In accordance with section 45 of the Takeovers Act 1993, on 23 January 2025 the Takeovers Panel approved the granting of the exemption contained in the Takeovers Code (CDL Investments New Zealand Limited) Exemption Notice 2025.

The exemption and the reasons for granting it may be viewed at:
https://www.takeovers.govt.nz/assets/Exemptions/55e4e73095/Takeovers-Code-CDL-Investments-New-Zealand-Limited-Exemption-Notice-2025.pdf

Dated at Auckland this 27th day of January 2025.