ADAIRS LIMITED — Major Shareholding Notification 2016

May 1, 2016

ASX Form 604

Form 604

Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme ADAIRS LIMITED

ACN

147 375 451

1. Details of substantial holder

Name

ACN/ARSN (if applicable)

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”).

Not applicable

There was a change in the interests of the substantial holder on

The previous notice was given to the company on

The previous notice was dated

28 April 2016

6 November 2015

6 November 2015

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 had a relevant interest 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	Previous Notice	Previous Notice	Present Notice	Present Notice
	Person’s votes	Voting Power	Person’s votes	Voting Power
Ordinary Fully Paid Shares	13,344,696	8.05%	15,253,621	9.20%

3. Change 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:

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

ASX Form 604

4. Present relevant interests

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

Holder of l	Registered holder	Person entitled to b id	Nature of relevant	Class and number of	Class and number of	Person's
reevant interest	of securities	e regstere as **holder **	interest	securities		votes
The Goldman Sachs Group Inc (“GSGI”)	See below	N/A	GSGI has a relevant interest in these ordinary fully paid shares by virtue of section 608(3) of the Corporations Act 2001	15,253,621	Ordinary Fully Paid Shares	15,253,621
Goldman Sachs Asset Management Australia Pty Ltd ("GSAMA")	JP Morgan Chase Bank, Sydney	Various clients	GSAMA has a relevant interest in 12,332,826 ordinary fully paid shares in its capacity as investment manager for a range of client portfolios.	12,332,826	Ordinary Fully Paid Shares	12,332,826
	State Street, Sydney
Goldman Sachs Australia Managed Funds Limited ("GSAMF")	RBC Dexia Investor Services Australia Pty Limited	GSAMF as the responsible entity for the range of Goldman Sachs Australia Managed Funds	GSAMF has a relevant interest in 2,920,795 ordinary fully paid shares in its capacity as responsible entity for the range of Goldman Sachs Australia Managed Funds.	2,920,795	Ordinary Fully Paid Shares	2,920,795
	UBS AG Australia Branch
GSAMA	RBC Dexia Investor Services Australia Pty Limited	GSAMF as the responsible entity for the range of Goldman Sachs Australia registered managed investment schemes.	GSAMA has a relevant interest in 2,920,795 ordinary fully paid shares in its capacity as investment manager for a range of Goldman Sachs Australia registered managed investment schemes.	2,920,795	Ordinary Fully Paid Shares	2,920,795
	UBS AG Australia Branch

5. Change 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

6. 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 Group	All care of Level 17, 101 Collins Street, Melbourne Victoria 3000, Australia
GSAMA	Level 17, 101 Collins Street, Melbourne, Victoria 3000, Australia
GSAMF	Level 17, 101 Collins Street, Melbourne, Victoria 3000, Australia
Goldman Sachs Australia Pty Ltd (“GSA”)	Level 17, 101 Collins Street, Melbourne, Victoria 3000, Australia
Goldman Sachs International (“GSI”)	Peterborough Court, 133 Fleet Street, London EC4A 2BB, United Kingdom

ASX Form 604

Name	Address
HSBC Custody Nominees Australia Limited	GPO Box 5302, Sydney NSW 2001, Australia
JP Morgan Chase Bank, Sydney	Level 16, 85 Castlereagh Street, Sydney NSW 2000 Australia
RBC Dexia Investor Services Australia Pty Limited	2 Park Street, Level 17, Sydney, NSW 2000, Australia
State Street, Sydney	420 George Street, Sydney, NSW 2000, Australia
UBS AG Australia Branch	Level 16, Chifley Tower, 2 Chifley Square, Sydney NSW 2000

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 2 May 2016

ASX Form 604

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, 2015 and the states or jurisdictions in which they are organized. Each subsidiary is indented beneath its principal parent. 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 604

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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 2 May 2016

ASX Form 604

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
11/05/2015	GSA	Return of borrowed shares	N/A	2,598	Ordinary Fully Paid Shares	2,598
11/05/2015	GSI	Returnof lent shares	N/A	2,598	Ordinary Fully Paid Shares	2,598
11/06/2015	GSI	Return of borrowed shares	N/A	49,507	Ordinally fully paid shares	49,507
11/20/2015	GSAMA	Buy	170,292	68,777	Ordinary Fully Paid Shares	68,777
11/20/2015	GSAMA	Buy	91,468	36,942	Ordinary Fully Paid Shares	36,942
11/20/2015	GSAMF	Buy	100,152	40,449	Ordinary Fully Paid Shares	40,449
11/20/2015	GSAMF	Buy	70,306	28,395	Ordinary Fully Paid Shares	28,395
11/20/2015	GSAMA	Buy	301,599	121,809	Ordinary Fully Paid Shares	121,809
11/20/2015	GSAMF	Buy	482,352	194,811	Ordinary Fully Paid Shares	194,811
11/24/2015	GSAMA	Buy	34,439	13,943	Ordinary Fully Paid Shares	13,943
11/24/2015	GSAMF	Buy	14,220	5,757	Ordinary Fully Paid Shares	5,757
11/24/2015	GSAMF	Buy	20,254	8,200	Ordinary Fully Paid Shares	8,200
11/24/2015	GSAMF	Buy	97,548	39,493	Ordinary Fully Paid Shares	39,493
11/24/2015	GSAMA	Buy	18,498	7,489	Ordinary Fully Paid Shares	7,489
11/24/2015	GSAMA	Buy	60,994	24,694	Ordinary Fully Paid Shares	24,694
11/25/2015	GSAMA	Buy	17,573	7,001	Ordinary Fully Paid Shares	7,001
11/25/2015	GSAMF	Buy	7,254	2,890	Ordinary Fully Paid Shares	2,890
11/25/2015	GSAMF	Buy	49,776	19,831	Ordinary Fully Paid Shares	19,831
11/25/2015	GSAMA	Buy	31,124	12,400	Ordinary Fully Paid Shares	12,400
11/25/2015	GSAMA	Buy	9,438	3,760	Ordinary Fully Paid Shares	3,760
11/25/2015	GSAMF	Buy	10,336	4,118	Ordinary Fully Paid Shares	4,118
12/07/2015	GSAMA	Buy	19,074	7,336	Ordinary Fully Paid Shares	7,336
12/07/2015	GSAMA	Buy	10,244	3,940	Ordinary Fully Paid Shares	3,940
12/07/2015	GSAMF	Buy	54,028	20,780	Ordinary Fully Paid Shares	20,780
12/07/2015	GSAMF	Buy	11,216	4,314	Ordinary Fully Paid Shares	4,314
12/07/2015	GSAMA	Buy	33,782	12,993	Ordinary Fully Paid Shares	12,993
12/07/2015	GSAMF	Buy	7,875	3,029	Ordinary Fully Paid Shares	3,029
12/08/2015	GSAMA	Buy	91,995	35,533	Ordinary Fully Paid Shares	35,533
12/08/2015	GSAMA	Buy	51,943	20,063	Ordinary Fully Paid Shares	20,063
12/08/2015	GSAMA	Buy	27,899	10,776	Ordinary Fully Paid Shares	10,776
12/08/2015	GSAMF	Buy	30,548	11,799	Ordinary Fully Paid Shares	11,799
12/08/2015	GSAMF	Buy	21,445	8,283	Ordinary Fully Paid Shares	8,283
12/08/2015	GSAMF	Buy	147,128	56,828	Ordinary Fully Paid Shares	56,828
12/10/2015	GSAMA	Buy	1,856	716	Ordinary Fully Paid Shares	716

ASX Form 604

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
12/10/2015	GSAMA	Buy	637	246	Ordinary Fully Paid Shares	246
12/10/2015	GSAMF	Buy	767	296	Ordinary Fully Paid Shares	296
12/10/2015	GSAMF	Buy	697	269	Ordinary Fully Paid Shares	269
12/10/2015	GSAMF	Buy	5,259	2,029	Ordinary Fully Paid Shares	2,029
12/10/2015	GSAMA	Buy	3,289	1,269	Ordinary Fully Paid Shares	1,269
12/10/2015	GSAMF	Buy	490	189	Ordinary Fully Paid Shares	189
12/10/2015	GSAMA	Buy	2,100	811	Ordinary Fully Paid Shares	811
12/10/2015	GSAMA	Buy	1,186	458	Ordinary Fully Paid Shares	458
12/10/2015	GSAMF	Buy	3,359	1,297	Ordinary Fully Paid Shares	1,297
12/10/2015	GSAMA	Buy	998	385	Ordinary Fully Paid Shares	385
12/10/2015	GSAMF	Buy	1,094	422	Ordinary Fully Paid Shares	422
12/11/2015	GSAMA	Buy	6,360	2,446	Ordinary Fully Paid Shares	2,446
12/11/2015	GSAMA	Buy	3,416	1,314	Ordinary Fully Paid Shares	1,314
12/11/2015	GSAMF	Buy	2,626	1,010	Ordinary Fully Paid Shares	1,010
12/11/2015	GSAMA	Buy	11,263	4,332	Ordinary Fully Paid Shares	4,332
12/11/2015	GSAMF	Buy	3,741	1,439	Ordinary Fully Paid Shares	1,439
12/11/2015	GSAMF	Buy	18,013	6,928	Ordinary Fully Paid Shares	6,928
12/14/2015	GSAMA	Buy	212,300	81,654	Ordinary Fully Paid Shares	81,654
12/14/2015	GSAMA	Buy	64,386	24,764	Ordinary Fully Paid Shares	24,764
12/14/2015	GSAMF	Buy	70,496	27,114	Ordinary Fully Paid Shares	27,114
12/14/2015	GSAMA	Buy	119,870	46,104	Ordinary Fully Paid Shares	46,104
12/14/2015	GSAMF	Buy	339,534	130,590	Ordinary Fully Paid Shares	130,590
12/14/2015	GSAMF	Buy	49,488	19,034	Ordinary Fully Paid Shares	19,034
12/15/2015	GSAMF	Sell	17,525	6,689	Ordinary Fully Paid Shares	6,689
12/23/2015	GSI	Returnof lent shares	N/A	14,091	Ordinary Fully Paid Shares	14,091
12/23/2015	GSI	Loanofshares	N/A	14,091	Ordinary Fully Paid Shares	14,091
12/23/2015	GSCO	Borrowofshares	N/A	14,091	Ordinary Fully Paid Shares	14,091
12/23/2015	GSCO	Return of borrowed shares	N/A	14,091	Ordinary Fully Paid Shares	14,091
01/04/2016	GSAMF	Sell	20,329	7,907	Ordinary Fully Paid Shares	7,907
01/13/2016	GSAMF	Buy	7,243	2,863	Ordinary Fully Paid Shares	2,863
01/14/2016	GSAMF	Buy	22,768	9,263	Ordinary Fully Paid Shares	9,263
01/18/2016	GSI	Borrowofshares	N/A	2,685	Ordinary Fully Paid Shares	2,685
01/18/2016	GSA	Loanofshares	N/A	2,685	Ordinary Fully Paid Shares	2,685
01/19/2016	GSI	Return of borrowed shares	N/A	2,685	Ordinary Fully Paid Shares	2,685
01/19/2016	GSA	Returnof lent shares	N/A	2,685	Ordinary Fully Paid Shares	2,685
01/21/2016	GSI	Returnof lent shares	N/A	1,524	OrdinaryFullyPaid	1,524

ASX Form 604

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
					Shares
01/21/2016	GSCO	Return of borrowed shares	N/A	2,179	Ordinary Fully Paid Shares	2,179
01/21/2016	GSCO	Return of borrowed shares	N/A	1,524	Ordinary Fully Paid Shares	1,524
01/21/2016	GSI	Returnof lent shares	N/A	2,179	Ordinary Fully Paid Shares	2,179
01/21/2016	GSCO	Return of borrowed shares	N/A	22,219	Ordinary Fully Paid Shares	22,219
01/21/2016	GSCO	Borrowofshares	N/A	1,524	Ordinary Fully Paid Shares	1,524
01/21/2016	GSI	Loanofshares	N/A	1,524	Ordinary Fully Paid Shares	1,524
01/21/2016	GSI	Returnof lent shares	N/A	22,219	Ordinary Fully Paid Shares	22,219
01/21/2016	GSI	Loanofshares	N/A	2,179	Ordinary Fully Paid Shares	2,179
01/21/2016	GSCO	Borrowofshares	N/A	2,179	Ordinary Fully Paid Shares	2,179
01/21/2016	GSCO	Borrowofshares	N/A	22,219	Ordinary Fully Paid Shares	22,219
01/21/2016	GSI	Loanofshares	N/A	22,219	Ordinary Fully Paid Shares	22,219
01/22/2016	GSI	Borrowofshares	N/A	25,922	Ordinary Fully Paid Shares	25,922
01/22/2016	GAUS	Loanofshares	N/A	25,922	Ordinary Fully Paid Shares	25,922
01/28/2016	GAUS	Returnof lent shares	N/A	7,507	Ordinary Fully Paid Shares	7,507
01/28/2016	GSI	Return of borrowed shares	N/A	7,507	Ordinary Fully Paid Shares	7,507
02/10/2016	GSCO	Return of borrowed shares	N/A	10,798	Ordinary Fully Paid Shares	10,798
02/10/2016	GAUS	Returnof lent shares	N/A	10,798	Ordinary Fully Paid Shares	10,798
02/10/2016	GSI	Returnof lent shares	N/A	10,798	Ordinary Fully Paid Shares	10,798
02/10/2016	GSI	Loanofshares	N/A	10,798	Ordinary Fully Paid Shares	10,798
02/10/2016	GSCO	Borrowofshares	N/A	10,798	Ordinary Fully Paid Shares	10,798
02/10/2016	GAUS	Loanofshares	N/A	10,798	Ordinary Fully Paid Shares	10,798
02/10/2016	GSI	Borrowofshares	N/A	10,798	Ordinary Fully Paid Shares	10,798
02/10/2016	GSI	Return of borrowed shares	N/A	10,798	Ordinary Fully Paid Shares	10,798
02/11/2016	GSI	Return of borrowed shares	N/A	10,798	Ordinary Fully Paid Shares	10,798
02/11/2016	GSI	Borrowofshares	N/A	10,798	Ordinary Fully Paid Shares	10,798
02/11/2016	GAUS	Returnof lent shares	N/A	10,798	Ordinary Fully Paid Shares	10,798
02/11/2016	GAUS	Loanofshares	N/A	10,798	Ordinary Fully Paid Shares	10,798
02/16/2016	GSI	Returnof lent shares	N/A	1,033	Ordinary Fully Paid Shares	1,033
02/16/2016	GSI	Borrowofshares	N/A	1,033	Ordinary Fully Paid Shares	1,033
02/16/2016	GAUS	Returnof lent shares	N/A	1,033	Ordinary Fully Paid Shares	1,033
02/16/2016	GAUS	Loanofshares	N/A	1,033	Ordinary Fully Paid Shares	1,033
02/16/2016	GSI	Return of borrowed shares	N/A	1,033	Ordinary Fully Paid Shares	1,033
02/16/2016	GSCO	Return of borrowed shares	N/A	1,033	Ordinary Fully Paid Shares	1,033
02/16/2016	GSI	Loanofshares	N/A	1,033	Ordinary Fully Paid Shares	1,033
02/16/2016	GSCO	Borrowofshares	N/A	1,033	Ordinary Fully Paid Shares	1,033

ASX Form 604

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
02/16/2016	GSI	Borrowofshares	N/A	1,963	Ordinary Fully Paid Shares	1,963
02/16/2016	GAUS	Loanofshares	N/A	1,963	Ordinary Fully Paid Shares	1,963
02/17/2016	GAUS	Returnof lent shares	N/A	1,033	Ordinary Fully Paid Shares	1,033
02/17/2016	GSI	Borrowofshares	N/A	1,033	Ordinary Fully Paid Shares	1,033
02/17/2016	GAUS	Loanofshares	N/A	1,033	Ordinary Fully Paid Shares	1,033
02/17/2016	GSI	Return of borrowed shares	N/A	1,033	Ordinary Fully Paid Shares	1,033
02/18/2016	GSAMF	Buy	39,702	15,235	Ordinary Fully Paid Shares	15,235
02/18/2016	GSAMF	Buy	79	31	Ordinary Fully Paid Shares	31
02/22/2016	GSAMF	Buy	239,214	91,303	Ordinary Fully Paid Shares	91,303
02/23/2016	GSAMF	Buy	335,502	126,844	Ordinary Fully Paid Shares	126,844
03/01/2016	GAUS	Returnof lent shares	N/A	10,798	Ordinary Fully Paid Shares	10,798
03/01/2016	GSI	Return of borrowed shares	N/A	10,798	Ordinary Fully Paid Shares	10,798
03/01/2016	GSI	Return of borrowed shares	N/A	6,584	Ordinary Fully Paid Shares	6,584
03/01/2016	GSI	Return of borrowed shares	N/A	1,033	Ordinary Fully Paid Shares	1,033
03/01/2016	GAUS	Returnof lent shares	N/A	1,033	Ordinary Fully Paid Shares	1,033
03/01/2016	GAUS	Returnof lent shares	N/A	6,584	Ordinary Fully Paid Shares	6,584
03/02/2016	GSI	Borrowofshares	N/A	7,617	Ordinary Fully Paid Shares	7,617
03/02/2016	GAUS	Loanofshares	N/A	7,617	Ordinary Fully Paid Shares	7,617
03/02/2016	GSI	Borrowofshares	N/A	7,617	Ordinary Fully Paid Shares	7,617
03/02/2016	GAUS	Loanofshares	N/A	7,617	Ordinary Fully Paid Shares	7,617
03/02/2016	GSI	Return of borrowed shares	N/A	7,617	Ordinary Fully Paid Shares	7,617
03/02/2016	GAUS	Returnof lent shares	N/A	7,617	Ordinary Fully Paid Shares	7,617
03/02/2016	GAUS	Borrowofshares	N/A	5,654	Ordinary Fully Paid Shares	5,654
03/02/2016	GSI	Loanofshares	N/A	5,654	Ordinary Fully Paid Shares	5,654
03/02/2016	GAUS	Returnof lent shares	N/A	1,963	Ordinary Fully Paid Shares	1,963
03/02/2016	GSI	Return of borrowed shares	N/A	1,963	Ordinary Fully Paid Shares	1,963
03/07/2016	GAUS	Returnof lent shares	N/A	1,963	Ordinary Fully Paid Shares	1,963
03/07/2016	GSI	Return of borrowed shares	N/A	1,963	Ordinary Fully Paid Shares	1,963
04/01/2016	GSAMF	Sell	90,088	38,254	Ordinary Fully Paid Shares	38,254
04/26/2016	GSAMF	Buy	18,218	7,578	Ordinary Fully Paid Shares	7,578
04/27/2016	GSAMF	Buy	102,215	42,501	Ordinary Fully Paid Shares	42,501
04/28/2016	GSAMA	Buy	1,278,841	524,115	Ordinary Fully Paid Shares	524,115

ASX Form 604

Signature

print name sign here	Raymond Chow (signing under power of attorney in accordance with section 52 of the Corporations Act) capacity Authorised Person
	date 2 May 2016