SSH Notice – Milford Asset Management Limited

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: The New Zealand Stock Exchange and To: Restaurant Brands NZ Relevant event being disclosed: Change in nature of relevant interest Date of relevant event: 03/04/2017 Date this disclosure made: 04/04/2017 Date last disclosure made: 05/12/2016 Substantial product holder(s) giving disclosure Full name(s): Milford Asset Management Limited Summary of substantial holding Class of quoted voting products: Ordinary Shares Summary for Milford Asset Management Limited For this disclosure,-- (a) total number held in class: 7,520,825 (b) total in class: 122,843,191 (c) total percentage held in class: 6.122% (note, relevant interests held by the manager as follows): - Milford Active Growth Wholesale Fund (2.062%), (Custodian - NNL Custodians), - Milford Income Wholesale Fund (2.722%), (Custodian - NNL Custodians), - NZ Equities Wholesale Fund (1.338%), (Custodian - NNL Custodians). For last disclosure,-- (a) total number held in class: 9,084,356 (b) total in class: 122,843,191 (c) total percentage held in class: 7.395% (note, relevant interests held by the manager as follows): - Milford Active Growth Wholesale Fund (2.225%), (Custodian - NNL Custodians), - Milford Income Wholesale Fund (3.602%), (Custodian - NNL Custodians), - NZ Equities Wholesale Fund (1.569%), (Custodian - NNL Custodians). Details of transactions and events giving rise to relevant event Details of the transactions or other events requiring disclosure: Please see attachment. Details after relevant event Details for Milford Asset Management Limited Nature of relevant interest(s): N/A Additional information Address(es) of substantial product holder(s): 41 Shortland Street, Auckland 1140, New Zealand. Contact details: Mark Ryland, Head of Products and Operations, contact: (09) 921 4700 E-mail: mryland@milfordasset.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, Mark Ryland 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:00299394 For:RBD Type:SSH Time:2017-04-04 13:36:06