Grant of Performance Share Rights

Capital Change Notice

Updated as at February 2025


Section 1: Issuer information
Name of issuer New Zealand King Salmon Investments
Limited (NZKS)
NZX ticker code NZK
Class of financial product Unquoted Performance Share Rights
(PSRs), convertible to NZKS ordinary
shares pursuant to the FY26 Grant made
under NZKS’ Performance Share Rights
Plan (Plan).
ISIN (If unknown, check on NZX website) N/A
Currency NZD
Section 2: Capital change details
Number issued/acquired/redeemed 2,176,433
Nominal value (if any) N/A
Issue/acquisition/redemption price per security Nil cash consideration
Nature of the payment (for example, cash or other
consideration)
PSRs are issued for nil cash
consideration.
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

The PSRs for the FY26 Grant comprise
30.80% of the financial products of that
class.
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)
The PSRs issued under the FY26 Grant
comprise a single tranche. Provided the
performance hurdle (see below) has been
achieved on the vesting date, (being the
date that is 21 trading days following the
release of NZKS’ financial results for the
period ended 30 September 2028 to NZX
and ASX), the PSRs will become eligible
for exercise by the participants. On
becoming exercisable, each PSR entitles
the holder to one fully paid ordinary NZKS
share, subject to adjustment in
accordance with the Plan rules, ranking
equally with all other NZKS ordinary
shares. The PSRs have a set exercise
price of $0.

Performance Hurdles
PSRs will become eligible for exercise
where NZKS’ total shareholder return

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

(TSR) from the commencement date to
the vesting date is a positive amount and
greater than the 50th percentile of the
NZX50 (excluding NZKS and banking
groups) comparator group set for each
Grant (NZX50 Comparator Group). The
percentage of PSRs that become eligible
for exercise will increase on a straight-line
basis from 50% where NZKS’ TSR is a
positive amount and is equal to the 50th
percentile of the NZX50 Comparator
Group to 100% where NZKS’ TSR is a
positive amount and is equal to or greater
than the 75th percentile of the NZX50
Comparator Group.

Lapse
PSRs will lapse where the performance
hurdle is not met on the vesting date or,
where the participant ceases to be
employed by NZKS before the vesting
date (except in certain circumstances).
Reason for issue/acquisition/redemption and
specific authority for issue/acquisition/redemption/
(the reason for change must be identified here)
Issue of 2,176,433 PSRs for the FY26
Grants under the Plan. Board resolution
dated 16 July 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.
7,066,112 PSRs
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 16 July 2025. NZX
Listing Rule 4.6.1
Terms or details of the issue, acquisition, or
redemption (for example: restrictions, escrow
arrangements)
See above. PSRs are not transferrable
(other than in exceptional circumstances)
and do not entitle the holder to receive
dividends or other distributions or vote in
respect of NZKS ordinary shares. Any
ordinary shares issued on the valid
exercise of PSRs will rank equally with
existing ordinary shares.
Date of issue/acquisition/redemption
2
18 July 2025
Section 4: Authority for this announcement and contact person
Name of person

authorised to make this
announcement
Ben Rodgers

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
Contact person for this announcement Ben Rodgers
Contact phone number +64 (03) 548-5714
Contact email address Ben.rodgers@kingsalmon.co.nz
Date of release through MAP

18 July 2025