Winton - SPH Notice - Korama Limited

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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 Winton Land Limited (WIN)
Relevant event being disclosed: Change in nature of relevant interest
Date of relevant event: 23 February 2026
Date this disclosure made: 23 February 2026
Date last disclosure made: 28 August 2023
Substantial product holder(s) giving disclosure
Full name(s): Korama Limited, Chris Meehan and Michaela Meehan
Summary of substantial holding
Class of quoted voting products: Ordinary shares in WIN (NZX Code: WIN)
Summary for Korama Limited, Chris Meehan and Michaela Meehan
For this disclosure,—
(a) total number held in class: 163,329,448
(b) total in class: 296,613,736
(c) total percentage held in class: 55.065%
For last disclosure,—
(a) total number held in class: 163,329,448
(b) total in class: 296,613,736
(c) total percentage held in class: 55.065%
Details of transactions and events giving rise to relevant event
Details of the transactions or other events requiring disclosure:
In connection with the initial public offering of WIN (the Offer), Korama Limited as trustee
of the Amarok Trust (Korama) entered into a restricted security agreement with WIN
pursuant to which Korama agreed, among other things, not to sell or otherwise dispose of
146,333,700 of the shares held by it prior to the Offer (being 90% of the shares held by
Korama at the date of release of WIN’s results announcement for the financial year ended
30 June 2023) until the earlier of: (i) the business day after TC Akarua Pty 2 Ltd as trustee
of the TC Akarua Sub Trust (Akarua Sub Trust) sells 10% of the shares it held as at the
date of release of WIN’s results announcement for the financial year ended 30 June 2023;

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and (ii) the business day after release of WIN’s results announcement for the financial half
year ended 31 December 2025 (being the fourth anniversary of completion of the Offer).
On 20 February 2026, WIN released its results announcement for the financial half year
ended 31 December 2025 to NZX. Accordingly, the escrow restrictions described above no
longer apply to any of the shares held by Korama and Korama’s power to sell or otherwise
dispose of those shares is no longer qualified by the escrow restrictions in the restricted
security agreement.
Details after relevant event
Details for Korama Limited
Nature of relevant interest(s): Registered holder
For that relevant interest,—
(a) number held in class: 163,329,448
(b) percentage held in class: 55.065%
(c) current registered holder(s): Korama Limited as trustee of the Amarok Trust
(d) registered holder(s) once transfers are registered: Not applicable
For a derivative relevant interest, also—
(a) type of derivative: Not applicable
(b) details of derivative: Not applicable
(c) if the substantial product holder is not a party to the derivative, the nature of the
relevant interest in the derivative: Not applicable
Details for Chris Meehan and Michaela Meehan
Nature of relevant interest(s): Beneficial owner of the shares held by Korama Limited as
trustee of the Amarok Trust
For that relevant interest,—
(a) number held in class: 163,329,448
(b) percentage held in class: 55.065%
(c) current registered holder(s): Korama Limited as trustee of the Amarok Trust
(d) registered holder(s) once transfers are registered: Not applicable
For a derivative relevant interest, also—
(a) type of derivative: Not applicable
(b) details of derivative: Not applicable

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(c) if the substantial product holder is not a party to the derivative, the nature of the
relevant interest in the derivative: Not applicable
Additional information
Address(es) of substantial product holder(s): Level 2, 11 Westhaven Drive, Auckland
Central, Auckland, 1010, New Zealand
Contact details: Jeremy Johnson, +64 27 418 1654, jeremy.johnson@bankside.co.nz
Nature of connection between substantial product holders: Chris Meehan and Michaela
Meehan are beneficial owners of the shares held by Korama Limited as trustee of the
Amarok Trust
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: WIN and Macquarie Real Estate Management
(Australia) Limited (and certain investors in a pooled investment vehicle that is managed
by Macquarie Real Estate Management (Australia) Limited)
Certification
I, Chris Meehan, 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.