SPH Notice - Pinnacle Investment Management Group Limited

1
Disclosure of ceasing to have substantial holding
Section 279, Financial Markets Conduct Act 2013
To NZX and ASX
and
To Fisher & Paykel Healthcare Corp. Ltd
Date this disclosure made:26 November 2025
Date last disclosure made:7 July 2025
Date on which substantial holding ceased:21 November 2025
Substantial product holder(s) giving disclosure
Full name(s): Pinnacle Investment Management Group Limited (and its
subsidiaries listed in Annexure A)
Summary of previous substantial holding
Class of quoted voting products: Ordinary Shares
Summary for Pinnacle Investment Management Group Limited (and its subsidiaries
listed in Annexure A)
For last disclosure,—
(a) total number held in class: 29,745,515
(b) total in class: 586,271,171
(c) total percentage held in class: 5.0737%
For current holding after ceasing to have substantial holding,—
(a) total number held in class: 29,184,697
(b) total in class: 587,262,856
(c) total percentage held in class: 4.9696%
Details of transactions and events giving rise to ceasing of substantial holding
Details of the transactions or other events requiring disclosure: Refer to Annexure B
Additional information
Address(es) of substantial product holder(s):
Name
Address
Pinnacle Investment Management
Group Limited
Level 19, 307 Queen St, Brisbane QLD 4000, Australia
Pinnacle Fund Services Limited Level 19, 307 Queen St, Brisbane QLD 4000, Australia
Pinnacle Investment Management
Limited
Level 19, 307 Queen St, Brisbane QLD 4000, Australia
Ariano Pty Limited Level 19, 307 Queen St, Brisbane QLD 4000, Australia

2
Next Financial Limited Level 19, 307 Queen St, Brisbane QLD 4000, Australia
Next Financial Nominees Pty Ltd Level 19, 307 Queen St, Brisbane QLD 4000, Australia
Next Financial Nominees No. 2 Pty
Ltd
Level 19, 307 Queen St, Brisbane QLD 4000, Australia
Investment Solutions Client
Services Pty Ltd
Level 19, 307 Queen St, Brisbane QLD 4000, Australia
Priority Funds Management Pty
Ltd
Level 19, 307 Queen St, Brisbane QLD 4000, Australia
Priority Investment Management
Pty Ltd
Level 19, 307 Queen St, Brisbane QLD 4000, Australia
PNI Option Plan Managers Pty Ltd Level 19, 307 Queen St, Brisbane QLD 4000, Australia
Pinnacle Investment Management
(UK) Limited
7th Floor, Dashwood House, 69 Old Broad Street, London
EC2M 1QS, United Kingdom
Pinnacle RE Services Limited Level 19, 307 Queen St, Brisbane QLD 4000, Australia
Pinnacle Services Administration
Pty Ltd
Level 19, 307 Queen St, Brisbane QLD 4000, Australia
POSH Nominees Pty Limited Level 19, 307 Queen St, Brisbane QLD 4000, Australia
Pingroup IM Limited (US)
c/o TMF Group New York, LLC, 48 Wall Street, 27
th
Floor, New
York NY 10005
Co
ntact details: Terence Kwong, terence.kwong@pinnacleinvestment.com , +61 2
8970 7748
*Nature of connection between substantial product holders:
Name
Nature of Association
Pinnacle Investment
Management Group Limited
Related body corporate of each other entity listed.
Pinnacle Investment
Management Limited
Related body corporate of each other entity listed.
Pinnacle Fund Services Limited Related body corporate of each other entity listed.
Ariano Pty Limited Related body corporate of each other entity listed.
Next Financial Limited Related body corporate of each other entity listed.
Next Financial Nominees Pty Ltd Related body corporate of each other entity listed.
Next Financial Nominees No. 2
Pty Ltd
Related body corporate of each other entity listed.
Investment Solutions Client
Services Pty Ltd
Related body corporate of each other entity listed.
Priority Funds Management Pty
Ltd
Related body corporate of each other entity listed.
Priority Investment Management
Pty Ltd
Related body corporate of each other entity listed.
PNI Option Plan Managers Pty
Ltd
Related body corporate of each other entity listed.
Pinnacle RE Services Limited Related body corporate of each other entity listed.
Pinnacle Services Administration
Pty Ltd
Related body corporate of each other entity listed.
Pinnacle Investment
Management (UK) Limited
Related body corporate of each other entity listed.

3
POSH Nominees Pty Limited Related body corporate of each other entity listed.
Pingroup IM Limited (US)
Related body corporate of each other entity listed.
Certification
I,
Terence Kwong, 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.

Fisher & Paykel Healthcare Corp. Ltd.
Annexure A - Part 1
Holder of relevant interestNature of relevant interestNumber of
securities
Class of
securities
Pinnacle Investment Management Group Limited (ACN 100 325 184)
Pinnacle Investment Management Limited (ACN 109 659 109)
Ariano Pty Limited (ACN 605 250 799)
Next Financial Limited (ACN 081 722 894)
Next Financial Nominees Pty Ltd (ACN 093 252 576)
Next Financial Nominees No. 2 Pty Ltd (ACN 132 819 115)
Investment Solutions Client Services Pty Ltd (ACN 117 898 334)
Priority Funds Management Pty Ltd (ACN 120 826 575)
Priority Investment Management Pty Ltd (ACN 116 943 456
PNI Option Plan Managers Pty Ltd (ACN 125 030 766)
Pinnacle RE Services Limited (ACN 130 508 379)
Pinnacle Services Administration Pty Ltd (ACN 126 175 148)
Pinnacle Investment Management (UK) Limited (Company Number
11026111)
POSH Nominees Pty Limited (ACN 620 094 251)
Pingroup IM Limited (US) (EIN 85-0920129)
Relevant interest by virtue of section 608(3)
of the Corporations Act as it or its associates holds directly or indirectly
above 20% voting power in one or more affiliated investment
managers (see Annexure A – Part 2) and Pinnacle Fund Services
Limited, who each in turn hold relevant interests in the securities the
subject of this notice, and equivalent sections of the Financial Markets
Conduct Act 2013.
29,184,697
Ordinary fully
paid
Pinnacle Fund Services Limited (ACN 082 494 362)Relevant interest held through the power to control voting and/or
disposal of securities in its capacity as responsible entity or trustee of
registered or unregistered schemes and/or relevant interest by virtue
of section 608(3)
of the Corporations Act as it or its associates holds directly or indirectly
above 20% voting power in one or more affiliated investment
managers (see Annexure A – Part 2) who each in turn hold relevant
interests in the securities the subject of this notice, and equivalent
sections of the Financial Markets Conduct Act 2013.
29,184,697
Ordinary fully
paid
This is Annexure "A - Part 1"
Terence Kwong
Company Secretary
Date: 26/11/2025

Fisher & Paykel Healthcare Corp. Ltd.
Annexure A - Part 2
Affiliated Investment Managers in which Pinnacle has over 20% voting power
Aikya Investment Management Limited (UK) (Company Number 12329682)
Antipodes Partners Limited (ACN 602 042 035)
Coolabah Capital Investments Pty Limited (ACN 605 806 059)
Five V Capital Pty Limited (ACN 162 193 928)
Hyperion Asset Management Limited (ACN 080 135 897)
Langdon Equity Partners Limited (CA) (NRD 73210)
Life Cycle Investment Partners Limited (UK) (Company Number 15633723)
Metrics Credit Partners Pty Limited (ACN 150 646 996)
Palisade Investment Partners Limited (ACN 124 326 361)
Plato Investment Management Limited (ACN 120 730 136)
Resolution Capital Limited (ACN 108 584 167)
Solaris Investment Management Limited (ACN 128 512 621)
Riparian Capital Partners Pty Ltd (ACN 630 179 752)
This is Annexure "A - Part 2"
Terence Kwong
Company Secretary
Date: 26/11/2025

Fisher & Paykel Healthcare Corp. Ltd.
Annexure B
Date of
Change
Person whose relevant interest
changed
Nature of changeConsideration given in
relation to change (NZD)
Number of securities
affected
Person's votes
affected
Class of securities
2025-07-03Pinnacle Group Entities & PFSL
Acquisition
17,365,170.48$
470,374.00 470,374.00 Ordinary Fully Paid
2025-07-04Pinnacle Group Entities & PFSL
Acquisition
5,206,849.22$ 142,378.00 142,378.00
Ordinary Fully Paid
2025-07-08Pinnacle Group Entities & PFSL
Acquisition
350,700.94$ 9,520.00 9,520.00
Ordinary Fully Paid
2025-07-08Pinnacle Group Entities & PFSL
Disposal
356,232.50-$
9,700.00- 9,700.00-
Ordinary Fully Paid
2025-07-09Pinnacle Group Entities & PFSL
Acquisition
438,585.43$ 11,959.00 11,959.00
Ordinary Fully Paid
2025-07-10Pinnacle Group Entities & PFSL
Acquisition
539,629.83$ 14,799.00 14,799.00
Ordinary Fully Paid
2025-07-10Pinnacle Group Entities & PFSL
Disposal
1,215,585.65-$
33,443.00- 33,443.00-
Ordinary Fully Paid
2025-07-11Pinnacle Group Entities & PFSL
Disposal
758,811.56-$ 21,219.00- 21,219.00-
Ordinary Fully Paid
2025-07-14Pinnacle Group Entities & PFSL
Acquisition
28,372,764.63$
796,552.00 796,552.00 Ordinary Fully Paid
2025-07-14Pinnacle Group Entities & PFSL
Disposal
480,794.95-$ 13,500.00-
13,500.00- Ordinary Fully Paid
2025-07-14Pinnacle Group Entities & PFSL
Disposal - In-specie
transfer out
20,252,886.85-$ 568,932.00- 568,932.00- Ordinary Fully Paid
2025-07-15Pinnacle Group Entities & PFSL
Acquisition
1,966,564.24$ 55,085.00 55,085.00
Ordinary Fully Paid
2025-07-15Pinnacle Group Entities & PFSL
Disposal
435,328.56-$ 12,225.00- 12,225.00-
Ordinary Fully Paid
2025-07-16Pinnacle Group Entities & PFSL
Acquisition
5,140,124.53$
142,827.00 142,827.00 Ordinary Fully Paid
2025-07-17Pinnacle Group Entities & PFSL
Acquisition
2,859,293.89$ 78,110.00 78,110.00 Ordinary Fully Paid
2025-07-21Pinnacle Group Entities & PFSL
Acquisition
17,285,641.29$ 470,000.00 470,000.00 Ordinary Fully Paid
2025-07-22Pinnacle Group Entities & PFSL
Acquisition
4,523,432.16$ 122,992.00 122,992.00 Ordinary Fully Paid
2025-07-24Pinnacle Group Entities & PFSL
Acquisition
4,710,796.17$ 128,644.00
128,644.00 Ordinary Fully Paid
2025-07-25Pinnacle Group Entities & PFSL
Disposal
9,846.96-$ 273.00- 273.00- Ordinary Fully Paid
2025-07-29Pinnacle Group Entities & PFSL
Acquisition
5,890,933.61$ 160,895.00 160,895.00 Ordinary Fully Paid
2025-07-30Pinnacle Group Entities & PFSL
Acquisition
569,412.40$ 15,490.00
15,490.00 Ordinary Fully Paid
2025-07-30Pinnacle Group Entities & PFSL
Disposal
255,304.91-$ 7,000.00- 7,000.00- Ordinary Fully Paid
2025-07-31Pinnacle Group Entities & PFSL
Acquisition
169,369.34$ 4,572.00 4,572.00 Ordinary Fully Paid
2025-08-04Pinnacle Group Entities & PFSL
Acquisition
6,356,243.86$ 177,376.00 177,376.00 Ordinary Fully Paid
2025-08-06Pinnacle Group Entities & PFSL
Acquisition
12,913,820.71$ 349,928.00 349,928.00 Ordinary Fully Paid
2025-08-08Pinnacle Group Entities & PFSL
Acquisition
11,433,326.21$ 307,721.00 307,721.00 Ordinary Fully Paid
2025-08-13Pinnacle Group Entities & PFSL
Acquisition
6,187,168.55$ 167,261.00 167,261.00 Ordinary Fully Paid

2025-08-14Pinnacle Group Entities & PFSL
Acquisition
8,941,923.91$ 240,792.00
240,792.00 Ordinary Fully Paid
2025-08-18Pinnacle Group Entities & PFSL
Acquisition
372,378.24$ 9,946.00
9,946.00
Ordinary Fully Paid
2025-08-19Pinnacle Group Entities & PFSL
Acquisition
293,016.57$ 7,925.00
7,925.00 Ordinary Fully Paid
2025-08-20Pinnacle Group Entities & PFSL
Acquisition
528,446.68$
14,002.00 14,002.00
Ordinary Fully Paid
2025-08-25Pinnacle Group Entities & PFSL
Disposal
183,592.20-$ 4,900.00- 4,900.00-
Ordinary Fully Paid
2025-09-01Pinnacle Group Entities & PFSL
Acquisition
708,716.69$
19,241.00
19,241.00 Ordinary Fully Paid
2025-09-02Pinnacle Group Entities & PFSL
Acquisition
1,908.09$
52.00 52.00
Ordinary Fully Paid
2025-09-02Pinnacle Group Entities & PFSL
Disposal
183,315.00-$ 5,000.00- 5,000.00-
Ordinary Fully Paid
2025-09-04Pinnacle Group Entities & PFSL
Disposal
3,230,622.34-$
87,401.00-
87,401.00- Ordinary Fully Paid
2025-09-05Pinnacle Group Entities & PFSL
Acquisition
877,575.15$ 23,223.00 23,223.00
Ordinary Fully Paid
2025-09-15Pinnacle Group Entities & PFSL
Acquisition
26,963.60$ 716.00 716.00 Ordinary Fully Paid
2025-09-17Pinnacle Group Entities & PFSL
Acquisition
629,324.42$
16,903.00 16,903.00
Ordinary Fully Paid
2025-09-18Pinnacle Group Entities & PFSL
Acquisition
281,323.66$ 7,523.00 7,523.00
Ordinary Fully Paid
2025-09-18Pinnacle Group Entities & PFSL
Disposal
254,064.55-$ 6,800.00- 6,800.00-
Ordinary Fully Paid
2025-09-19Pinnacle Group Entities & PFSL
Acquisition
725,918.20$ 18,983.00 18,983.00
Ordinary Fully Paid
2025-09-22Pinnacle Group Entities & PFSL
Disposal
4,677,994.33-$ 123,643.00- 123,643.00-
Ordinary Fully Paid
2025-09-23Pinnacle Group Entities & PFSL
Disposal
899,438.19-$
23,873.00- 23,873.00- Ordinary Fully Paid
2025-09-26Pinnacle Group Entities & PFSL
Disposal
1,685,189.38-$ 46,686.00- 46,686.00-
Ordinary Fully Paid
2025-09-29Pinnacle Group Entities & PFSL
Acquisition
404,136.95$ 11,009.00 11,009.00 Ordinary Fully Paid
2025-09-29Pinnacle Group Entities & PFSL
Disposal
1,903,666.96-$
51,947.00- 51,947.00- Ordinary Fully Paid
2025-09-30Pinnacle Group Entities & PFSL
Disposal
1,854,081.72-$ 50,110.00-
50,110.00- Ordinary Fully Paid
2025-10-01Pinnacle Group Entities & PFSL
Disposal - In-specie
transfer out
5,217,922.99-$ 141,076.00- 141,076.00- Ordinary Fully Paid
2025-10-03Pinnacle Group Entities & PFSL
Acquisition
1,650,513.24$ 43,693.00 43,693.00
Ordinary Fully Paid
2025-10-06Pinnacle Group Entities & PFSL
Acquisition
509,741.51$ 13,475.00 13,475.00 Ordinary Fully Paid
2025-10-07Pinnacle Group Entities & PFSL
Acquisition
3,625,755.38$ 95,161.00 95,161.00 Ordinary Fully Paid
2025-10-08Pinnacle Group Entities & PFSL
Acquisition
4,625,011.50$ 122,592.00 122,592.00 Ordinary Fully Paid
2025-10-09Pinnacle Group Entities & PFSL
Acquisition
376,188.48$ 10,032.00 10,032.00 Ordinary Fully Paid
2025-10-10Pinnacle Group Entities & PFSL
Acquisition
362,340.45$ 10,033.00 10,033.00 Ordinary Fully Paid
2025-10-16Pinnacle Group Entities & PFSL
Acquisition
42,614,503.52$ 1,180,292.00 1,180,292.00 Ordinary Fully Paid
2025-10-16Pinnacle Group Entities & PFSL
Disposal
1,665,192.19-$ 46,365.00-
46,365.00- Ordinary Fully Paid
2025-10-17Pinnacle Group Entities & PFSL
Disposal
998,776.79-$ 27,993.00- 27,993.00- Ordinary Fully Paid
2025-10-21Pinnacle Group Entities & PFSL
Acquisition
168,621.30$ 4,752.00 4,752.00 Ordinary Fully Paid

2025-10-22Pinnacle Group Entities & PFSL
Acquisition
160,228.25$ 4,573.00
4,573.00 Ordinary Fully Paid
2025-10-23Pinnacle Group Entities & PFSL
Acquisition
1,409,522.70$ 39,625.00
39,625.00
Ordinary Fully Paid
2025-10-24Pinnacle Group Entities & PFSL
Disposal
82,029.82-$ 2,300.00-
2,300.00- Ordinary Fully Paid
2025-10-27Pinnacle Group Entities & PFSL
Acquisition
154,716.59$
4,386.00 4,386.00
Ordinary Fully Paid
2025-10-28Pinnacle Group Entities & PFSL
Acquisition
4,187,665.73$ 118,136.00 118,136.00 Ordinary Fully Paid
2025-10-30Pinnacle Group Entities & PFSL
Acquisition
460,882.76$
12,684.00
12,684.00 Ordinary Fully Paid
2025-10-31Pinnacle Group Entities & PFSL
Acquisition
1,596,338.28$ 43,244.00 43,244.00
Ordinary Fully Paid
2025-11-03Pinnacle Group Entities & PFSL
Acquisition
489,563.42$ 13,337.00 13,337.00
Ordinary Fully Paid
2025-11-03Pinnacle Group Entities & PFSL
Disposal
27,591,258.64-$
756,206.00-
756,206.00- Ordinary Fully Paid
2025-11-05Pinnacle Group Entities & PFSL
Acquisition
1,390,286.37$ 37,002.00 37,002.00
Ordinary Fully Paid
2025-11-05Pinnacle Group Entities & PFSL
Disposal
10,627.11-$ 283.00- 283.00- Ordinary Fully Paid
2025-11-06Pinnacle Group Entities & PFSL
Acquisition
1,435,316.51$
37,932.00 37,932.00
Ordinary Fully Paid
2025-11-06Pinnacle Group Entities & PFSL
Disposal
17,963,079.78-$ 475,651.00- 475,651.00-
Ordinary Fully Paid
2025-11-07Pinnacle Group Entities & PFSL
Acquisition
3,258.32$ 85.00 85.00 Ordinary Fully Paid
2025-11-10Pinnacle Group Entities & PFSL
Disposal
4,625,159.89-$ 120,326.00- 120,326.00-
Ordinary Fully Paid
2025-11-11Pinnacle Group Entities & PFSL
Disposal
21,409,225.66-$ 564,744.00- 564,744.00-
Ordinary Fully Paid
2025-11-12Pinnacle Group Entities & PFSL
Disposal
7,032,904.60-$
184,112.00- 184,112.00- Ordinary Fully Paid
2025-11-13Pinnacle Group Entities & PFSL
Disposal
13,136,594.56-$ 346,185.00- 346,185.00-
Ordinary Fully Paid
2025-11-14Pinnacle Group Entities & PFSL
Disposal
26,717,826.69-$ 710,898.00- 710,898.00-
Ordinary Fully Paid
2025-11-17Pinnacle Group Entities & PFSL
Disposal
10,708,828.84-$
291,055.00- 291,055.00- Ordinary Fully Paid
2025-11-18Pinnacle Group Entities & PFSL
Disposal
6,436,454.30-$ 175,000.00-
175,000.00- Ordinary Fully Paid
2025-11-19Pinnacle Group Entities & PFSL
Disposal
5,791,449.64-$ 156,823.00- 156,823.00- Ordinary Fully Paid
2025-11-20Pinnacle Group Entities & PFSL
Disposal
35,803,624.72-$
974,582.00- 974,582.00- Ordinary Fully Paid
2025-11-21Pinnacle Group Entities & PFSL
Disposal
11,239,882.88-$ 308,399.00- 308,399.00- Ordinary Fully Paid
This is Annexure "B"
Terence Kwong
Company
Secretary
Date: 26/11/2025