SSH – Harbour Asset Management Limited

Disclosure of beginning to have substantial holding Section 276, Financial Markets Conduct Act 2013 Note: This form must be completed in accordance with the instructions at the end of the form. To NZX Limited and To Kathmandu Holdings Limited (KMD) Date this disclosure made: 17 February 2017 Date on which substantial holding began: 16 February 2017 Substantial product holder(s) giving disclosure Full name(s): Harbour Asset Management Limited Summary of substantial holding Class of quoted voting products: Kathmandu Holdings Limited Ordinary shares (KMD) Summary for Harbour Asset Management Limited For this disclosure,-- (a) total number held in class: 10,268,144 (b) total in class: 201,484,583 (c) total percentage held in class: 5.096% Details of relevant interests Details for Harbour Asset Management Limited Nature of relevant interest(s): As fund manager, the power to exercise a right to vote attached to, and power to acquire or dispose of, the products, under powers of investment contained in investment management contracts with clients (the beneficial owners of the products). For that relevant interest,-- (a) number held in class: 10,268,144 (b) percentage held in class: 5.096% (c) current registered holder(s): Various nominee companies on behalf of clients as beneficial owners. (d) registered holder(s) once transfers are registered: Various nominee companies on behalf of clients as beneficial owners. Details of transactions and events giving rise to substantial holding On 4 February 2015, (the date of the previous substantial holding notice), Harbour Asset Management Limited had a relevant interest in 9,031,180 (4.553%) KMD Ordinary Shares. From 4 February 2015 to 16 February 2017, as a result of normal on-market trading activity involving the sale of 9,629,197 ordinary shares for $14,516,400.35 and purchases of 10,866,161 ordinary shares for $20,339,602.48 Harbour Asset Management has increased their relevant interest to 10,268,144 (5.096%) ordinary KMD shares. Additional information Address(es) of substantial product holder(s): Harbour Asset Management Limited, Level 16, 171 Featherston Street, Wellington Contact details: Kate Livingston, + 64 9 307 5747, kate.livingston@fnzc.co.nz 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 Certification I, Kate Livingston, 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. End CA:00296962 For:KMD Type:SSH Time:2017-02-17 13:25:31