Capital change notice

Capital Change Notice

Updated as at February 2025

Please do not amend or delete individual rows. As this template relates to prescribed content, changes to content
should only be made where it is clearly indicated that this is permitted, otherwise, if an Issuer considers a particular
element does not apply, mark the row as N/A. Any other changes to this prescribed form must first be approved by
NZX as required under NZX Listing Rule 3.26.1.

Section 1: Issuer information
Name of issuer Bremworth Limited
NZX ticker code BRW
Class of financial product Fully paid up ordinary shares
ISIN (If unknown, check on NZX website) NZCAVE0001S7
Currency New Zealand dollars
Section 2: Capital change details
Number issued/acquired/redeemed 1,472,154 fully paid up ordinary shares
Nominal value (if any) Not applicable
Issue/acquisition/redemption price per security Nil
Nature of the payment (for example, cash or other
consideration)
Not applicable
Amount paid up (if not in full) Not applicable
Percentage of total class of Financial Products
issued/acquired/redeemed/ (calculated on the
number of Financial Products of the Class,
excluding any Treasury Stock, in existence)
1

2.0863%
For an issue of Convertible Financial Products or
Options, the principal terms of Conversion (for
example the Conversion price and Conversion date
and the ranking of the Financial Product in relation
to other Classes of Financial Product) or the Option
(for example, the exercise price and exercise date)
Not applicable



1
The percentage is to be calculated immediately before the issue, acquisition, redemption or Conversion.

Section 2: Capital change details
Reason for issue/acquisition/redemption and
specific authority for issue/acquisition/redemption/
(the reason for change must be identified here)
The reason for the acquisition is to
facilitate the buyback and cancellation of
1,472,154 ordinary shares previously
issued to Bremworth Share Scheme
Limited ("LTI Trustee") pursuant to the
Bremworth 2022 Long-Term Incentive
Scheme ("LTI Scheme") by Bremworth,
with the 1,472,154 shares allocated to
members of Bremworth's senior
management who had ceased
employment with the Company or whose
entitlements under the LTI Scheme had
lapsed (“Unallocated Scheme Shares”), as
set out in detail in the Disclosure
Document released to NZX on 2 October
2025.
The specific authority for this is a
Directors’ resolution (dated 1 October
2025) for the purposes of Listing Rule
4.14.2 and sections 60 and 61 of the
Companies Act 1993.
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.
69,089,365 fully paid up ordinary shares

Treasury Stock held – Nil
In the case of an acquisition of shares, whether
those shares are to be held as treasury stock
The shares acquired are cancelled and
not held as treasury stock
Specific authority for the issue, acquisition, or
redemption, including a reference to the rule
pursuant to which the issue, acquisition, or
redemption is made
Listing Rule 4.14.1(d)(ii) and 4.14.2, as
well as a Directors' resolution (dated 1
October 2025) for the purposes of
sections 60 and 61 of the Companies Act
1993
Terms or details of the issue, acquisition, or
redemption (for example: restrictions, escrow
arrangements)
No consideration was paid for the
acquisition of the Unallocated Scheme
Shares as the LTI Trustee had no
beneficial interest in the shares, which
were issued for nil consideration and held
for participants who had left employment
with the Company or whose entitlements
under the LTI Scheme had lapsed.
Date of issue/acquisition/redemption
2
21 November 2025


2
Continuous issuers using this form in reliance on Rule 3.13.2, please indicate the period during which the relevant
issue/acquisition/redemptions were made (for example, 1 January 2019 to 31 January 2019).

Capital Change Notice

Updated as at February 2025

Section 3: Disclosure required for Placements made under Rule 4.5.1
[Issuers may opt to release Section 3 information (if not already done so) in a separate announcement within five Business Days of
the issuance. Delete this Section 3 if capital change is not the result of a Placement under Rule 4.5.1]

Details of the approach in identifying investors who
were able to participate in the offer and how their
respective allocations in the offer were determined.

The explanation must set out the key objectives
and criteria the Issuer adopted in the allocation
process, whether one of those objectives was a
best effort to allocate on a pro rata basis to existing
holders of the Issuer’s Equity Securities, and any
significant exceptions or deviations from those
objectives and criteria.
Not applicable
Section 4: Authority for this announcement and contact person
Name of person

authorised to make this
announcement
Victor Tan
Contact person for this announcement Victor Tan
Contact phone number +64 27 668 8963
Contact email address vtan@bremworth.co.nz
Date of release through MAP

24 November 2025