AUSQUEST LIMITED — Major Shareholding Notification 2016

Nov 13, 2016

FORM 605 Corporations Act 2001 Section 671B

NOTICE OF CEASING TO BE A 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 There was a change in the interests of the 14/11/2016 substantial holder on The previous notice was given to the company on 31/03/2015 The previous notice was dated 31/03/2015 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 relevantinterest changed	Nature ofchange	Consideration given inrelation to change	Class and number ofsecurities affected	Person's votesaffected
See Annexure A

3. Changes in Associates

The persons who have become associates (2) of, ceased to be associates, or have change the nature of their association (9) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

Name and ACN/ARSN (if applicable) Name of Association Print Name PAUL PALUMBO Capacity Portfolio Manager Sign Here Date 14/11/2016

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Annexure A

31-Mar-2015 to 14-Nov-2016

EntityDate Of Change24/04/2015Acorn Capital Ltd09/11/2016Acorn Capital Ltd10/11/2016Acorn Capital Ltd	Type of TransactionPurchaseSaleSale	QuantityConsideration$99,860.015,255,790-$27,154.30-3,883,457-$1,776.59-254,078	Quantity

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