KMD BRANDS LIMITED — Major Shareholding Notification 2018

Mar 25, 2018

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FNZC

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	Limited.	+64-4-474-4430- .	+64 4 498 5331	-Belen stevens@fnzc.co.nz.
kГ.	Market Announcement for Kathmandu Holdings Limited (KIAD) .		$\cdots$ DAH: 26 March 2013

To whom it may concern

Attached is a Disclosure of 1% increase in a substantial holding in Kathmando Roldings Limited (KMD).

We have submitted the following holding notice to NZX and KMD Limited today.

Regards/ ومحاملته والمستعددة Helen Stevens

Compliance Manager

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فالرواد والمستشهل المستشفان المستشفان المستشفات والواقع والمستند والروادي المرادي المرادي والمتحدث

notify us immediately by telephone and return the original netwage to us by mail.

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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

Note: This form must be completed in accordance with the instructions at the end of the forn.

To NZX Limited and To Kathmandu Holdings limited (KMD)

Relevant event being disclosed: Disclosure of movement of 1% or more in substantial holding

Date of relevant event: 22 March 2018.

Date this disclosure made: 26 March 2018

Date last disclosure made: 13 April 2017.

Substantial product holder(s) giving disclosure

Full name(s): First NZ Capital Group Limited

Summary of substantial holding

Class of quoted voting products: KMD Ordinary Shares

Summary for: Harbour Asset Management Limited and First NZ Capital Securities Limited

For this disclosure.--

• total number held in class: 17,999,584 $(a)$
• $(b)$ total in class: 220,685,308
• total percentage held in class: 8.156% $\mathcal{L}$

For last disclosure,-

• total number held in class: 12,374,372 $(a)$
• $(b)$ total in class: 201,497,120
• $(c)$ total percentage held in class: 6.141%

Details of transactions and events giving rise to relevant event

Details of the transactions or other events requiring disclosure; As noted above, on 13 April 2017, Harbour Asset Management Limited, disclosed an interest in 12,374,372 (6.141%) KMD ordinary shares.

In the period from the last disclosure, as part of normal on-market trading activity under discretionary investment mandates, Harbour Asset Management Limited purchased

6,747,102 KMD shares for a gross consideration of \$15,244,749 and sold 4,263,140 KMD shares for a total gross consideration of \$9,807,158.71. On 21 March 2018, Harbour Asset Management Limited participated and purchased, in a primary placement of KMD ordinary shares, 2,546,297 shares for a consideration of \$5,500,001. As a result, of these transactions, Harbour Asset Management Limited has, at the date of this notice, a relevant interest in 17,818,609 (8.074%) KMD shares.

In the period from the last disclosure, as part of normal on-market trading First NZ Capital Securities Limited purchased a net of 76,338 KMD ordinary shares. As a result of these transactions, First NZ Capital Securities Limited has, at the date of this notice, a relevant interest in 180,975 (0.001%) KMD shares.

As a result of these transactions, First NZ Capital Group Limited (which includes the related body corporates Harbour Asset Management Limited and First NZ Capital Securities Limited) has, at the date of this notice, a relevant Interest in 17,999,584 (8.156%) KMD shares.

Details after relevant event Details for: Harbour Asset Management Limited

Nature of relevant interest(s): Harbour Asset Management Limited, as fund manager, the power to exercise a right to vote attached to, and power to acquire or dispose of, the products, under powers of investment contained in investment management contracts with clients (the beneficial owners of the products).

For that relevant interest, $-$

• (a) number held in class: $17,818,609$
• $(b)$ percentage held in class: 8.074%
• $(c)$ current registered holder(s): Various nominee companies on behalf of clients as beneficial owners.
• $(d)$ registered holder(s) once transfers are registered. Various nominee companies on behalf of clients as beneficial owners.

No relevant agreement needs to be attached under Requiation 139.

Details for: First NZ Capital Securities Limited

Nature of relevant interest(s): Beneficial owner of financial products

For that relevant interest,---

• $(a)$ number held in class: 180,975
• $(b)$ percentage held in class: 0.001%
• $(c)$ current registered holder(s): First NZ Capital Securities Limited
• $(d)$ registered holder(s) once transfers are registered: n/a

No relevant agreement needs to be attached under Regulation 139.

Additional information Address(es) of substantial product holder(s): Level 14, 171 Featherston Street, Wellington

Contact details: Helen Stevens, + 64 4 474 4430, helen stevens@fnzc.co.nz

Nature of connection between substantial product holders: First NZ Capital Group Limited. First NZ Capital Securities and Harbour Asset Management Limited are related bodies corporate.

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: None

Certification

I, Helen Stevens, 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.