Capital Change Notice - Conversion of Options to Shares

Capital Change Notice
Updated as at June 2023


This notice is given under NZX Listing Rule 3.13.1 and relates to the issue of shares under which
fully paid ordinary shares in Trade Window Holdings Limited are issued.

Section 1: Issuer information
Name of issuer Trade Window Holdings Limited
NZX ticker code TWL
Class of financial product
Ordinary Shares in Trade Window
Holdings Limited
ISIN (If unknown, check on NZX website)
NZTWLE0004S0
Currency NZD
Section 2: Capital change details
Number issued/acquired/redeemed
243,783 Ordinary Shares in TWL
Nominal value (if any) N/A
Issue/acquisition/redemption price per security $0
Nature of the payment (for example, cash or other
consideration)
N/A
Amount paid up (if not in full) N/A
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

TradeWindow has a total of 163,361,489
ordinary shares on issue and a total of
776,999 share options on issue.
The issuance of the shares represents
0.15% of the 164,138,488 Financial
Products (being the total number of
ordinary shares should all share options
be exercised).
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)
Issue of 243,783 ordinary shares in TWL
pursuant to the exercise of 243,783
vested options issued to Kerry Michale
Friend as part of a cost-cutting proposal
that was approved by the Board of
Directors on 15 March 2023 with a nil
exercise price.
Reason for issue/acquisition/redemption and specific
authority for issue/acquisition/redemption/ (the
reason for change must be identified here)
Exercise of 243,783 vested options
issued to Kerry Michael Friend
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.
Total ordinary shares on issue are
163,605,272

Total share options issued are 533,216
In the case of an acquisition of shares, whether those
shares are to be held as treasury stock
N/A





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

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 Director’s Resolution
dated 15 March 2023
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
14 August 2026
Section 3: Authority for this announcement and contact person
Name of person authorised to make this
announcement
Dewald van Rensburg
Chief Executive Officer
Contact person for this announcement Dewald van Rensburg
Contact phone number +6421 02501490
Contact email address dewald@tradewindow.io
Date of release through MAP 19 August 2026








































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).