NZRegCo Findings

18 November 2022 Market Announcement NZX:NZA NZAI welcomes NZ RegCo acknowledgement that breach was unintentional NZX:NZA New Zealand based integrated automotive group NZ Automotive Investments Limited (NZAI / the Company) (NZX:NZA) is pleased that NZ RegCo's report into a breach of NZX Listing Rule 2.7.1 found it was unintentional. The report notes: "NZ RegCo acknowledges that NZA relied on legal advice in taking the view that [co-opted director] Ms Sharif was not required to seek re-election at the ASM. NZ RegCo notes that NZA fully cooperated with NZ RegCo's investigation, and there is no evidence that NZA sought to intentionally circumvent the requirements of Rule 2.7.1." NZAI Chair, Michael Stiassny said the company was pleased with the outcome of the investigation and was moving on. "It was an unintentional error that has had no negative impact on shareholders. An announcement regarding the appointment of a new CEO is expected within weeks. And, as previously advised, Samantha Sharif's term on the Board will conclude once Gordon Shaw's role as interim CEO ends and consequently his status as an independent director is restored," he said. Ends This announcement has been authorised by Board Chairperson, Michael Stiassny. For further information please contact: Gordon Shaw Director / Interim CEO NZ Automotive Investments Limited Email gordon.s@nzautomotiveinvestments.co.nz Mobile 021 199 0331 End CA:00402644 For:NZA Type:GENERAL Time:2022-11-18 09:55:05