SPH Notice - Pinnacle Investment Management Group Limited

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 ASX and NZX
and
To NZME Ltd
Relevant event being disclosed: Decrease of greater than 1% move in substantial
holding
Date of relevant event:06/03/2026
Date this disclosure made:11/03/2026
Date last disclosure made: 26/11/2024
Substantial product holder(s) giving disclosure
Full name(s): Pinnacle Investment Management Group Limited (and its
subsidiaries listed in Annexure A)
Summary of substantial holding
Class of quoted voting products: Ordinary Shares
Summary for Pinnacle Investment Management Group Limited (and its subsidiaries
listed in Annexure A)
For this disclosure,—
(a) total number held in class: 17,103,017
(b) total in class: 188,181,618
(c) total percentage held in class: 9.0886%
For last disclosure,—
(a) total number held in class: 20,517,147
(b) total in class: 186,680,460
(c) total percentage held in class: 10.9905%
Details of transactions and events giving rise to relevant event
Details of the transactions or other events requiring disclosure:

2
Date of
change
Person
whose
relevant
interest
changed
Nature of
change
Consideration (NZD) Class of
Securities
Number of
securities
Cash Non-
cash

16/12/2024 Pinnacle
Investment
Management
Group Limited
(and its
subsidiaries
listed in
Annexure A)
Purchase $ 278,256.94 ORDINARY
FULLY PAID
265,047
20/12/2024 As above Purchase $ 231,438.69 ORDINARY
FULLY PAID
213,062
06/03/2026 As above Sale -$ 4,473,821.24 ORDINARY
FULLY PAID
- 3,892,239

Details after relevant event
Details for Pinnacle Investment Management Group Limited (and its subsidiaries listed in
Annexure A)
Nature of relevant interest(s): 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 237 of the Financial
Markets Conduct Act 2013 as it has the power to exercise, or control the exercise of, the
right to vote attached to 20% or more of the voting products in one or more affiliated
investment managers (see Annexure A – Part 2) who each in turn hold relevant interests in
the financial products the subject of this notice.
For that relevant interest,—
(a) number held in class: 17,103,017
(b) percentage held in class: 9.0886%
(c) current registered holder(s):
Holder of relevant interest
Registered holder of
securities
Person entitled to be
registered as holder
Number of
securities
Pinnacle Investment
Management Group Limited
(and its subsidiaries listed in
Annexure A)
Citicorp Nominees Pty Ltd
Citicorp Nominees Pty
Ltd
17,103,017

(d) registered holder(s) once transfers are registered: N/A

3
For a derivative relevant interest, also—
(a) type of derivative: N/A
(b) details of derivative: N/A
(c) 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):
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
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

Contact details: Terence Kwong, +61 2 8970 7748,
terence.kwong@pinnacleinvestment.com
*Nature of connection between substantial product holders:
Name
ACN Nature of Association
Pinnacle Investment
Management Group Limited
100 325 184 Related body corporate of each other entity listed.
Pinnacle Investment
Management Limited
109 659 109 Related body corporate of each other entity listed.

4
Pinnacle Fund Services Limited 082 494 362 Related body corporate of each other entity listed.
Ariano Pty Limited 605 250 799 Related body corporate of each other entity listed.
Next Financial Limited 081 722 894 Related body corporate of each other entity listed.
Next Financial Nominees Pty Ltd 093 252 576 Related body corporate of each other entity listed.
Next Financial Nominees No. 2
Pty Ltd
132 819 115 Related body corporate of each other entity listed.
Investment Solutions Client
Services Pty Ltd
117 898 334 Related body corporate of each other entity listed.
Priority Funds Management Pty
Ltd
120 826 575 Related body corporate of each other entity listed.
Priority Investment Management
Pty Ltd
116 943 456 Related body corporate of each other entity listed.
PNI Option Plan Managers Pty
Ltd
116 943 456 Related body corporate of each other entity listed.
Pinnacle RE Services Limited 130 508 379 Related body corporate of each other entity listed.
Pinnacle Services Administration
Pty Ltd
126 175 148 Related body corporate of each other entity listed.
Pinnacle Investment
Management (UK) Limited
Company
Number
11026111
Related body corporate of each other entity listed.
POSH Nominees Pty Limited 620 094 251 Related body corporate of each other entity listed.
Pingroup IM Limited (US) EIN 85-
0920129
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.

NZME 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.
17,103,017
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.
17,103,017
Ordinary fully
paid
Terence Kwong
Company Secretary
Date: 11/03/2026

NZME 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)
Terence Kwong
Company Secretary
Date: 11/03/2026