SSH Notice – Third Avenue Management LLC

Disclosure of movement of 1% or more in substantial holding or change in nature
of relevant interest or both
Sections 23 and 24, Securities Markets Act 1988
Relevant event being disclosed: Notice of a change in the number of voting securities in which a
substantial security holder has a relevant interest
Date of relevant event: March 31, 2017
To: NZX Limited
And: Rubicon Ltd.
Date this disclosure made: April 3, 2017
Date last disclosure made: May 12, 2016
Substantial security holder(s) giving disclosure
Name(s): Third Avenue Management LLC
Contact details: 622 Third Avenue, 32
nd
Floor, New York, NY 10017.
W. James Hall, Phone: 212-888-5222, Email jhall@thirdave.com.
Andrea D’Amore, Phone: 212-888-5222, Email adamore@thirdave,com.

Summary of substantial holding to which disclosure relates
Class of listed voting securities: ordinary share
Summary for: Third Avenue Management LLC
For this disclosure,—
(a) total number held in class: 45,641,558
(b) total in class: 409,051,400
(c) total percentage held in class: 11.16%
For last disclosure,—
(a) total number held in class: 50,421,282
(b) total in class: 409,051,400
(c) total percentage held in class: 12.33%
Details of transactions and events giving rise to relevant event
Details of the transactions or other events requiring disclosure under the instructions to this
form: The change in percentage held was due to transactions initiated by TAM.

Details of relevant interests in substantial holding after relevant event
Details for: Third Avenue Management LLC
Nature of relevant interest(s): Third Avenue Management LLC (“TAM”) is the investment
adviser of a fund that has beneficial interest in shares of Rubicon Limited, and as such, TAM
has voting and dispositional authority over these shares.

For that relevant interest,—
(a) number held in class: 45,641,558
(b) percentage held in class: 11.16%

(c) current registered holder(s) of securities: Name of Registered Holder: Third Avenue
International Value Fund owns 45,641,558 ORD shares of Rubicon Ltd.
(d) registered holder(s) of securities once transfers registered: N/A
Additional information
Nature of connection between substantial security holders: N/A
Address(es) of substantial security holder(s): N/A
Name of any other person believed to have given, or believed to be required to give, a
disclosure under the Act in relation to the securities to which this disclosure relates: Unknown
Declaration
I, W. James Hall, declare 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.