NZX Waivers

This section includes current waivers granted by the NZX.

1. Waivers from NZSX Listing Rules 7.3.2(b) and 7.6.6A(b)

On 5 February 2007, the NZX Regulation granted waivers from Listing Rules 7.3.2(b) and 7.6.6A(b) to the extent necessary to allow The Warehouse Group Limited to issue conditional rights to executive employees and provide financial assistance to The Warehouse Management Trustee Company No.2 Limited (Trustee) by way of advances under the existing loan agreement between the Company and the Trustee dated 26 September 2005 (Loan Agreement), in amounts sufficient for the Trustee to purchase ordinary shares of the company in connection with the issue of conditional rights under The Warehouse Group Limited Executive Share Scheme (Scheme) in the 2006/2007, 2007/2008, 2008/2009 and 2009/2010 financial years of the company.

2. Waiver from NZSX Listing Rule 7.6.4(a)

On 2 October 2009, the NZX Regulation granted waiver from Listing Rule 7.6.4(a) to enable The Warehouse Group Limited to provide financial assistance to The Warehouse Management Trustee Company No.2 Limited as Trustee of The Warehouse Group Limited Executive Share Scheme (Scheme) on an ongoing basis in respect of the Scheme.