SKY NETWORK TELEVISION LIMITED. — Major Shareholding Notification 2021

May 10, 2021

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 acquisitions and disposals of shares.

Date of relevant events: May 10, 2021

Date this disclosure made: May 10, 2021

Date last disclosure made: September 30, 2020

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: 83,539,789

• (b) total in class: 1,746,879,558

• (c) total percentage held in class: 4.78%

• For last disclosure (Kiltearn Partners LLP),—

• (a) total number held in class: 103,135,414

• (b) total in class: 1,746,279,558

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• (c) total percentage held in class: 5.91%

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

• (a) total number held in class: 44,663,206

• (b) total in class: 1,746,879,558

• (c) total percentage held in class: 2.56%

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

• (a) total number held in class: 57,569,376

• (b) total in class: 1,746,279,558

• (c) total percentage held in class: 3.30%

Details of transactions and events giving rise to relevant event

Details of the transactions or other events requiring disclosure: Please the attached breakdown.

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: 83,539,789

• (b) percentage held in class: 4.78%

• (c) current registered holder(s): Various, of which The Kiltearn Global Equity Fund hold 44,663,206 shares or 2.56% 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: Douglas McArthur. Phone: +44 0131 460 1052 and email: dmcarthur@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, Douglas McArthur, 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.

100080615/3821103.1

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Transaction Dates Transaction Type Substanial Product Holder Underlying Substantial Product Holder Security Name Shares Price On-exchange/Other
01/10/2020 - 31/12/2020 Disposal of shares KILTEARN PARTNERS LLP KILTEARN GLOBAL EQUITY FUND SKY NETWORK TELEVISION 2,937,032 332,965.92 On-exchange
Transaction Dates Transaction Type Substanial Product Holder Underlying Substantial Product Holder Security Name Shares Price On-exchange/Other
01/12/2021 - 29/01/2021 Acquisition of shares KILTEARN PARTNERS LLP KILTEARN GLOBAL EQUITY FUND SKY NETWORK TELEVISION 385,113 45,209.28 On-exchange
Transaction Dates Transaction Type Substanial Product Holder Underlying Substantial Product Holder Security Name Shares Price On-exchange/Other
30/01/2021 - 10/05/2021 Disposal of shares KILTEARN PARTNERS LLP KILTEARN GLOBAL EQUITY FUND SKY NETWORK TELEVISION 6,704,513 833,570.23 On-exchange
Transaction Dates Transaction Type Substanial Product Holder Underlying Clients Security Name Shares Price On-exchange/Other
01/10/2020 - 06/10/2020 Acquisition of shares KILTEARN PARTNERS LLP NON-SUBSTANTIAL PRODUCT HOLDERS SKY NETWORK TELEVISION 68,008 6,635.44 On-exchange
Transaction Dates Transaction Type Substanial Product Holder Underlying Clients Security Name Shares Price On-exchange/Other
07/10/2020 - 15/10/2020 Disposal of shares KILTEARN PARTNERS LLP NON-SUBSTANTIAL PRODUCT HOLDERS SKY NETWORK TELEVISION 66,865 6,616.10 On-exchange
Transaction Dates Transaction Type Substanial Product Holder Underlying Clients Security Name Shares Price On-exchange/Other
16/10/2020 - 30/11/2020 Acquisition of shares KILTEARN PARTNERS LLP NON-SUBSTANTIAL PRODUCT HOLDERS SKY NETWORK TELEVISION 1,612,199 160,375.98 On-exchange
Transaction Dates Transaction Type Substanial Product Holder Underlying Clients Security Name Shares Price On-exchange/Other
31/10/2020 - 10/11/2020 Disposal of shares KILTEARN PARTNERS LLP NON-SUBSTANTIAL PRODUCT HOLDERS SKY NETWORK TELEVISION 372,430 37,461.22 On-exchange
Transaction Dates Transaction Type Substanial Product Holder Underlying Clients Security Name Shares Price On-exchange/Other
11/11/2020 Acquisition of shares KILTEARN PARTNERS LLP NON-SUBSTANTIAL PRODUCT HOLDERS SKY NETWORK TELEVISION 83,554 9,112.99 On-exchange
Transaction Dates Transaction Type Substanial Product Holder Underlying Clients Security Name Shares Price On-exchange/Other
12/11/2020 - 26/11/2020 Disposal of shares KILTEARN PARTNERS LLP NON-SUBSTANTIAL PRODUCT HOLDERS SKY NETWORK TELEVISION 34,574 3,985.10 On-exchange
Transaction Dates Transaction Type Substanial Product Holder Underlying Clients Security Name Shares Price On-exchange/Other
26/11/2020 Acquisition of shares KILTEARN PARTNERS LLP NON-SUBSTANTIAL PRODUCT HOLDERS SKY NETWORK TELEVISION 153,238 17,897.73 On-exchange
Transaction Dates Transaction Type Substanial Product Holder Underlying Clients Security Name Shares Price On-exchange/Other
27/11/2020 - 30/11/2020 Disposal of shares KILTEARN PARTNERS LLP NON-SUBSTANTIAL PRODUCT HOLDERS SKY NETWORK TELEVISION 80,228 9,390.70 On-exchange
Transaction Dates Transaction Type Substanial Product Holder Underlying Clients Security Name Shares Price On-exchange/Other
30/11/2020 - 11/12/2020 Acquisition of shares KILTEARN PARTNERS LLP NON-SUBSTANTIAL PRODUCT HOLDERS SKY NETWORK TELEVISION 307,470 36,372.98 On-exchange
Transaction Dates Transaction Type Substanial Product Holder Underlying Clients Security Name Shares Price On-exchange/Other
12/12/2020 - 14/12/2020 Disposal of shares KILTEARN PARTNERS LLP NON-SUBSTANTIAL PRODUCT HOLDERS SKY NETWORK TELEVISION 528,919 61,681.06 On-exchange
Transaction Dates Transaction Type Substanial Product Holder Underlying Clients Security Name Shares Price On-exchange/Other
14/12/2020 - 18/12/2020 Acquisition of shares KILTEARN PARTNERS LLP NON-SUBSTANTIAL PRODUCT HOLDERS SKY NETWORK TELEVISION 961,342 112,208.89 On-exchange
Transaction Dates Transaction Type Substanial Product Holder Underlying Clients Security Name Shares Price On-exchange/Other
19/12/2020 - 31/12/2020 Disposal of shares KILTEARN PARTNERS LLP NON-SUBSTANTIAL PRODUCT HOLDERS SKY NETWORK TELEVISION 290,071 33,634.65 On-exchange
Transaction Dates Transaction Type Substanial Product Holder Underlying Clients Security Name Shares Price On-exchange/Other
31/12/2020 Acquisition of shares KILTEARN PARTNERS LLP NON-SUBSTANTIAL PRODUCT HOLDERS SKY NETWORK TELEVISION 766,284 88,888.59 On-exchange
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Transaction Dates Transaction Type Substanial Product Holder Underlying Clients Security Name Shares Price On-exchange/Other
01/01/2021 - 29/01/2021 Disposal of shares KILTEARN PARTNERS LLP NON-SUBSTANTIAL PRODUCT HOLDERS SKY NETWORK TELEVISION 299,469 34,317.31 On-exchange
Transaction Dates Transaction Type Substanial Product Holder Underlying Clients Security Name Shares Price On-exchange/Other
29/01/2021 Acquisition of shares KILTEARN PARTNERS LLP NON-SUBSTANTIAL PRODUCT HOLDERS SKY NETWORK TELEVISION 260,711 30,530.77 On-exchange
Transaction Dates Transaction Type Substanial Product Holder Underlying Clients Security Name Shares Price On-exchange/Other
29/01/2021 - 03/03/2021 Disposal of shares KILTEARN PARTNERS LLP NON-SUBSTANTIAL PRODUCT HOLDERS SKY NETWORK TELEVISION 1,556,480 189,438.58 On-exchange
Transaction Dates Transaction Type Substanial Product Holder Underlying Clients Security Name Shares Price On-exchange/Other
04/03/2021 - 16/03/2021 Acquisition of shares KILTEARN PARTNERS LLP NON-SUBSTANTIAL PRODUCT HOLDERS SKY NETWORK TELEVISION 490,266 63,850.46 On-exchange
Transaction Dates Transaction Type Substanial Product Holder Underlying Clients Security Name Shares Price On-exchange/Other
17/03/2021 - 01/04/2021 Disposal of shares KILTEARN PARTNERS LLP NON-SUBSTANTIAL PRODUCT HOLDERS SKY NETWORK TELEVISION 1,430,058 179,478.20 On-exchange
Transaction Dates Transaction Type Substanial Product Holder Underlying Clients Security Name Shares Price On-exchange/Other
02/04/2021 - 14/04/2021 Acquisition of shares KILTEARN PARTNERS LLP NON-SUBSTANTIAL PRODUCT HOLDERS SKY NETWORK TELEVISION 10,957 1,417.79 On-exchange
Transaction Dates Transaction Type Substanial Product Holder Underlying Clients Security Name Shares Price On-exchange/Other
15/04/2021 - 10/05/2021 Disposal of shares KILTEARN PARTNERS LLP NON-SUBSTANTIAL PRODUCT HOLDERS SKY NETWORK TELEVISION 5,774,305 723,102.26 On-exchange
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