ACROW LIMITED — Major Shareholding Notification 2021

Aug 26, 2021

Form 604 Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

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|To Company Name/Scheme|Acrow Formwork and Construction Services Ltd|
|ACN/ARSN:|36 124 893 465|Source:|Australian Business Register|
|1. Details of substantial holder (1)|
|Name:|Perennial Value Management Limited (PVM)|
|ACN/ARSN (if applicable)|22 090 879 904|
|There was a change in the interest of the substantial holder on|25 August 2021|
|The previous notice was given to the company on|31 March 2021|
|The previous notice was dated|29 March 2021|

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2. Previous and present voting power

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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 relavant 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)
Ordinary 24,484,638 11.09 24,821,643 9.95
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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:

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|Date of change|Person whose relevant|Nature of change (6)|Consideration given in|Class & number of|Person's votes affected|
|interest changed|relation to change (7)|securities affected|
|30/03/2021|[BNP Paribas Securities Services]|[Buy On the Market]|$ 15,582.61|43,190|43,190|
|7/04/2021|[BNP Paribas Securities Services]|[Buy On the Market]|$ 113,722.73|306,684|306,684|
|9/04/2021|[BNP Paribas Securities Services]|[Buy On the Market]|$ 33,658.42|90,769|90,769|
|19/04/2021|[BNP Paribas Securities Services]|[Sell On the Market]|$ 117,171.08|307,778|307,778|
|19/04/2021|[National Asset Servicing]|Buy On the Market|$ 235,311.81|618,103|618,103|
|19/04/2021|[Northern Trust]|Sell On the Market|$ 118,140.73|310,325|310,325|
|14/05/2021|[BNP Paribas Securities Services]|[Buy On the Market]|$ 36,817.80|102,528|102,528|
|14/05/2021|[BNP Paribas Securities Services]|[Buy On the Market]|$ 25,472.76|70,935|70,935|
|14/05/2021|[National Asset Servicing]|Buy On the Market|$ 37,812.51|105,298|105,298|
|14/05/2021|[National Asset Servicing]|Buy On the Market|$ 44,446.88|123,773|123,773|
|14/05/2021|[Northern Trust]|Buy On the Market|$ 42,388.16|118,040|118,040|
|21/05/2021|[National Asset Servicing]|Buy On the Market|$ 95,318.12|263,237|263,237|
|21/05/2021|[National Asset Servicing]|Sell On the Market|$ 95,318.12|263,237|263,237|
|25/05/2021|[BNP Paribas Securities Services]|[Buy On the Market]|$ 380,500.50|1,044,757|1,044,757|
|25/05/2021|[National Asset Servicing]|Buy On the Market|$ 728,330.07|1,999,808|1,999,808|
|25/05/2021|[National Asset Servicing]|Sell On the Market|$|1,778,670.86|4,883,775|4,883,775|
|25/05/2021|[Northern Trust]|Buy On the Market|$ 669,840.28|1,839,210|1,839,210|
|24/06/2021|[National Asset Servicing]|Sell On the Market|$ 15,999.42|43,000|43,000|
|6/07/2021|[BNP Paribas Securities Services]|[Sell On the Market]|$ 52,954.47|129,442|129,442|
|16/07/2021|[BNP Paribas Securities Services]|[Sell On the Market]|$ 50,353.99|110,377|110,377|
|16/07/2021|[National Asset Servicing]|Buy On the Market|$ 50,353.99|110,377|110,377|
|22/07/2021|[BNP Paribas Securities Services]|[Sell On the Market]|$ 16,725.81|38,983|38,983|
|22/07/2021|[BNP Paribas Securities Services]|[Sell On the Market]|$ 54,188.23|126,297|126,297|
|22/07/2021|[National Asset Servicing]|Sell On the Market|$ 128,677.16|299,909|299,909|
|22/07/2021|[Northern Trust]|Sell On the Market|$ 100,747.03|234,812|234,812|
|26/07/2021|[BNP Paribas Securities Services]|[Sell On the Market]|$ 2,110,382.05|4,972,625|4,972,625|
|26/07/2021|[National Asset Servicing]|Buy On the Market|$|1,214,289.46|2,861,191|2,861,191|
|26/07/2021|[National Asset Servicing]|Buy On the Market|$ 701,423.28|1,652,741|1,652,741|
|26/07/2021|[National Asset Servicing]|Buy On the Market|$ 194,669.31|458,693|458,693|
|28/07/2021|[National Asset Servicing]|Buy On the Market|$ 113,142.54|269,387|269,387|
|28/07/2021|[National Asset Servicing]|Buy On the Market|$ 705,553.38|1,679,889|1,679,889|
|28/07/2021|[National Asset Servicing]|Buy On the Market|$ 407,704.08|970,724|970,724|
|2/08/2021|[BNP Paribas Securities Services]|[Sell On the Market]|$ 50,618.52|119,365|119,365|
|2/08/2021|[National Asset Servicing]|Sell On the Market|$ 145,399.17|342,870|342,870|
|2/08/2021|[Northern Trust]|Sell On the Market|$ 100,827.82|237,765|237,765|
|6/08/2021|[BNP Paribas Securities Services]|[Sell On the Market]|$ 30,646.29|69,725|69,725|
|6/08/2021|[National Asset Servicing]|Sell On the Market|$ 68,764.62|156,450|156,450|
|6/08/2021|[Northern Trust]|Sell On the Market|$ 49,236.25|112,020|112,020|
|9/08/2021|[BNP Paribas Securities Services]|[Sell On the Market]|$ 28,977.86|65,974|65,974|
|9/08/2021|[National Asset Servicing]|Sell On the Market|$ 65,020.33|148,032|148,032|
|9/08/2021|[Northern Trust]|Sell On the Market|$ 46,555.91|105,994|105,994|
|16/08/2021|[BNP Paribas Securities Services]|[Sell On the Market]|$ 37,245.18|81,023|81,023|
|16/08/2021|[National Asset Servicing]|Sell On the Market|$ 64,208.08|139,678|139,678|
|16/08/2021|[Northern Trust]|Sell On the Market|$ 61,465.14|133,711|133,711|
|20/08/2021|[National Asset Servicing]|Sell On the Market|$ 176,610.60|400,000|400,000|

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23/08/2021	National Asset Servicing	Sell On the Market	$	4,490.10	10,000	10,000
24/08/2021	National Asset Servicing	Sell On the Market	$	22,074.22	49,162	49,162
25/08/2021	BNP Paribas Securities Services	Sell On the Market	$	85,677.06	197,393	197,393
25/08/2021	National Asset Servicing	Sell On the Market	$	59,271.62	136,557	136,557
25/08/2021	Northern Trust	Sell On the Market	$	72,072.84	166,050	166,050

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	Person entitled to be	Nature of relevant	Nature of relevant	Class & number	Class & number	of	Person's votes	Person's votes
	securities	registered as holder (8)	interest (6)		securities (Ord)
Perennial Value Management Limited	National Asset Servicing	National Asset Servicing		14,590,437		14,590,437			14,590,437
Perennial Value Management	Northern Trust	Northern Trust		6,618,700			6,618,700			6,618,700
Limited
Perennial Value Management Limited	BNP Paribas Securities Services	BNP Paribas Securities Services		3,612,506			3,612,506			3,612,506

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 & ACN Nature of association Not applicable

6. Addresses

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

Name	Address
Perennial Value Management Ltd	Level 27, 88 Phillip St Sydney NSW 2000
Acrow Formwork and Construction Services Ltd	Acrow Formwork And Construction Services Ltd2A Mavis Street, Revesby, Nsw 2212
Signature Print Name	Bill Anastasopoulos Capacity	Company Secretary
Sign Here	Date	26/08/2021

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