ACROW LIMITED — Major Shareholding Notification 2019

May 7, 2019

Form 604

Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme: ACN/ARSN: 124 893 465

Acrow Formwork and Construction Services Limited

1. Details of substantial holder (1)

Name: Schroder Investment Management Australia Limited ACN/ARSN (if applicable): 000 443 274 There was a change in the interests of the 08/05/2019 substantial holder on: The previous notice was given to the 02/11/2018 company on: The previous notice was dated: 02/11/2018

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	Present notice
	Person’s votes	Voting power(5)	Person's votes	Voting power (5)
Ordinary Shares	10,664,912	6.07%	14,792,872	8.33%

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 ofchange	Person whoserelevant interestchanged	Nature ofchange (6)	Consideration given inrelation to change (7)	Class and number ofsecurities affected	Person’s votesaffected
03/11/2018 -08/05/2019	SIMAL	Buy	$1,529,731.91	4,127,960Ordinary Shares	4,127,960
03/11/2018 -08/05/2019	SIMAL	Sell	NIL	NIL	NIL
03/11/2018 -08/05/2019	SIMAL	Transfer	NIL	NIL	NIL

4. Present relevant interests

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

Holder of relevantinterest	Registeredholder ofsecurities	Person entitledto be registeredas holder (8)	Nature ofrelevantinterest (6)	Class and number ofsecurities	Person’s votes
SIMAL	BNP ParibasSecurities Services	BNP ParibasSecuritiesServices	Power todispose ofsecurities	6,681,394Ordinary Shares	6,681,394
SIMAL	JP MorganCustodial Services	JP MorganCustodialServices	Power todispose ofsecurities	8,111,478Ordinary Shares	8,111,478

5. Changes in association

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

Name and ACN/ARSN(if applicable)	Nature of association
Schroder Investment Management Australia Limited (“SIMAL”)	Relevant Fund Manager

6. Address

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

Name	Address
Schroder Investment Management (Australia) Limited(“SIMAL”)	Level 20, Angel Place, 123 Pitt Street, Sydney, 2000,Australia