Tilt Renewables Allotment of Securities

18 September 2020 NOTIFICATION OF ALLOTMENT OF SECURITIES For the purpose of Listing Rule 3.13 of the NZX Listing Rules, Tilt Renewables Limited ("Tilt Renewables") advises that the following securities have been issued pursuant to the Tilt Renewables Group ("Group") Performance Rights Plan ("Plan"): (a) Class of Security: Performance rights representing options to acquire ordinary shares in Tilt Renewables ("Performance Rights"). ISIN not applicable as the Performance Rights are not quoted. (b) Number issued: 612,620 Performance Rights. (c) Issue price: N/A (d) Payment in cash: N/A (e) Amount paid up (if not in full): N/A (f) Principal terms of the Securities Performance Rights are rights granted to senior executives participating in the Plan ("Participants") which give the Participants options to be transferred or issued ordinary shares in Tilt Renewables as determined in accordance with, and subject to, the terms and conditions of the Plan and the offer letter. Performance Rights carry no voting rights or entitlements to dividends. Any Performance Rights which do not vest will lapse. (g) Percentage of the total class of securities issued: 42.2% of Performance Rights after this issue. (h) Reason for issue: The purpose of the Plan is to provide a mechanism for achieving the Group's overarching remuneration objectives of aligning the interests of senior staff and shareholders by encouraging a strong focus on performance and delivery of outstanding shareholder returns. (i) Specific authority for issue: Board approval 17 September 2020 (j) Terms or details of issue: Each Performance Right gives the Participant the option to have one fully paid share in Tilt Renewables transferred or issued to the Participant, subject to: o the Participant remaining employed by Tilt Renewables or a subsidiary of Tilt Renewables for a certain period ending on or around 24 June 2023 ("Vesting Period"); o the satisfaction of any applicable performance conditions during the Vesting Period; and o the terms and conditions of the Plan. Upon the vesting and exercise of Performance Rights by a Participant, Tilt Renewables will issue or transfer to the Participant one fully paid ordinary share in Tilt Renewables in respect of each vested Performance Right, subject to any adjustments made pursuant to the Plan. Such shares will rank equally with existing ordinary shares in respect of rights, privileges and conditions. (k) Total number of securities of the class in existence after the issue: 1,457,620 (l) Shares to be held as treasury stock: N/A (m) Date of issue: 18 September 2020 Deion Campbell Chief Executive Phone: +64 21 307034 ENDS End CA:00360022 For:TLT Type:SECISSUE Time:2020-09-18 11:40:18