SPH Notice - Geoffrey A. Cumming and Karori Capital Limited

101332.4 - 2067547.1
Disclosure of movement of 1% or more in substantial holding
Sections 277 and 278, Financial Markets Conduct Act 2013
To NZX Limited
and
To Ryman Healthcare Limited (NZX:RYM)
Relevant event being disclosed: Movement of 1% or more in substantial holding
Date of relevant event:17 March 2025
Date this disclosure made:17 March 2025
Date last disclosure made:8 June 2023
Substantial product holder(s) giving disclosure
Full name(s):Geoffrey A. Cumming and Karori Capital Limited
Summary of substantial holding
Class of quoted voting products: Fully paid ordinary shares in RYM
Summary for Geoffrey A. Cumming
For this disclosure,—
(a)total number held in class: 55,900,000
(b)total in class: 1,015,712,784
(c)total percentage held in class: 5.504%
For last disclosure,—
(a)total number held in class: 54,051,476
(b)total in class: 687,641,738
(c)total percentage held in class: 7.860%
Summary for Karori Capital Limited
For this disclosure,—
(a)total number held in class: 55,900,000
(b)total in class: 1,015,712,784
(c)total percentage held in class: 5.504%
For last disclosure,—
(a)total number held in class: 54,051,476

101332.4 - 2067547.1
Pg. 2
(b)total in class: 687,641,738
(c)total percentage held in class: 7.860%
Details of transactions and events giving rise to relevant event
Details of the transactions or other events requiring disclosure:
The following transactions occurred between the last disclosure and this disclosure. All
events since the last disclosure date have separately been disclosed in Geffrey A.
Cumming’s ongoing director disclosure notices released on the NZX market announcement
platform.
•On 24 July 2023 Karori Capital Limited sold 1,500,000 fully paid ordinary shares in
RYM to Karori Capital Canada Limited, a wholly-owned company of Geoffrey A.
Cumming, for an aggregate of NZ$10,305,000 (being NZ$6.87 per share) in an off-
market transfer.
•On 2 August 2023 Karori Capital Canada Limited donated 1,500,000 fully paid
ordinary shares in RYM to the University of Melbourne for nil consideration in an
off-market transfer. Following this donation Geoffrey A. Cumming and Karori
Capital Limited held a 7.642% relevant interest in ordinary shares in RYM.
•On 29 May 2024, Karori Capital Limited acquired 8,524 fully paid ordinary shares in
RYM for an aggregate of NZ$30,908.39 (being NZ$3.626 per share) through an on
market purchase. Following this acquisition Geoffrey A. Cumming and Karori Capital
Limited held a 7.644% relevant interest in ordinary shares in RYM.
•On 17 March 2025, Karori Capital Limited acquired 3,340,000 fully paid ordinary
shares in RYM for an aggregate of NZ$10,187,000.00 (being NZ$3.05 per share)
through participation in RYM’s non-renounceable entitlement offer announced on 24
February 2025. Following this acquisition Geoffrey A. Cumming and Karori Capital
Limited held a 5.504% relevant interest in ordinary shares in RYM.
Details after relevant event
Details for Geoffrey A. Cumming
Nature of relevant interest(s): Relevant interest in fully paid ordinary shares of RYM held
by Karori Capital Limited (a wholly owned company of Geoffrey A. Cumming) by virtue of
Geoffrey A. Cumming holding all of the shares of Karori Capital Limited.
For that relevant interest,—
(a)number held in class: 55,900,000
(b)percentage held in class: 5.504%
(c)current registered holder(s): Karori Capital Limited and unknown
(d)registered holder(s) once transfers are registered: Karori Capital Limited
For a derivative relevant interest, also—
(a)type of derivative: N/A

101332.4 - 2067547.1
Pg. 3
(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 Karori Capital Limited
Nature of relevant interest(s): Registered holder and beneficial owner of fully paid ordinary
shares in RYM.
For that relevant interest,—
(a)number held in class: 55,900,000
(b)percentage held in class: 5.504%
(c)current registered holder(s): Karori Capital Limited and unknown
(d)registered holder(s) once transfers are registered: Karori Capital Limited
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
Additional information
Address(es) of substantial product holder(s): C/- Harmos Horton Lusk Limited, Level 33,
Vero Centre, 48 Shortland Street, Auckland 1010
Contact details: Jesse Marble | jdm@karoricapital.com | +61 411 945 400
Nature of connection between substantial product holders: Geoffrey A. Cumming is the sole
shareholder, and a director, of Karori Capital Limited.
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, Jesse David Marble, 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.