CDI: Market Update (25 March 2020)

CDL INVESTMENTS NEW ZEALAND LIMITED
MARKET UPDATE – 25 MARCH 2020


Further to its Market Update of 18 March, in response to the New Zealand
Government announcement that the COIVD-19 Alert Level being raised to Alert Level
4 on 25 March 2020, CDL Investments New Zealand Limited (NZX:CDI) advises:


--CDI remains confident that all of the unconditional agreements for sale of land it
currently holds will settle during the course of this year although delays in regulatory
site inspections and issuance of titles are expected given the imminent lock down of
non-essential services;


--The company has sufficient financial resources to maintain its business;


--Sales activity is not affected by the lock down and is able to continue with land
agents and other personnel working remotely. Details of available sections can be
found on the company’s website
https://cdlinvestments.co.nz/subdivisions/;


--It has advised all of its contractors to stop development works immediately and
secure all sites during this four week lock down. This will be completed by this
evening;


--CDI’s corporate staff are now working from home and its corporate office will close
later today;


Further updates will be provided in accordance with the Listing Rules and once normal
business operations resume.


About CDL Investments New Zealand Limited:

CDL Investments New Zealand Limited (NZX:CDI) has a proud track record of acquiring and developing
residential sections in New Zealand for over two decades. With a focus on creating and developing a range
of high-quality residential sections to New Zealanders, CDI has successfully completed numerous
subdivision projects in Auckland, Hamilton, Tauranga, Hastings, Havelock North, Taupo, Nelson,
Christchurch, Rolleston (Canterbury) and Queenstown. CDI is a majority-owned subsidiary of NZX-listed
Millennium & Copthorne Hotels New Zealand Limited.

ENDS