SSH Notice – Milford Asset Management Limited

100080615/3821103.1
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
Note: This form must be completed in accordance with the instructions at the end of the
form.
To: The New Zealand Stock Exchange
and
To: Restaurant Brands NZ
Relevant event being disclosed: Change in nature of relevant interest
Date of relevant event: 03/04/2017
Date this disclosure made: 04/04/2017
Date last disclosure made: 05/12/2016
Substantial product holder(s) giving disclosure
Full name(s): Milford Asset Management Limited
Summary of substantial holding
Class of quoted voting products: Ordinary Shares
Summary for Milford Asset Management Limited
For this disclosure,—
(a) total number held in class: 7,520,825
(b) total in class: 122,843,191
(c) total percentage held in class: 6.122% (note, relevant interests held by the manager
as follows):
Milford Active Growth Wholesale Fund (2.062%), (Custodian - NNL Custodians),
Milford Income Wholesale Fund (2.722%), (Custodian - NNL Custodians),
NZ Equities Wholesale Fund (1.338%), (Custodian - NNL Custodians).

For last disclosure,—
(a) total number held in class: 9,084,356
(b) total in class: 122,843,191
(c) total percentage held in class: 7.395% (note, relevant interests held by the manager
as follows):
Milford Active Growth Wholesale Fund (2.225%), (Custodian - NNL Custodians),
Milford Income Wholesale Fund (3.602%), (Custodian - NNL Custodians),
NZ Equities Wholesale Fund (1.569%), (Custodian - NNL Custodians).

100080615/3821103.1
Details of transactions and events giving rise to relevant event
Details of the transactions or other events requiring disclosure: Milford Asset Management
Limited undertook the below transactions.
Transaction Units Value Date
Sell -50,000 -256,500.00 5/01/2017
Sell -100,000 -532,000.00 13/01/2017
Sell -150,000 -810,000.00 25/01/2017
Sell -133,531 -751,779.53 31/01/2017
Sell -50,000 -272,000.00 20/02/2017
Sell -150,000 -810,000.00 21/02/2017
Sell -150,000 -829,500.00 13/03/2017
Sell -50,000 -275,000.00 16/03/2017
Sell -120,000 -660,000.00 16/03/2017
Sell -100,000 -548,000.00 17/03/2017
Sell -50,000 -274,000.00 17/03/2017
Sell -160,000 -860,800.00 3/04/2017
Sell -300,000 -1,614,000.00 3/04/2017

Details after relevant event
Details for Milford Asset Management Limited
Nature of relevant interest(s): N/A
Additional information
Address(es) of substantial product holder(s):
41 Shortland Street, Auckland 1140, New Zealand.
Contact details: Mark Ryland, Head of Products and Operations, contact: (09) 921 4700
E-mail: mryland@milfordasset.com

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, Mark Ryland 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.