SPH Notice – Beginning to have substantial holding

Disclosure of beginning to have substantial holding Section 276, Financial Markets Conduct Act 2013 To NZX Limited and To Mercer Group Limited Date this disclosure made: 9 April 2020 Date on which substantial holding began: 9 April 2020 Substantial product holder(s) giving disclosure Full name(s): Colin Ashley Neal Summary of substantial holding Class of quoted voting products: Ordinary Shares Summary for Colin Ashley Neal For this disclosure,-- (a) total number held in class: 13,000,000 (b) total in class: 65,619,067 (c) total percentage held in class: 19.8% Details of relevant interests Details for Colin Ashley Neal Nature of relevant interest(s): legal and beneficial owner For that relevant interest,-- (a) number held in class: 13,000,000 (b) percentage held in class: 19.8% (c) current registered holder(s): Asset Management Limited (d) registered holder(s) once transfers are registered: Colin Ashley Neal 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 (d) if the substantial product holder is not a party to the derivative, the nature of the relevant interest in the derivative: Details of transactions and events giving rise to substantial holding Details of the transactions or other events requiring disclosure: Agreement to purchase 13,000,000 shares in Mercer Group Limited, with settlement expected to occur on or about 9 April 2020 Additional information Address of substantial product holder: PO Box 204 125, Highbrook, Auckland 2161. Contact details: Colin Ashley Neal 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: Asset Management Limited Certification I, Colin Ashley Neal, 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:00351564 For:MGL Type:SHINTR Time:2020-04-09 14:48:12