SPH Notice – Kiltearn Partners

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
Relevant event being disclosed: Disclosure of movement of 1% or more in substantial
holding due to acquisitions and disposals of shares.
Date of relevant events: May 10, 2021
Date this disclosure made: May 10, 2021
Date last disclosure made: September 30, 2020
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: 83,539,789
(b) total in class: 1,746,879,558
(c) total percentage held in class: 4.78%
For last disclosure (Kiltearn Partners LLP),—
(a) total number held in class: 103,135,414
(b) total in class: 1,746,279,558

100080615/3821103.1
(c) total percentage held in class: 5.91%
For this disclosure (The Kiltearn Global Equity Fund),—
(a) total number held in class: 44,663,206
(b) total in class: 1,746,879,558
(c) total percentage held in class: 2.56%
For last disclosure (The Kiltearn Global Equity Fund),—
(a) total number held in class: 57,569,376
(b) total in class: 1,746,279,558
(c) total percentage held in class: 3.30%
Details of transactions and events giving rise to relevant event
Details of the transactions or other events requiring disclosure: Please the attached
breakdown.
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: 83,539,789
(b) percentage held in class: 4.78%
(c) current registered holder(s): Various, of which The Kiltearn Global Equity Fund hold
44,663,206 shares or 2.56% 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: Douglas McArthur. Phone: +44 0131 460 1052 and email:
dmcarthur@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, Douglas McArthur, 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.

Transaction Dates Transaction Type Substanial Product HolderUnderlying Substantial Product Holder Security NameShares PriceOn-exchange/Other
01/10/2020 - 31/12/2020 Disposal of shares KILTEARN PARTNERS LLPKILTEARN GLOBAL EQUITY FUNDSKY NETWORK TELEVISION 2,937,032332,965.92 On-exchange
Transaction Dates Transaction Type Substanial Product HolderUnderlying Substantial Product Holder Security NameShares PriceOn-exchange/Other
01/12/2021 - 29/01/2021 Acquisition of shares KILTEARN PARTNERS LLPKILTEARN GLOBAL EQUITY FUNDSKY NETWORK TELEVISION 385,11345,209.28 On-exchange
Transaction Dates Transaction Type Substanial Product HolderUnderlying Substantial Product Holder Security NameShares PriceOn-exchange/Other
30/01/2021 - 10/05/2021 Disposal of shares KILTEARN PARTNERS LLPKILTEARN GLOBAL EQUITY FUNDSKY NETWORK TELEVISION 6,704,513833,570.23 On-exchange
Transaction Dates Transaction Type Substanial Product HolderUnderlying ClientsSecurity NameShares PriceOn-exchange/Other
01/10/2020 - 06/10/2020 Acquisition of shares KILTEARN PARTNERS LLPNON-SUBSTANTIAL PRODUCT HOLDERSSKY NETWORK TELEVISION68,0086,635.44 On-exchange
Transaction Dates Transaction Type Substanial Product HolderUnderlying ClientsSecurity NameShares PriceOn-exchange/Other
07/10/2020 - 15/10/2020 Disposal of shares KILTEARN PARTNERS LLPNON-SUBSTANTIAL PRODUCT HOLDERSSKY NETWORK TELEVISION66,8656,616.10 On-exchange
Transaction Dates Transaction Type Substanial Product HolderUnderlying ClientsSecurity NameShares PriceOn-exchange/Other
16/10/2020 - 30/11/2020 Acquisition of shares KILTEARN PARTNERS LLPNON-SUBSTANTIAL PRODUCT HOLDERSSKY NETWORK TELEVISION 1,612,199160,375.98 On-exchange
Transaction Dates Transaction Type Substanial Product HolderUnderlying ClientsSecurity NameShares PriceOn-exchange/Other
31/10/2020 - 10/11/2020 Disposal of shares KILTEARN PARTNERS LLPNON-SUBSTANTIAL PRODUCT HOLDERSSKY NETWORK TELEVISION 372,43037,461.22 On-exchange
Transaction Dates Transaction Type Substanial Product HolderUnderlying ClientsSecurity NameShares PriceOn-exchange/Other
11/11/2020 Acquisition of shares KILTEARN PARTNERS LLPNON-SUBSTANTIAL PRODUCT HOLDERSSKY NETWORK TELEVISION83,5549,112.99 On-exchange
Transaction Dates Transaction Type Substanial Product HolderUnderlying ClientsSecurity NameShares PriceOn-exchange/Other
12/11/2020 - 26/11/2020 Disposal of shares KILTEARN PARTNERS LLPNON-SUBSTANTIAL PRODUCT HOLDERSSKY NETWORK TELEVISION34,5743,985.10 On-exchange
Transaction Dates Transaction Type Substanial Product HolderUnderlying ClientsSecurity NameShares PriceOn-exchange/Other
26/11/2020 Acquisition of shares KILTEARN PARTNERS LLPNON-SUBSTANTIAL PRODUCT HOLDERSSKY NETWORK TELEVISION 153,23817,897.73 On-exchange
Transaction Dates Transaction Type Substanial Product HolderUnderlying ClientsSecurity NameShares PriceOn-exchange/Other
27/11/2020 - 30/11/2020 Disposal of shares KILTEARN PARTNERS LLPNON-SUBSTANTIAL PRODUCT HOLDERSSKY NETWORK TELEVISION80,2289,390.70 On-exchange
Transaction Dates Transaction Type Substanial Product HolderUnderlying ClientsSecurity NameShares PriceOn-exchange/Other
30/11/2020 - 11/12/2020 Acquisition of shares KILTEARN PARTNERS LLPNON-SUBSTANTIAL PRODUCT HOLDERSSKY NETWORK TELEVISION 307,47036,372.98 On-exchange
Transaction Dates Transaction Type Substanial Product HolderUnderlying ClientsSecurity NameShares PriceOn-exchange/Other
12/12/2020 - 14/12/2020 Disposal of shares KILTEARN PARTNERS LLPNON-SUBSTANTIAL PRODUCT HOLDERSSKY NETWORK TELEVISION 528,91961,681.06 On-exchange
Transaction Dates Transaction Type Substanial Product HolderUnderlying ClientsSecurity NameShares PriceOn-exchange/Other
14/12/2020 - 18/12/2020 Acquisition of shares KILTEARN PARTNERS LLPNON-SUBSTANTIAL PRODUCT HOLDERSSKY NETWORK TELEVISION 961,342112,208.89 On-exchange
Transaction Dates Transaction Type Substanial Product HolderUnderlying ClientsSecurity NameShares PriceOn-exchange/Other
19/12/2020 - 31/12/2020 Disposal of shares KILTEARN PARTNERS LLPNON-SUBSTANTIAL PRODUCT HOLDERSSKY NETWORK TELEVISION 290,07133,634.65 On-exchange
Transaction Dates Transaction Type Substanial Product HolderUnderlying ClientsSecurity NameShares PriceOn-exchange/Other
31/12/2020 Acquisition of shares KILTEARN PARTNERS LLPNON-SUBSTANTIAL PRODUCT HOLDERSSKY NETWORK TELEVISION 766,28488,888.59 On-exchange

Transaction Dates Transaction Type Substanial Product HolderUnderlying ClientsSecurity NameShares PriceOn-exchange/Other
01/01/2021 - 29/01/2021 Disposal of shares KILTEARN PARTNERS LLPNON-SUBSTANTIAL PRODUCT HOLDERSSKY NETWORK TELEVISION 299,46934,317.31 On-exchange
Transaction Dates Transaction Type Substanial Product HolderUnderlying ClientsSecurity NameShares PriceOn-exchange/Other
29/01/2021 Acquisition of shares KILTEARN PARTNERS LLPNON-SUBSTANTIAL PRODUCT HOLDERSSKY NETWORK TELEVISION 260,71130,530.77 On-exchange
Transaction Dates Transaction Type Substanial Product HolderUnderlying ClientsSecurity NameShares PriceOn-exchange/Other
29/01/2021 - 03/03/2021 Disposal of shares KILTEARN PARTNERS LLPNON-SUBSTANTIAL PRODUCT HOLDERSSKY NETWORK TELEVISION 1,556,480189,438.58 On-exchange
Transaction Dates Transaction Type Substanial Product HolderUnderlying ClientsSecurity NameShares PriceOn-exchange/Other
04/03/2021 - 16/03/2021 Acquisition of shares KILTEARN PARTNERS LLPNON-SUBSTANTIAL PRODUCT HOLDERSSKY NETWORK TELEVISION 490,26663,850.46 On-exchange
Transaction Dates Transaction Type Substanial Product HolderUnderlying ClientsSecurity NameShares PriceOn-exchange/Other
17/03/2021 - 01/04/2021 Disposal of shares KILTEARN PARTNERS LLPNON-SUBSTANTIAL PRODUCT HOLDERSSKY NETWORK TELEVISION 1,430,058179,478.20 On-exchange
Transaction Dates Transaction Type Substanial Product HolderUnderlying ClientsSecurity NameShares PriceOn-exchange/Other
02/04/2021 - 14/04/2021 Acquisition of shares KILTEARN PARTNERS LLPNON-SUBSTANTIAL PRODUCT HOLDERSSKY NETWORK TELEVISION10,9571,417.79 On-exchange
Transaction Dates Transaction Type Substanial Product HolderUnderlying ClientsSecurity NameShares PriceOn-exchange/Other
15/04/2021 - 10/05/2021 Disposal of shares KILTEARN PARTNERS LLPNON-SUBSTANTIAL PRODUCT HOLDERSSKY NETWORK TELEVISION 5,774,305723,102.26 On-exchange