ACROW LIMITED — Major Shareholding Notification 2020

May 4, 2020

603 Page 1 of 3 15 July 2001

Form 603

Corporations Act 2001 Section 671B

Notice of initial substantial holder

To Company Name/Scheme Acrow Formwork and Construction Services Limited

ACN/ARSN 124 893 465

1. Details of substantial holder (1)

Name Peter Lancken ACN/ARSN (if applicable) N/A

The holder became a substantial holder on 01/05/2020

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	Person's votes (5)	Voting power (6)
ORD	10,952,365	10,952,365	5.07%

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:

substantial holder are as follows:
Holder of relevant interest	Nature of relevant interest (7)	Class and number of securities
Peter Lancken	Power to control the votes attached to the securities held by Palcort Pty Ltd Fund> in accordance with section 608(1)(b) of the Corporations Act.	ORD 7,469,491
Peter Lancken	Power to control the votes attached to the securities held by Palcort Pty Ltd Trust> in accordance with section 608(1)(b) of the Corporations Act.	ORD 3,482,874

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
Peter Lancken	Netwealth Investments Limited	Palcort Pty Ltd Retirement Fund>	ORD 2,654,689
Peter Lancken	Netwealth Investments Limited	Palcort Pty Ltd Investment Trust>	ORD 2,654,688
Peter Lancken	Bond Street Custodians Limited	Palcort Pty Ltd Retirement Fund>	ORD 304,391
Peter Lancken	HSBC Custody Nominees (Australia) Limited	Palcort Pty Ltd Retirement Fund>	ORD 3,985,411
Peter Lancken	HSBC Custody Nominees (Australia) Limited	Palcort Pty Ltd Investment Trust>	ORD 828,186
Peter Lancken	Palcort Pty Ltd Retirement Fund>	Palcort Pty Ltd Retirement Fund>	ORD 525,000

603 Page 2 of 3 15 July 2001

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
Peter Lancken	10 March 2020	$100,000.20	Nil	ORD 333,334
Peter Lancken	31 March 2020	$27,126.65	Nil	ORD 123,866
Peter Lancken	31 March 2020	Nil	Nil	ORD 2,625,000

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
N/A	N/A

7. Addresses

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

Name	Address
Palcort Pty Ltd Fund>	24 Tennyson Avenue, Turramurra NSW 2074
Palcort Pty Ltd <Lancken Investment Trust?	24 Tennyson Avenue, Turramurra NSW 2074
Peter Lancken	24 Tennyson Avenue, Turramurra NSW 2074

Signature

print name sign here	Peter Lancken capacity Holder of relevant interest
	date 4 May 2020

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:

• (a) any relevant agreement or other circumstances by which the relevant interest was acquired. If subsection 671B(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

• (b) 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 particular securities to which the qualification applies).

603 Page 3 of 3 15 July 2001

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

• (8) 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".

• (9) Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant 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 of 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 from whom the relevant interest was acquired.