ADAIRS LIMITED — Major Shareholding Notification 2017

Jan 17, 2017

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 13 January 2017 The previous notice was given to the company on 15 November 2016 The previous notice was dated 15 November 2016

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	Person Whose Relevant Interest Changed	Nature of Change	Consideration Given in Relation to Change (AUD)	Class and Number of Securities Affected	Person's votes Affected
SeeAnnexureB.

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
Goldman Sachs Australia Managed Funds Limited (as it was formerlyknown) (ACN 005 885 567) (“GSAMF”)	Ceased to be a subsidiary of GSGI

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, U.S.A.
Goldman Sachs International (“GSI”)	Peterborough Court, 133 Fleet Street, London EC4A 2BB, United Kingdom
Goldman Sachs Financial Markets Pty Ltd (“GAUS”)	Level 17, 101 Collins Street, Melbourne, Victoria 3000, Australia
Goldman Sachs Asset Management Australia Pty Ltd ("GSAMA")	Level 17, 101 Collins Street, Melbourne, Victoria 3000, Australia
Goldman Sachs Australia Managed Funds Limited ("GSAMF")	Level 17, 101 Collins Street, Melbourne, Victoria 3000, Australia
Goldman Sachs Australia Group	All care of Level 17, 101 Collins Street, Melbourne Victoria 3000, Australia

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 17 January 2017

ASX Form 605

Annexure A

(This is Annexure A of two (2) pages referred to in Form 605, Notice of ceasing to be a substantial shareholder)

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 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 17 January 2017

ASX Form 605

Annexure B

(This is Annexure B of one (1) page referred to in Form 605, Notice of ceasing to be a substantial shareholder)

Date of Change	Person Whose Relevant Interest Changed	Nature of Change	Consideration Given in Relation to Change (AUD)	Class and Number of Securities Affected	Class and Number of Securities Affected	Person’s votes Affected
11/14/2016	GSI	Internal transfer in	N/A	1,330	Ordinary Fully Paid Shares	1,330
11/14/2016	GSI	Sell	1,892	1,195	Ordinary Fully Paid Shares	1,195
11/15/2016	GSI	Internaltransfer in	N/A	330	Ordinary Fully Paid Shares	330
11/15/2016	GSI	Sell	8,737	5,471	Ordinary Fully Paid Shares	5,471
11/16/2016	GSI	Sell	2,703	1,690	Ordinary Fully Paid Shares	1,690
11/16/2016	GSI	Internaltransfer in	N/A	123	Ordinary Fully Paid Shares	123
11/17/2016	GSI	Sell	3,895	2,418	Ordinary Fully Paid Shares	2,418
11/17/2016	GSI	Internal transfer in	N/A	2,929	Ordinary Fully Paid Shares	2,929
11/18/2016	GSI	Internaltransfer in	N/A	10,335	Ordinary Fully Paid Shares	10,335
11/18/2016	GSI	Sell	19,515	11,659	Ordinary Fully Paid Shares	11,659
11/21/2016	GAUS	Sell	763	453	Ordinary Fully Paid Shares	453
11/21/2016	GAUS	Buy	11,549	6,815	Ordinary Fully Paid Shares	6,815
11/21/2016	GAUS	Buy	9,087	5,474	Ordinary Fully Paid Shares	5,474
11/21/2016	GSI	Internal transfer in	N/A	12,522	Ordinary Fully Paid Shares	12,522
11/21/2016	GSI	Sell	1,285	768	Ordinary Fully Paid Shares	768
11/22/2016	GAUS	Sell	6,561	3,936	Ordinary Fully Paid Shares	3,936
11/22/2016	GSI	Internaltransfer in	N/A	2,612	Ordinary Fully Paid Shares	2,612
11/22/2016	GSI	Sell	14,779	8,445	Ordinary Fully Paid Shares	8,445
11/22/2016	GSI	Return of borrowed shares	N/A	221,506	Ordinary Fully Paid Shares	221,506
11/22/2016	GSI	Returnofborrowed shares	N/A	40,000	Ordinary Fully Paid Shares	40,000
11/23/2016	GAUS	Buy	14,304	8,617	Ordinary Fully Paid Shares	8,617
11/23/2016	GSI	Internal transfer in	N/A	1,756	Ordinary Fully Paid Shares	1,756
11/23/2016	GSI	Sell	11,175	6,531	Ordinary Fully Paid Shares	6,531
11/24/2016	GAUS	Buy	4,841	2,951	Ordinary Fully Paid Shares	2,951
11/24/2016	GSI	Internal transfer in	N/A	9,047	Ordinary Fully Paid Shares	9,047
11/25/2016	GAUS	Sell	1,137	684	Ordinary Fully Paid Shares	684
11/25/2016	GAUS	Buy	2,377	1,432	Ordinary Fully Paid Shares	1,432
11/25/2016	GSI	Sell	369	222	Ordinary Fully Paid Shares	222
11/25/2016	GSI	Internaltransfer in	N/A	65	Ordinary Fully Paid Shares	65

ASX Form 605

Date of Change	Person Whose Relevant Interest Changed	Nature of Change	Consideration Given in Relation to Change (AUD)	Class and Number of Securities Affected	Class and Number of Securities Affected	Person’s votes Affected
11/28/2016	GAUS	Sell	16,509	9,946	Ordinary Fully Paid Shares	9,946
11/28/2016	GSI	Sell	1,168	712	Ordinary Fully Paid Shares	712
11/28/2016	GSI	Internal transfer in	N/A	135	Ordinary Fully Paid Shares	135
11/29/2016	GAUS	Sell	13,443	8,199	Ordinary Fully Paid Shares	8,199
11/29/2016	GSI	Sell	60	36	Ordinary Fully Paid Shares	36
11/30/2016	GAUS	Sell	1,292	773	Ordinary Fully Paid Shares	773
11/30/2016	GSI	Sell	12,744	7,631	Ordinary Fully Paid Shares	7,631
11/30/2016	GSI	Internal transfer in	N/A	954	Ordinary Fully Paid Shares	954
12/1/2016	GAUS	Sell	2,169	1,298	Ordinary Fully Paid Shares	1,298
12/1/2016	GAUS	Buy	2	1	Ordinary Fully Paid Shares	1
12/1/2016	GSI	Sell	161	98	Ordinary Fully Paid Shares	98
12/1/2016	GSI	Internal transfer in	N/A	1,798	Ordinary Fully Paid Shares	1,798
12/2/2016	GSI	Sell	1,214	727	Ordinary Fully Paid Shares	727
12/2/2016	GSI	Internal transfer in	N/A	2,184	Ordinary Fully Paid Shares	2,184
12/5/2016	GSI	Sell	4,155	2,524	Ordinary Fully Paid Shares	2,524
12/5/2016	GSI	Internaltransfer in	N/A	6,270	Ordinary Fully Paid Shares	6,270
12/5/2016	GSAMF	Sell	10,353	6,491	Ordinary Fully Paid Shares	6,491
12/6/2016	GSI	Sell	325	199	Ordinary Fully Paid Shares	199
12/6/2016	GSI	Internal transfer in	N/A	1,040	Ordinary Fully Paid Shares	1,040
12/7/2016	GSI	Internal transfer in	N/A	486	Ordinary Fully Paid Shares	486
12/8/2016	GAUS	Buy	2,485	1,529	Ordinary Fully Paid Shares	1,529
12/8/2016	GAUS	Buy	3,596	2,213	Ordinary Fully Paid Shares	2,213
12/8/2016	GSI	Internal transfer in	N/A	1,218	Ordinary Fully Paid Shares	1,218
12/8/2016	GSI	Sell	682	440	Ordinary Fully Paid Shares	440
12/9/2016	GAUS	Buy	5,207	3,204	Ordinary Fully Paid Shares	3,204
12/9/2016	GSAMF	Sell	18,364	11,218	Ordinary Fully Paid Shares	11,218
12/12/2016	GAUS	Buy	463	285	Ordinary Fully Paid Shares	285
12/12/2016	GAUS	Sell	4,178	2,520	Ordinary Fully Paid Shares	2,520
12/13/2016	GAUS	Buy	719	448	Ordinary Fully Paid Shares	448
12/14/2016	GAUS	Buy	1,112	692	Ordinary Fully Paid Shares	692
12/14/2016	GAUS	Sell	5,705	3,511	Ordinary Fully Paid Shares	3,511

ASX Form 605

Date of Change	Person Whose Relevant Interest Changed	Nature of Change	Consideration Given in Relation to Change (AUD)	Class and Number of Securities Affected	Class and Number of Securities Affected	Person’s votes Affected
12/14/2016	GSAMA	Sell	50,776	31,247	Ordinary Fully Paid Shares	31,247
12/15/2016	GSAMA	Sell	2,752	1,700	Ordinary Fully Paid Shares	1,700
12/28/2016	GAUS	Buy	11,881	7,496	Ordinary Fully Paid Shares	7,496
12/29/2016	GAUS	Sell	8	5	Ordinary Fully Paid Shares	5
12/30/2016	GAUS	Sell	1,299	813	Ordinary Fully Paid Shares	813
1/3/2017	GAUS	Sell	1,482	937	Ordinary Fully Paid Shares	937
1/3/2017	GSAMF	Sell	11,416	7,225	Ordinary Fully Paid Shares	7,225
1/4/2017	GAUS	Buy	11	7	Ordinary Fully Paid Shares	7
1/4/2017	GAUS	Sell	245	155	Ordinary Fully Paid Shares	155
1/4/2017	GSAMF	Sell	4,974	3,168	Ordinary Fully Paid Shares	3,168
1/5/2017	GAUS	Sell	1,082	687	Ordinary Fully Paid Shares	687
1/5/2017	GAUS	Buy	358	231	Ordinary Fully Paid Shares	231
1/6/2017	GAUS	Sell	698	449	Ordinary Fully Paid Shares	449
1/6/2017	GAUS	Buy	112	72	Ordinary Fully Paid Shares	72
1/9/2017	GAUS	Sell	166	107	Ordinary Fully Paid Shares	107
1/10/2017	GAUS	Sell	5	3	Ordinary Fully Paid Shares	3
1/11/2017	GSAMF	Sell	9,796	6,382	Ordinary Fully Paid Shares	6,382
1/12/2017	GAUS	Buy	2,542	1,667	Ordinary Fully Paid Shares	1,667
1/12/2017	GSAMF	Sell	13,409	8,822	Ordinary Fully Paid Shares	8,822
1/13/2017	GAUS	Sell	351	227	Ordinary Fully Paid Shares	227
1/13/2017	Goldman Sachs Group	Transfer of control of GSAMF and associated assets to the Yarra Capital Management group	N/A	16,333,415	Ordinary Fully Paid Shares	16,333,415

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 17 January 2017