ADAIRS LIMITED — Major Shareholding Notification 2020

Mar 19, 2020

Form 604 Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme Adairs Ltd
ACN/ARSN: 50 147 375 451	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		19 March 2020
The previous notice was given to the company on		11 March 2020
The previous notice was dated		9 March 2020

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 (2) had a relavant interest

Class of securities (4)	Previous notice	Previous notice	Present notice	Present notice
	Person's votes	Voting Power(%) (5)	Person's votes	Voting Power(%) (5)
Ordinary	8,518,846	5.04	10,490,549	6.20

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

Date of change	Person whose relevant interest changed	Nature of change (6)	Consideration given in relation to change (7)	Class & number of securities affected	Person's votes affected
11/03/2020	Citicorp Nominees Pty Limited	Buy On the Market	1,076,938.94 $	653,237	653,237
12/03/2020	Citicorp Nominees Pty Limited	Buy On the Market	554,944.20 $	368,000	368,000
17/03/2020	BNP Paribas Securities Services	Buy On the Market	47,307.54 $	42,457	42,457
17/03/2020	National Asset Servicing	BuyOn the Market	67,805.21 $	60,853	60,853
17/03/2020	Northern Trust	BuyOn the Market	99,007.44 $	88,856	88,856
19/03/2020	BNP Paribas Securities Services	Buy On the Market	109,153.29 $	156,778	156,778
19/03/2020	National Asset Servicing	BuyOn the Market	174,694.83 $	250,916	250,916
19/03/2020	Northern Trust	BuyOn the Market	244,101.83 $	350,606	350,606

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 securities	Person entitled to be registered as holder (8)	Nature of relevant interest (6)	Class & number of securities (Ord)	Person's votes
Perennial Value Management Limited	National Asset Servicing	National Asset Servicing	2,000,970	2,000,970	2,000,970
Perennial Value Management Limited	Northern Trust	Northern Trust	1,986,025	1,986,025	1,986,025
Perennial Value Management Limited	BNP Paribas Securities Services	BNP Paribas Securities Services	1,435,290	1,435,290	1,435,290
Perennial Value Management Limited	Citicorp Nominees Pty Limited	Citicorp Nominees Pty Limited	5,068,264	5,068,264	5,068,264

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

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

Adairs Ltd	2 International Court,Scoresby,Vic 3179
Signature

Print Name	Bill Anastasopoulos	Capacity	Company Secretary
Sign Here		Date	20/03/2020

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