Independent adviser’s certificate

15 June 2018 Independent adviser's certificate John Chow and Michael Chow as trustees of the John Chow Investment Trust and the Michael Chow Investment Trust ('we' or 'us') are the dominant owners of Chow Group Limited ('CGL') for the purposes of the Takeovers Code. On 7 June 2018 we sent CGL shareholders an acquisition notice (including an instrument of transfer form) advising them that we are exercising our right to compulsorily acquire all the outstanding shares in CGL at $0.60 per ordinary share (being a price certified to be 'fair and reasonable' by Simmons Corporate Finance Limited as the independent adviser). Page 1 of the acquisition notice stated: 'Simmons Corporate Finance Limited's certificate is enclosed with this acquisition notice. Its full report is available free of charge within one day of making a request to us.' The 'certificate' was not enclosed with the acquisition notice, although the Takeovers Code does not require that the certificate be enclosed with the acquisition notice. As required by the Takeovers Code, we will provide a copy of the certificate free of charge to any CGL shareholder that requests it within one day of the relevant shareholder making a request to us. Requests can be made to us care of Link Market Services Limited using any of the address details contained in the acquisition notice. A copy of the independent adviser's certificate is also attached with this announcement for ease of reference. Copies of our previous announcement attaching a copy of the acquisition notice (including the instrument of transfer form) and the independent adviser's certificate can be found at the following link https://www.nzx.com/announcements/319060 We trust that the above clarification will be of assistance to shareholders. John Chow and Michael Chow End CA:00319456 For:CGL Type:TRANSACT Time:2018-06-15 16:59:11