INSIGNIA FINANCIAL LTD — Major Shareholding Notification 2017

Oct 1, 2017

Form 605 Corporations Act 2001 Section 671B Notice of ceasing to be a substantial holder

To: HFA Holdings Limited ACN: 101 585 737 ASX Code: HFA

1. Details of substantial holder

Name: IOOF Holdings Limited ACN: ACN 100 103 722

This notice is given by IOOF Holdings Limited, on behalf of itself and its subsidiaries.

The holder ceased to be a substantial holder on: 27/09/2017 The previous notice was given to the company on: 17/07/2017 The previous notice was dated: 14/07/2017

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 as follows:

Date	Person	Nature	Consideration	Class & number (ord)	Person's votes
17/07/2017	Perennial Value Management Limited(ACN 090 879 904)	Sold on market	-$ 612,097.88	- 245,379	- 245,379
21/07/2017	Perennial Value Management Limited(ACN 090 879 904)	Sold on market	-$ 34,252.35	- 14,032	- 14,032
27/07/2017	Perennial Value Management Limited(ACN 090 879 904)	Sold on market	-$ 61,523.69	- 24,870	- 24,870
11/08/2017	Perennial Value Management Limited(ACN 090 879 904)	Sold on market	-$ 1,785,164.48	- 650,582	- 650,582
8/09/2017	Perennial Value Management Limited(ACN 090 879 904)	Sold on market	-$ 45,653.04	- 17,641	- 17,641
11/09/2017	Perennial Value Management Limited(ACN 090 879 904)	Sold on market	-$ 237,887.12	- 92,311	- 92,311
12/09/2017	Perennial Value Management Limited(ACN 090 879 904)	Sold on market	-$ 50,395.84	- 19,500	- 19,500

2

14/09/2017	Perennial Value Management Limited(ACN 090 879 904)	Purchased on market	$ 67,540.38	25,981	25,981
15/09/2017	Perennial Value Management Limited(ACN 090 879 904)	Purchased on market	$ 677,152.48	256,917	256,917
26/09/2017	Perennial Value Management Limited(ACN 090 879 904)	Sold on market	-$ 2,715,715.74	- 1,052,603	- 1,052,603
27/09/2017	Perennial Value Management Limited(ACN 090 879 904)	Sold on market	-$ 260,213.46	- 100,000	- 100,000

3. Changes in association

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

Name & ACN	Nature of association
Not applicable

4. Addresses

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

Name	Address
IOOF Holdings Limited	Level 6, 161 Collins Street Melbourne Victoria 3000
HFA Holdings Limited	Level 5, 151 Macquarie Street Sydney,NSW Australia2000
Perennial Investment Partners Limited	Level 24, 303 Collins Street MelbourneVictoria 3000