Arvida Group Limited — Share Issue/Capital Change 2019

Dec 10, 2019

Capital Change Notice

==> picture [104 x 42] intentionally omitted <==

10 December 2019

Notice of issue of unlisted performance share rights under Arvida’s Long Term Incentive plan

This notice is given under NZX Listing Rule 3.13.1 and relates to the issuance of unlisted performance share rights under Arvida’s Long Term Incentive Plan ( LTI Plan ).

Section 1: issuer information
Name of issuer	Arvida Group Limited
NZX ticker code	ARV
Class of Financial Product	Unlisted Performance Share Rights
ISIN	Not applicable
Section 2: capital change details
Number issued	702,297
Nominal value (if any)	Not applicable
Issue price	No cash consideration is payable on the issue ofperformance share rights
Nature of the payment (for example,cash or other consideration)	Not applicable
Amount paid up (if not in full)	Not applicable
Percentage of total class of FinancialProducts issued (calculated on thenumber of Financial Products of theClass, excluding any Treasury Stock, inexistence)	100% of the unlisted performance share rights (otherunlisted performance share rights have a differentexercise price and expiry date)
For an issue of Convertible FinancialProducts or Options, the principal termsof Conversion (for example theConversion price and Conversion dateand the ranking of the Financial Productin relation to other Classes of FinancialProduct) or the Option (for example, theexercise price and exercise date)	See terms of issue below.
Reason for issue and specific authorityfor issue (the reason for change mustbe identified here)	Performance share rights issued to employeespursuant to the Arvida Group Limited LTI Plan
Total number of Financial Products ofthe Class after the issue (excludingTreasury Stock) and the total number ofFinancial Products of the Class held asTreasury Stock after theissue/acquisition/redemption.	2,697,580 unlisted performance share rights withvarying exercise prices and expiry dates541,891,815 quoted ordinary sharesThere is no treasury stock.
In the case of an acquisition of shares,whether those shares are to be held astreasury stock	Not applicable

Page 1 of 2

Specific authority for the issue,	Board resolution dated 4 July 2019 as confirmed on 4
including a reference to the rule	December 2019 and listing rule 4.6.1
pursuant to which the issue is made
Terms of issue	The performance share rights are subject to a vesting
	period from 1 April 2019 to 10 working days after the
	FY22 annual results are released to the NZX. Vesting
	is subject to the satisfaction of a total shareholder
	return hurdle, which is split 50% to an NZ50
	performance ranking hurdle and 50% to a peer group
	ranking hurdle. Upon vesting, each performance
	share right can be converted into one ordinary share
	in Arvida on exercise for no cash payment. Further
	details of the LTI Plan are included within Arvida’s
	Annual Report. The performance share rights cannot
	be transferred.
Date of issue	10/12/2019 (the effective date of the grant is 1 April
	2019).
Section 3: authority for this announcement
Name of person authorised to make this	Jeremy Nicoll
announcement
Contact phone number	021-403-665
Contact email address	jeremy.nicoll@arvida.co.nz
Date of release via MAP	10/12/2019

Page 2 of 2