26 Nov

Change in substantial holding

To Company Name/ Scheme KAROON ENERGY LTD ACN/ ARSN 107 001 338 1. Details of substantial holder (1) Name L1 Capital Pty Ltd ACN/ ARSN (if applicable) 21 125 378 145 There was a change in the interests of the substantial holder on The previous notice was given to the company on The previous notice was dated 2. Previous and present voting power - *Based on issued capital of 554,436,025 shares 3. Changes in relevant interests 4. Present relevant interests Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows: See Schedule 1 Date of change Class and number of securities affected Registered Holder of securities Person entitled to be registered as holder (8) Nature of relevant interest Class and number of securities 24/11/2021 Holder of relevant interest Form 604 Corporations Act 2001 Section 671B Notice of change of interests of substantial holder L1 Capital Pty Ltd 6,288,532 6,288,532 Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows: Person's votes affected Person whose relevant interest changed Nature of change (6) Consideration given in relation to change (7) Person's votes 6,288,532 Voting power (5) FPO Class of securities (4) 24/11/2021 26/10/2021 26/10/2021 The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows: Person's votes (5) Number of securities 5.68% Person's votes Voting power (5) Person's votes 37,781,286 6.81% 31,492,754 5. Changes in association 6. Addresses The addresses of persons named in this form are as follows: Signature Print name Capacity Sign here Date DIRECTIONS (1) (2) See the definition of "associate" in section 9 of the Corporations Act 2001. (3) See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001. (4) The voting shares of a company constitute one class unless divided into separate classes. (5) The person's votes divided by the total votes in the body corporate or scheme multiplied by 100. (6) Include details of: (a) (b) See the definition of "relevant agreement" in section 9 of the Corporations Act 2001. (7) (8) If the substantial holder is unable to determine the identity of the person (eg. if the relevant interest arises because of an option) write "unknown". (9) Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice. Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired. If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 6 of the form. any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies). The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to voting interests in the company or scheme are as follows: Nature of association Name L1 Capital Pty Ltd Address Name and ACN/ ARSN (if applicable) N/A Level 28, 101 Collins Street, Melbourne, VIC, 3000 any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) applies, a copy of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and 26/11/2021 Jane Stewart Head of Compliance Schedule 1 - L1 Capital Pty Ltd becoming a substantial holder in KAROON ENERGY LTD Details of relevant interests Holder of relevant interest Nature of relevant interest Class and number of securities L1 Capital Pty Ltd Fully paid ordinary shares 31,492,754 Details of present registered holders Holder of relevant interest Registered holder of securities 31,492,754 FPO 31,492,754 L1 Capital Pty Ltd Power to (or to control) exercise vote and/or dispose of the securities as discretionary investment managers or advisers of superannuation funds, pooled superannuation trusts, managed investment schemes and investment management agreements. Persons entitled to be a registered holder Class and number of securities Credit Suisse Credit Suisse
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