SPH Notice – Allan Gray Group

1
Disclosure of beginning to have substantial holding
Section 276, Financial Markets Conduct Act 2013
To New Zealand Stock Exchange
and
To KMD Brands Ltd
Date this disclosure made: 5 Oct 2022
Date on which substantial holding began: 4 Oct 2022
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: 35,719,471
(b) total in class: 711,347,722
(c) total percentage held in class: 5.021%
Details of relevant interests
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 KMD Brands Ltd. shares as set out in
Annexure B
For that relevant interest,—
(a) number held in class: 35,719,471
(b) percentage held in class: 5.021%
(c) current registered holder(s): See Annexure B
(d) registered holder(s) once transfers are registered: See Annexure B
Details of transactions and events giving rise to substantial holding
Details of the transactions or other events requiring disclosure: See Annexure B – Trades
on market unless otherwise specified

2
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: Elizabeth Lee, Company Secretary, telephone: +61 2 8224 8632, email:
elizabeth.lee@allangray.com.au
*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 Lee, 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.

3
ANNEXURE A OF 2 PAGES REFERRED TO IN THE ABOVE FORM
KMD Brands Ltd. (New Zealand)
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 Management (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 Registered holder / Persons entitled to be registered holder
1. Allan Gray Australia Equity Fund
Citibank N.A., Sydney Branch
2. Allan Gray Australia Balanced Fund
Citibank N.A., Sydney Branch
3. Allan Gray Australia Stable Fund
Citibank N.A., Sydney Branch
4. AMP Capital Specialist Australian Share Fund BNP Paribas Fund Services Australasia Pty Ltd
5. Morningstar Australian Shares High Alpha Fund JP Morgan Chase Bank
6. Construction and Building Unions Superannuation Fund
JP Morgan Chase Bank
7. HESTA Superannuation Fund
JP Morgan Chase Bank
8. Hostplus Pooled Superannuation Trust Citibank N.A., Sydney Branch
9. Russell Investments Australian Opportunities Fund State Street Australia Ltd
10. MyLifeMyMoney Superannuation Fund National Custodian Services
11. Non-Government Schools Superannuation Fund
State Street Australia Ltd
12. REST Superannuation Fund
State Street Australia Ltd
13. Government Employees Superannuation Board Northern Trust Corporation
14. Orbis Global Equity Fund (Australia Registered)
Citibank N.A., Sydney Branch
15. Orbis Emerging Markets Equity Fund (Australia Registered)
Citibank N.A., Sydney Branch
16. Orbis Global Equity LE Fund (Australia Registered)
Citibank N.A., Sydney Branch
17. Orbis Global Balanced Fund (Australia Registered)
Citibank N.A., Sydney Branch
18. Orbis Global Equity Fund Limited
Citibank N.A., Sydney Branch
19. Orbis Optimal SA Fund Limited
Citibank N.A., Sydney Branch
20. Institutional Global Equity Fund
Citibank N.A., Sydney Branch
21. Orbis Optimal LP
Citibank N.A., Sydney Branch

4
No Fund name Registered holder / Persons entitled to be registered holder
22. Orbis International Equity LP
Citibank N.A., Sydney Branch
23. Orbis Institutional Global Equity LP
Citibank N.A., Sydney Branch
24. Orbis Institutional International Equity LP
Citibank N.A., Sydney Branch
25. Orbis Institutional U.S. Equity LP
Citibank N.A., Sydney Branch
26. Orbis Institutional Emerging Markets Equity LP
Citibank N.A., Sydney Branch
27. Orbis SICAV – Global Equity Fund
Citibank N.A., Sydney Branch
28. Orbis SICAV – Emerging Markets Fund
Citibank N.A., Sydney Branch
29. Orbis SICAV – Global Balanced Fund
Citibank N.A., Sydney Branch
30. Orbis SICAV – International Equity
Citibank N.A., Sydney Branch
31. Orbis OEIC Global Equity Fund
Citibank N.A., Sydney Branch
32. Orbis Institutional Global Equity (OFO)
Citibank N.A., Sydney Branch
33. OEIC Global Balanced Fund
Citibank N.A., Sydney Branch
34. OEIC Global Cautious Fund
Citibank N.A., Sydney Branch
35. Orbis SICAV Global Cautious Fund
Citibank N.A., Sydney Branch

5
ANNEXURE B OF 1 PAGE REFERRED TO IN THE ABOVE FORM
KMD Brands Ltd. (New Zealand)
Purchases over the last four months
Ordinary shares
Date of change
Person whose relevant interest
changed
Nature of
change
Number of
securities Consideration Currency
4 Jun 2022 to 4 Oct
2022
AGA and its associates listed in
Table 1 Buys 17,222,082 16,305,498 AUD
4 Jun 2022 to 4 Oct
2022
AGA and its associates listed in
Table 1 Sells 1,071,632 1,079,234 AUD

All trades occur on market, via in-specie under a dividend reinvestment plan, or pursuant to a capital raising (as applicable)
Current holding
Holder of relevant interest
Registered holder of securities / Person entitled to be registered
as holder
Number of securities
held
AGA and its associates listed in
Table 1 BNP Paribas Fund Services Australasia Pty Ltd 2,006,755
AGA and its associates listed in
Table 1 Citibank N.A., Sydney Branch 15,944,576
AGA and its associates listed in
Table 1 JP Morgan Chase Bank 6,756,169
AGA and its associates listed in
Table 1 National Custodian Services 3,607,370
AGA and its associates listed in
Table 1 Northern Trust Corporation 2,007,700
AGA and its associates listed in
Table 1 State Street Australia Ltd 5,396,901
Total

35,719,471