SPH Notice – Fisher Funds and Kiwi Wealth

Disclosure of beginning to have substantial holding
Section 276, Financial Markets Conduct Act 2013
To New Zealand Exchange

And

To Infratil Limited
Date this disclosure made: 06 December 2022
Date on which substantial holding began: 30 November 2022
Substantial product holder(s) giving disclosure
Full name(s): Fisher Funds Management Limited and Kiwi Wealth Investments Limited
Partnership
Summary of substantial holding
Class of quoted voting products: Ordinary Shares
Summary for: Fisher Funds Management Limited and Kiwi Wealth Investments Limited
Partnership

For this disclosure,
(a) total number held in class: 36,843,087
(b) total in class: 723,983,582
(c) total percentage held in class: 5.0889%

Summaries for individual holdings:
Summary for: Fisher Funds Management Limited

For this disclosure,
(b) total number held in class: 33,323,412
(b) total in class: 723,983,582
(c) total percentage held in class: 4.6028%


Summary for: Kiwi Wealth Investments Limited Partnership

For this disclosure,
(a) total number held in class: 3,519,675
(b) total in class: 723,983,582
(c) total percentage held in class: 0.4862%

Details of relevant interests

Details for Fisher Funds Management Limited
Nature of relevant interest: Fisher Funds Management Limited is the registered holder and
non-beneficial owner of these securities. No relevant agreement documentation is
attached in reliance on the investment management contract exemption under regulation
142 of the Financial Markets Conduct Regulations 2014.

For that relevant interest,—
(a) number held in class: See below.
(b) percentage held in class: See below.
(c) current registered holder(s): See below.
(d) registered holder(s) once transfers are registered: Unknown (N/A)

No. held in class Percentage held in class Current registered holders
33,323,412 4.6028%
TEA Custodians on behalf of the Fisher Institutional Trans
Tasman Equity Fund, Kingfish Limited, New Zealand Growth
Fund, Premium New Zealand Fund, Fisher Institutional Property
& Infrastructure Fund

For a derivative relevant interest, also—
(a) type of derivative: Not applicable
(b) details of derivative: Not applicable
(c) parties to the derivative: Not applicable
(d) if the substantial product holder is not a party to the derivative, the nature of the
relevant interest in the derivative: Not applicable

Details for Kiwi Wealth Investments Limited Partnership
Nature of relevant interest(s): Fisher Funds Management Limited acquired 100% of the
shares in Kiwi Wealth Management Limited (KWML) on 30 November 2022. KWML is the
Limited Partner of Kiwi Wealth Investments Limited Partnership (KWILP) and owns 100%
of the shares of the General Partner of KWILP. KWILP is the registered holder and non-
beneficial owner of these securities.

KWILP has been appointed by Kiwi Wealth Limited, as the manager of the Kiwi Wealth
KiwiSaver Scheme, to be the Investment Manager of that scheme. KWILP has also been
appointed by Kiwi Investment Management Limited, as the manager of the Kiwi
Investment Management NZ Equities Fund, to be the Investment Manager of that fund.
The relevant interests arise only from the powers of investment contained in the
Investment Manager appointments.

In reliance on the investment management contract exemption under regulation 142 of the
Financial Markets Conduct Regulations 2014 no relevant agreement documentation is
attached.

For that relevant interest,—
(a) number held in class: See below.
(b) percentage held in class: See below.
(c) current registered holder(s): See below.
(d) registered holder(s) once transfers are registered: Unknown (N/A)

No. held in class Percentage held in class Current registered holders
3,519,675 0.4862%
Kiwi Investment Management NZ Equities Fund & Kiwi Wealth
KiwiSaver Scheme

For a derivative relevant interest, also—
(a) type of derivative: Not applicable
(b) details of derivative: Not applicable
(c) parties to the derivative: Not applicable
(d) if the substantial product holder is not a party to the derivative, the nature of the
relevant interest in the derivative: Not applicable


Details of transactions and events giving rise to relevant event
Details of the transactions or other events requiring disclosure by Fisher Funds
Management Limited:
Date of change Nature of change
Consideration given in
relation to change
Class and number of
securities affected
Other party,
if known
08/09/2022 to
01/12/2022
On market sales $21,174,097.24
2,424,220 Ordinary
Shares
N/A

Details of the transactions or other events requiring disclosure by Fisher Funds
Management Limited and Kiwi Wealth Investments Limited Partnership:
Date of change Nature of change
Consideration given in
relation to change
Class and number of
securities affected
Other party,
if known
30/11/2022 Fisher Funds’
acquisition of Kiwi
Wealth
Management
Limited



N/A
3,519,675 Ordinary
Shares
N/A

Additional information
Address(es) of substantial product holder(s):
Fisher Funds Management Limited, Level 1, 67-73 Hurstmere Road, Takapuna, Auckland
Kiwi Wealth Investments Limited Partnership, Level 13, 20 Ballance Street, Wellington
Central, Wellington, 6011
Contact details: Angela Quirk, A ngela@fisherfunds.co.nz, +64 9 487 2627

Nature of connection between substantial product holders: Fisher Funds Management
Limited acquired 100% of the shares in KWML on 30 November 2022 and became a related
party with KWILP.
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: Not applicable

Certification
I, Angela Quirk, 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.