INSIGNIA FINANCIAL LTD — Major Shareholding Notification 2018

Mar 18, 2018

Form 604 Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

To : PWR Holdings Limited ACN: 105 326 850 ASX Code: PWH

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: 15/03/2018 The previous notice was given to the company on: 04/01/2018 The previous notice was dated: 22/12/2017

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	8,374,646	8.375%	9,924,157	9.915%

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:

Person	Nature	Consideration	Class & number (ord)	Person's votes
Perennial Value Management Limited(ACN 090 879 904)	Sold on market	-$46,564.18	- 17,413	- 17,413
Perennial Value Management Limited(ACN 090 879 904)	Sold on market	-$8,062.42	- 3,015	- 3,015

2

11/01/2018	Perennial Value Management Limited(ACN 090 879 904)	Sold on market	-$9,731.06	- 3,639	- 3,639
12/01/2018	Perennial Value Management Limited(ACN 090 879 904)	Sold on market	-$33,573.38	- 12,555	- 12,555
16/01/2018	Investment Management Limited (ACN 066 695 011)	Purchased on market	$20,915.00	20,915	8,900
22/01/2018	Perennial Value Management Limited(ACN 090 879 904)	Purchased on market	$159,634.17	62,958	62,958
23/01/2018	Perennial Value Management Limited(ACN 090 879 904)	Purchased on market	$77,147.17	30,531	30,531
30/01/2018	Perennial Value Management Limited(ACN 090 879 904)	Purchased on market	$117,002.51	46,335	46,335
31/01/2018	Perennial Value Management Limited(ACN 090 879 904)	Purchased on market	$51,079.12	20,225	20,225
1/02/2018	Perennial Value Management Limited(ACN 090 879 904)	Purchased on market	$17,963.78	7,152	7,152
6/02/2018	Perennial Value Management Limited(ACN 090 879 904)	Purchased on market	$3,430.07	1,388	1,388
23/02/2018	Perennial Value Management Limited(ACN 090 879 904)	Purchased on market	$661,279.25	266,694	266,694
26/02/2018	Perennial Value Management Limited(ACN 090 879 904)	Purchased on market	$12,276.93	5,000	5,000
27/02/2018	Perennial Value Management Limited(ACN 090 879 904)	Purchased on market	$108,309.02	44,046	44,046
2/03/2018	Perennial Value Management Limited(ACN 090 879 904)	Sold on market	-$908,546.42	- 379,064	- 379,064
5/03/2018	Perennial Value Management Limited(ACN 090 879 904)	Purchased on market	$117,524.57	49,272	49,272
6/03/2018	Perennial Value Management Limited(ACN 090 879 904)	Purchased on market	$762,738.30	323,857	323,857
7/03/2018	Perennial Value Management Limited(ACN 090 879 904)	Purchased on market	$522,553.57	223,770	223,770
8/03/2018	Perennial Value Management Limited(ACN 090 879 904)	Purchased on market	$5,578.25	2,420	2,420
9/03/2018	Perennial Value Management Limited(ACN 090 879 904)	Purchased on market	$20,487.37	8,888	8,888
12/03/2018	Perennial Value Management Limited(ACN 090 879 904)	Purchased on market	$23,591.72	10,017	10,017
14/03/2018	Perennial Value Management Limited(ACN 090 879 904)	Purchased on market	$1,967,931.14	853,744	853,744

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)	NAB Asset Servicing		Investment Manager	4,329,926	4,329,926
Perennial Value Management Limited (ACN 090 879 904)	Citigroup		Investment Manager	2,936,566	2,936,566
Perennial Value Management Limited (ACN 090 879 904)	BNP		Investment Manager	2,648,765	2,648,765
IOOF Investment Management Limited (ACN 066 695 011)	BNP		Investment Manager	8,900	8,900

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 Melbourne Victoria 3000
PWR Holdings Limited	103 Lahrs Road, ORMEAU, QLD, AUSTRALIA, 4208
Perennial Value Management Limited	Level 27, 88 Phillip Street Sydney,NSW 2000
IOOF Investment Management Limited	Level 6, 161 Collins Street Melbourne Victoria 3000