KMD BRANDS LIMITED — Major Shareholding Notification 2016

Feb 25, 2016

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

Sections 277 and 278, Financial Markets Conduct Act 2013

To NZX Limited

and

To Kathmandu Holdings Limited (KMD)

Relevant event being disclosed: Movement of 1% or more in the substantial holding

Date of relevant event: 18 February 2016

Date this disclosure made: 26 February 2016

Date last disclosure made: 22 May 2015

Substantial product holder(s) giving disclosure

Full name(s): The Goldman Sachs Group, Inc. (“GSGI”) on behalf of itself and its subsidiaries (“Goldman Sachs Group”) including its significant subsidiaries listed in Annexure A.

Summary of substantial holding

Class of quoted voting Products: Ordinary shares

Summary for GSGI on behalf of itself and the Goldman Sachs Group.

For this disclosure,—

• (a) total number held in class: 27,511,932

• (b) total in class: 201,484,583

• (c) total percentage held in class: 13.6546%

For last disclosure,—

• (a) total number held in class: 25,264,190

• (b) total in class: 201,484,583

• (c) total percentage held in class: 12.5390%

Details of transactions and events giving rise to relevant event

Details of the transactions or other events requiring disclosure: Please see Annexure B.

Details after relevant event

Details for Goldman Sachs International (GSI)

Nature of relevant interest(s): Beneficial holder

For that relevant interest, — (a) number held in class: 128,383

(b) percentage held in class: 0.0637%

(c) current registered holder(s) of securities: : HSBC Custody Nominees (New Zealand) Limited, HSBC Custody Nominees Australia Limited, Bank of New York Mellon (d) registered holder(s) once transfers are registered: NA

19135553_SH Notice - KMD - Goldman Sachs TD 18 Feb 2016 (Final).DOC ~~X17537712_1.docx~~

For a derivative relevant interest, also—

(a) type of derivative: total return swap

(b) details of derivative: Long 1,585 and short 3,408 cash-settled equity swap (0.0008% long and short 0.0017% held in class) maturing on 25 January 2018

(c) parties to the derivative: GSI and GAUS

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

Details for Goldman Sachs Financial Markets Pty Ltd (GAUS)

Nature of relevant interest(s): Beneficial holder

For that relevant interest,—

(a) number held in class: 1,585

(b) percentage held in class: 0.0008%

(c) current registered holder(s) of securities: : HSBC Custody Nominees (New Zealand) Limited, HSBC Custody Nominees Australia Limited, Bank of New York Mellon (d) registered holder(s) once transfers are registered: NA

For a derivative relevant interest, also—

(a) type of derivative: total return swap

(b) details of derivative: Long 3,408 and short 1,585 cash-settled equity swap (0.0017% long and short 0.0008% held in class) maturing on 25 January 2018

(c) parties to the derivative: GSI and GAUS

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

Details for Goldman Sachs Australia Managed Funds Limited (GSAMF)

Nature of relevant interest(s): GSAMF has a relevant interest in the ordinary shares only in their capacity as responsible entity for a range of Goldman Sachs Australia registered managed investment schemes.

For that relevant interest,— (a) number held in class: 3,563,285

(b) percentage held in class: 1.7685% (c) current registered holder(s) of securities: RBC Dexia Investor Services Australia Pty Limited, UBS AG Australia Branch

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

For a derivative relevant interest, also— (a) type of derivative: N/A (b) details of derivative: N/A

(c) parties to the derivative: N/A

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

19135553_SH Notice - KMD - Goldman Sachs TD 18 Feb 2016 (Final).DOC ~~X17537712_1.docx~~

Details for Goldman Sachs Asset Management Australia Pty Ltd (GSAMA)

Nature of relevant interest(s): GSAMA has a relevant interest in the ordinary shares only in their capacity as investment managers for managers for a range of Goldman Sachs Australia registered managed investment schemes. GSAMA’s relevant interests arise under investment management contract(s) and only from the powers of investment contained in those contract(s), including the power to exercise, or to control the exercise of, a right to vote attached to KMD shares, or to acquire or dispose of, or to control the acquisition or disposal of, the KMD shares.

For that relevant interest, —

(a) number held in class: 3,563,285

(b) percentage held in class: 1.7685%

(c) current registered holder(s) of securities: RBC Dexia Investor Services Australia Pty Limited, UBS AG Australia Branch

(d) registered holder(s) once transfers registered: N/A

For a derivative relevant interest, also—

(a) type of derivative: N/A

(b) details of derivative: N/A

(c) parties to the derivative: N/A

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

Details for Goldman Sachs Asset Management Australia Pty Ltd (GSAMA)

Nature of relevant interest(s): GSAMA has a relevant interest in the ordinary shares only in their capacity as investment managers for client portfolio(s). GSAMA’s relevant interests arise under investment management contract(s) and only from the powers of investment contained in those contract(s), including the power to exercise, or to control the exercise of, a right to vote attached to KMD shares, or to acquire or dispose of, or to control the acquisition or disposal of, the KMD shares.

For that relevant interest, — (a) number held in class: 23,813,686 (b) percentage held in class: 11.8191%

(c) current registered holder(s) of securities: JP Morgan Chase Bank, Sydney, National Australia Bank Limited

(d) registered holder(s) of securities once transfers registered: NA

For a derivative relevant interest, also— (a) type of derivative: N/A

(b) details of derivative: N/A

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

19135553_SH Notice - KMD - Goldman Sachs TD 18 Feb 2016 (Final).DOC ~~X17537712_1.docx~~

Additional information

Add r ess(es) of s u bstantial pr o duct holder ( s):

• The Gol d man Sachs G roup, Inc. - Corporatio n Trust Cent e r, 1209 Or a nge Street, Wilming t on DE 198 0 1, U.S.A.

• Goldma n , Sachs & C o . - 200 We s t Street, Ne w York, NY 10282, U.S.A.  Goldma n Sachs Inter n ational - P e terborough C ourt, 133 Fleet Street, L ondon EC4 A 2BB, Un i ted Kingdo m

• Goldma n Sachs Aust r alia Manag e d Funds Li m ited - Leve l 17, 101 Collins Street, Melbour n e, Victoria 3 000, Austr a lia

• Goldma n Sachs Asse t Managem e nt Australia Pty Ltd - L e vel 17, 101 C ollins Stre e t, Melbour n e, Victoria 3 000, Austr a lia

• Goldma n Sachs Fina n cial Markets Pty Ltd - L evel 17, 10 1 Collins Str e et, Melbou r ne, Victoria 3 000, Austr a lia

Cont a ct details:

Cont a ct person – Raymond Chow Cont a ct number - 852 2978 7 6 96 Ema i l - gs-reg-o p s-hk-posn@gs.com

Nature of connection between substantial product holders: The G oldman S a chs Group, Inc. owns, d irectly or i n directly, at least 99% o f the votin g secu r ities of eac h of:  Goldma n , Sachs & C o .;

• Goldma n Sachs Inter n ational;

• Goldma n Sachs Fina n cial Markets Pty Ltd

• Goldma n Sachs Aust r alia Manag e d Funds Li m ited; and

• Goldma n Sachs Asse t Managem e nt Australia Pty Ltd.

Certification

I, Ra y mond Cho w , certify th a t, to the bes t of my kno w ledge and b elief, the in f ormation cont a ined in this d isclosure is correct and that I am duly authorise d to make th i s disclosure by all p e rsons for w h om it is ma d e.

Signature

Print n ame: Ra y mond Cho w Capa c ity: Attor n ey (si g ning under power of att o rney) Sign h ere: Date: 26 F e bruary 201 6

1913555 3 _SH Notice - KMD - Goldman Sachs TD 1 8 Feb 2016 (Final).DO C ~~X17537712_1.docx~~

Annexure A

Significant Subsidiaries of The Goldman Sachs Group, Inc.

The following are significant subsidiaries of The Goldman Sachs Group, Inc. as of December 31, 2015 and the states or jurisdictions in which they are organized. Each subsidiary is indented beneath its principal parent. The Goldman Sachs Group, Inc. owns, directly or indirectly, at least 99% of the voting securities of substantially all of the subsidiaries included below. The names of particular subsidiaries have been omitted because, considered in the aggregate as a single subsidiary, they would not constitute, as of the end of the year covered by this report, a “significant subsidiary” as that term is defined in Rule 1-02(w) of Regulation S-X under the Securities Exchange Act of 1934.

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19135553_SH Notice - KMD - Goldman Sachs TD 18 Feb 2016 (Final).DOC ~~X17537712_1.docx~~

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THE GOLDMAN SACHS GROUP, INC AND ITS SUBSIDIARIES

Signature

Print n ame: Ra y mond Cho w Capa c ity: Attor n ey (si g ning under power of att o rney) Sign h ere: Date: 26 F e bruary 201 6

1913555 3 _SH Notice - KMD - Goldman Sachs TD 1 8 Feb 2016 (Final).DO C ~~X17537712_1.docx~~

Annexure B

Date of change	Person whose relevant interest changed	Nature of Change	Consideration given in relation to change (NZD)	Number of Securities	Class
05/21/2015	GSI	Return of borrowed shares	N/A	40,000	Ordinary
05/27/2015	GSAMF	Sell	15,893	10,977	Ordinary
05/29/2015	GSI	Return of borrowed shares	N/A	150,000	Ordinary
06/01/2015	GSI	Return of borrowed shares	N/A	73,000	Ordinary
06/04/2015	GSI	Return of borrowed shares	N/A	127,000	Ordinary
06/05/2015	GSI	Return of borrowed shares	N/A	90,000	Ordinary
06/05/2015	GSI	Return of borrowed shares	N/A	130,000	Ordinary
06/16/2015	GSI	Sell	10,580	9,121	Ordinary
06/30/2015	GSAMA	Buy	147,436	83,436	Ordinary
06/30/2015	GSAMA	Buy	261,181	147,806	Ordinary
06/30/2015	GSAMA	Buy	293,373	166,024	Ordinary
06/30/2015	GSAMF	Buy	63,416	35,888	Ordinary
06/30/2015	GSAMA	Buy	80,385	45,491	Ordinary
06/30/2015	GSI	Return of borrowed shares	N/A	77,542	Ordinary
07/01/2015	GSAMA	Buy	334,262	190,584	Ordinary
07/01/2015	GSAMA	Buy	375,461	214,074	Ordinary
07/01/2015	GSAMF	Buy	81,161	46,275	Ordinary
07/01/2015	GSAMA	Buy	188,692	107,585	Ordinary
07/01/2015	GSAMA	Buy	102,876	58,656	Ordinary
07/02/2015	GSAMA	Buy	301,440	174,881	Ordinary
07/02/2015	GSAMF	Buy	65,161	37,803	Ordinary
07/02/2015	GSAMA	Buy	268,365	155,692	Ordinary
07/02/2015	GSAMA	Buy	151,492	87,888	Ordinary
07/02/2015	GSAMA	Buy	82,594	47,917	Ordinary
07/15/2015	GSAMF	Sell	37,040	21,625	Ordinary
07/15/2015	GSI	Buy	10,609	6,934	Ordinary
07/28/2015	GSAMF	Sell	20,814	12,333	Ordinary
08/04/2015	GSI	Sell	15,255	7,951	Ordinary
08/12/2015	GSI	Sell	21,440	14,184	Ordinary
08/21/2015	GSI	Sell	4,828	3,400	Ordinary
08/21/2015	GSCO	Return of borrowed shares	N/A	90,000	Ordinary
09/11/2015	GSI	Buy	59,350	43,915	Ordinary
09/18/2015	GSI	Buy	4,601	3,499	Ordinary
09/18/2015	GSI	Sell	4,601	3,499	Ordinary
10/09/2015	GSI	Sell	136,142	101,979	Ordinary
10/14/2015	GSAMF	Sell	38,044	25,827	Ordinary
10/19/2015	GSAMF	Buy	150,995	100,000	Ordinary
10/20/2015	GSAMF	Buy	307,479	200,000	Ordinary

19135553_SH Notice - KMD - Goldman Sachs TD 18 Feb 2016 (Final).DOC ~~X17537712_1.docx~~

Da cha te of nge	r i c Person whose elevant nterest hanged	Nature Chang of e	Co r nsideration elation to c (NZD) given in hange	Number of Securities	Class
10/2 3/2015	GS AMF	Sell	15,432	9,685	Ordinary
10/2 3/2015	GS AMF	Buy	89,771	56,642	Ordinary
10/2 7/2015	GS AMF	Buy	403,796	253,219	Ordinary
11/0 9/2015	GS AMF	Buy	153,499	100,000	Ordinary
11/1 1/2015	GS AMF	Buy	297,283	190,453	Ordinary
11/1 7/2015	GS AMF	Buy	2,061	1,306	Ordinary
11/1 7/2015	GS AMF	Buy	464,260	300,000	Ordinary
12/1 0/2015	GS I	Sell	7,194	4,764	Ordinary
01/0 4/2016	GS AMF	Sell	2,609	1,707	Ordinary
01/0 8/2016	GS I	Sell	29,010	20,648	Ordinary
01/2 1/2016	GS I	Buy	735	476	Derivativ e
01/2 1/2016	GS I	Buy	1,711	1,109	Derivativ e
01/2 1/2016	GS I	Sell	5,259	3,408	Derivativ e
01/2 1/2016	GA US	Sell	735	476	Derivativ e
01/2 1/2016	GA US	Buy	5,259	3,408	Derivativ e
01/2 1/2016	GA US	Sell	1,711	1,109	Derivativ e
01/2 1/2016	GA US	Buy	681	476	Ordinary
01/2 1/2016	GA US	Buy	1,672	1,109	Ordinary
01/2 1/2016	GS I	Buy	4,908	3,408	Ordinary
01/2 1/2016	GS I	Sell	1,597	1,109	Ordinary
01/2 1/2016	GS I	Sell	685	476	Ordinary
01/2 2/2016	GA US	Sell	2,277	1,585	Ordinary
01/2 7/2016	GA US	Buy	2,386	1,585	Ordinary
02/0 3/2016	GS I	Borrow of securities	N/A	100,000	Ordinary
02/1 5/2016	GS I	Buy	4,705	3,043	Ordinary
02/1 6/2016	GS I	Buy	11,790	7,574	Ordinary
02/1 7/2016	GS I	Buy	8,926	5,725	Ordinary
02/1 8/2016	GS AMF	Buy	445,452	292,273	Ordinary

Signature

Print n ame: Ra y mond Cho w Capa c ity: Attor n ey (si g ning under power of att o rney) Sign h ere: Date: 26 F e bruary 201 6

1913555 3 _SH Notice - KMD - Goldman Sachs TD 1 8 Feb 2016 (Final).DO C ~~X17537712_1.docx~~