Initial disclosure notice – Senior manager

Initial Disclosure Notice Disclosure of Directors and Senior Managers Relevant Interests Sections 297(1) and 298(1), Financial Markets Conduct Act 2013 To NZX Limited; and Cavalier Corporation Limited Name of listed issuer: Cavalier Corporation Ltd Date this disclosure made: 18 December 2017 Date on which issuer listed or appointment made: 11 December 2017 Director or senior manager giving disclosure Full name: Victor Thien Soo Tan Name of listed issuer: Cavalier Corporation Ltd Name of related body corporate (if applicable): Not applicable Position held in listed issuer: Chief Financial Officer and Company Secretary Summary of relevant interest (excluding specified derivatives) Class of quoted financial product: Ordinary shares Nature of relevant interest: Registered holder of ordinary shares. Victor Tan is a trustee and discretionary beneficiary of the JVT Family Trust. Number held in class: 167,479 Current registered holder: Victor Thien Soo Tan, Jacintha Tan and Wayne Keung Chung (JVT Family Account) Summary of relevant interest (excluding specified derivatives) Class of quoted financial product: Ordinary shares Nature of relevant interest: Registered holder of ordinary shares. Victor Tan is a trustee of the CWC Family Trust. Number held in class: 82,082 Current registered holder: Wayne Keung Chung, Colleen Linda Chung and Victor Thien Soo Tan (CWC Family Account) Summary of specified derivatives relevant interest (if applicable) Type of derivative: Not applicable Class of underlying financial products: Not applicable Details of derivative Not applicable The notional value of the derivative (if any) or the notional amount of underlying products (if any): Not applicable A statement as to whether the derivative is cash settled or physically settled: Not applicable Maturity date of the derivative (if any): Not applicable Expiry date of the derivative (if any): Not applicable The price specified in the terms of the derivative(if any): Not applicable 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: 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 relevant interest in the derivative: Not applicable 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: 18 December 2017 or Signature of person authorised to sign on behalf of director or officer: Date of signature: Name and title of authorised person: Notes Use this form to disclose the relevant interests that a director or senior manager of a listed issuer has in quoted financial products of the listed issuer or a related body corporate or a specified derivative. The disclosure must be made within 5 trading days of-- (a) the listing of the public issuer; or (b) the person's appointment as a director or senior manager. End CA:00312113 For:CAV Type:ADMIN Time:2017-12-18 15:34:29