Capital Change Notice - Issue of Shares

Template
Capital Change Notice

Updated as at February 2025


Section 1: Issuer information
Name of issuer Trade Window Holdings Limited
NZX ticker code TWL
Class of financial product Ordinary shares
ISIN (If unknown, check on NZX website) NZTWLE0004S0
Currency NZD
Section 2: Capital change details
Number issued/acquired/redeemed Issue of 22,859,091 ordinary shares
Nominal value (if any) N/A
Issue/acquisition/redemption price per security NZ$0.25
Nature of the payment (for example, cash or other
consideration)
Cash
Amount paid up (if not in full) Fully paid
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

The issuance of the Placement shares
represents 16.37% of the 139,618,909
ordinary shares on issue immediately prior
to the issue of Placement shares.
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)
N/A
Reason for issue/acquisition/redemption and
specific authority for issue/acquisition/redemption/
(the reason for change must be identified here)
Allotment of a total of 22,859,091 ordinary
shares under a Placement conducted by
Trade Window Holdings Limited and
announced on 21 November 2025.
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.
TWL has a total of 162,478,000 ordinary
shares on issue after the issue.
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
Authorised by a resolution of the Board
dated 21 November 2025 and approval of
shareholders of TWL on 10 December
2025 under NZX Listing Rule 4.2.1.

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

Terms or details of the issue, acquisition, or
redemption (for example: restrictions, escrow
arrangements)
The new shares will rank equally with all
other fully paid ordinary shares on issue.
Date of issue/acquisition/redemption
2
16/12/2025
Section 4: Authority for this announcement and contact person
Name of person

authorised to make this
announcement
Andrew Balgarnie Chief Strategy Officer

Contact person for this announcement Andrew Balgarnie
Contact phone number +6427 559 4133
Contact email address andrew@tradewindow.io
Date of release through MAP

16/12/2025




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).