KMD BRANDS LIMITED — Major Shareholding Notification 2021

May 19, 2021

Disclosure of ceasing to have substantial holding

Section 279, Financial Markets Conduct Act 2013

To New Zealand Stock Exchange

and

To Kathmandu Holdings Ltd Date this disclosure made: 20 May 2021 Date last disclosure made: 25 August 2020 Date on which substantial holding ceased: 19 May 2021

Substantial product holder(s) giving disclosure

Full Name(s): Accident Compensation Corporation (ACC)

Summary of previous substantial holding

Class of quoted voting products: Ordinary shares (KMD NZ, KMD AU)

Summary for: Accident Compensation Corporation (ACC)

For last disclosure:

(a) Total number held in class: 37,139,640 (b) Total in class: 709,001,384 (c) Total percentage held in class: 5.238% For current holding after ceasing to have substantial holding: (a) Total number held in class: 35,358,209 (b) Total in class: 709,001,384 (c) Total percentage held in class: 4.987%

For current holding after ceasing to have substantial holding:

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

Details of the transactions or other events requiring disclosure:

From 25 August 2020 to 19 May 2021, ACC had the following aggregated on-market transactions in Kathmandu Holdings Ltd:

• Sales of 12,829,676 NZX listed shares for consideration of NZD $17,982,023.68

• Purchases of 10,598,704 NZX listed shares for consideration of NZD $13,143,557.90

• Purchases of 449,541 ASX listed shares for consideration of AUD $584,358.35

Additional information

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

ACC: Justice Centre, 19 Aitken Street, PO Box 242, Wellington 6140.

Contact details: Marpessa Hof +64 4 816 6062 investmentscompliance@acc.co.nz

In accordance with the Financial Markets Authority’s Guidance Note: Guidance on Substantial Product Holder Disclosures issued on 27 September 2017, ACC has not made disclosures for employees who manage the financial products of which ACC is the beneficial owner.

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 securities to which this disclosure relates: n/a

Certification

I, Marpessa Hof, 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.