Villa World : 10 Feb 2017 - Ceasing to be a substantial holder

605 page 1/2 15 July 2001

To Company Name/ Scheme VILLA WORLD LIMITED ACN/ ARSN

1. Details of substantial holder (1)

   Name Quest Asset Partners Pty Ltd

   ACN/ ARSN (if applicable) 109 448 802

   The holder ceased to be a substantial holder on		7/02/2017
   The previous notice was given to the company on		18/01/2017
   The previous notice was dated		16/01/2017

2. 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	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
   17/01/2017 - 07/02/2017	Quest Asset Partners Pty Ltd	Acquisition of 7,951 shares	Consideration for Acquisition of Shares $	7,951 shares	7,951 shares
   		Disposal of 1,649,869 shares	Consideration for Disposal of Shares $3,870,513	1,649,869 shares	1,649,869 shares

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
   N/A

4. Addresses

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

   Name	Address
   Quest Asset Partners Pty Ltd	Suite 8.07, 6A Glen Street, Milsons Point, NSW, 2061

   Signature

   Print name Michael Evans

   Capacity Director

   Sign here Date / /

   605 page 2/2 15 July 2001

   DIRECTIONS

5. 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 essentially 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 4 of the form.

6. See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.

7. See the definition of "associate" in section 9 of the Corporations Act 2001.

8. Include details of:

9. any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) applies, a copy 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 certifying this contract, scheme or arrangement; and

10. 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 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.

11. 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 entitled to receive in relation to that acquisition. Details must be included even if 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.

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

(7) Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice.