AUSQUEST LIMITED — Major Shareholding Notification 2015

Mar 30, 2015

FORM 603

Corporations Act 2001 Section 671B

NOTICE OF INITIAL SUBSTANTIAL HOLDER

To: Company Name/Scheme

AQD - Ausquest Limited

ACN/ARSN

091 542 451

1. Details of Substantial Holder(1)

Name Acorn Capital Limited ACN/ARSN (if applicable) 082 694 531

The holder became a substantial holder on 27/03/2015

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:

Class of Securities (4)	Number of Securities	Person's Votes (5)	Voting Power (6)
Ordinary	22,268,243	22,268,243	5.99%

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
Acorn Capital Limited	Power to (or to control) exercise vote and/ordispose of the shares as discretionaryinvestment managers or advisers tosuperannuation funds, pooledsuperannuation trusts, managed investmentschemes and investment management	22,268,243
agreements

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 beRegistered as Holder(8)	Class and Number ofSecurities
Acorn Capital Investment Fund	National Nominees		3,141,727
Auscoal Superannuation Fund	JP Morgan Chase Nominees		4,347,404
Queensland Local Government Superannuation	JP Morgan Chase Nominees		6,552,988
Commonwealth Super Corporation	HSBC Custody Nominees (AUS) Ltd		8,226,124

Page 1 of 2

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 InterestAcorn Capital Limited	Date of Acquisition	Consideration(9)	Consideration(9)	Class and Number of Securities
		Cash	Non-Cash
	04-Mar-2015 to 27-Mar-2015	$425,513.10		22,268,243

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) Name of Association

7. Addresses

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

Name	Address
All Relevant Holders	C/O Acorn Capital Limited, Level 12, 90 Collins Street, Melbourne Victoria 3000

Print Name PAUL PALUMBO Capacity Portfolio Manager Sign Here Date 27/03/2015

Page 2 of 2