

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

   Holder of relevant interest	Registered holder of Securities	Person entitled to be registered as holder (8)	Nature of relevant interest (6)	Class and number of securities	Person's votes
   Primary Person	HSBC Custody Nominees (Australia) Limited	HSBC Custody Nominees (Australia) Limited	In respect of 5,724,371 Securities shares held by HSBC Custody Nominees (Australia) Limited as nominee under s608(1)(b) and (c) by having the power to control voting and disposal.	5,724,371 Securities	9.44%

5. 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
   NIA

6. Addresses

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

Name	Address
See annexures	The Substantial Shareholder - cl- Level 11, 179 Elizabeth Street, Sydney, NSW, 2000
The entities listed in Annexure B - cl- Level 11, 179 Elizabeth Street, Sydney, NSW, 2000 ·
ASTRO JAPAN PROPERTY GROUP LIMITED	Suite 4, Level 10, 56 Pitt Street, SYDNEY, NSW, 2000

Signature

print name I/fr ,/ capacity Company Secretary

ASTRO JAPAN PROPERTY GROUP LIMITED ACN 135 381 663

This is Annexure A of 1 pages referred to in Form Form 604 Change of interests of substantial holder.

Signature

print name

capacity Company Secretary

sign here date 10/08/2017

Date of Change	Person whose relevant interest changed	Natures of change (4)	Consideration give in relation to change (5)	Class (6) and number of securities affected	Persons's votes affected
09/08/2017	Prima ry Person	Sell	$3,437,927.00	480,829 Securities	480,829
02/08/2017	Primary Person	Sell	$5,317,273.00	746,808 Securities	746,808
31/07/2017	Primary Person	Buy	$90,804.00	14,280 Securities	14,280
25/07/2017	Prima ry Person	Buy	$457,311.00	72,611 Securities	72,611
24/07/2017	Primary Person	Buy	$189,589.00	30,135 Securities	30,135
21/07/2017	Primary Person	Buy	$55,158.00	8,740 Securities	8,740
20/07/2017	Primary Person	Buy	$276,039 .00	43,720 Securities	43,720
19/07/2017	Primary Person	Buy	$687,120.00	108,300 Securities	108,300
17/07/2017	Primary Person	Buy	$62,961.00	9,807 Securities	9,807
14/07/2017	Primary Person	Buy	$5,194.00	818 Securities	818
06/07/2017	Prima ry Person	Buy	$1,099.00	173 Securities	173
05/07/2017	Primary Person	Sell	$80,313.00	12,500 Securities	12,500
03/07/2017	Primary Person	Buy	$67,044.00	10,578 Securities	10,578
30/06/2017	Primary Person	Buy	$1,373,505.00	216,300 Securities	216,300