SPH Notice – Movement of substantial holding

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 To NZX Limited and To Mercer Group Limited Relevant event being disclosed: Sale of shares greater than 1% in a substantial holding Date of relevant event: 9 April 2020 Date this disclosure made: 11 June 2020 Date last disclosure made: 25 November 2016 Substantial product holder(s) giving disclosure Full name(s): Asset Management Limited Summary of substantial holding Class of quoted voting products: Ordinary Shares in MGL Summary for Asset Management Limited For this disclosure,-- (a) total number held in class: 33,947,114 (b) total in class: 65,619,067 (c) total percentage held in class: 51.7% For last disclosure,-- (a) total number held in class: 559,650,846 (b) total in class: 1,013,903,950 (c) total percentage held in class: 55.20% Details of transactions and events giving rise to relevant event Details of the transactions or other events requiring disclosure: Off market sale of 13,000,000 ordinary shares. Details after relevant event Details for Asset Management Limited Nature of relevant interest(s): Registered holder and beneficial owner of financial instrument. For that relevant interest,-- (a) number held in class: 20,947,114 (b) percentage held in class: 31.9% (c) current registered holder(s): Asset Management Limited (d) registered holder(s) once transfers are registered: Asset Management Limited 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: n/a Additional information The reduction in the total percentage held from the last disclosure was due to dilution due to issue of new shares. Address(es) of substantial product holder(s): Level 2, 61 Kilmore Street, Christchurch 8013 Contact details: Christine@assetmanagement.co.nz Certification I, Humphry Rolleston, 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:00354522 For:MGL Type:SHINTR Time:2020-06-11 15:15:12