Rubicon notes Tenon Granted Final High Court Orders

7 April 2017 - Rubicon Limited's 59.78% subsidiary Tenon Limited filed the attached News Release regarding receiving Final High Court Orders relating to its Capital Return. [ release follows ] Tenon Granted Final High Court Orders Relating to Capital Return Released 7 April 2017 Tenon announced that the High Court had granted final orders sanctioning the Capital Return (which was approved by shareholders at the Company's Special Shareholders' Meeting held on 20 March 2017) of US$2.654 for every share to be cancelled (US$1.327 per existing share). The Record Date for shareholders' entitlement to the Capital Return is 26 April, and the Capital Return will be paid on or about 28 April, upon the closing of the sale of the Company's Clearwood business. Tenon will announce on 18 April the weighted average exchange rate used for the conversion of US$ into NZ$ for those shareholders who are to receive their Capital Return in NZ$. Tenon also announced that all of the conditions of the sale of the Company's Clearwood business and related assets to the Tenon Clearwood Limited Partnership (which was also approved by shareholders at the Special Shareholders' Meeting) have been satisfied, other than the no Material Adverse Change condition which must be satisfied on the closing of the sale. End End CA:00299606 For:RBC Type:GENERAL Time:2017-04-07 13:54:41