SPH Notice - New Zealand Superannuation Fund Nominees

1
Disclosure of ceasing to have substantial holding
Section 279, Financial Markets Conduct Act 2013
To NZX Lim ited
and
To Sum m erset Group Holdings Lim ited (“SUM”)
Date this disclosure made: 6
th
May 2025
Date last disclosure made: 2
nd
May 2023
Date on which substantial holding ceased: 2
nd
May 2025
Substantial product holder(s) giving disclosure
Full nam e (s): New Zealand Superannuation Fund Nominees Limited as nominee for the
New Zealand Superannuation Fund being property of His Majesty the King in right of New
Zealand and m anaged by the Guardians of New Zealand Superannuation ("NZSF").
Summary of previous substantial holding
Class of quoted voting products: Ordinary Shares in SUM (ISIN: NZSUME0001S0)
Sum m ary for NZSF
For last disclosure,—
(a) total num ber held in class: 11,687,398
(b) total in class: 232,972,875
(c) total percentage held in class: 5.017%
For current holding after ceasing to have substantial holding,—
(a) total num ber held in class: 12,021,481
(b) total in class: 240,931,018
(c) total percentage held in class: 4.990%
Details of transactions and events giving rise to ceasing of substantial holding
Details of the transactions or other events requiring disclosure:
Between the 2
nd
of May 2023 to 2
nd
of May 2025, NZSF (through its internal portfolios
and accounts managed by Devon Funds Management Limited* & Mint Asset Management
Limited) bought an aggregate of 3,255,567 ordinary shares in SUM on m arket for
aggregate consideration of $33,190,804.96
Between the 2
nd
of May 2023 to 2
nd
of May 2025, NZSF (through its internal portfolios
and accounts managed by Devon Funds Management Limited* & Mint Asset Management
Lim ited) sold an aggregate of 3,433,374 ordinary shares in SUM on m arket for aggregate
consideration of $40,030,199.14. In addition, over this period SUM issued additional
ordinary shares (for e xam ple, pursuant to its Share Option Plan and Employee Share

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Purchase Scheme and in consideration for an acquisition of land) which increased the total
number of ordinary shares on issue.
Between the 19
th
of September 2023 to 27
th
of March 2025, NZSF (through its internal
portfolios and accounts managed by Devon Funds Management Limited* & Mint Asset
Managem ent Lim ited) was allotted an aggregate of 511,890 new ordinary shares in SUM
pursuant to m ultiple SUM Dividend Reinvestment Plans for an aggregate consideration of
$5,503,579.95
* Devon Funds Management Limited has ceased to manage an active equities account on behalf of NZSF.
Additional information
Address(es) of substantial product holder(s):
Level 12, Jarden House, 21 Queen Street
Auckland 1010, New Zealand

Contact details:
Amy Hitchcock
Ph: +64 9 300 6980
Email: operations@nzsuperfund.co.nz

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, Amy Hitchcock, 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 m ade.