CARMA LIMITED — Director's Dealing 2025

Dec 18, 2025

Appendix 3Y Change of Director’s Interest Notice

Rule 3.19A.2

Appendix 3Y

Change of Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/09/01 Amended 01/01/11

Name of entity Carma Limited

ABN 20648091418

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	Lachlan MacGregor
Date of last notice	5 November 2025

Part 1 - Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

Direct or indirect interest	Indirect
Nature of indirect interest(including registered holder)Note: Provide details of the circumstances giving rise to the relevantinterest.	Invierta Pty Limited (as trustee for theCliffbrook Trust)
Date of change	12, 15 and 16 December 2025
No. of securities held prior to change	Direct Interest:844,783 rights under the Carma Limitedrights planIndirect Interest:22,000,001ordinary shares
Class	Ordinary Shares
Number acquired	10,329
Number disposed	Nil
Value/ConsiderationNote: If consideration is non-cash, provide details and estimatedvaluation	$18,560.95 (average $1.797 per share)

• See chapter 19 for defined terms.

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Appendix 3Y Change of Director’s Interest Notice

No. of securities held after change
	o. of securities held after change	Direct Interest	:
		844,783 rights	under the Carma Limited
		rights plan
		Indirect Intere	st:
		22,010,330 ordin	ary shares
Nature of changeExample: on-market trade, off-market trade, exercise of options,issue of securities under dividend reinvestment plan, participation inbuy-back		On-market purchases

Part 2 – Change of director’s interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

Detail of contract	N//A
Nature of interest
Name of registered holder(if issued securities)
Date of change
No. and class of securities to whichinterest related prior to changeNote: Details are only required for a contract inrelation to which the interest has changed
Interest acquired
Interest disposed
Value/ConsiderationNote: If consideration is non-cash, provide detailsand an estimated valuation
Interest after change

Part 3 –[+] Closed period

• See chapter 19 for defined terms.

Appendix 3Y Page 2

01/01/2011

Appendix 3Y Change of Director’s Interest Notice

Were the interests in the securities or contracts detailed above	No, the board approved a
traded during a+closed period where prior written clearance was	trading window under clause
required?	3.1(e) of the Securities Trading
	Policy following the release of
	Carma’s ASX announcement
	Retail Deliveries Update on 12
	December 2025. The trading
	windowopenedon12
	December 2025 and will close
	on 31 December 2025.
If so, was prior written clearance provided to allow the trade to
proceed during this period?
If prior written clearance was provided, on what date was this
provided?

• See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 3