Arvida Group Limited — Major Shareholding Notification 2021

Sep 3, 2021

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: 2 September 2021 Date of this disclosure: 3 September 2021 Date last disclosure made: 27 June 2019 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: 56,406,161 (b) total in class: 543,174,860 (c) total percentage held in class: 10.385%

For last 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%

Details of transactions and events giving rise to relevant event

Date of event	Nature of event	Consideration	Number of financial products	Current registered holder(s)	Registered holder(s) once transfers are registered
27 June 2019 – 2 September 2021	On-market sales	$50,194,532	29,513,826	Trustees Executors Limited (“TEL”) (265,773) Forsyth Barr Custodians Limited (“FBCL”) (29,248,053)	Unknown
	On-market purchases	$50,131,422	31,078,758	Unknown	TEL (68,399) Forsyth Barr Limited (76,600)

1

					FBCL (30,933,759)
	Off-market transfers out of DIMS	Nil	4,054,968	FBCL	Unknown
	Off-market transfers into DIMS	Nil	8,719,875	Unknown	FBCL
	Placement announced 25 June 2019	$4,447,988	3,558,390	N/A	FBCL
	Rights issue (and shortfall bookbuild) announced 25 June 2019	$9,042,416	7,807,149	N/A	FBCL

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 interest also arises in respect of 76,600 shares purchased by Forsyth Barr Limited, a related company of Forsyth Barr Investment Management Limited. A relevant agreement document need not be attached under regulations 139 and 142.

For that relevant interest,—

(a) number held in class:

(b) percentage held in class:

(c) current registered holder(s):

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

56,406,161

10.385% See above See above

2

For a derivative relevant interest, also—

(a) type of derivative: Not applicable (b) details of derivative: Not applicable (c) parties to the derivative: Not applicable (d) if the substantial product holder is not a Not applicable party to the derivative, the nature of the relevant interest in the derivative:

Additional Information

Address(es) of substantial product holder(s): Forsyth Barr House, The Octagon, Dunedin Contact details: Dunja Sumar T: +64 9 368 0059 E: compliance@forsythbarr.co.nz Name of any other person believed to have Not applicable

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:

Certification

I, Dunja Sumar, 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.

3