FORM 603 Corporations Act 2001 Section 671B NOTICE OF INITIAL SUBSTANTIAL HOLDER To: Company Name/Scheme AQD - Ausquest Limited ACN/ARSN 1. 2. 091 542 451 Details of Substantial Holder(1) Name Acorn Capital Limited ACN/ARSN (if applicable) 082 694 531 The holder became a substantial holder on 27/03/2015 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 follows: 3. Class of Securities (4) Number of Securities Person's Votes (5) Voting Power (6) Ordinary 22,268,243 22,268,243 5.99% 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: 4. Holder of Relevant Interest Nature of Relevant Interest (7) Class and Number of Securities Acorn Capital Limited Power to (or to control) exercise vote and/or dispose of the shares as discretionary investment managers or advisers to superannuation funds, pooled superannuation trusts, managed investment schemes and investment management agreements. 22,268,243 Details of Present Registered Holders The persons registered as holders of the securities referred to in Paragraph 3 above are as follows: Person Entitled to be Class and Number of Registered as Holder (8) Securities 3,141,727 Holder of Relevant Interest Registered Holder of Securities Acorn Capital Investment Fund National Nominees Auscoal Superannuation Fund JP Morgan Chase Nominees 4,347,404 Queensland Local Government Superannuation JP Morgan Chase Nominees 6,552,988 Commonwealth Super Corporation HSBC Custody Nominees (AUS) Ltd 8,226,124 Page 1 of 2 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 Consideration Date of Acquisition Non-Cash Cash Acorn Capital Limited 6. Class and Number of Securities (9) $425,513.10 04-Mar-2015 to 27-Mar-2015 22,268,243 Associates The reasons the persons named in Paragraph 3 above are associates of the substantial holder are as follows: Name and ACN/ARSN (if applicable) 7. Name of Association Addresses The addresses of persons named in this form are as follows: Name Address All Relevant Holders C/O Acorn Capital Limited, Level 12, 90 Collins Street, Melbourne Victoria 3000 Print Name PAUL PALUMBO Capacity Sign Here Date Page 2 of 2 Portfolio Manager 27/03/2015