ADAIRS LIMITED — Major Shareholding Notification 2015

Jul 1, 2015

ASX Form 605

Form 605

Corporations Act 2001 Section 671B

Notice of ceasing to be a substantial shareholder

To Company Name/Scheme ADAIRS LIMITED

ACN

147 375 451

1. Details of substantial holder

Name The Goldman Sachs Group, Inc. (“GSGI”) on behalf of itself and its subsidiaries (“Goldman Sachs Group”) including its significant subsidiaries listed in Annexure A (“Significant Subsidiaries”) and Goldman Sachs Holdings ANZ Pty Limited and its subsidiaries (“Goldman Sachs Australia Group”).

ACN/ARSN (if applicable) Not applicable

The holder ceased to be a substantial holder on 29 Jun 2015 The previous notice was given to the company on 18 Jun 2015 The previous notice was dated 18 Jun 2015

2. 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 of Change **	Holder of Relevant Interest	**Nature of Change **	Consideration (AUD)	Class and Number of Securities	Person's votes affected
Please refer to Annexure B

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

Name and ACN (if applicable)	Nature of association
N/A	N/A

4. Addresses

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

Name	Address
GSGI	Corporation Trust Center, 1209 Orange Street, Wilmington DE 19801, USA
Goldman Sachs Australia Pty Ltd (“GSA”)	Level 17, 101 Collins Street, Melbourne, Victoria 3000, Australia
Goldman, Sachs & Co ("GSCO")	200 West Street, New York, NY 10282, USA
Goldman Sachs International (“GSI”)	Peterborough Court, 133 Fleet Street, London EC4A 2BB, United Kingdom

ASX Form 605

Signature

Print name Raymond Chow Capacity Authorised Person (signing under power of attorney in accordance with section 52 of the Corporations Act) Sign here Date 1 July 2015

ASX Form 605

Annexure A

Significant Subsidiaries of The Goldman Sachs Group, Inc.

The following are significant subsidiaries of The Goldman Sachs Group, Inc. as of December 31, 2014 and the states or jurisdictions in which they are organized. Indentation indicates the principal parent of each subsidiary. The Goldman Sachs Group, Inc. owns, directly or indirectly, at least 99% of the voting securities of substantially all of the subsidiaries included below. The names of particular subsidiaries have been omitted because, considered in the aggregate as a single subsidiary, they would not constitute, as of the end of the year covered by this report, a “significant subsidiary” as that term is defined in Rule 1-02(w) of Regulation S-X under the Securities Exchange Act of 1934.

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ASX Form 605

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THE GOLDMAN SACHS GROUP, INC AND ITS SUBSIDIARIES

Signature

Print name Raymond Chow Capacity Authorised Person (signing under power of attorney in accordance with section 52 of the Corporations Act) Sign here Date 1 July 2015

ASX Form 605

Annexure B

Date of Change	Holder of Relevant Interest	Nature of Change	Consideration (AUD)	Class and Number of Securities	Class and Number of Securities	Person's votes affected
6/19/2015	GSA	BUY	550,000	200,000	OrdinaryFullyPaid Shares	200,000
6/19/2015	GSA	SELL	572,919	208,334	Ordinary Fully Paid Shares	208,334
6/22/2015	GSI	Receipt of collateral	N/A	246,200	Ordinary Fully Paid Shares	246,200
6/22/2015	GSA	BUY	193,900	70,000	Ordinary Fully Paid Shares	70,000
6/22/2015	GSA	SELL	128,780	46,476	Ordinary Fully Paid Shares	46,476
6/23/2015	GSI	Return of borrowed shares	N/A	2,000,000	Ordinary Fully Paid Shares	2,000,000
6/23/2015	GSI	Receipt of collateral	N/A	246,200	Ordinary Fully Paid Shares	246,200
6/23/2015	GSA	SELL	55,071	20,000	Ordinary Fully Paid Shares	20,000
6/23/2015	GSA	SELL	9,761	3,524	OrdinaryFullyPaid Shares	3,524
6/24/2015	GSA	Loan of shares	N/A	23,524	Ordinary Fully Paid Shares	23,524
6/25/2015	GSI	Loan of shares	N/A	200,000	Ordinary Fully Paid Shares	200,000
6/25/2015	GSI	Returnof lent shares	N/A	200,000	OrdinaryFullyPaid Shares	200,000
6/25/2015	GSCO	Borrow of shares	N/A	200,000	Ordinary Fully Paid Shares	200,000
6/25/2015	GSI	Borrow of shares	N/A	23,524	Ordinary Fully Paid Shares	23,524
6/25/2015	GSA	Returnof lent shares	N/A	23,524	OrdinaryFullyPaid Shares	23,524
6/25/2015	GSCO	Return of borrowed shares	N/A	200,000	Ordinary Fully Paid Shares	200,000
6/26/2015	GSI	Loan of shares	N/A	218,433	Ordinary Fully Paid Shares	218,433
6/26/2015	GSCO	Return of borrowed shares	N/A	155,933	OrdinaryFullyPaid Shares	155,933
6/26/2015	GSCO	Return of borrowed shares	N/A	62,500	Ordinary Fully Paid Shares	62,500
6/26/2015	GSI	Return of borrowed shares	N/A	23,524	Ordinary Fully Paid Shares	23,524
6/26/2015	GSI	Returnof lent shares	N/A	62,500	OrdinaryFullyPaid Shares	62,500
6/26/2015	GSCO	Borrow of shares	N/A	218,433	Ordinary Fully Paid Shares	218,433
6/26/2015	GSI	Return of lent shares	N/A	155,933	Ordinary Fully Paid Shares	155,933
6/29/2015	GSCO	Borrowofshares	N/A	100,310	OrdinaryFullyPaid Shares	100,310
6/29/2015	GSCO	Return of borrowed shares	N/A	100,310	Ordinary Fully Paid Shares	100,310
6/29/2015	GSI	Return of lent shares	N/A	100,310	Ordinary Fully Paid Shares	100,310
6/29/2015	GSI	Loanofshares	N/A	100,310	OrdinaryFullyPaid Shares	100,310

ASX Form 605

Signature

Print name Raymond Chow Capacity Authorised Person (signing under power of attorney in accordance with section 52 of the Corporations Act) Sign here Date 1 July 2015