SSH – Accident Compensation Corporation (ACC)

Disclosure of beginning to have substantial holding
Section 276, Financial Markets Conduct Act 2013
To New Zealand Stock Exchange
and
To Kathmandu Holdings Ltd
Date this disclosure made: 22 March 2017
Date on which substantial holding began: 21 March 2017

Substantial product holder(s) giving disclosure
Full Name(s): Accident Compensation Corporation (ACC)
Nicholas Bagnall, Guy Elliffe, Paul Robertshawe, Blair Tallott, Blair Cooper, Jason Familton,
Bevan Flack

Summary of substantial holding to which disclosure relates
Class of quoted voting products: Ordinary shares
Summary for: Accident Compensation Corporation (ACC)
Nicholas Bagnall, Guy Elliffe, Paul Robertshawe, Blair Tallott, Blair Cooper, Bevan Flack
For this disclosure,—
(a) Total number held in class: 10,562,118
(b) Total in class: 201,485,000
(c) Total percentage held in class: 5.242%

Summary for: Jason Familton
For this disclosure,—
(a) Total number held in class: 10,578,118
(b) Total in class: 201,485,000
(c) Total percentage held in class: 5.250%

Details of relevant interests
Details for ACC
Nature of relevant interest(s):
Beneficial owner of securities under §235(1)(b) of the Financial Markets Conduct Act
No relevant agreement document needs to be attached under regulation 139.
For that relevant interest,—
(a) Number held in class: 10,562,118
(b) Percentage held in class: 5.242%
(c) Current registered holder(s): ACC holds 9,460,967 NZX listed shares via New Zealand
Central Securities Depository Limited (NZCSD) and 1,101,151 ASX listed shares
indirectly via J.P. Morgan Nominees Australia Ltd
(d) Registered holder(s) once transfers are registered: unknown

Details for Jason Familton
Nature of relevant interest(s):
Beneficial owner of securities under §235(1)(b) of the Financial Markets Conduct Act
No relevant agreement document needs to be attached under regulation 139.
For that relevant interest,—
(a) Number held in class: 16,000
(b) Percentage held in class: 0.008%
(c) Current registered holder(s): held by Jason Familton, either directly or indirectly
(d) Registered holder(s) once transfers are registered: unknown

Details for
Nicholas Bagnall, Guy Elliffe, Paul Robertshawe, Blair Tallott, Blair Cooper, Jason Familton,
Bevan Flack
Nature of relevant interest(s):
Qualified powers to exercise control of rights to vote and/or of acquisition or disposal of
some or all of the financial products, of which the Accident Compensation Corporation
("ACC") is the beneficial owner under §235(1)(c)and 235(1)(d) of the Financial Markets
Conduct Act. Further to regulation 139(2)(b), the material terms of this arrangement are
that powers are subject to ACC investment policies and the decisions of the ACC
Investment Committee.
For that relevant interest,
(a) Number held in class: 10,562,118
(b) Percentage held in class: 5.242%
(c) Current registered holder(s): ACC holds 9,460,967 NZX listed shares via New Zealand
Central Securities Depository Limited (NZCSD) and 1,101,151 ASX listed shares
indirectly via J.P. Morgan Nominees Australia Ltd
(d) Registered holder(s) once transfers are registered: unknown

Details of transactions and events giving rise to substantial holding
ACC disclosed ceasing to have a substantial holding in Kathmandu Holdings Ltd on 11
November 2016. Since that date, ACC had the following aggregated on-market transactions in
Kathmandu Holdings Ltd:
 Purchases of 1,304,290 shares for consideration of NZD $2,534,387
 Purchases of 47,762 shares for consideration of AUD $86,779
 Sales of 841,311 shares for consideration of NZD $1,609,454
 Sales of 8,456 shares for consideration of AUD $15,339

Additional information
Address of substantial product holder(s): ACC: Justice Centre, 19 Aitken Street, PO Box 242,
Wellington, NZ
Contact details: Jonathan Williams +64 4 816 7045 investmentscompliance@acc.co.nz
Nature of connection between substantial product holders: Nicholas Bagnall, Guy Elliffe, Paul
Robertshawe, Blair Tallott, Blair Cooper, Jason Familton and Bevan Flack are employees of
ACC and either a portfolio manager, equity analyst or corporate governance manager. Under
current ACC investment policies, they have the discretion to exercise control over some or all

the rights to vote and acquisition or disposal of some or all of the financial products of which
ACC is the beneficial owner.
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, Jonathan Williams, 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.