Capital Change Notice

Template
Capital Change Notice

Updated as at 17 October 2019



Section 1: Issuer information
Name of issuer Turners Automotive Group Limited
NZX ticker code TRA
Class of financial product Unlisted options convertible to fully
paid ordinary shares in the Turners
Automotive Group Limited
ISIN (If unknown, check on NZX website) NZVNLE0001S1
Currency NZD
Section 2: Capital change details
Number issued 1,390,000
Nominal value (if any) n/a
Issue/acquisition/redemption price per security Nil on issue
Nature of the payment (for example, cash or other consideration) Consideration for services provided
to the company and its subsidiaries
by certain key employees
Amount paid up (if not in full) n/a
Percentage of total class of Financial Products issued 46.88%
For an issue of Convertible Financial Products or Options, the
principal terms of Conversion
Upon vesting each option can be
converted into one ordinary share.

There are four trances of 347,500
options which vest on 1 December
2022, 2023, 2024 and 2025.

The expiry dates for each tranche
are 30 November 2024, 2025, 2026
and 2027.

Options are exercisable by notice
in writing with payment of the
exercise price of $4.20 per option.
Any unexercised options in each
tranche expire if not exercised by
the relevant expiry date.

The options are not transferable
without TRA’s approval.
Reason for issue/acquisition/redemption and specific authority for
issue/acquisition/redemption/ (the reason for change must be
identified here)
Issue of options under the Turners
Automotive Group Limited Option
Plan.
Total number of Financial Products of the Class after the
issue/acquisition/redemption/Conversion (excluding Treasury
Stock) and the total number of Financial Products of the Class held
as Treasury Stock after the issue/acquisition/redemption.
2,965,000
In the case of an acquisition of shares, whether those shares are to
be held as treasury stock
n/a

Specific authority for the issue, acquisition, or redemption, including
a reference to the rule pursuant to which the issue, acquisition, or
redemption is made
Board resolution dated 30
November 2021 and NZX Listing
Rule 4.6.1.
Terms or details of the issue, acquisition, or redemption (for
example: restrictions, escrow arrangements)
Options convertible to ordinary
shares upon exercise.
Date of issue 10/12/2021
Section 3: Authority for this announcement and contact person
Name of person

authorised to make this announcement Barbara Badish
Contact person for this announcement Todd Hunter
Contact phone number 021 722 818
Contact email address Todd.Hunter@turners.co.nz
Date of release through MAP

17/12/2021