SPH Notice – Kiltearn Partners LLP

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 New Zealand Stock Exchange
and
To SKY Network Television
Relevant event being disclosed: Disclosure of movement of 1% or more in substantial
holding due to acquisition of shares.
Date of relevant events: February 28, 2019
Date this disclosure made: February 28, 2019
Date last disclosure made: February 1, 2019
Substantial product holder(s) giving disclosure
Full name(s): Kiltearn Partners LLP
The Kiltearn Global Equity Fund
Summary of substantial holding
Class of quoted voting products: Ordinary Shares
Summary for Kiltearn Partners LLP: we act as an investment manager for a number of
commingled funds and separate accounts (our "Clients"). In acting for our Clients, we are
given full discretion over their investments, and are empowered to vote on their behalf.
However, Kiltearn does not act as their Custodian, and therefore shares are not held in our
name, but in the nominee name of their Custodian Bank.
Summary for The Kiltearn Global Equity Fund: As noted in the paragraph above, Kiltearn
Partners LLP act as Investment manager for a number of commingled funds, of which, The
Kiltearn Global Equity Fund is one.
For this disclosure (Kiltearn Partners LLP),—
(a) total number held in class: 48,870,096
(b) total in class: 389,139,785
(c) total percentage held in class: 12.56%
For last disclosure (Kiltearn Partners LLP),—
(a) total number held in class: 49,325,597
(b) total in class: 389,139,785
100080615/3821103.1

(c) total percentage held in class: 12.68%
For this disclosure (The Kiltearn Global Equity Fund),—
(a) total number held in class: 30,870,993
(b) total in class: 389,139,785
(c) total percentage held in class: 7.93%
For last disclosure (The Kiltearn Global Equity Fund),—
(a) total number held in class: 31,558,680
(b) total in class: 389,139,785
(c) total percentage held in class: 8.11%
Details of transactions and events giving rise to relevant event
Details of the transactions or other events requiring disclosure: Disposal of shares.
Details after relevant event
Details for Kiltearn Partners LLP
Nature of relevant interest(s): We act as an investment manager for a number of
commingled funds and separate accounts (our "Clients"). In acting for our Clients, we are
given full discretion over their investments, and are empowered to vote on their behalf.
However, Kiltearn does not act as their Custodian, and therefore shares are not held in our
name, but in the nominee name of their Custodian Bank.
As noted in the paragraph above, Kiltearn Partners LLP act as Investment manager for a
number of commingled funds, of which, The Kiltearn Global Equity Fund is one.
For that relevant interest,—
(a) number held in class: 48,870,096
(b) percentage held in class: 12.56%
(c) current registered holder(s): Various, of which The Kiltearn Global Equity Fund hold
30,870,993 shares or 7.93% of total percentage held in that share class.
(d) registered holder(s) once transfers are registered: N/A
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
100080615/3821103.1

(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
Address(es) of substantial product holder(s): Exchange Place 3, 3 Semple Street, EH3 8BL,
Edinburgh, Scotland, U.K.
Contact details: Robert McGinty. Phone: +44 0131 460 1039 and email:
rmcginty@kiltearnpartners.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, Robert McGinty, 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.
100080615/3821103.1

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Edinburgh
EH3 8BL
Dear Investor Relations,
KILTEARN48,870,096
Our records show that SKY Network Television Ltd has the following shares in that class:
SKY Network Television Ltd
Investor Relations
KILTEARN PARTNERS LLP
Auckland, New Zealand
28 February 2019
PO Box 9059, Newmarket
Telephone 0131 460 1040
Facsimile 0131 202 0661
Exchange Place 3
3 Semple Street
SKY Network Television Ltd
AUTHORISED AND REGULATED BY THE FINANCIAL CONDUCT AUTHORITY
For your information, we exercise control over 12.56% of the shares and 12.56% of the voting entitlements as of 28 February 2019. The
Kiltearn Global Equity Fund exercises control over 7.93% of the shares as a result of recent purchases.
389,139,785
Mt Wellington
Yours Faithfully,
Robert McGinty
Compliance & Risk Management
10 Panorama Road
Recent salesofyoursharesbyourselves,onbehalfofourClients,haveresultedinour havingcontroloverthefollowingsharesand voting
rights (also see attached):
Partnership Registration Number: SO303158
Weact as anInvestment Managerfora numberofcommingledfunds andseparateaccounts (our"Clients").InactingforourClients,weare
givenfulldiscretion overtheirinvestments,andareempoweredto voteontheir behalf.However,Kiltearndo notact astheir Custodian, and
therefore shares are not held in our name, but in the nominee name of their Custodian Bank.
Registered Office: Exchange Place 3, 3 Semple Street, Edinburgh, EH3 8BL

Company:
SKY Network Television LtdAttention:Investor Relations
Share Class:Address:10 Panorama Road
ORDINARYMt Wellington
PO Box 9059, Newmarket
Auckland, New Zealand
Issued Shares:
KP Ownership:
Trade Date:
KP Voting Ownership:
% of SharesVoting Rights:% of Voting Entitlements
389,139,78512.56
NomineeKiltearn Current
Share Holding
KILTEARN GLOBAL EQUITY FUND
Northern Trust Co
30,870,993
651 Holiday Drive, Suite 300
Pittsburgh, Pennsylvania 15220
USA
KILTEARN GLOBAL EQUITY SRI FUND
Northern Trust Co
2,639,199
651 Holiday Drive, Suite 300
Pittsburgh, Pennsylvania 15220
USA
KILTEARN GLOBAL EQUITY (IRELAND) FUND
Northern Trust Co
7,112,097
c/o Northern Trust Fund Services (Ireland) Limited
George’s Court, 54-62 Townsend Street
Dublin 2, Ireland
SEPARATE ACCOUNTS
Separate Account Custodians
8,247,807
c/o Kiltearn Partners LLP
Exchange Place 3, 3 Semple Street
Edinburgh, EH3 8BL
TOTAL
48,870,096
28th February 2019
48,870,096
% Holding at
389,139,785
48,870,096
12.56
12.56%
2.12%
7.93%
0.68%
1.83%
Fund Level
KP Account