SKY NETWORK TELEVISION LIMITED. — Major Shareholding Notification 2019

Mar 4, 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 Conduct Act 2013

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

To New Zealand Stock Exchange and

To SKY Network Television

Relevant event being disclosed: Disclosure of movement of 1% or more in substantial holding due to acquisition of shares.

Date of relevant events: March 1, 2019

Date this disclosure made: March 1, 2019

Date last disclosure made: February 28, 2019

Substantial product holder(s) giving disclosure

Full name(s): Kiltearn Partners LLP

The Kiltearn Global Equity Fund

Summary of substantial holding

Class of quoted voting products: Ordinary Shares

Summary for Kiltearn Partners LLP: we act as an investment manager for a number of commingled funds and separate accounts (our "Clients"). In acting for our Clients, we are given full discretion over their investments, and are empowered to vote on their behalf. However, Kiltearn does not act as their Custodian, and therefore shares are not held in our name, but in the nominee name of their Custodian Bank.

Summary for The Kiltearn Global Equity Fund: As noted in the paragraph above, Kiltearn Partners LLP act as Investment manager for a number of commingled funds, of which, The Kiltearn Global Equity Fund is one.

For this disclosure (Kiltearn Partners LLP),—

• (a) total number held in class: 47,668,064

• (b) total in class: 389,139,785

• (c) total percentage held in class: 12.25%

For last disclosure (Kiltearn Partners LLP),—

• (a) total number held in class: 48,870,096

• (b) total in class: 389,139,785

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• (c) total percentage held in class: 12.56%

• For this disclosure (The Kiltearn Global Equity Fund),—

• (a) total number held in class: 31,657,212

• (b) total in class: 389,139,785

• (c) total percentage held in class: 8.14%

• For last disclosure (The Kiltearn Global Equity Fund),—

• (a) total number held in class: 30,870,993

• (b) total in class: 389,139,785

• (c) total percentage held in class: 7.93%

Details of transactions and events giving rise to relevant event

Details of the transactions or other events requiring disclosure: Acquisition of shares for The Kiltearn Global Equity Fund.

Details after relevant event

Details for Kiltearn Partners LLP

Nature of relevant interest(s): We act as an investment manager for a number of commingled funds and separate accounts (our "Clients"). In acting for our Clients, we are given full discretion over their investments, and are empowered to vote on their behalf. However, Kiltearn does not act as their Custodian, and therefore shares are not held in our name, but in the nominee name of their Custodian Bank.

As noted in the paragraph above, Kiltearn Partners LLP act as Investment manager for a number of commingled funds, of which, The Kiltearn Global Equity Fund is one.

For that relevant interest,—

• (a) number held in class: 47,668,064

• (b) percentage held in class: 12.25%

• (c) current registered holder(s): Various, of which The Kiltearn Global Equity Fund hold 31,657,212 shares or 8.14% of total percentage held in that share class.

• (d) registered holder(s) once transfers are 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

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

Additional information

Address(es) of substantial product holder(s): Exchange Place 3, 3 Semple Street, EH3 8BL, Edinburgh, Scotland, U.K.

Contact details: Robert McGinty. Phone: +44 0131 460 1039 and email: rmcginty@kiltearnpartners.com

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: N/A

Certification

I, Robert McGinty, 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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