In accordance with section 45 of the Takeovers Act 1993, the Takeovers Panel on 8 December 2021 approved the granting of the exemptions contained in the Takeovers Code (Ruapehu Alpine Lifts Limited) Exemption Notice 2022.

Clauses 5 and 7 apply to acts or omissions occurring on or after 28 June 2005.

Clause 9 applies to acts or omissions occurring on or after 19 January 2022.

The exemptions and the reasons for granting it may be viewed at: https://www.takeovers.govt.nz/assets/Exemptions/Takeovers-Code-Ruapehu-Alpine-Lifts-Limited-Exemption-Notice-2022.pdf.

Dated at Auckland this 19th day of January 2022.