SPH Notice - Baker Inv Tst No 2, Montezemolo Hldgs Ltd

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 Turners Automotive Group Limited
Relevant event being disclosed: 1% movement in holding
Date of relevant event: 24 November 2025
Date this disclosure made: 26 November 2025
Date last disclosure made: 19 March 2021
Substantial product holder(s) giving disclosure
Full name(s): Grant Baker, Donna Baker and Baker Investment MM No. 2 Trustee Limited
as trustees of the Baker Investment Trust No 2 (BFT), Montezemolo Holdings Limited
(Montezemolo)
Summary of substantial holding
Class of quoted voting products: Ordinary Share (TRA)
Summary for BFT and Montezemolo
For this disclosure,—
(a) total number held in class: 5,500,000
(b) total in class: 90,796,416
(c) total percentage held in class: 6.058%
For last disclosure,—
(a) total number held in class: 6,450,000
(b) total in class: 85,554,248
(c) total percentage held in class: 7.540%
Details of transactions and events giving rise to relevant event
Details of the transactions or other events requiring disclosure: On 24 November 2025
Montezemolo disposed of 500,000 shares for $3,815,437 by trading through the NZX Main
Board.
Grant Baker has previously disclosed through the director and senior manager disclosure
notice an on-market disposal by Montezemolo of 450,000 shares on 14 & 15 December
2023 for $2,107,514.

2
Details after relevant event
Details for BTF
Nature of relevant interest(s): Joint trustees of the BFT, with deemed control over shares
held by Montezemolo in Turners Automotive Group Limited
For that relevant interest,—
(a) number held in class: 5,500,000
(b) percentage held in class: 6.058%
(c) current registered holder(s): Montezemolo Holding Limited
(d) registered holder(s) once transfers are registered: Montezemolo Holding Limited
Details for Montezemolo
Nature of relevant interest(s): Registered holder and beneficial owner
For that relevant interest,—
(a) number held in class: 5,500,000
(b) percentage held in class: 6.058%
(c) current registered holder(s): Montezemolo Holding Limited
(d) registered holder(s) once transfers are registered: Montezemolo Holding Limited
Additional information
Address(es) of substantial product holder(s): 7 Hampton Drive, St Heliers, Auckland 1071
Contact details: Grant Baker, 021 729 800, grant@gbaker.co.nz
Nature of connection between substantial product holders: BFT owns Montezemolo and the
trustees are deemed by the Financial Markets and Conduct Act 2013 to have relevant
interest in all shares in Turners Automotive Group Limited held by Montezemolo.
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
Disclosure has effect for purposes of directors’ and senior managers’ disclosure
Grant Baker is also a director of Turners Automotive Group Limited. This disclosure also
constitutes disclosure for the purposes of the directors’ and senior managers’ disclosure
obligations.
Certification
I, Grant Baker, 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.