SPH Notice - Harbour Asset Management Limited

100080615/3821107.1 1
Disclosure of ceasing to have substantial holding
Section 279, Financial Markets Conduct Act 2013
To NZX Limited
and
To New Zealand Rural Land Company Limited (NZL)
Date this disclosure made: 28 November 2025
Date last disclosure made: 11 June 2025
Date on which substantial
holding ceased:
27 November 2025

Substantial product holder(s) giving disclosure
Full name(s): Harbour Asset Management Limited

Summary of substantial holding:
Class of quoted voting products: Ordinary Shares (Shares)
Summary for:
Harbour Asset Management
Limited
For last disclosure
(a) total number held in class: 7,275,092
(b) total in class: 145,024,724
(c) total percentage held in class:
5.016%
For current holding
after ceasing to
have a substantial
holding
(a) total number held in class: 7,292,171
(b) total in class: 146,138,526
(c) total percentage held in class: 4.990%

100080615/3821107.1 2
Details of transactions and events giving rise to substantial holding:
The transactions/events giving rise to this disclosure obligation are on-market buy and sell
trades by Harbour Asset Management since 11/06/2025 until 27/11/2025, as summarised
in the table below.

Details for: Harbour Asset Management Limited
On-market purchases –
number of shares
778,560
On-market purchases –
gross consideration
$772,498.28
On-market sales – number of shares
761,481
On-market sales – gross consideration
$777,080.57



Additional information
Address of substantial product
holder:
Level 21, 171 Featherston Street, Wellington
Contact details:
Madeleine Pumphrey
T + 04 474 4400
Madeleine.pumphrey@jbwere.co.nz


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: None.

Certification
I, Madeleine Pumphrey, 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.