Disclosure of movement of 1% or more in substantial holding or change in nature of relevant interest or both Sections 23 and 24, Securities Markets Act 1988 Date of relevant event: 9 September 2011 To: New Zealand Stock Exchange And: Kathmandu Holdings Limited Date this disclosure made: 14 September 2011 Date last disclosure made: 31 August 2011 Substantial security holder(s) giving disclosure Name(s): National Australia Bank Limited (ACN 004 044 937) and its associated companies listed in Annexure A: Summary of substantial holding to which disclosure relates Class of securities Previous Notice Present Notice Person’s votes Voting power Person’s votes Voting power Ordinary 10,100,031 5.050% 19,782,034 9.891% Details of transactions and events giving rise to relevant event Details of the transactions or other events requiring disclosure under the instructions to this form: Person whose Nature of change Consideration Class and number Person’s relevant interest given in relation of securities votes affected changed to change affected NabInvest Managed Share purchase $1.60 Ordinary Investments Limited 183,000 183,000 29/08/2011 to National Australia Securities Lending No consideration Ordinary 09/09/2011 Bank Limited – Increase directly referable to the securities 1,025,000 provided by NAB (refer Appendix 1) Securities Lending No consideration Ordinary - Decrease directly referable to the securities 930,813 provided by NAB 29/08/2011 to Aviva Investors Transition to NAB Ordinary 09/09/2011 Australia Limited Group 9,404,816 SSH-Movement KMD 09092011 Details of relevant interests in substantial holding after relevant event Holder of relevant Registered holder of Person Nature of Class and Person’s votes interest securities entitled to relevant number of be interest securities registered as holder MLC Investments National Nominees Power to Ordinary Limited Limited (ACN 004 control voting 278 899) and/or disposal 803,975 803,975 of shares MLC Limited National Nominees Power to Ordinary Limited (ACN 004 control voting 278 899) and/or disposal 184,255 184,255 of shares NabInvest National Nominees Power to Ordinary Managed Limited (ACN 004 control voting Investments 278 899) and/or disposal 972,081 972,081 Limited of shares National Australia National Nominees Power to Ordinary Bank Limited Limited (ACN 004 control voting 278 899) and/or disposal 1,391,162 1,391,162 of shares National Australia Cogent Nominees Pty Relevant Ordinary Bank Limited Ltd Interest arising (ACN 084 150 023) as a result of 6,315,820 6,315,820 section 608(3) of the Corporations Act 2001 (Cwth) due to holding voting power of above 20% in relevant body corporate MLC Wealth Tokara Pty Ltd (ACN: Power to Ordinary Management 082 564 261) control voting Limited and/or disposal 169 169 of shares National Nominees Limited (ACN 004 Ordinary 278 899) 709,756 709,756 SSH-Movement KMD 09092011 Aviva Investors Citicorp Nominees Power to Ordinary Australia Limited Pty Limited (000 809 control voting 2,467,865 2,467,865 030) and/or disposal of shares JP Morgan Nominees Aust. Limited (002 Ordinary 899 961) 3,998,863 3,998,863 National Nominees Ltd (004 278 899) Ordinary 2,938,088 2,938,088 Total 19,782,034 Additional information Nature of connection between substantial security holders: The persons who have become associates of, ceased to be associates of, or have changed the nature of their association with, the substantial holder in relation to voting interests in the company or scheme are as follows: Name and ACN/ARSN (if applicable) Nature of Association Aviva Investors Australia Limited Is a related body corporate of National Australia Bank Limited Address(es) of substantial security holder(s): Name Address National Australia Bank Limited Level 4 (UB 4440) 800 Bourke Street DOCKLANDS VIC 3008 MLC Investments Limited Ground Floor MLC Building 105-153 Miller Street SYDNEY NSW 2000 NabInvest Managed Investments Limited Ground Floor 105-153 Miller Street SYDNEY NSW 2000 National Nominees Limited Level 4 (UB 4440) 800 Bourke Street DOCKLANDS VIC 3008 MLC Wealth Management Limited Level 6, 509 St Kilda Rd, Melbourne VIC 3004 Cogent Nominees Pty Limited Level 6 SSH-Movement KMD 09092011 60 Castlereagh Street SYDNEY NSW 2000 Tokara Pty Limited Ground Floor MLC Building 105-153 Miller Street SYDNEY NSW 2000 Aviva Investors Australia Ltd Level 28 Freshwater Place 2 Southbank Boulevard Southbank Vic 3006 Citicorp Nominees Pty Limited Level 2, 350 Collins Street, Melbourne, VIC 3000 JP Morgan Nominees Aust. Limited Level 37, 259 George Street, Sydney, NSW 2000 Declaration I, Jason Elphick, declare 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. SSH-Movement KMD 09092011 APPENDIX!1!–KMD! ! ! Type!of!agreement!and! National!Australia!Bank!Limited!and! parties!to!agreement! ! ! Securities!Borrowing!Agreement!clients! SUNSUPER!PTY!LTD! VICSUPER!PTY!LTD! MOTOR!TRADES!ASSOCIATION!OF!AUSTRALIA!SUPERANNUATION!FUND!PTY! LIMITED! CARE!SUPER!PTY!LTD! GOVERNMENT!EMPLOYEES!SUPERANNUATION!BOARD!! UNITED!SUPER!PTY!LTD! AVSUPER!PTY!LTD! ! AMSLA!Counterparties! DEUTSCHE!SECURITIES!AUSTRALIA!LIMITED! MACQUARIE!BANK!LTD! MORGAN!STANLEY!&!CO!INTERNATIONAL!PLC! EQ!! ! ! UBS!SECURITIES!AUSTRALIA!LTD! ! ! Transfer!dates! 29"Aug"11!to!09"Sep"11! ! ! ! Holder!of!voting!rights! Registered!owner! ! ! ! Are!there!any!restrictions! No! on!voting! ! ! ! ! Scheduled!date!of!return! N/A! (if!any)! ! ! ! Does!the!borrower!have! Yes!–!at!notice! the!right!to!return!early?! ! ! ! Does!the!lender!have!the! Yes!–!at!notice! right!to!recall!early?! ! ! ! Will!the!securities!be! Yes,!or!equivalent!protection!under!Securities!Borrowing!Agreement!/AMSLA! returned!on!settlement?! ! This is Annexure A referred to in the Notice of change of interests of substantial holder. COMPANY NAME W M POOL - EQUITIES TRUST NO.25 WM POOL - EQUITIES TRUST NO. 13 WM POOL - EQUITIES TRUST NO.24 ACCESS FUND NO 1 ACCESS FUND NO 10 ACCESS FUND NO 11 ACCESS FUND NO 12 ACCESS FUND NO 13 ACCESS FUND NO 14 ACCESS FUND NO 15 ACCESS FUND NO 16 ACCESS FUND NO 17 ACCESS FUND NO 18 ACCESS FUND NO 19 ACCESS FUND NO 2 ACCESS FUND NO 20 ACCESS FUND NO 21 ACCESS FUND NO 22 ACCESS FUND NO 23 ACCESS FUND NO 24 ACCESS FUND NO 25 ACCESS FUND NO 26 ACCESS FUND NO 27 ACCESS FUND NO 28 ACCESS FUND NO 29 ACCESS FUND NO 3 ACCESS FUND NO 30 ACCESS FUND NO 31 ACCESS FUND NO 32 ACCESS FUND NO 4 ACCESS FUND NO 5 ACCESS FUND NO 6 ACCESS FUND NO 7 ACCESS FUND NO 8 ACCESS FUND NO 9 ADVANTEDGE FINANCIAL SERVICES HOLDINGS PTY LTD ADVANTEDGE FINANCIAL SERVICES PTY LTD ADVANTEDGE FINANCIAL SOLUTIONS PTY LTD AFSH NOMINEES PTY LTD ALICE CORPORATION PTY LTD ALLERTON HOUSE PROPERTIES LIMITED ALTERNATIVE ASSETS AIRPORTS TRUST ALTERNATIVE ASSETS BRISBANE AIRPORTS TRUST ALTERNATIVE ASSETS INFRASTRUCTURE TRUST ALTERNATIVE EQUITY - INFRASTRUCTURE (APTC) TRUST ALTERNATIVE EQUITY - INFRASTRUCTURE (RAIL) TRUST ALTERNATIVE EQUITY BACL TRUST ANCHORAGE HOME LOANS PTY LTD ANGARA COMPANY LIMITED ANTARES CAPITAL PARTNERS PTY LTD ANTARES INDEX ENHANCED AUSTRALIAN FIXED INTEREST TRUST APOGEE FINANCIAL PLANNING LIMITED ARDB LIMITED AREA MANAGEMENT HOLDINGS, LLC AREA SPONSOR HOLDINGS, LLC ARIODANTE LIMITED ASIBOND PTY LIMITED AUSMAQ (NZ) LIMITED AUSTRALIAN BANKS' EXPORT RE - FINANCE CORPORATION LTD AUSTRALIAN COMPANY NUMBER 094 484 625 LIMITED AUSTRALIAN MARKET AUTOMATED QUOTATION (AUSMAQ) SYSTEM LIMITED AUSTRALIAN SHARES INDEX FUND BANK OF NEW ZEALAND BLSSA PTY LTD BNZ AGRICAPITAL LIMITED BNZ BRANCH PROPERTIES LTD BNZ CASH PIE UNIT TRUST BNZ CORPORATION LTD BNZ EQUIPMENT LTD BNZ EQUITY INVESTMENTS LIMITED BNZ EQUITY INVESTMENTS NO.2 LIMITED BNZ FACILITIES MANAGEMENT LIMITED BNZ FUNDING LTD BNZ INCOME MANAGEMENT LIMITED BNZ INCOME SECURITIES 2 LIMITED BNZ INCOME SECURITIES LIMITED BNZ INTERNATIONAL (HONG KONG) LIMITED BNZ INTERNATIONAL FUNDING LTD BNZ INTERNATIONAL LTD BNZ INVESTMENT SERVICES LIMITED BNZ INVESTMENTS LTD BNZ LIFE INSURANCE LIMITED BNZ PROPERTIES (AUCKLAND) LTD BNZ PROPERTIES LTD BNZ PROPERTY INVESTMENTS LTD BNZ RMBS TRUST SERIES 2008-1 BNZI SECURITIES NO.1 LTD BNZI SECURITIES NO.2 LTD BOACT PTY LTD (IN LIQUIDATION) BRUNSWICK COLLECTION SERVICES LIMITED C.B. NOMINEES LIMITED C.B.C. PROPERTIES LIMITED CALIBRE ASSET MANAGEMENT LIMITED CAMBERWELL 3 PTY LTD (IN LIQUIDATION) CAMBERWELL 4 PTY LTD (IN LIQUIDATION) CAMBERWELL 5 PTY LTD (IN LIQUIDATION) CAMBRIDGE REAL ESTATE INVESTMENTS PTE LTD CAPITA PROPERTIES PTY. LIMITED CARDLINK SERVICES LIMITED CARDS NZ LIMITED CARRINGTON CONFIRMERS PTY. LIMITED (IN LIQUIDATION) CASH ACCOUNT INCOME FUND CB GROUP INVESTMENTS LIMITED CBC HOLDINGS LIMITED CGF NO. 12 LIMITED CGF NO. 3 LIMITED CGF NO. 6 LIMITED CGF NO. 9 LIMITED CHELONIA SWAPS PTY LIMITED CHOICE LEND PTY LTD CLYDESDALE BANK (LONDON) NOMINEES LIMITED (IN LIQUIDATION) CLYDESDALE BANK ASSET FINANCE LIMITED CLYDESDALE BANK INSURANCE BROKERS LIMITED CLYDESDALE BANK PLC CLYDESDALE EUROPE FINANCE LIMITED CLYDESDALE GROUP INVESTMENTS B.V. CLYDESDALE GROUP INVESTMENTS LIMITED CLYDESDALE INVESTMENTS B.V. CLYDESDALE INVESTMENTS UK LIMITED CNA-CAPITAL INTERNATIONAL - EMERGING MARKETS EQUITY TRUST COMMERCIAL NOMINEES PTY. LIMITED (IN LIQUIDATION) CRAIG YR HAUL MANAGEMENT COMPANY LIMITED CRUICKSHANK ASSET MANAGEMENT PTY LIMITED CUSTOM CREDIT CORPORATION LIMITED (IN LIQUIDATION) CUSTOM CREDIT HOLDINGS LIMITED (IN LIQUIDATION) DEESARN PTY LTD DIBA EQUITIES LIMITED DIBA INVESTMENTS LIMITED DISTRA PTY LTD EDEN VEHICLE RENTALS LIMITED (IN LIQUIDATION) ELLY INVESTMENTS