SPH Notice – The Sovereign in right of New Zealand

Document Number: 3514604 Version: 2
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Disclosure of movement of 1% or more in substantial holding

Sections 277 and 278, Financial Markets Conduct Act 2013
To NZX Limited
and
To Mercury NZ Limited (“MCY”)
Relevant event being disclosed: Movement of 1% or more in substantial holding
Date of relevant event: 21
st
March 2023
Date this disclosure made: 23
rd
March 2023
Date last disclosure made: 6
th
July 2015
Substantial product holder(s) giving disclosure
Full name(s): The Sovereign in right of New Zealand (the "Crown")

Summary of substantial holding
Class of quoted voting products: Ordinary Shares in MCY (ISIN: NZMRPE0001S2)
Summary for the Crown:
For this disclosure,—
(a) total number held in class: 725,728,018
(b) total in class: 1,386,007,962
(c) total percentage held in class: 52.361%
For last disclosure,—
(a) total number held in class: 734,825,337
(b) total in class: 1,377,070,009
(c) total percentage held in class: 53.362%
Details of transactions and events giving rise to relevant event
Details of the transactions or other events requiring disclosure:
Between 13 July 2015 and 31 January 2023, New Zealand Superannuation Fund Nominees
Limited as nominee for the New Zealand Superannuation Fund being property of The
Sovereign in right of New Zealand and managed by the Guardians of New Zealand
Superannuation (“NZSF”) purchased an aggregate of 26,517,602 ordinary shares in MCY
on-market for aggregate consideration of $106,719,271.06 in its internal portfolios and
certain accounts managed by external managers.

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Between 13 July 2015 and 21 March 2023, NZSF sold an aggregate of 35,809,894 ordinary
shares in MCY on-market for aggregate consideration of $157,290,911,92 in its internal
portfolios and certain accounts managed by external managers.

Between 1 April 2022 and 30 September 2022, NZSF acquired an aggregate of 195,717
ordinary shares in MCY pursuant to the MCY dividend reinvestment plan for aggregate
consideration of $1,110,445

Between 9 July 2015 and 13 April 2016 the Crown transferred an aggregate of 744 shares
to investors under the MCY initial public offering who were entitled, under the terms of the
offering, to receive loyalty bonus shares.

In addition, since the last filing on 7 July 2015, the number of ordinary shares on issue in
MCY increased by 8,937,953.


Details after relevant event
Details for: The Crown
Nature of relevant interest(s): Registered holder and beneficial owner of Shares. The
Crown’s relevant interest is subject to the qualification that, pursuant to the Public Finance
Act 1989, the Crown must hold at least 51% of the shares on issue.
For that relevant interest,—
(a) number held in class: 716,140,528
(b) percentage held in class: 51.669%
(c) current registered holder(s): The Sovereign in Right of New Zealand acting by and
through His Minister of Finance and Minister for State Owned Enterprises
(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
(d) if the substantial product holder is not a party to the derivative, the nature of the
relevant interest in the derivative: N/A
Details for: NZSF
Nature of relevant interest(s): Beneficial owner of shares and/or power to control the
acquisition/disposal of, and voting rights attached to, shares

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For that relevant interest,—
(a) number held in class: 9,519,490
(b) percentage held in class: 0.687%
(c) current registered holder(s): New Zealand Central Securities Depository Limited (for
NZSF)
New Zealand Superannuation Fund Nominees Limited (0.364%), Mint Asset
Management (0.123%), Devon Funds Management (0.081%), Northern Trust Global
Investment Limited (0.045%), State Street Global Advisors Limited (0.044%), UBS
Asset Management (0.031%)
(d) registered holder(s) once transfers are registered: unknown
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
(d) if the substantial product holder is not a party to the derivative, the nature of the
relevant interest in the derivative: N/A
Details for: Public Trust
Nature of relevant interest(s): Beneficial owner of Shares held by Public Trust on trust for
the Crown and certain iwi, pursuant to a deed of trust between the Crown and the Public
Trust
For that relevant interest,—
(a) number held in class: 68,000
(b) percentage held in class: 0.005%
(c) current registered holder(s): Public Trust Class 50 Nominees Limited
(d) registered holder(s) once transfers are registered: N/A
Additional information
Address(es) of substantial product holder(s): Parliament Buildings, Wellington, New
Zealand
Contact details: Matthew Gilbert, Director, Commercial Performance and Governance , The
Treasury, legal@treasury.govt.nz

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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, Matthew Gilbert, 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.