Bremworth Limited — Share Issue/Capital Change 2022

Oct 31, 2022

Template Capital Change Notice

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Updated as at 17 October 2019

Section 1: Issuer information	Section 1: Issuer information	Section 1: Issuer information
Name of issuer			Bremworth Limited
NZX ticker code			BRW
Class of financial product			Fully paid up ordinary shares
ISIN (If unknown, check on NZX website)			NZCAVE0001S7
Currency			Not applicable
Section 2: Capital change details
Number issue~~d~~		~~/acquired/redeemed~~	890,328 fully paid up ordinary shares
Nominal value		(if any)	Not applicable
Issu~~e~~	~~/acquisition/redemption~~price per security		Nil
Nature of the payment (for example, cash or other consideration)			Not applicable
Amount paid up (if not in full)			Fully paid up
Percentage of total class of Financial Products issue~~d/acquired/redeemed/~~(calculated on the number of Financial Products of the Class, excluding any Treasury Stock, in existence)1			1.287% Calculation based on the total number of financial products of the class in existence immediately prior to the issue (excluding any shares that could be issued, at a later date, pursuant to the December 2020 Long Term Incentive Scheme or the September 2021 Bremworth Share Option Scheme)
For an issue of Convertible Financial Products or Options, the principal terms of Conversion (for example the Conversion price and Conversion date and the ranking of the Financial Product in relation to other Classes of Financial Product) or the Option (for example, the exercise price and exercise date)			The shares are issued to Bremworth Share Scheme Limited as trustee of the Bremworth Limited 2022 Long- Term Incentive Scheme (2022 LTI Scheme) which will hold these shares on behalf of the participants pursuant to the terms of the 2022 LTI Scheme until the vesting date. Vesting of these shares is dependent on Total Shareholder Return performance over the three- year period from 1 July 2022 to 30 June 2025. The Total

1 The percentage is to be calculated immediately before the issue, acquisition, redemption or Conversion.

				Shareholder Return is calculated by reference to the volume weighted average share price on the NZX for the last 20 trading days prior to 30 June 2025 as compared to the volume weighted average share price on the NZX for the last 20 trading days prior to 1 July 2022 of $0.4787.
	Reason	for issu~~e~~		Issue of shares pursuant to the Bremworth Limited 2022 Long- Term Incentive Scheme
	for issu~~e~~
	Total number of Financial Products of the Class after the issu~~e/acquisition/redemption/Conversion~~(excluding Treasury Stock) and the total number of Financial Products of the Class held as Treasury Stock after the issu~~e/acquisition/redemption.~~			70,069,426 fully paid up ordinary shares (excluding any shares that could be issued, at a later date, pursuant to the December 2020 Long Term Incentive Scheme or the September 2021 Bremworth Share Option Scheme and excluding Treasury Stock) Treasury Stock held - Nil
	held as Treasury Stock after the issu~~e~~
	In the case of an acquisition of shares, whether those shares are to be held as treasury stock			Not applicable
	Specific authority for the issue			Directors' resolution for the purposes of Listing Rule 4.6.1 (dated 25 October 2022)
	Terms or details of the issue, acquisition, or redemption (for example: restrictions, escrow arrangements)			The terms or details of the issue are contained in the Bremworth Limited 2022 Long- Term Incentive Scheme Rules
	Date of issue/acquisition/redemption2			31 October 2022
	Section 3: Authority for this announcement and contact person
	Name of person authorised to make this announcement			Victor Tan
	Contact person for this announcement			Victor Tan
	Contact phone number			+64 27 668 8963
	Contact email address			vtan@bremworth.co.nz
	Date of release through MAP			1 November 2022

2 Continuous issuers using this form in reliance on Rule 3.13.2, please indicate the period during which the relevant issue/acquisition/redemptions were made (for example, 1 January 2019 to 31 January 2019).