ADAIRS LIMITED — Major Shareholding Notification 2021

Aug 18, 2021

Form 603 Corporations Act 2001 Section 671B

Notice of initial substantial holder

To Company Name/Scheme ACN/ARSN 1. Details of substantial holder (1) Name ACN/ARSN (if applicable) The holder became a substantial holder on	17/08/2021 147 375 451 First Sentier Investors Holdings Pty Limited ACN 630 725 558 and its related bodies corporate listed in annexure A Adairs Ltd 630 725 558

2. Details of 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 relevant interest (3) in on the date the substantial holder became a substantial holder are as follows:

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Class of securities (4) Number of securities Person's votes (5) Voting power (6)
Fully Paid ordinary shares 8,530,650 8,530,650 5.05%
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*Note these securities are comprised of 5,191,231 shares in which First Sentier Investors Holdings Pty Limited and its subsidiaries have voting power and 3,339,419 securities in which First Sentier Investors Holdings Pty Limited's ultimate parent, Mitsubishi UFJ Financial Group, Inc. on and from 17 August 2021, has informed it that it has voting power prior to the date of this notice.

3. Details of relevant interests

The nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a substantial holder are as follows:

Holder of relevant interest	Nature of relevant interest (7)	Class and number of securities	Class and number of securities
	Relevant interest under paragraph 608(1)(b) and/or 608(1)(c) of the
	Corporations Act 2001 (Cth), being a relevant interest arising from having
	the power to control the exercise of the right to vote attached to securities
	and/or to control the exercise of the power to dispose of securities in its
First Sentier Investors Realindex Pty Ltd ACN 133 312 017	capacity as investment manager, as provided for under its investment mandates. In addition, if any OTC derivatives, warrants or other securities	2,755,280	Fully Paid ordinary shares
	(other than ordinary shares or ordinary units (as applicable)) are referred to
	below in this row, the relevant interest in respect of those securities arises
	under subsection 608(8) being an accelerated relevant interest held in the
	same capacity.
	Relevant interest under paragraph 608(1)(b) and/or 608(1)(c) of the
	Corporations Act 2001 (Cth), being a relevant interest arising from having
	the power to control the exercise of the right to vote attached to securities
	and/or to control the exercise of the power to dispose of securities in its
First Sentier Investors (Australia) IM Ltd ACN 114 194 311	capacity as investment manager, as provided for under its investment mandates. In addition, if any OTC derivatives, warrants or other securities	2,435,951	Fully Paid ordinary shares
	(other than ordinary shares or ordinary units (as applicable)) are referred to
	below in this row, the relevant interest in respect of those securities arises
	under subsection 608(8) being an accelerated relevant interest held in the
	same capacity.
	Mitsubishi UFJ Financial Group Inc. (MUFG) owns 100% of First Sentier
	Investors Holdings Pty Limited (indirectly) and has informed First Sentier
	Investors Holdings Pty Limited that it has a relevant interest in the shares
	noted in this column. Accordingly, First Sentier Investors Holdings Pty
Mitsubishi UFJ Financial Group	Limited has a relevant interest or voting power in those shares pursuant to section 608(3) or section 12(2)(a) of the Corporations Act (as relevant).	3,339,419	Fully Paid ordinary shares
	MUFG has not provided any further details of that relevant interest -
	accordingly no transaction information is recorded in Appendix B or holder
	information is recorded in Section 4. Reference is made to any subsequent
	filing of MUFG which will reflect this interest.

4. Details of present registered holders

The persons registered as holders of the securities referred to in paragraph 3 above are as follows:

Holder of relevant interest	Registered holder of securities	Person entitled to be registered as holder (8)	Class and number of securities
First Sentier Investors Realindex Pty Ltd ACN 133 312 017	Citibank N A Hong Kong		1,265,569 Fully Paid ordinary shares
First Sentier Investors Realindex Pty Ltd ACN 133 312 017	JP Morgan Chase Bank NA		1,225,696 Fully Paid ordinary shares
First Sentier Investors Realindex Pty Ltd ACN 133 312 017	National Custodian Services		264,015 Fully Paid ordinary shares
First Sentier Investors (Australia) IM Ltd ACN 114 194 311	Citicorp Nominees Pty Limited (Australia)		2,435,951 Fully Paid ordinary shares

3,339,419[Fully Paid ordinary ] shares

Mitsubishi UFJ Financial Group

Mitsubishi UFJ Financial Group

5. Consideration

The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four months prior to the day that the substantial holder became a substantial holder is as follows:

Holder of relevant interest	Date of acquisition	Consideration (9)		Class and number of securities
		Cash	Non-cash
See annexure B to this notice

6. Associates

The reasons the persons named in paragraph 3 above are associates of the substantial holder are as follows:

Name and ACN/ARSN (if applicable)		Nature of association
First Sentier Investors Realindex Pty Ltd	ACN 133 312 017	A wholly-owned subsidiary, and therefore related body corporate, of First Sentier Investors Holdings Pty Limited
First Sentier Investors (Australia) IM Ltd	ACN 114 194 311	A wholly-owned subsidiary, and therefore related body corporate, of First Sentier Investors Holdings Pty Limited
Mitsubishi UFJ Financial Group		Each company referred to is an associate of Mitsubishi UFJ Financial Group, Inc. under section 12 of the Corporations Act

7. Addresses

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

Name	Address
First Sentier Investors Realindex Pty Ltd ACN 133 312 017	Level 5, Tower Three International Towers Sydney, 300 Barangaroo Avenue, Barangaroo NSW 2000, Australia
First Sentier Investors (Australia) IM Ltd ACN 114 194 311	Level 5, Tower Three International Towers Sydney, 300 Barangaroo Avenue, Barangaroo NSW 2000, Australia
Mitsubishi UFJ Financial Group	2-7-1, Marunouchi, Chiyoda-ku, Tokyo 100-8330, Japan

Signature

print name capacity Company Secretary Pauline O'Connor
sign here date 19/08/2021

Annexure A

17/08/2021

This is Annexure A referred to in Form 603, Notice of initial substantial holder dated

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Pauline O'Connor	Company Secretary	Dated the 19/08/2021
	SCHEDULE
	First Sentier Investors (Malta) Limited (Company Code C41267)
	First Sentier Investors (Malta) Holdings Limited (Company Code C41260)
	CFSIM (Company No. 00153197)
	First Sentier Investors (Luxembourg) EDIF II GP S.Á.R.L (Company No. B204413)
	First Sentier Investors (Australia) Services Pty Limited (ACN 624 305 595)
	First Sentier Investors (Australia) IM Ltd (ACN 114 194 311)
	First Sentier Investors (Australia) Infrastructure Holdings Ltd (ACN 085 313 926)
	First Sentier Investors (Australia) Infrastructure Managers Pty Ltd (ACN 101 384 294)
	First Sentier Investors Strategic Investments Pty Limited (ACN 625 765 399)
	First Sentier Investors (Australia) RE Ltd (ACN 006 464 428)
	First Sentier Investors Asia Holdings Limited (ACN 054 571 701)
	First Sentier Investors Realindex Pty Ltd (ACN 133 312 017)
	First Sentier Investors (Luxembourg) EDIF I Feeders MC S.A.R.L (Company No. B134314)
	First Sentier Infrastructure Managers (International) Limited (Company No. 298444)
	First Sentier Investors (UK) IM Limited (Company No. SC047708)
	First Sentier Investors (UK) Services Limited (Company No. 03904320)
	First Sentier Investors (Hong Kong) Limited (CR No. 0206616)
	First Sentier Investors (Ireland) Limited (Company No. 629188)
	First Sentier Investors (Japan) Limited (Company No. 0104-01-093090)
	First Sentier Investors (Singapore) (COMPANY NO. 196900420D)
	First Sentier Investors Europe Holdings Limited (Company No. 03904310)
	First Sentier Investors (UK) Funds Limited (Company No. 02294743)
	First Sentier Investors (US) LLC (File Number 546 9442)
	First Sentier Investors (Luxembourg) EDIF I MC S.A.R.L (Company No. B128117)
	First Sentier Investors (Singapore) Holdings Limited (Registration No. 199901706Z)
	First Sentier Investors International IM Limited (Company No. SC079063)
	First Sentier Investors (Hong Kong) Nominees Limited (CR NO. 0206615)
	FSIB LTD (Registration No. 26193)

Mitsubishi UFJ Financial Group, Inc (Registration No. 0100-01-073486)

Mitsubishi UFJ Trust and Banking Corporation (Registration No. 0100-01-008770)

SI Holdings Limited (Company No. SC109439)

First Sentier Investors (Hong Kong) AMC Limited (CR NO. 0580652)

17/08/2021

Annexure B

This is Annexure B referred to in Form 603, Notice of initial substantial holder dated

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Pauline O'Connor Company Secretary Dated the 19/08/2021
Holder of relevant Interest Date of Acquisition Consideration Cash Consideration non-cash Class and number of securities affected
First Sentier Investors (Australia) IM Ltd ACN Fully Paid ordinary
114 194 311 21/04/2021 466,764 98,167 shares
First Sentier Investors Realindex Pty Ltd ACN Fully Paid ordinary
133 312 017 22/04/2021 13,014 2,656 shares
First Sentier Investors (Australia) IM Ltd ACN Fully Paid ordinary
114 194 311 22/04/2021 742,479 151,833 shares
First Sentier Investors Realindex Pty Ltd ACN Fully Paid ordinary
133 312 017 05/05/2021 991,165 225,778 shares
First Sentier Investors Realindex Pty Ltd ACN Fully Paid ordinary
133 312 017 06/05/2021 239,817 56,087 shares
First Sentier Investors Realindex Pty Ltd ACN Fully Paid ordinary
133 312 017 07/05/2021 963,418 225,867 shares
First Sentier Investors Realindex Pty Ltd ACN Fully Paid ordinary
133 312 017 19/05/2021 16,312 3,776 shares
First Sentier Investors Realindex Pty Ltd ACN Fully Paid ordinary
133 312 017 25/05/2021 8,282 1,878 shares
First Sentier Investors Realindex Pty Ltd ACN Fully Paid ordinary
133 312 017 03/06/2021 927,853 195,597 shares
First Sentier Investors Realindex Pty Ltd ACN Fully Paid ordinary
133 312 017 10/06/2021 76,786 16,008 shares
First Sentier Investors Realindex Pty Ltd ACN Fully Paid ordinary
133 312 017 10/06/2021 22,938 4,782 shares
First Sentier Investors Realindex Pty Ltd ACN Fully Paid ordinary
133 312 017 05/07/2021 63,294 15,142 shares
First Sentier Investors Realindex Pty Ltd ACN Fully Paid ordinary
133 312 017 07/07/2021 65,719 16,187 shares
First Sentier Investors Realindex Pty Ltd ACN Fully Paid ordinary
133 312 017 21/07/2021 49,464 12,366 shares
First Sentier Investors (Australia) IM Ltd ACN Fully Paid ordinary
114 194 311 03/08/2021 900,438 210,000 shares
First Sentier Investors (Australia) IM Ltd ACN Fully Paid ordinary
114 194 311 04/08/2021 382,923 90,000 shares
First Sentier Investors Realindex Pty Ltd ACN Fully Paid ordinary
133 312 017 04/08/2021 182,084 43,198 shares
First Sentier Investors (Australia) IM Ltd ACN Fully Paid ordinary
114 194 311 05/08/2021 426,918 101,017 shares
First Sentier Investors (Australia) IM Ltd ACN Fully Paid ordinary
114 194 311 06/08/2021 627,233 148,983 shares
First Sentier Investors Realindex Pty Ltd ACN Fully Paid ordinary
133 312 017 11/08/2021 27,185 6,442 shares
First Sentier Investors Realindex Pty Ltd ACN Fully Paid ordinary
133 312 017 16/08/2021 10,043 2,562 shares
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