EXPERIENCE CO LIMITED — Major Shareholding Notification 2019

Dec 11, 2019

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Date: 12 December 2019 To: Company Announcements Office Company: Australian Stock Exchange Fax number: 1300 135 638 From: Steven Johnson Contact number: 02 8305 6050

FORM 603 - NOTICE OF INITIAL SUBSTANTIAL HOLDER

We attach a notice of initial substantial holder with regards to our interest in shares in Experience Co Limited (EXP).

Steven Johnson Steven Johnson Director

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Forager Funds Management P: +61 (0) 2 8305 6050 Level 14, 56 Pitt St W foragerfunds.com Sydney, NSW, 2000

Form 603 Corporations Act 2001

Section 671B NOTICE OF INITIAL SUBSTANTIAL HOLDER

To Experience Co Limited (ASX Code: EXP)

ACN/ARSN 167 320 470

1. Details of substantial holder (1)

Name Forager Funds Management Pty Ltd ABN 78 138 351 345

The holder became a substantial holder on 10 / 12 / 2019

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 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)
OrdinaryShares	30,631,544	30,631,544	5.51%

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
Forager Funds Management Pty Ltd	Power to (or to control) exercise votes 30,631,544 fully paid ordinary shares and/or dispose of the securities as investment manager of the Forager Australian Shares Fund	30,631,544 ordinary shares

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	Persons entitled to be registered as holder	Class and number of securities
Forager Funds Management Pty Ltd	JP Morgan Nominees Australia Limited as custodian of the Forager Australian Shares Fund ARSN 139 641 491	The Trust Company Limited as responsible entity of the Forager Australian Shares Fund ARSN 139 641 491	30,631,544 ordinary shares

5. Consideration

The substantial holder has not acquired any additional relevant interest in the four months prior to the date that the substantial holder became the substantial holder.

6. Associates

The reasons theperson named inparagraph 3 above are associates of the substantial holder are as follows: Name and CAN/ARSN(if applicable) Name of association	The reasons theperson named inparagraph 3 above are associates of the substantial holder are as follows: Name and CAN/ARSN(if applicable) Name of association	The reasons theperson named inparagraph 3 above are associates of the substantial holder are as follows: Name and CAN/ARSN(if applicable) Name of association
	Name and CAN/ARSN(if applicable)	Name of association

7. Addresses

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

Name	Address
Experience Co Limited	PO Box 5361,Wollongong,NSW,2500
Forager Funds Management PtyLtd	Level 14,56 Pitt St,Sydney,NSW,Australia,2000
The Trust CompanyLimited	Angel Place,123 Pitt Street,Sydney,NSW,Australia,2000

Signature

Print name: Steven Johnson Capacity: Director Signature: Date: 12 December 2019

DIRECTIONS

(1) If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 7 of the form.

(2) See the definition of "associate" in section 9 of the Corporations Act 2001.

(3) See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.

(4) The voting shares of a company constitute one class unless divided into separate classes.

(5) The total number of votes attached to all the voting shares in the company or voting interests in the scheme (if any) that the person or an associate has a relevant interest in.

(6) The person's votes divided by the total votes in the body corporate or scheme multiplied by 100.

• (7) Include details of:

(a) any relevant agreement or other circumstances by which the relevant interest was acquired. If subsection 671B(4) applies, a copy of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and

(b) any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.

(8) If the substantial holder is unable to determine the identity of the person ( eg. if the relevant interest arises because of an option) write "unknown".

(9) Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.