ADAIRS LIMITED — Director's Dealing 2021

May 26, 2021

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27 May 2021

ASX Market Announcement Office ASX Limited 20 Bridge Street Sydney NSW 2000

Dear Sir/Madam

Appendix 3Y – Change of Director’s Interest Notice

Attached is an Appendix 3Y for Adairs Limited (ASX: ADH) ( Adairs ) in respect of ordinary shares allocated to Mr Michael Cherubino on exercise of options held by him under the Adairs Limited Equity Incentive Plan.

Mr Cherubino had provided all required notifications to the company, however due to an administrative oversight within the company, we regret that an Appendix 3Y was not lodged within the time frame required by the Listing Rules.

Adairs has self-identified the error and has taken steps to strengthen its processes to ensure that this will not occur again.

Yours faithfully

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Fay Hatzis Company Secretary

Appendix 3Y Change of Director’s Interest Notice

Rule 3.19A.2

Appendix 3Y

Change of Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/09/01 Amended 01/01/11

Name of entity Adairs Limited ABN 50 147 375 451

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	Michael Cherubino
Date of last notice	24 November 2020

Part 1 - Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

Direct or indirect interest	Direct
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.
Date of change	8/03/2021
No. of securities held prior to change	1,996,135 Ordinary Shares held by Michael Cherubino Investments Pty Ltd (ACN 128 535 811) as trustee for the Michael Cherubino Investment Trust. 62,000 Ordinary Shares held by Contessa Nominees Pty Ltd (ACN 009 029 323) as trustee for Cherubino Superannuation Fund. 1,584,074 Options held by Michael Cherubino
Class	Ordinary Shares Options

• See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 1

Appendix 3Y Change of Director’s Interest Notice

Number acquired	59,074 Ordinary Shares
Number disposed	59,074 Options exercised (exercise price $2.00, expiry 17/11/2022)
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	$118,148 paid on exercise of options
No. of securities held after change	1,996,135 Ordinary Shares held by Michael Cherubino Investments Pty Ltd (ACN 128 535 811) as trustee for the Michael Cherubino Investment Trust. 62,000 Ordinary Shares held by Contessa Nominees Pty Ltd (ACN 009 029 323) as trustee for Cherubino Superannuation Fund. 1,525,000 Options held by Michael Cherubino 59,074 Ordinary Shares held by Michael Cherubino
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy- back	Exercise of 59,074 Options under Adairs Limited Equity Incentive Plan.

Part 2 – Change of director’s interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

Detail of contract	N/A
Nature of interest	N/A
Name of registered holder (if issued securities)	N/A

• See chapter 19 for defined terms.

Appendix 3Y Page 2

01/01/2011

Appendix 3Y Change of Director’s Interest Notice

Date of change	N/A
No. and class of securities to which interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed	N/A
Interest acquired	N/A
Interest disposed	N/A
Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation	N/A
Interest after change	N/A

Part 3 –[+] Closed period

art 3 –+Closed period
Were the interests in the securities or contracts detailed above traded during a+closed period where prior written clearance was required?	No
If so, was prior written clearance provided to allow the trade to proceed during this period?	N/A
If prior written clearance was provided, on what date was this provided?	N/A

• See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 3