SPH Notice – Auckland Council Investments Limited

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Disclosure of ceasing to have substantial holding
Section 279, Financial Markets Conduct Act 2013
Note: This form must be completed in accordance with the instructions at the end of the
form.
To NZX Limited
and
To Auckland International Airport Limited
Date this disclosure made: 2 July 2018
Date last disclosure made: 1 June 2016
Date on which substantial holding ceased: 2 July 2018
Substantial product holder(s) giving disclosure
Full name(s): Auckland Council Investments Limited
Summary of previous substantial holding
Class of quoted voting products: Ordinary shares
Summary for Auckland Council Investments Limited
For last disclosure,—
(a) total number held in class: 266,328,912
(b) total in class: 1,190,758,599
(c) total percentage held in class: 22.366%
For current holding after ceasing to have substantial holding,—
(a) total number held in class: 0
(b) total in class: 1,202,572,583
(c) total percentage held in class: 0%
Details of transactions and events giving rise to ceasing of substantial holding
Details of the transactions or other events requiring disclosure: Off-market share transfer
of 266,328,912 ordinary shares in Auckland International Airport Limited (AIAL Shares)
by Auckland Council Investments Limited to its parent, Auckland Council for an initial
purchase price of $4.046 per share on 2 July 2018 (Initial Purchase Price).
The Initial Purchase Price was based on Auckland Council Investments Limited’s (ACIL)
group carrying value of the AIAL Shares using the equity method as at 31 December 2017.
To the extent that, following preparation of ACIL’s year end accounts (on or before 29
August 2018), ACIL’s group carrying value of the AIAL Shares using the equity method as
at 30 June 2018 exceeds the Initial Purchase Price (such excess being the AIAL Excess),

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Auckland Council shall pay ACIL additional consideration in an amount equal to the AIAL
Excess.
Additional information
Address(es) of substantial product holder(s): Level 9, Bledisloe House, 24 Wellesley Street
West, Auckland Central, Auckland, 1010
Contact details: John Crawford, (09) 890-8032, john.crawford@acinvestments.co.nz
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: Auckland Council
Certification
I, John Crawford, Chief Executive, 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.