XREF LIMITED — Major Shareholding Notification 2018

Nov 14, 2018

Please see attached form for lodgement.

Yours sincerely

Joshua Lim Company Secretary

604 GUIDE page 1/1 13 March 2000

Form 604 Corporations Act 2001

Notice of change of interests of substantial holder

To Company Name/Scheme	XREF LIMITED
ACN/ARSN	122 404 666
1. Details of substantial holder (1) Name		INDUSTRY SUPER HOLDINGS PTY, LTD.
ACN/ARSN (if applicable)	119748060
		This notice is given by INDUSTRY SUPER HOLDINGS PTY. LTD, on behalf of itself and each of its controlled bodies corporate (IFM Group Subsidiaries) named in the list of 1 page annexed to this notice and marked A.
There was a change in the interests of the
substantial holder on		13/11/2018
The previous notice was given to the company on		10/10/2018
The previous notice was dated		10/10/2018

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 (2) had a relevant interest (3) 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 (4)		Provious notice __________ ARA 00 00 A		™resent πotico
	Person's votes .	Voting power (5)	Person's votes _________	Voting power (5)
	Ordinary Sharas	10,441.897	.38%	697 - 441	.16% ---------------------------

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 of change	Porson whose relevant interest changed	Nature of change (6)	Consideration given in relation to change (7)	Class and number of securities affected	Porson's votos offected
13/11/2018	IFM INVESTORS PTY LTD IACN 107 247 727	Sale of securities pursuant to an Investment Management Agreement in transactions that took place on the Australian Securities Exchange	\$117,608.00	235,216 ordinary ishares.	235.216
13/11/2018	IFM INVESTORS PTY LTD IACN 107 247 727	Sale of securities pursuant to an Investment Management Agreement in transactions that took place on the Australian Securities Exchange	\$235,735.00	471.470 ordinary ishores.	471.470
13/11/2018	IFM INVESTORS PTY LTD ACN 107 247 727	Sale of securities pursuant to an Investment Management Agreement in transactions that took place on the Australian Securities Exchange	\$211,756.00	423,512 ordinary isharos	423.512
13/11/2018	IFM INVESTORS PTY LTD ACN 107 247 727	Sale of securities pursuant to an Investment Management Agreement in transactions that took place on the Australian Securities Exchange	\$223,148.00	446,296 ordinary isharos	446.296
13/11/2018	lifm investors PTY LTD IACN 107 247 727	Sale of securities pursuant to an Investment Management Agreement in transactions that took place on the Australian Secunties Exchange	\$211 753 00	423,506 ordinary Ishares.	423,506

4. Prosent relevant interests

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

Holder of relevant interest	Registered holder of securities	Person antitled to be registered as holder (8)	Nature of rolovant interest (6)	Class and number of securities	Porson's votes
IFM INVESTORS PTY LTD ACN 107 247 727	ISTATE STREET AUSTRALIA LIMITED		Power to control exercise of votinal rights/disposal in XREF Limited (XF1) acquired on the Australian Securities Exchange (ASX) lpursuant to an investment. Management Agreement	706,686 ordinary shares 706,686
IFM INVESTORS PTY LTD ACN 107 247 727	UP MORGAN CHASE BANK N.A.		Power to control exercise of voting rights/disposal in XREF Limited (XF1) acquired on the Australian [Securities Exchange (ASX) loursuant to an Investment. Managament Agreement	423,512 ordinary shares 423,512
IFM INVESTORS PTY LTD ACN 107 247 727	CITICORP NOMINEES PTY LIMITED		(Power to control exercise of voting) rights/disposal in XREF Limited (XF1) acquired on the Australian Securities Exchange (ASX) lpursuant to an Investment. Management Agreement	446,296 ordinary shares 446,296
IFM INVESTORS PTY LTD ACN 107 247 727	ITHE NORTHERN TRUST COMPANY ACNI 126 279 918		Power to control exercise of voling rights/disposal in XREF Limited (XF1) acquired on the Australian Securities Exchange (ASX) loursuant to an Investment. Management Agreement	423,506 ordinary shares 423,506
INDUSTRY SUPER HOLDINGS PTY. ILTD.ACN 119 748 060			Taken under section 608(3)(b) of lthe Corporations Act to have a relevant interest by reason of having control of IFM INVESTORS PTY LTD.	8,441,897 ordinary Ishores	8.441.897
lEach of the IFM Group. lSubsidianos			Taken under section 608(3) of the Corporations Act to have a relevant interest by reason of having voting power (through the relevant interests of its associate. INDUSTRY SUPER HOLDINGS (PTY, LTD.) above 20% in IFM INVESTORS PTY LTD.	8,441,897 ordinary Isharos	8.441.897

5. Changes in association

The persons who have become associates (2) of, ceased to be associates of, or have changed 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).	--------------------------------------- _________ INature of association
IEach of the IFM Group Subsidiaries.	(Body corporate controlled by the substantial holder INDUSTRY SUPER HOLDINGS PTY, LTD,

6. Addresson

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

Namo	Address
IINDUSTRY SUPER HOLDINGS PTY. LTD	lLevel 29 Casselden. 12 Lonsdalo Street Melbourne VIC 3000 . _________
IFM Group Subsidiaries.	------- See list of 1 page annexed to this notice and marked A

Signature

	print name - Joshua Lim ---------------------------------------	capacity	Company Secretary
sign hore	and the fifth and continue to the company of and the contract of the contract of ---------------------------------------	date	______ 15/11/2018

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 assentially 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 6 of the form.
• See the definition of "associate" in section 9 of the Corporations Act 2001. $(2)$
• $(3)$ 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 person's votes divided by the total votes in the body corporate or scheme multiplied by 100,
• $(6)$ Include details of:
• any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 6718(4) applies, a copy $\left( n\right)$ 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 cortifying this contract, scheme or arrangement; and
• 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 $(b)$ 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.

• 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 entitted to receive in relation to that acquisition. Details m $(7)$
• $(B)$ 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".
• $(9)$ Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice.

ANNEXURE A - ASSOCIATED COMPANIES

IFM Group

Name	ACN/ABN	Address	Country
IFM FIDUCIARY NO. 2 PTY LTD	158 365 505	Levol 29 Casselden, 2 Lonsdale Street, Melbourne, Victoria 3000	Australia
IFM FIDUCIARY PTY LTD	135 450 618	Level 29 Casselden, 2 Lonsdale Street, Melbourne, Victoria 3000	Australia
IFM HOLDINGS PTY LTD	135 448 225	Level 29 Casselden, 2 Lonsdale Street, Melbourne, Victoria 3000	Australia
IFM INVESTORS (JAPAN) PTY LTD	166 271 889	Level 29 Casselden, 2 Lonsdale Street, Melbourne, Victoria 3000	Australia
IFM INVESTORS (NOMINEES) LIMITED	003 969 891	Level 29 Casselden, 2 Lonsdale Street, Melbourne, Victoria 3000	Australia
IFM INVESTORS PTY LTD	107 247 727	Level 29 Casselden, 2 Lonsdale Street, Melbourne, Victoria 3000	Australia
IFS INSURANCE SOLUTIONS PTY LTD	070 588 108	Level 29 Casselden, 2 Lonsdale Street, Melbourne, Victoria 3000	Australia
INDUSTRY FUND FINANCIAL SERVICES PTY LTD	073 331 414	Level 29 Casselden 2 Lonsdale Street, Melbourne, Victoria 3000	Australia
INDUSTRY FUND SERVICES LIMITED	007 016 195	Lovel 29 Casselden, 2 Lonsdale Street, Melbourne, Victoria 3000	Australia
INDUSTRY FUNDS INVESTMENTS LTD	006 883 227	Level 29 Casselden, 2 Lonsdale Street, Melbourne, Victoria 3000	Australia
INDUSTRY FUNDS MANAGEMENT (NOMINEES 2) PTY LTD	073 931 843	Level 29 Casselden, 2 Lonsdale Street, Melbourne, Victoria 3000	Australia
INDUSTRY FUNDS MANAGEMENT (NOMINEES) LIMITED	003 969 891	Level 29 Casselden, 2 Lonsdale Street, Molbourne, Victoria 3000	Australia
INDUSTRY SUPER AUSTRALIA PTY LTD	158 563 270	Level 39 Casselden, 2 Lonsdale Street, Melbourne, Victoria. 3000	Australia
INDUSTRY SUPER HOLDINGS PTY. LTD.	119748060	Level 29 Cassolden, 2 Lonsdale Street, Melbourne, Victoria 3000	Australia
INTERNATIONAL PROPERTY FUNDS MANAGEMENT PTY LTD	619 875 240	Level 29 Casselden, 2 Lonsdale Street, Melbourne, Victoria 3000	Australia
LENTESCO PACKAGING PTY LTD	136 351 249	Level 29 Cassolden, 2 Lonsdale Street, Melbourne, Victoria 3000	Australia
NSW RENT BUY PTY LIMITED	052 000 700	Level 29 Casselden, 2 Lonsdale Street, Molbourne, Victoria. 3000	Australia
SBLB PTY LTD	073 931 790	Level 29 Casselden, 2 Lonsdale Street, Melbourne, Victoria 3000	Australia
SUPER MEMBER INVESTMENTS LIMITED	095 974 100	Level 29 Casselden, 2 Lonsdale Street, Melbourne, Victoria 3000	Australia
THE NEW DAILY PTY LTD	153 137 243	Level 39 Casselden 2 Lonsdale Street, Melbourne, Victoria 3000	Australia
IFM GLOBAL INFRASTRUCTURE (CANADA) GP. INC.	BC0951184	99 Park Avenue, 19th Floor, New York, NY 10016, USA	Canada
IFM INVESTORS (HK) LTD	2378663	34/F Jardine House, 1 Connaught Place, Central, Hong Kong	Hong Kong
IFM INVESTORS (JAPAN), LLC		99 Park Avenue, 19th Floor, New York, NY 10016, USA	Japan
IFM INVESTORS (KOREA) PTY LTD	618 285 126	Level 29 Casselden, 2 Lonsdale Street, Melbourne, Victoria 3000	Australia
IFM GLOBAL INFRASTRUCTURE (UK) GP LTD	6547980	3rd Floor, 60 Gresham Street, London, EC2V 78B UK	UK
IFM INVESTORS (UK) LTD	5657982	3rd Floor, 60 Gresham Street, London, EC2V 7BB UK	UK.
IFM (US) SECURITIES, LLC	90-0919932	99 Park Avenue, 19th Floor, New York, NY 10016, USA	US.
IFM GLOBAL INFRASTRUCTURE (US) GP. LLC	98-0634648	99 Park Avenue, 19th Floor, New York, NY 10016, USA	US.
IFM INVESTORS (US) ADVISOR, LLC	146366	99 Park Avenue, 19 th Floor, New York, NY 10016, USA	US.
IFM INVESTORS (US), LLC	146366	99 Park Avenue, 19th Floor, New York, NY 10016, USA	US.

This is the annexure of 1 page marked A mentioned in the Form 604 signed by me and dated 15 November 2018

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Signature of Joshua Lim, Company Secretary (INDUSTRY SUPER HOLDINGS PTY, LTD.)

$\sim 10^{-1}$ .