SRG : Becoming a substantial holder

Form 603

Corporation ,Act 2001 Section 671B

Notice of initial substantial holder

To Company Name/ Scheme SRG Limited ACN/ ARSN

603 page 1/2 15 July 2001

1. Details of substantial holder (1)

   Name _A_d_a_m S_m_i_th_Ass_e_t_M_a_n_a-ge_m_e_n_t -

   ACN/ ARSN (if applicable) _1_0_5 _98_4_0_0_3 _ The holder became a substantial holder on 8/05/2017

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 a relevant interest (3) In on the date the substantial holder became a substantial holder are as foJJows :

   Class of securities 4	Number of securities	Person's votes 5
   FPO	3,249,477	3,249,477

   *Based on issued capital of 64,149,181 shares

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 See Schedule 1

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	Person entitled to be realstered as holder (8	Class and number af securities
   See Schedule 1

5. Consideration

   The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four months prior to the day that the substantial holder became a substantial holder Is as follows:

   Holder of relevant interest	Date of acquisition	Consideration (9)		Class and number of securities
   		Cash	Non-cash
   Adam Smith Asset Management	08/01/2017 - 08/05/2017	Consideration for Acquisition of Shares $4,210,421	Acouisltio n of 3,249,477 shares

   6.Associates

   The reasons the persons named In paragraph 3 above are associates of the substantial holder are as follows:

   603 page 2/2 15 July 2001

   N/A

   Name and ACN/ ARSN if a licable Nature of association

   7. Addresses

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

   Name Address

   Adam Smith Asset Mana ement Level 10 6 O'Connell St, S dne , NSW, 2000

   Signature

   Print name

   S_tep_h_e_n_A_t_k_in_s_on_

   _ Capacity

   P_o_rtfo_lio_M_a_n_a_g_er_ _

   Sign here Q .y _ _ _

   Date

   -I-o---.:>

   I j"77 -

   DIRECTIONS

   ----

   (1)

   If there are a number of substantial holders with similar or related relevant interests (eg. e 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 fom, as a specifically named group W the membership of each group.with the names and addresses of members is clearly set out In paragraph 7 of the fom,.

6. See the definition of •associate• In section 9 of the Corporations Act 2001.

7. See the definition of "relevant Interest• in sections 608 and 6718(7) of the Corporations Act 2001.

8. The voting shares of a company constitute one class unless divided into separate classes.

9. (5)

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

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

11. Include details of: (a)

any reJevant agreement or other circumstances by which the relevant Interest was acquired. If subsection 6718(4) applies. a copy of any document

setting out the terms of any relevant agreement. and a statement by the person giving tun and accurate details of any contract, scheme or arrangement. must accompany this form, together with a written statement certifying this contract, scheme or arrangement: end

(b)

any qualiOcation 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 clearty 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 detem,ine the identity of the person ( eg. tf the reievant interest arises because of an opHon) write •unknown·.

(9) Detalls 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. DetaTis must be included even tf 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.

Schedule 1 • Adam Smith Asset Management becoming a substantial holder in SRG Limited

Details of relevant interests

Holder of relevant interest	Nature of relevant interest	Class and number of securities
Adam Smith Asset Management	Power to (or to control) exercise vote and/or dispose of the securities as discretionary investment managers or advisers of superannuation funds, pooled superannuation trusts, managed investment schemes and investment management agreements .	Fully paid ordinary shares 3,249,477

Details of present registered holders

Holder of relevant interest	Registered holder of securities	Persons entitled to be a registered holder	Class and number of securities
Adam Smith Asset Management 1	JP Morgan Nominees Australia Ltd	JP Morgan Nominees Australia ltd	1,726,278 FPO
Adam Smith Asset Management	State Street Australia Limited	State Street Australia Limited	1,523,199 FPO
3,249,477

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