Metal Bank : Change in interests of Substantial Holder

Form 604 page 1/2 15 July 2001

Corporations Act 2001

Section 6718

Notice of change of interests of substantial holder

To Company Name/Scheme

Metal Bank Limited

ACN/ARSN 127 297 170

1. Details of substantial holder (1)

   Name

   Indigo Pearl Capital Ltd

   ACN/ARSN (if applicable) BVI No 1630343

   There was a change in the interest of the substantial holder on: 21 October 2016 The previous notice was given to the company on: 1 8 May 2016

   The previous notice was dated: 17 May 2016

2. Previous and present voting power

The total number of votes attached to allthe voting shares in the company or voting interests in the scheme that the substantia lholder or an associate (2) had a relevant interest (3) in when last required, and when now required, to give a substantialholding 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)
Ordinary shares		71,785,647	14.17%	71,785,647	10.42%

3 Changes in relevant interests

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
21 October 2016	Indigo Pearl Capital Ltd	Dilution due to Rights Issue	n/a	71,785,647ordinary shares	71,785,647

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 substantialholder was last required to give a substantial holder notice to the company or scheme are as follows:

4. Present relevant interests

Particula rs of each relevantinterest of the substantial hol der i n voting secu ri ties after the change are as follows:

Holder of relevant interest

Registered holder of secur ities

Person entitled to be registered as holder (8)

Nature of relevant interest (6)

Class and number of securities

Person's votes

604 Page2/ 2 15 July 2001

Indigo Pearl Capital Ltd	Berne No 132 Nominees Pty Ltd	Indigo Pearl Capital Ltd	Beneficial holder	71,785,647 ordinary shares	71,785,647

5. Changes in association

The persons who have become associates (2) of, or ceased to be associates of, or have changed the nature of their association

(9) with, the substantialholder in relation to voting interests in the company or scheme are as follows:

Name and ACN/ARSN (if applicable)	Nature of Assoc iation
n/a

6.Addresses

The addresses of persons named i n this form are as follows:

Name	Address
Indigo Pearl Capital Ltd	Palm Grove House, PO Box 438, Road Town, Tortola, British Virgin Islands
Berne No 132 Nominees Pty Ltd	GPO Box 202, Brisbane, Qld, 4001

Signature

DIRECTIONS

Capacity: Director

Date f& OeJober/).01 '7

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 essentia Hy 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 6 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 6718(7) of the Corporations Act 2001.

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

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

6. Include details of:

7. any relevant agreement or other circumstances because of which the change in relevant interest occurred . If

   subsection 6718(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

8. 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 particul ar securities to which the qualification applies).

   See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.

9. Details of the consideration must include any and all benefits, money and other, that any person from whom a relev ant 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 or 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 fro m

   whom the relevant interest was acquired.

10. If the substantial holder is unable to determine the identity of the person (eg. if the relevant interest arises because of an

    option) write "unknown".

11. Give details, if appropriate, of the present association and any change in that association since the last substantial holdin g

notice.