Agreement with IRD and Update on Restructure

7 March 2017 BY E-MAIL: announce@nzx.com NZX Limited Wellington Agreement with Inland Revenue Department and Update on the Capital and Operational Restructure of NZF GST Issue The Company has previously advised that: - the Inland Revenue Department was reviewing the Company's GST returns for the period 1 April 2013 onwards in relation to the Company's ability to claim GST on expenses incurred; and - it was likely that the Company would have to repay previously claimed GST. Agreement has now been reached with IRD to repay the IRD an amount of $187,027 in aggregate. The sum is to be paid by twenty-four monthly instalments of $7,793. The first instalment is due and payable on 20 March 2017. Capital and Operational Restructure Further to our announcement on 15 November 2016 advising that NZF had entered into a conditional Implementation Deed with Blackwell Global Group Limited ("Blackwell"), the Company advises that: - the drafting of the Notice of Meeting, the Explanatory Memorandum and the Independent Advisers Report and Appraisal Report are well advanced; - it is hoped to have the aforementioned documentation forwarded to the NZX and to the Takeovers Panel for their review during the course of the next week; - it is anticipated that a special meeting of shareholders will be called to approve the capital and operational restructure during the course of April or May. For any inquiries please contact: Sean Joyce Chairman of NZF Email: sean@corporate-counsel.co.nz Mobile: 021 865 704 End CA:00297915 For:NZF Type:GENERAL Time:2017-03-07 08:50:21