KMD BRANDS LIMITED — Major Shareholding Notification 2020

Apr 13, 2020

Disclosure of ceasing to have substantial holding

Section 279, Financial Markets Conduct Act 2013

To NZX Limited and

To KATHMANDU HOLDINGS LTD

Date this disclosure made: 14 April, 2020

Date last disclosure made: 14 April, 2020

Date on which substantial holding ceased: 9 April, 2020

Substantial product holder(s) giving disclosure

Full name(s): Mitsubishi UFJ Financial Group, Inc., First Sentier Investors Realindex Pty Ltd

Summary of previous substantial holding

Class of quoted voting products: Ordinary Shares (security code: NZKMDE0001S3)

Summary for Mitsubishi UFJ Financial Group, Inc., First Sentier Investors Realindex Pty Ltd

For last disclosure,—

• (a) total number held in class: 14,972,750

• (b) total in class: 295,073,217

• (c) total percentage held in class: 5.074%

For current holding after ceasing to have substantial holding,—

• (a) total number held in class: 12,350,049

• (b) total in class: 603,653,031

• (c) total percentage held in class: 2.046%

Details of transactions and events giving rise to ceasing of substantial holding

Details of the transactions or other events requiring disclosure:

For transaction details relating to subsidiaries of Mitsubishi UFJ Financial Group, Inc. see Annexure A.

For transaction details relating to the Morgan Stanley group see Annexure C.

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Additional information

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

Mitsubishi UFJ Financial Group, Inc. – 2-7-1, Marunouchi, Chiyoda-ku, Tokyo 100-8330, Japan

First Sentier Investors Realindex Pty Ltd - Level 5, Tower Three International Towers Sydney, 300 Barangaroo Avenue, Barangaroo NSW 2000, Australia

Contact details: Mariko Onda, Phone: +81-3-3240-3003, E-mail:mariko_onda@mufg.jp

Nature of connection between substantial product holders: First Sentier Investors Realindex Pty Ltd is a wholly-owned subsidiary of Mitsubishi UFJ Financial Group, Inc.

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: Not applicable

Certification

I, Mariko Onda, 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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Annexure A Transaction details for subsidiaries of Mitsubishi UFJ Financial Group, Inc.

Date of **Transaction **	Holder of Relevant Interest	Transaction Nature	**Consideration **	Class and number of securities
08-Apr-2020	First Sentier Investors Realindex Pty Ltd	SELL	77539.0208(AUD)	128888 Ordinary Shares
08-Apr-2020	First Sentier Investors Realindex Pty Ltd	SELL	41945.7104(AUD)	69712 Ordinary Shares
08-Apr-2020	First Sentier Investors Realindex Pty Ltd	SELL	13339.8784(AUD)	22174 Ordinary Shares
08-Apr-2020	First Sentier Investors Realindex Pty Ltd	SELL	36485.2829(AUD)	60637 Ordinary Shares
08-Apr-2020	First Sentier Investors Realindex Pty Ltd	SELL	243813.6536(AUD)	405208 Ordinary Shares
08-Apr-2020	First Sentier Investors Realindex Pty Ltd	SELL	17838.0416(AUD)	29651 Ordinary Shares
08-Apr-2020	First Sentier Investors Realindex Pty Ltd	SELL	11603.0592(AUD)	19287 Ordinary Shares
08-Apr-2020	First Sentier Investors Realindex Pty Ltd	SELL	56088.6689(AUD)	93217 Ordinary Shares

Annexure B Relevant interests held in the Morgan Stanley group

List of Morgan Stanley and its subsidiaries that have a relevant interest or are deemed to have a relevant interest in the shares.

Entities └─ ─ ┬ Morgan Stanley ─ ─ ├ ┬ Morgan Stanley Capital Management, LLC ─ │ └─┬ Morgan Stanley Domestic Holdings, Inc. ─── │ ├ Morgan Stanley & Co. LLC │ └───Morgan Stanley Capital Services LLC └─┬─Morgan Stanley International Holdings Inc. ─ ─ ├ ┬ Morgan Stanley (Australia) Securities Holdings Pty Limited │ └───Morgan Stanley Australia Securities Limited └─┬─Morgan Stanley International Limited └─┬─Morgan Stanley Investments (UK) └───Morgan Stanley & Co. International plc

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Annexure C

Transaction details for the Morgan Stanley group

Date of Transaction	Holder of Relevant Interest	Transaction Nature	Consideration	Class and number of securities
4/08/2020	Morgan Stanley & Co. Internationalplc	Borrow	N/A	450,000 Ordinary Shares
4/08/2020	Morgan Stanley & Co. Internationalplc	Buy	32,338.12	52,124 Ordinary Shares
4/08/2020	Morgan Stanley & Co. Internationalplc	Buy	80,352.00	129,600 Ordinary Shares
4/08/2020	Morgan Stanley Australia Securities Limited	Buy	1,300.14 (AUD)	2,097 Ordinary Shares
4/08/2020	Morgan Stanley Australia Securities Limited	Buy	1,384.85 (AUD)	2,289 Ordinary Shares
4/08/2020	Morgan Stanley Australia Securities Limited	Buy	1,983.11 (AUD)	3,251 Ordinary Shares
4/08/2020	Morgan Stanley Australia Securities Limited	Buy	2,400.00 (AUD)	4,000 Ordinary Shares
4/08/2020	Morgan Stanley Australia Securities Limited	Buy	2,520.00 (AUD)	4,000 Ordinary Shares
4/08/2020	Morgan Stanley Australia Securities Limited	Buy	536.90 (AUD)	873 Ordinary Shares
4/08/2020	Morgan Stanley Australia Securities Limited	Sell	325.08 (AUD)	516 Ordinary Shares
4/08/2020	Morgan Stanley Australia Securities Limited	Sell	367.65 (AUD)	570 Ordinary Shares
4/08/2020	Morgan Stanley Australia Securities Limited	Sell	797.94 (AUD)	1,287 Ordinary Shares
4/09/2020	Morgan Stanley & Co. Internationalplc	Borrow Returned	N/A	1,242,411 Ordinary Shares
4/09/2020	Morgan Stanley & Co. Internationalplc	Rights Subscription (Short Holdings)	33,695.50	67,391 OrdinaryShares
4/09/2020	Morgan Stanley & Co. Internationalplc	Sell	743,411.21	1,120,265 Ordinary Shares
4/09/2020	Morgan Stanley Australia Securities Limited	Buy	2,143.96 (AUD)	3,458 Ordinary Shares
4/09/2020	Morgan Stanley Australia Securities Limited	Buy	29,395.77 (AUD)	47,798 Ordinary Shares
4/09/2020	Morgan Stanley Australia Securities Limited	Buy	354.86 (AUD)	577 Ordinary Shares
4/09/2020	Morgan Stanley Australia Securities Limited	Buy	4,282.50 (AUD)	6,852 Ordinary Shares
4/09/2020	Morgan Stanley Australia Securities Limited	Buy	4,719.96 (AUD)	7,433 Ordinary Shares
4/09/2020	Morgan Stanley Australia Securities Limited	Buy	582.80 (AUD)	940 Ordinary Shares
4/09/2020	Morgan Stanley Australia Securities Limited	Buy	626.88 (AUD)	1,003 Ordinary Shares
4/09/2020	Morgan Stanley Australia Securities Limited	Buy	9,103.23 (AUD)	14,802 Ordinary Shares
4/09/2020	Morgan Stanley Australia Securities Limited	Sell	1,315.72 (AUD)	2,072 Ordinary Shares

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4/09/2020	Morgan Stanley Australia Securities Limited	Sell	1,450.63 (AUD)	2,321 Ordinary Shares
4/09/2020	Morgan Stanley Australia Securities Limited	Sell	1,623.51 (AUD)	2,577 Ordinary Shares
4/09/2020	Morgan Stanley Australia Securities Limited	Sell	21,145.63 (AUD)	33,833 Ordinary Shares
4/09/2020	Morgan Stanley Australia Securities Limited	Sell	445.25 (AUD)	685 Ordinary Shares
4/09/2020	Morgan Stanley Australia Securities Limited	Sell	582.80 (AUD)	940 Ordinary Shares
4/09/2020	Morgan Stanley Australia Securities Limited	Sell	6,276.26 (AUD)	10,123 Ordinary Shares
4/09/2020	Morgan Stanley Australia Securities Limited	Sell	6,342.50 (AUD)	10,148 Ordinary Shares
4/09/2020	Morgan Stanley Australia Securities Limited	Sell	714.66 (AUD)	1,108 Ordinary Shares
4/09/2020	Morgan Stanley Australia Securities Limited	Sell	840.09 (AUD)	1,366 Ordinary Shares
4/09/2020	Morgan Stanley Australia Securities Limited	Sell	9,357.66 (AUD)	15,093 Ordinary Shares
4/09/2020	Morgan Stanley Australia Securities Limited	Sell	966.58 (AUD)	1,559 Ordinary Shares
4/09/2020	Morgan Stanley Capital Services LLC	Sell	N/A	10,759 Swaps

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