Referral of cash consideration to an expert determination

20 June 2018 Referral of $0.60 per share cash consideration to an expert determination 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 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). The acquisition notice states that CGL shareholders have the right to object to the cash consideration of $0.60 per share. We have received objections from shareholders who hold 1.15630% of the ordinary shares in CGL. As a result, we are required by the Takeovers Code to immediately refer the cash consideration of $0.60 per share to expert determination. The expert will be an independent person appointed by the Takeovers Panel. No appointment has yet been made. The expert must determine the consideration for the CGL shares within 28 days of their appointment and it must be a cash sum equal to the fair and reasonable value of the ordinary shares of CGL. As previously advised, we will pay the purchase price of $0.60 per CGL share to shareholders on 29 June 2018. This will still occur, although it is likely that the expert determination will not be known by that date. Accordingly, once the expert determines the consideration: a. if it is more than $0.60 per share, we will immediately pay the balance to shareholders; and b. if it is less than $0.60 per share, we may recover the excess from shareholders. 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 John Chow and Michael Chow End CA:00319725 For:CGL Type:TRANSACT Time:2018-06-21 10:10:44