Mercantile Investment Company Ltd Suspension of Securities

Memorandum To: Market Participants From: NZX Product Operations Date: Tuesday, 17 September 2019 Subject: Mercantile Investment Company Limited ("MVT") - Suspension of Securities Message: NZX Regulation ("NZXR") advises that further to the announcements released by Mercantile Investment Company Limited ("MVT"), including: o Thursday, 12 September 2019 - SNC: Compulsory Acquisition of Mercantile Shares o Friday, 13 September 2019 - MVT applies for end of quotation & change listing category; and o Tuesday, 17 September 2019 - MVT applies for delisting from the New Zealand Exchange MVT ordinary shares will be suspended from trading on NZX. The suspension will take place on Thursday, 19 September 2019. The suspension will occur as a result of an off-market takeover bid by Sandon Capital Investments Limited (SNC). SNC has commenced the compulsory acquisition process for the remaining Shares it does not hold in MVT. Further information around the delisting of MVT will be provided in due course. Please contact NZX Product Operations on +64 4 496 2853 or productoperations@nzx.com with any queries. ENDS End CA:00341087 For:MVT Type:MEMO Time:2019-09-17 17:27:16