MERCURY NZ LIMITED — Director's Dealing 2020

May 22, 2020

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Ongoing Disclosure Notice

Disclosure of Directors and Senior Managers Relevant Interests

Sections 297(2) and 298(2), Financial Markets Conduct Act 2013

To NZX Limited; and Name of listed issuer: Date this disclosure made: Date of last disclosure:

Mercury NZ Limited 22 May 2020 12 December 2019

Director or senior manager giving disclosure

Full name(s): Name of listed issuer: Name of related body corporate (if applicable): Position held in listed issuer:

Fraser Scott Whineray Mercury NZ Limited Not applicable Former Chief Executive

Summary of acquisition or disposal of relevant interest (excluding specified derivatives)

Class of affected quoted financial products:		Ordinary shares in MercuryNZ Limited(NZX: MCY)
Nature of the affected relevant interest(s):		Beneficial owner pursuantto Mercury's Long TermIncentive Plan under whichthe shares are held on trustby Mercury LTI Limited,subject to certainperformance interestsbeing met over the periodending 30 June 2021, uponwhich the shares will vest
For that relevant interest-
Number held in class before acquisition or disposal:		84,236
Number held in class after acquisition or disposal:		0
Current registered holder(s):		MercuryLTI Limited
Registered holder(s)once transfers are registered:		Not applicable

Summary of acquisition or disposal of specified derivatives relevant interest (if applicable)

Type of affected derivative:		Not applicable
Class of underlyingfinancial products:		Not applicable
Details of affected derivative-
The notional value of the derivative (if any) or the notional amount of underlying financialproducts(if any):		Not applicable
A statement as to whether the derivative is cash settled or physicallysettled:		Not applicable
Maturitydate of the derivative(if any):		Not applicable
Expirydate of the derivative(if any):		Not applicable
Theprice specified in the terms of the derivative(if any):		Not applicable
Any other details needed to understand how the amount of the consideration payableunder the derivative or the value of the derivative is affected by the value of the underlyingfinancial products:		Not applicable
_For that derivative,- _
Parties to the derivative:		Not applicable
If the director or senior manager is not a party to the derivative, the nature of the relevantinterest in the derivative:		Not applicable

Details of transactions giving rise to acquisition or disposal

Total number of transactions to which notice relates: Details of transactions requiring disclosure- Date of transaction: Nature of transaction: Name of any other party or parties to the transaction (if known): The consideration, expressed in New Zealand dollars, paid or received for the acquisition or disposal. If the consideration was not in cash and cannot be readily by converted into a cash value, describe the consideration: Number of financial products to which the transaction related: If the issuer has a financial products trading policy that prohibits directors or senior managers from trading during any period without written clearance (a closed period) include the following details— Whether relevant interests were acquired or disposed of during a closed period: Whether prior written clearance was provided to allow the acquisition or disposal to proceed during the closed period: Date of the prior written clearance (if any):

1 15 May 2020 84,236 shares held by Mercury LTI Limited on Fraser Scott Whineray's behalf have become forfeited shares and Mercury LTI Limited exercised its call option to require Fraser Scott Whineray to transfer to it all of his beneficial interest in the forfeited shares on 15 May 2020. Mercury LTI Limited $258,227.80, being the outstanding loan balance in respect of the forfeited shares which was transferred to Mercury LTI Limited. 84,236

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Not applicable Not applicable Not applicable

Summary of other relevant interests after acquisition or disposal:

Class of quoted financial products: Nature of relevant interest: For that relevant interest,- Number held in class: Current registered holder(s): Class of quoted financial products: Nature of relevant interest:

For that relevant interest,- Number held in class: Current registered holder(s): For a derivative relevant interest,- Type of derivative:

Ordinary shares in Mercury NZ Limited (NZX: MCY) Registered holder and beneficial owner 41,200 Fraser Scott Whineray Ordinary shares in Mercury NZ Limited (NZX: MCY) Beneficial owner pursuant to Mercury's Long Term Incentive Plan under which the shares are held on trust by Mercury LTI Limited, subject to certain performance targets being met over the period ending 30 June 2020, upon which the shares will vest. 74,461 Mercury LTI Limited Not applicable

Details of derivative,-

The notional value of the derivative (if any) or the notional amount of underlying financial products (if any): A statement as to whether the derivative is cash settled or physically settled: Maturity date of the derivative (if any): Expiry date of the derivative (if any): The price's specified terms (if any):

Any other details needed to understand how the amount of the consideration payable under the derivative or the value of the derivative is affected by the value of the underlying financial products: For that derivative relevant interest,- Parties to the derivative: If the director or senior manager is not a party to the derivative, the nature of the relevant

Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable

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Certification

I certify that, to the best of my knowledge and belief, the information contained in this disclosure is correct and that I am duly authorised to make this disclosure by all persons for whom it is made.

Signature of director or officer: Date of signature:

or

Signature of person authorised to sign on behalf of director or officer: Date of signature: Name and title of authorised person:

22 May 2020 Kendal Luskie, Legal Counsel