KMD BRANDS LIMITED — Major Shareholding Notification 2019

Mar 28, 2019

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 Conckid Act 2013

Nome: This form must be completed In accordance with the Instuctions at the end of the form.

Te NZX Umlead

and

To Kmaindu Holangs Umlhd (IOID)

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

Date of relevant event: 28 March 2019

Date this disclosure macie: 29 March 2019

Date last disclosure made: 31 October 2018

Subl,"1*1 produa hel,(s) gMng dbdosure

Full name(s): First NZ pital Group Umited

Summary of subdin-1 holding

aass of quoted voting products: KMD Ordinary Shares

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

For thls disclosure,-

• (a) botil number held In class: 28,875,385
• (b) total In class: 226,188,531
• (c) totil percentage held In class: 1176046
• For ki,t disclosure,-
• (a) total number held In class: 25,827,259
• (b) total In class: 225,781,068
• (c) totml percentage held In clasm: 11.43946

Dee'lb ofmiwiliw ind events "Mng r&,ee' NI"Int -,ent

Details of the transactions or other events requiring disclosure:

As noted above, on 31 October 2018, First NZ Capital Group Umited, disclosed an Interest In 25,827,259 (11.43996) 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 Umlted purchased 4,357,487 KMD ordinary shares for a gross consideration of \$10,954,478 and sold 1,288,033 KMD ordinary shares for a gross consideration of \$3,310,422. As a result of these transactions, Harbour Asset Management Umited has, at the date of this notice, a relevant Interest In 28,649,249 (12.66696) KMD ordinary share&

In the period from the last disclosure, as part of normal on-market trading First NZ Capital Securities Umibed purchased 7,536,654 KMD ordinary shares for a gross consideration of \$19,283,398 and sold 7,557,982 KMD ordinary shares for a total gross consideriron of \$19,530,105. As a result of these transactions, First NZ Capital Securltles Umlbed has, at the date of this notice, a relevant Interest In 226,136 KMD (0.10096) ordinary shares

As a result of these transactions, First NZ Capltil Group Umlted (which Includes the related body corporates Harbour Asset Management Umited and First NZ Capital Securities Umited) has, at the date of this notice, a relevant Interest In 28,875,385 (12.76696) KMD ordinary shares.

De.1/ afbar *ev,nte.* Details for: Harbour Asiet mnigement Umlted

Nature of relevant Interest(s): Harbour Asset Management Umited, as fund manager, h= the power to exercise a right to vote attached to, and power to acquire or dispose of, the products, under powers of Investment con Ined In Investment management contracts with clients (the beneficial owners of the products).

For that relevant Interest,-

• (a) number held In class: 28,649,249
• (b) peroentage held In class: 12.666%
• (C) current registered holder(s): Various nominee companies on behalf of cllentg as beneficial owners.
• (d) registered holder(s) once transfers are reglsbered: Various nominee companies on behalf of cllentg as beneficial owners.

No relevant agreement needs to be attached under Reguladon 139.

Details for: Plr* NZ Cipltml Seairlles Umlhd

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

For that relevant Interest,-

• (a) number held In class: 226,136
• (b) percentage held In class: 0.10096
• (c) current registered holder(s): First NZ Capital Secumles Umited

(d) registered holder(s) once transfers are registered: First NZ Capital Securities Umlted

No relevant agreement needs to be attached under Reguladon 139.

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

Contz,ct details: Kate LIvingston, + 649 307 5747, kate.livingston@fnzc.co. nz

Nature of connecoon between substuntlal product holders: First NZ Capitil Group Umlted, First NZ Capital Securities Ummed and Marbour Asset Management Umited 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

Cartlflation

I, Kate LIvingston, cerofy that, to the best of my knowledge and belief, the Information contained In this disclosure Is correct and that I am duly authorlsed to make this disclosure by all persons for whom It Is made.