SPH Notice – Challenger Limited

Disclosure of ceasing to have substantial holding Section 279, 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: 19 October 2018 Date last disclosure made: 23 July 2018 Date on which substantial holding ceased: 16 October 2018 Substantial product holder(s) giving disclosure Full name(s): Challenger Limited (ACN 106 842 371) and its entities listed in Annexure 2. Summary of previous substantial holding Class of quoted voting products: Ordinary Fully Paid Shares in KMD Summary for NovaPort Capital Pty Ltd: For last disclosure,-- (a) total number held in class: 13,571,798 (b) total in class: 225,314,819 (c) total percentage held in class: 6.02% For current holding after ceasing to have substantial holding,-- (a) total number held in class: 7,889,812 (b) total in class: 225,781,068 (c) total percentage held in class: 3.49% Details of transactions and events giving rise to ceasing of substantial holding Details of the transactions or other events requiring disclosure: purchased on market and sale (via off market transfer). Additional information Address(es) of substantial product holder(s): Level 2, 5 Martin Place, Sydney, NSW, 2000 Contact details: Andrew Brown, Company Secretary: abrown@challenger.com.au; +61 2 9994 7468 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: NovaPort Capital Pty Limited. Certification I, Andrew Brown, 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:00325622 For:KMD Type:SHINTR Time:2018-10-23 08:33:45