SPH Notice – Fisher Funds Management Limited

Disclosure of ceasing to have substantial holding
Section 276, Financial Markets Conduct Act 2013
To New Zealand Exchange
And
To Infratil Limited

Date this disclosure made: 27 April 2023
Date on which substantial holding ceased: 14 April 2023
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: 36,048,657
(b) total in class: 723,983,582
(c) total percentage held in class: 4.9792%

Summaries for individual holdings:
Summary for: Fisher Funds Management Limited
For this disclosure,
(b) total number held in class: 32,585,666
(b) total in class: 723,983,582
(c) total percentage held in class: 4.5009%

Summary for: Kiwi Wealth Investments Limited Partnership
For this disclosure,
(a) total number held in class: 3,462,991
(b) total in class: 723,983,582
(c) total percentage held in class: 0.4783%

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
32,585,666 4.5009%
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
3,462,991 0.4783%
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
03/04/2023 to
13/04/2023
On market sales $ 6,806,968.48 737,746 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
13/12/2022 to
19/12/2022
On market purchases $12,414.98 1,406 Ordinary Shares N/A
20/12/2022 to
09/01/2023
On market sales $612,857.14 70,909 Ordinary Shares N/A
10/01/2023 to
30/01/2023
On market purchases $352,481.85 40,656 Ordinary Shares N/A
31/01/2023 to
07/02/2023
On market sales $588,886.08 66,316 Ordinary Shares N/A
08/02/2023 to
19/02/2023
On market purchases $192,466.93 21,571 Ordinary Shares N/A
20/02/2023 to
27/02/2023
On market sales $14,162.46 1,626 Ordinary Shares N/A
28/02/2023 to
31/03/2023
On market purchases

$163,735.93
18,534 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, Angela@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.