SPH Notice - Long Term Food Group LP and Waterman Capital

1
Disclosure of movement of 1% or more in substantial holding
or change in nature of relevant interest, or both
Sections 277 and 278, Financial Markets Conduct Act 2013
To NZX Limited
and
To My Food Bag Group Limited (MFB)
Relevant event being disclosed: Movement of 1% or more in the substantial holding
Date of relevant event: 19 June 2025
Date this disclosure made: 19 June 2025
Date last disclosure made: 31 March 2023
Substantial product holder(s) giving disclosure
Full name(s): Long Term Food Group LP (LTFG LP) and Waterman Capital (Fund 3) Limited
(Waterman)
Summary of substantial holding
Class of quoted voting products: Ordinary shares in MFB (NZX Code: MFB)
Summary for LTFG LP and Waterman
For this disclosure,—
(a) total number held in class: 42,096,049
(b) total in class: 244,975,241
(c) total percentage held in class: 17.184%
For last disclosure,—
(a) total number held in class: 38,165,965
(b) total in class: 242,437,524
(c) total percentage held in class: 15.743%
Details of transactions and events giving rise to relevant event
Details of the transactions or other events requiring disclosure:
On 11 May 2023, LTFG LP acquired beneficial ownership of 2,424,000 additional MFB
ordinary shares via on-market trading. As of the date of this notice these shares are in the
registered ownership of LTFG LP. LTFG LP acquired these additional MFB ordinary shares
for an aggregate purchase price of $460,560.00.
On 19 June 2025, LTFG LP received an allotment of 1,506,084 new MFB ordinary shares
through participation in MFB’s Dividend Reinvest Plan (DRP). The DRP was announced by

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MFB on 22 May 2025. LTFG LP subscribed for these new MFB ordinary shares at a price
per share of $0.2154 ($324,410.49 in aggregate).
Details after relevant event
Details for LTFG LP
Nature of relevant interest(s): Registered holder and beneficial owner

For that relevant interest,—
(a) number held in class: 42,096,049
(b) percentage held in class: 17.184%
(c) current registered holder(s): LTFG LP
(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 Waterman
Nature of relevant interest(s): Power to control the acquisition and disposition of, and the
exercise of the right to vote attached to, the Shares held by LTFG LP as manager of that
fund under an investment management contract, which need not be attached.

For that relevant interest,—
(a) number held in class: 42,096,049
(b) percentage held in class: 17.184%
(c) current registered holder(s): LTFG LP
(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

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(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): Level 37/48 Shortland Street, Auckland
Central, Auckland, 1010
Contact details: Amanda Smith, +64 9 551, 8173, Amanda.Smith@waterman.co.nz
Nature of connection between substantial product holders: Waterman has the power to
control the acquisition and disposition of, and the exercise of the right to vote attached to,
the Shares held by LTFG LP as manager of that fund under an investment management
contract.
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, Susannah Hansen, 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.