In accordance with section 45 of the Takeovers Act 1993, the Takeovers Panel on 16 November 2017 granted the exemption contained in the Takeovers Code (Bethunes Investments Limited) Exemption Notice 2017.

The exemption took effect on Friday 17 November 2017.

The exemption and the reasons for granting it may be viewed at www.takeovers.govt.nz/assets/Assets-2/Exemption-Notices/Takeovers-Code-Bethunes-Investments-Limited-Exemption-Notice-2017.pdf.

Dated at Auckland this 16th day of November 2017.