INSIGNIA FINANCIAL LTD — Major Shareholding Notification 2017

Feb 13, 2017

Form 604 Corporations Act 2001 Section 671B Notice of change of interests of substantial holder

To: National Veterinary Care Ltd ACN: 166 200 059 ASX Code: NVL

1. Details of substantial holder

Name: IOOF Holdings Limited ACN: 100 103 722

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

There was a change in the interest of the substantial holder on: 10/02/2017 The previous notice was given to the company on: 25/10/2016 The previous notice was dated: 21/10/2016

2. Previous and present 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 had a relevant interest in when last required and when now required to give a substantial holding notice to the company or scheme, are as follows:

Class of securities	Previous notice		Present notice
	Person's votes	Voting Power	Person's votes	Voting Power
Ordinary	4,326,553	8.276%	3,605,183	6.896%

3. 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	Person	Nature	Consideration	Class & number (ord)	Person's votes
3/11/2016	Perennial Value Management Limited(ACN 090 879 904)	Purchased on market	$ 287,436.22	139,905	139,905

2

8/11/2016	Perennial Value Management Limited(ACN 090 879 904)	Sold on market	-$ 9,825.33	- 4,580	- 4,580
9/11/2016	Perennial Value Management Limited(ACN 090 879 904)	Sold on market	-$ 14,961.12	- 6,974	- 6,974
10/11/2016	Perennial Value Management Limited(ACN 090 879 904)	Sold on market	-$ 19,933.86	- 9,292	- 9,292
16/11/2016	Perennial Value Management Limited(ACN 090 879 904)	Sold on market	-$ 1,072.65	- 500	- 500
18/11/2016	Perennial Value Management Limited(ACN 090 879 904)	Sold on market	-$ 4,977.05	- 2,305	- 2,305
21/11/2016	Perennial Value Management Limited(ACN 090 879 904)	Sold on market	-$ 43,069.96	- 19,710	- 19,710
1/12/2016	Perennial Value Management Limited(ACN 090 879 904)	Purchased on market	$ 17,860.29	9,530	9,530
2/12/2016	Perennial Value Management Limited(ACN 090 879 904)	Purchased on market	$ 16,316.05	8,706	8,706
7/12/2016	Perennial Value Management Limited(ACN 090 879 904)	Purchased on market	$ 14,831.79	7,668	7,668
21/12/2016	Perennial Value Management Limited(ACN 090 879 904)	Sold on market	-$ 737.08	- 341	- 341
29/12/2016	Perennial Value Management Limited(ACN 090 879 904)	Sold on market	-$ 18,543.71	- 8,644	- 8,644
30/12/2016	Perennial Value Management Limited(ACN 090 879 904)	Sold on market	-$ 10,726.35	- 5,000	- 5,000
3/01/2017	Perennial Value Management Limited(ACN 090 879 904)	Sold on market	-$ 7,115.88	- 3,317	- 3,317
4/01/2017	Perennial Value Management Limited(ACN 090 879 904)	Sold on market	-$ 22,272.45	- 10,359	- 10,359
6/01/2017	Perennial Value Management Limited(ACN 090 879 904)	Sold on market	-$ 17,241.98	- 8,000	- 8,000
11/01/2017	Perennial Value Management Limited(ACN 090 879 904)	Sold on market	-$ 4,533.17	- 2,104	- 2,104
13/01/2017	Perennial Value Management Limited(ACN 090 879 904)	Sold on market	-$ 5,010.35	- 2,335	- 2,335
17/01/2017	Perennial Value Management Limited(ACN 090 879 904)	Sold on market	-$ 10,861.51	- 5,063	- 5,063
1/02/2017	Perennial Value Management Limited(ACN 090 879 904)	Purchased on market	$ 8,191.86	3,876	3,876
10/02/2017	Perennial Value Management Limited(ACN 090 879 904)	Sold on market	-$ 1,979,160.42	- 919,315	- 919,315

4. Present Relevant Interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

	Holder	Registered holder of securities	Person Entitled to be holder	Nature of relevant interest	Class & Number (Ord)	Person's votes

3

Perennial Value Management Limited (ACN 090 879 904) and its subsidiaries	NAB Asset Servicing		Investment Manager	1,918,416	1,918,416
Perennial Value Management Limited (ACN 090 879 904) and its subsidiaries	Citigroup		Investment Manager	508,095	508,095
Perennial Value Management Limited (ACN 090 879 904) and its subsidiaries	BNP		Investment Manager	1,178,672	1,178,672

5. 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

6. Addresses

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

Name	Address
IOOF Holdings Limited	Level 6, 161 Collins Street MelbourneVictoria 3000
National Veterinary Care Ltd	Level 2, 120 King Street Melbourne Victoria 3000
Perennial Value Management Limited	Level 27, 88 Phillip Street SydneyNSW 2000