Rubicon Closes TCLP Sale

To: NZX From: Pam Wardenburg
Telephone: 64-9-356 9800


Further information on Rubicon Limited can be viewed at the Rubicon web site, at http://www.rubicon-nz.com.





31 January, 2018 – Rubicon announced today that the sale of its interest in the Tenon Clearwood
Limited Partnership (“TCLP”) has been completed, and that it no longer holds an ownership interest in
TCLP. Rubicon will, however, continue in its role as the General Partner of the TCLP.

Rubicon also announced that following the TCLP transaction it had repaid all its subordinated note
debt, inclusive of all outstanding interest. The Company said that following the completion of the TCLP
transaction, the repayment of the subordinated notes, and the payment of US$5 million to
International Paper and WestRock on 1 January 2018 (being the first deferred payment in respect of
Rubicon’s acquisition of ArborGen), Rubicon Limited had cash at bank of US$15 million and no
outstanding bank debt. Rubicon noted that it is required to make its final ArborGen acquisition
payment of US$10 million on 1 July 2018.

By way of additional information, the Company said that Rubicon’s 100% owned subsidiary, ArborGen
Inc, currently has net bank debt of US$18 million (inclusive of a working capital facility drawn to US$11
million – i.e. around the peak of its annual cyclical draw-down), plus a US$12 million capitalised finance
lease in respect of its science block and headquarters in South Carolina, US.

Separately, the Company noted that following completion of the TCLP transaction, Bill Hasler and
George Karaplis, each long-serving directors of the Company, had formally retired. This was in line with
an earlier intention that Bill and George had announced. Steve Kasnet, Rubicon’s Chairman, said “We
owe Bill and George a huge debt of gratitude, for their outstanding service to the Company over an
extended period. We wish them well for the future.”

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Rubicon Closes TCLP Sale