Financial Markets Conduct (Ohakune Snowflake Lodge Limited) Exemption Notice 2026

This exemption is granted by the Financial Markets Authority under section 556 of the Financial Markets Conduct Act 2013 after being satisfied of the matters set out in section 557 of that Act.

Contents

1. Title
2. Commencement
3. Revocation
4. Application
5. Interpretation
6. Exemption
7. Condition of exemption

Notice

1 Title

This notice is the Financial Markets Conduct (Ohakune Snowflake Lodge Limited) Exemption Notice 2026.

2 Commencement

This notice comes into force on 20 July 2026.

3 Revocation

This notice is revoked on the close of 1 May 2031.

4 Application

1. The exemption granted by this notice applies to the following accounting periods of the exempt issuer:
   1. the accounting period ending 31 December 2026; and
   2. subsequent accounting periods, up to and including the accounting period ending 31 December 2030

5 Interpretation

1. In this notice, unless the context otherwise requires, —

Act means the Financial Markets Conduct Act 2013

exempt issuer means Ohakune Snowflake Lodge Limited

specified equity securities means shares issued by the exempt issuer in accordance with its constitution for the principal purpose of providing shareholders with occupation rights to Ski Life Lodge.

Regulations means the Financial Markets Conduct Regulations 2014.

2. Any term or expression that is defined in the Act or the Regulations and used, but not defined, in this notice has the same meaning given to it by the Act or the Regulations.

6 Exemption

The exempt issuer is exempted from Part 7 of the Act with respect to a particular accounting period if—

1. 1. the exempt issuer is an FMC reporting entity only by virtue of specified equity securities issued by the exempt issuer being regulated products; and
   2. the total revenue of the exempt issuer and its subsidiaries (if any) for that accounting period (as determined in accordance with GAAP) does not exceed $2 million.

7 Condition of exemption

The exemption in clause 6 is subject to the condition that the exempt issuer must ensure that a statement in the following form is included, in a prominent position, at the front of every document provided to any shareholder that contains the exempt issuer’s financial statements or summary financial statements for that accounting period:

“You hold shares in Ohakune Snowflake Lodge Limited (OSLL). The usual financial reporting and audit requirements under the Financial Markets Conduct Act 2013 do not apply to OSLL for [relevant accounting period] because there is an individual exemption in place for OSLL.

As a result, these shares may be subject to the financial reporting and audit requirements of the Companies Act 1993 and the information provided in this document may not contain all the financial information usually required to be provided to shareholders for [relevant accounting period].

If you would like any further information, please contact [contact details].” 

Statement of Reasons

This notice comes into force on 20 July 2026 and is revoked on the close of 1 May 2031. This notice exempts Ohakune Snowflake Lodge Limited (the exempt issuer), a company whose principal purpose is to provide its shareholders with an occupancy right to Ski Life Lodge, from the financial reporting and auditing requirements under Part 7 of the Financial Markets Conduct Act 2013 (the Act).

The exemption contained in this notice applies with respect to a particular accounting period, if:

• the revenue of the exempt issuer and any subsidiaries is $2 million or less for that accounting period, and
• the exempt issuer is an FMC reporting entity only by virtue of its specified equity securities being regulated products. Specified equity securities are shares issued by the exempt issuer in accordance with its constitution for the principal purpose of providing shareholders with occupation rights to sites at Ski Life Lodge.

The effect of the notice is that the exempt issuer will not be required to comply with financial reporting obligations under Part 7 of the Act (although financial reporting obligations may apply under other laws such as the Companies Act 1993).

The Financial Markets Authority (the FMA), after satisfying itself as to the matters set out in section 557 of the Act, considers it appropriate to grant this exemption because—

• there is no expectation of financial return from ownership of the specified equity securities. The exempt issuer’s principal purpose in issuing specified equity securities is to provide holders with occupancy rights to Ski Life Lodge, which are not in the nature of typical equity returns and are irrespective of any profits made by the exempt issuer. The exemption therefore removes unnecessary compliance burdens by preventing the regulation by financial markets law of an activity that is not a financial product investment or financial markets activity:
• where the exempt issuer’s revenue (plus the revenue of any subsidiaries) for a particular accounting period is $2 million or less, the financial risk to shareholders is low, and the costs of complying with Part 7 of the Act would be disproportionately high and would outweigh any benefit to shareholders in specified equity securities:
• the exempt issuer will remain subject to the financial reporting and auditing requirements of the Companies Act 1993, which may require it to prepare financial statements in accordance with generally accepted accounting principles and have those statements audited unless shareholders agree otherwise.

For these reasons, the FMA is satisfied that the exemption is necessary or desirable in order to promote the purposes of the Act, specifically to avoid unnecessary compliance costs while continuing to ensure the provision of timely, accurate, and understandable financial information to assist decision making by shareholders.

Given the exemption is limited to financial reporting periods where the revenue of the exempt issuer (and any subsidiaries) is $2 million or less, the FMA is satisfied that the exemption is not broader than is reasonably necessary to address the matters that give rise to it.

Dated at Wellington this 16 July 2026.

John Horner

Director of Markets, Investors and Reporting

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