Arvida Group Limited — Major Shareholding Notification 2019

Jun 27, 2019

Disclosure of movement of 1% or more in substantial holding or change in nature of relevant interest, or both

Section 277 and 278, Financial Markets Conduct Act 2013

To: NZX Limited and To: Arvida Group Limited Date of relevant event: 26 June 2019 Date of this disclosure: 27 June 2019 Date last disclosure made: 27 August 2018 Substantial product holder(s) giving disclosure: Full name(s): Forsyth Barr Investment Management Limited Summary of substantial holding Class of quoted voting products: Ordinary shares (ARV) Summary for Forsyth Barr Investment Management Limited For this disclosure,— (a) total number held in class: 38,810,783 (b) total in class: 414,681,167 (c) total percentage held in class: 9.359%

For last disclosure,— (a) total number held in class: 33,499,354 (b) total in class: 413,949,842 (c) total percentage held in class: 8.093%

Details of transactions and events giving rise to relevant event

Date ofevent	Nature ofevent	Consideration	Number offinancialproducts	Currentregisteredholder(s)	Registeredholder(s) oncetransfers areregistered
25 August2018 – 26June 2019	On-marketsales	$8,477,425	6,575,159	Forsyth BarrCustodiansLimited(“FBCL”)	Unknown
25 August2018 – 26June 2019	On-marketpurchases	$14,440,992	10,929,644	Unknown	TrusteesExecutors Limited(247,374) andFBCL(10,682,270)
25 August2018 – 26June 2019	Off-markettransfers intoDIMS	Nil	1,681,276	Unknown	FBCL

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	25 August2018 – 26June 2019	Off-markettransfers outof DIMS	Nil	724,332	FBCL	Unknown

Details after relevant event

Details for Forsyth Barr Investment Management Limited

Nature of relevant interest(s):

The relevant interest arises under various investment management agreements to which Forsyth Barr Investment Management Limited is a party in its capacity as the manager of the Forsyth Barr Investment Funds and a provider of discretionary investment management services ( DIMS ). The relevant interest arises only from the powers of investment contained in those agreements, including the power to control the exercise of the right to vote attached to the shares and to control the disposal of the shares. A relevant agreement document need not be attached under regulations 139 and 142

For that relevant interest,—

(a) number held in class: 38,810,783

(b) percentage held in class: 9.359% See above

(c) current registered holder(s):

(d) registered holder(s) once transfers are registered:

See above

For a derivative relevant interest, also—

(a) type of derivative:

(b) details of derivative:

(c) parties to the derivative:

(d) if the substantial product holder is not a party to the derivative, the nature of the relevant interest in the derivative:

Not applicable Not applicable Not applicable

Not applicable

Additional Information

Address(es) of substantial product holder(s): Contact details:

Name of any other person believed to have given, or believed to be required to give, a disclosure under the Financial Markets Conduct Act 2013 in relation to the financial products to which this disclosure relates:

Forsyth Barr House, The Octagon, Dunedin Sarina Whitlock

T: +64 9 368 0108 E: compliance@forsythbarr.co.nz Not applicable

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Certification

I, Sarina Whitlock, certify that, to the best of my knowledge and belief, the information contained in this disclosure is correct and that I am duly authorised to make this disclosure by all persons for whom it is made.

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