CDI named as respondent in judicial review proceeding

Level 13, 280 Centre, 280 Queen Street,
P. O. Box 3248, Auckland 1140, New Zealand
Ph (09) 353 5005 Fax (09) 309 3244 Email: admin@cdli.co,nz
S T O C K E X C H A N G E A N N O U N C E M E N T

Date 17 September 2021

Subject CDL INVESTMENTS NEW ZEALAND LIMITED AND CDL LAND NEW
ZEALAND LIMITED NAMED AS RESPONDENTS IN JUDICIAL REVIEW
PROCEEDINGS

Residential property developer CDL Investments New Zealand Limited (NZX: CDI) and its wholly
owned subsidiary CDL Land New Zealand Limited (“CDLL”) have both been named as Respondents in
a High Court judicial review proceeding which has been brought by the Applicant, Winton Property
Investments Limited, and which has been served on both CDI and CDLL by Winton’s solicitors.

The judicial review action has been taken by the Applicant in relation to a recent decision relating to
CDLL’s acquisition of land in Havelock North which was advised to the market on 21 July and which
has settled. The Applicant is seeking, inter alia, an order setting aside the decision of the Overseas
Investment Office in respect of that approval and / or a declaration that Ministers erred at law in making
their decision to grant consent.

CDI and CDL Land are taking legal advice and will vigorously defend its position insofar as it relates to
the judicial review and the orders sought by the Applicant. As the matter is now before the High Court,
neither CDI nor CDLL will be making any further comment at this stage.

-ENDS-

Issued by CDL Investments New Zealand Limited