SPH Notice – Allan Gray Group

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 New Zealand Stock Exchange
and
To Sky Network Television Limited

Relevant event being disclosed: Decrease in substantial holdings by more than 1%

Date of relevant event: 2 July 2019
Date this disclosure made: 3 July 2019
Date last disclosure made: 3 May 2018
Substantial product holder(s) giving disclosure
Full name(s): Allan Gray Australia Pty Ltd (Allan Gray Australia) and its related bodies
corporate as set out in Table 1 of Annexure A (together Allan Gray Group), as investment
manager for the funds or investment mandates listed at Table 2 of Annexure A.

Summary of substantial holding
Class of quoted voting products: Ordinary Shares

Summary for Allan Gray Group

For this disclosure,—

(a) total number held in class: 23,706,947

(b) total in class: 389,139,785

(c) total percentage held in class: 6.092%

For last disclosure,—

(a) total number held in class: 27,668,989

(b) total in class: 389,139,785

(c) total percentage held in class: 7.110%

Details of transactions and events giving rise to relevant event
Details of the transactions or other events requiring disclosure: See Annexure B –
Trades on market unless otherwise specified

100080615/3821103.1

Details after relevant event
Details for Allan Gray Australia Pty Ltd (Allan Gray Australia) and its related bodies
corporate as set out in Table 1 of Annexure A (together Allan Gray Group), as investment
manager for the funds or investment mandates listed at Table 2 of Annexure A.

Nature of relevant interest(s): As investment manager for the funds or investment
mandates listed at Table 2 of Annexure A that hold Sky Network Television
Limited shares as set out in Annexure B

For that relevant interest,—

(a) number held in class: 23,706,947

(b) percentage held in class: 6.092%

(c) current registered holder(s): See Annexure B

(d) registered holder(s) once transfers are registered: See Annexure B


Additional information
Address(es) of substantial product holder(s): C/- Allan Gray Australia, Level 2 Challis
House, 4 Martin Place Sydney, NSW 2000, Australia

Contact details: Eugene Tan, Company Secretary, telephone: +61 2 8224 8627,
email: eugene.tan@orbis.com

Nature of connection between substantial product holders: Related bodies corporate, as
set out in Table 1 of Annexure A

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, Elizabeth Ledd, Company Secretary, Allan Gray Australia 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


ANNEXURE A OF 2 PAGES REFERRED TO IN THE ABOVE FORM
Sky Network Television Limited
Table 1 – Related bodies corporate

The following entities are associates of Allan Gray Australia Pty Ltd (AGA) and each other by virtue of being related bodies corporate.
Orbis Allan Gray Limited Orbis Mansfield Street Properties Ltd
Orbis Holdings Limited Orbis Investment Management (BVI) Limited (OIMLBVI)
Orbis Investment Management Limited (OIML) Orbis Investment Advisory Pty Limited
Orbis Asset Management Limited (OAML) Allan Gray (Holdings) Pty Ltd
Orbis Administration Limited Orbis Investment Advisory (Hong Kong) Limited
Orbis Investment Research Limited Orbis Client Services (Canada) Limited
Orbis Investment Management (MIS) Limited Orbis Holdings (UK) Limited
Triple Blue Holdings Limited Orbis Investment Management (Europe) LLP
Pictet Overseas Trust Corporation and Pictet Trustee Company SA Orbis Investment Management (Luxembourg) S.A
Allan & Gill Gray Foundation (Guernsey) EmCap Limited (Guernsey)



Table 2 - Funds
An entity within the Group acts as investment manager for some or all of the assets in the following funds.
No Fund name Manager Code Registered holder
Persons entitled to be registered
holder


1. Allan Gray Australia Equity Fund AGA SMEF Citibank N.A., Sydney Branch as
SMEF’s custodian
Equity Trustees Limited as SMEF’s
responsible entity
2. Allan Gray Australia Balanced Fund AGA SMBF Citibank N.A., Hong Kong Branch as
SMBF’s custodian
Equity Trustees Limited as SMBF’s
responsible entity
3. Allan Gray Australia Stable Fund AGA SMSF Citibank N.A., Sydney Branch as
SMSF’s custodian
Equity Trustees Limited as SMSF’s
responsible entity
4. Warakirri Australian Equities Pensions
and Charities Fund
AGA SMWA RBC Investor Services Trust as
SMWA’s custodian
Warakirri Asset Management Pty Ltd
SMWA’s trustee
5. Morningstar Australian Shares High
Alpha Fund
AGA SMIA JP Morgan Nominees Australia Ltd as
SMIA’s custodian
Morningstar Investment Management
Australia Limited SMIA’s trustee
6. Construction and Building Unions
Superannuation Fund
AGA SMCB JP Morgan Nominees Australia Ltd as
SMCB’s custodian
United Super Pty Ltd as SMCB’s trustee
7. HESTA Superannuation Fund AGA SMHT JP Morgan Nominees Australia Ltd as
SMHT’s custodian
H.E.S.T. Australia Ltd as SMHT’s trustee
8. Hostplus Pooled Superannuation Trust AGA SMHP Citibank N.A., Sydney Branch as
SMHP’s custodian
Host Plus Pty ltd as SMHP’s trustee
9. Russell Australian Opportunities Fund AGA SMRI State Street Australia Ltd as SMRI’s
custodian
Russell Investment Management Ltd as
SMRI’s responsible entity
10. MyLifeMyMoney Superannuation Fund AGA SMCS NAB Custodial Services as custodian
for SMCS
CSF Pty Ltd as SMCS’s trustee
11. Maritime Super AGA SMMS NAB Custodial Services as custodian
for SMMS
Maritime Super Pty Ltd as SMMS’s trustee
12. Non-Government Schools
Superannuation Fund
AGA SMNG State Street Australia Ltd as SMNG’s
custodian
Non-Government Schools Superannuation
Fund Pty Ltd as SMNG’s trustee
13. REST Superannuation Fund AGA SMRT State Street Australia Ltd as SMRT’s
custodian
Retail Employees Superannuation Pty Ltd
as SMRT’s trustee
14. Government Employees Superannuation
Board
AGA SMGB Northern Trust Corporation as
SMGB’s custodian
Government Employees Superannuation
Board
15. Statewide Superannuation Trust AGA SMSW NAB Custodial Services as custodian
for SMSW
Statewide Superannuation Pty Ltd as
SMSW’s trustee
16. Legal Super AGA SMLS BNP Paribas Fund Services
Australasia Pty Ltd as SMLS’s
custodian
Legal Super Pty Ltd as trustee of legalsuper
17. Orbis Global Equity Fund (Australia
Registered)
OIML GAPL Citibank N.A., Hong Kong Branch, as
GAPL’s custodian
Equity Trustees Limited as GAPL’s
responsible entity
18. Orbis Emerging Markets Equity Fund
(Australia Registered)
OIML EMAF Citibank N.A., Hong Kong Branch, as
EMAF’s custodian
Equity Trustees Limited as EMAF’s
responsible entity

100080615/3821103.1

19. Orbis Global Equity LE Fund (Australia
Registered)
AGA GALE Citibank N.A., Hong Kong Branch, as
GALE’s custodian
Equity Trustees Limited as GALE’s
responsible entity
20. Orbis Global Equity Fund Limited OIML OGEF Citigroup Fund Services Canada, Inc
(Citi Canada) as OGEF’s custodian
OGEF
21. Orbis Optimal SA Fund Limited OIML OSAP Citi Canada as OSAP’s custodian OSAP
22. Institutional Global Equity Fund OIML IGEF Citi Canada as IGEF’s custodian IGEF
23. Orbis Optimal LP OIML OOLP Citi Canada as OOLP’s custodian OOLP
24. Orbis International Equity LP OIML IELP Citi Canada as IELP’s custodian IELP
25. Orbis Institutional Global Equity LP OIML OGLP Citi Canada as OGLP’s custodian OGLP
26. Orbis Institutional International Equity LP OIML ONLP Citi Canada as ONLP’s custodian ONLP
27. Orbis Institutional U.S. Equity LP OIML USLP Citi Canada as USLP’s custodian USLP
28. Orbis Institutional Emerging Markets
Equity LP
OIML EMLP Citi Canada as EMLP’s custodian EMLP
29. Orbis SICAV – Global Equity Fund OIML SGPL Citibank International plc (Luxembourg
Branch) (Citi Lux) as SGPL’s
custodian
SGPL
30. Orbis SICAV – Asia- Ex Japan Fund OIML XJPL Citi Lux as XJPL’s custodian XJPL
31. Orbis SICAV – Global Balanced Fund OIML GBSA Citi Lux as GBSA’s custodian GBSA
32. Orbis SICAV – International Equity OIML SNPL Citi Lux as SNPL’s custodian SNPL
33. Orbis OEIC Global Equity Fund OIML UKGE Citi Lux as UKGE’s custodian UKGE
34. Orbis Institutional Global Equity (OFO) OIML OGEO Citi Canada as OGEO’s custodian OGEO
35. OEIC Global Cautious Fund OIML OCS4 Citi Lux as OCS4’s custodian OCS4
36. Orbis SICAV Global Cautious Fund OIML OCSU Citi Lux as OCSU’s custodian OCSU

100080615/3821103.1


ANNEXURE B OF 1 PAGE REFERRED TO IN THE ABOVE FORM

Sky Network Television Limited
Trades giving rise to a change in relevant interest

Trade Date Reference
Code
Action No of security Consideratio
n
11 May 18 to 24 Jun 19 SMBF Buy and Sell -131,356 -$ 189,567
05 Dec 18 to 02 Jul 19 SMCB Sell -746,802 -$ 911,059
21 May 18 to 02 Jul 19 SMCS Sell -640,705 -$ 1,148,946
22 Feb 19 to 02 Jul 19 SMEF Sell -1,091,420 -$ 1,284,002
22 Feb 19 to 02 Jul 19 SMGB Sell -152,752 -$ 189,184
05 Dec 18 to 02 Jul 19 SMHP Sell -526,523 -$ 641,148
05 Dec 18 to 02 Jul 19 SMHT Sell -341,637 -$ 415,425
05 Dec 18 to 02 Jul 19 SMIA Sell -76,488 -$ 92,378
19 Jun 19 to 02 Jul 19 SMLS Buy and Sell 543,084 $ 610,731
05 Jul 18 to 26 Jun 19 SMMS Sell -336,864 -$ 692,019
12 Jul 18 to 15 May 19 SMNG Buy and Sell 125,744 $ 333,748
22 Feb 19 to 26 Jun 19 SMRI Sell -31,175 -$ 40,551
05 Dec 18 to 02 Jul 19 SMRT Sell -789,238 -$ 964,340
11 May 18 to 19 Jun 19 SMSF Buy and Sell -109,025 -$ 82,104
11 May 18 to 02 Jul 19 SMSW Buy and Sell 370,595 $ 872,125
26 Feb 19 to 02 Jul 19 SMWA Sell -27,480 -$ 33,945
Total -3,962,042 -$ 4,868,063
All trades occur on market, under a dividend reinvestment plan, or pursuant to a capital raising (as applicable).


Current holding

Reference Code Total no of securities
SMBF 81,370
SMCB 3,476,532
SMCS 1,429,887
SMEF 6,596,614
SMGB 1,792,815
SMHP 2,321,647
SMHT 1,459,961
SMIA 234,631
SMLS 543,084
SMMS 554,731
SMNG 260,194
SMRI 578,471
SMRT 3,619,945
SMSF 335,325
SMSW 370,595
SMWA 51,145
Total 23,706,947