DuluxGroup : Ceasing to be a substantial holder

To Company Name/Scheme: Duluxgroup Limited ACN/ARSN: 118 896 021

1. Details of substantial holder (1)

   Name:

   ACN/ARSN (if applicable):

   The holder ceased to be a substantial holder on:

   Schroder Investment Management Australia Limited 000 443 274

   31/01/2017

   The previous notice was given to the 12/08/2016 company on:

   The previous notice was dated:

2. Changes in relevant interests

   12/08/2016

   Particulars of each change in, or change in the nature of, a relevant interest (2) of the substantial holder or an associate (3) 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	Person whose relevant interest changed	Nature of change (4)	Consideration given in relation to change (5)	Class (6) and number of securities affected	Person's votes affected
   13/08/2016 - 31/01/2017	SIMHK	Buy	$1,240,523.22	193,940 Ordinary shares	193,940
   13/08/2016 - 31/01/2017	SIMHK	Sell	$1,821,443.92	298,435 Ordinary shares	298,435
   13/08/2016 - 31/01/2017	SIMSL	Buy	$724,927.67	110,809 Ordinary shares	110,809
   13/08/2016 - 31/01/2017	SIMSL	Sell	$2,764,120.72	446,506 Ordinary shares	446,506
   13/08/2016 - 31/01/2017	SIM LTD	Sell	$2,832,321.21	474,889 Ordinary shares	474,889

   13/08/2016 - 31/01/2017	SIM LTD	Transfer out	-	108,772 Ordinary shares	108,772
   13/08/2016 - 31/01/2017	SIMNA LTD	Sell	$998,800.47	161,375 Ordinary shares	161,375

3. Changes in association

   The persons who have become associates (3) of, ceased to be associates of, or have changed the nature of their association (7) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

   Name and ACN/ARSN (if applicable)	Nature of association
   Schroder Investment Management Australia Limited ("SIMAL")	Related Fund Manager
   Schroder Investment Management Limited ("SIM LTD")	Related Fund Manager
   Schroder Investment Management (Hong Kong) Limited ("SIMHK")	Related Fund Manager
   Schroder Investment (Singapore) Limited ("SIMSL")	Related Fund Manager
   Schroder Investment Management North America ("SIMNA LTD")	Related Fund Manager

4. Address

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