EMU NL — Capital/Financing Update 2015

Jan 4, 2015

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EMU NL ABN 50 127 291 927

EXCHANGE RELEASE

SALE OF UNMARKETABLE PARCELS OF SHARES

5 January 2015

The Board of Emu NL (Emu) announces that it has established a Share Sale Facility ( Facility ) for holders of unmarketable parcels of shares in Emu.

At the record date, being 5.00pm WST on 31 December 2014, an unmarketable parcel of shares with a market value of less than $500 is any shareholding of 15,624 shares or less. Emu has approximately 339 shareholders with an unmarketable parcel of shares.

Emu is offering the Facility to assist holders of unmarketable parcels to sell shares without having to use a broker or pay brokerage costs. Emu will pay for all costs of sale for shareholders who use the Facility. The Facility offers a convenient and cost effective way for shareholders to sell their shares, free of brokerage.

By facilitating the sale of unmarketable parcels, Emu will reduce the costs associated with maintaining small shareholdings (including the printing and mailing costs of distributing Annual Reports and Notices of Meetings and share registry costs).

Attached is a copy of the letter, terms and conditions plus share retention form to be mailed to shareholders holding an unmarketable parcel of Emu shares.

Greg Steemson Managing Director

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10 Walker Avenue, West Perth, WA 6005, PO Box 1112, West Perth, WA 6872 T +61 8 9226 4266, E info@emunickel.com.au, www.emunickel.com.au

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EMU NL ABN 50 127 291 927

5 January 2015

Dear Shareholder

Important Notice: Holders of unmarketable parcel of shares - Sale Facility

I am writing to offer all shareholders with a holding of Emu NL ( Emu or the Company ) shares valued at less than $500 (called an unmarketable parcel) a share sale facility ( Facility ). As at close of business 31 December 2014, our records indicate that you are such a shareholder.

Emu has approximately 339 shareholders with an unmarketable parcel of shares. Due to the expense to the Company associated with maintaining small shareholdings (including printing and mailing costs of distributing Annual Reports and Notices of Meeting together with share registry costs), Emu would like to take this opportunity to encourage you to sell your existing holding. Ultimately, it is your choice and you may elect to maintain your shareholding. The Facility is a convenient and cost effective way for you to sell your shares free of brokerage. The Facility is being conducted, for shareholders who, like you, hold shares with a market value of less than $500. As at 31 December 2014, a marketable parcel was at least 15,625 shares.

Under the Facility, unless you elect to retain your shares, as soon as is practical the Company will arrange the sale of unmarketable parcels at the prevailing market price and the proceeds from that sale will be remitted to you. All brokerage costs will be met by the Company if you sell your holding under the Facility.

If you wish to sell your shares under the Facility, you do not need to take any action.

If you wish to retain your shares, you MUST complete and return the enclosed Notice of Retention of Shares by no later than 23 February 2015 if you wish to retain your Emu shares. If the form is not received by the due date, your shares will be sold.

You should seek your own financial and taxation advice in respect of this Facility.

Should you have any questions concerning the contents of this letter, please contact our office by telephone on +61 8 9226 4266.

Yours faithfully

Dennis Wilkins Company Secretary

10 Walker Avenue, West Perth, WA 6005, PO Box 1112, West Perth, WA 6872 T +61 8 9226 4266, E info@emunickel.com.au, www.emunickel.com.au

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THIS DOCUMENT IS IMPORTANT. IF YOU ARE IN DOUBT AS TO HOW TO DEAL WITH IT, PLEASE CONTACT YOUR STOCK BROKER OR LICENSED PROFESSIONAL ADVISOR.

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NOTICE OF RETENTION OF SHARES FORM

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EMU NL

REGISTERED

OFFICE:GROUND FLOOR 20 KINGS PARK ROAD WEST PERTH WA 6005

ACN: 127 291 927

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SHARE REGISTRY: Security Transfer Registrars Pty Ltd All Correspondence to: PO BOX 535, APPLECROSS WA 6953 AUSTRALIA 770 Canning Highway, APPLECROSS WA 6153 AUSTRALIA T: +61 8 9315 2333 F: +61 8 9315 2233 E: registrar@securitytransfer.com.au W: www.securitytransfer.com.au

DATE: 5 JANUARY 2015

Code: EMU Holder Number:

Shareholding:

NOTICE OF RETENTION OF SHARES

To the Directors of Emu NL

IMPORTANT NOTICE

Please complete this form if you do not wish your Shares in Emu NL to be sold. If you do not understand this notice you should immediately consult your financial adviser.

I/We the Shareholder(s) described above by signing this form, hereby give notice that I/we wish to retain my/our shareholding in Emu NL, pursuant to Rule 8 of the Emu NL Constitution and ASX Listing Rule 15.13.

Security Holder(s) Signature(s). This section must be signed for your instructions to be executed.

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----- Start of picture text ----- Individual/Security Holder 1 Security Holder 2 Security Holder 3Sole Director & Company Secretary Director/Company Secretary DirectorDated: ............./.............../..............NAME TELEPHONE NUMBER( )----- End of picture text -----

Sole Director & Company Secretary Dated: ............./.............../..............

NAME ( PLEASE RETURN THIS NOTICE TO THE COMPANY'S SHARE REGISTRY:

• ` SECURITY TRANSFER REGISTRARS PTY LTD

Delivery: Post: 770 Canning Highway PO BOX 535 Facsimile: (08) 9315 2233 APPLECROSS WA 6153 APPLECROSS WA 6953 Telephone: (08) 9315 2333

Notes:

1. For full details, please read the Notice (being this form and the letter from the Company Secretary of Emu NL dated 5 January 2015).

2. If you wish to retain your shareholding in the Company, please sign this notice in the space provided and return it to the Company's share registry by 5:00pm (WST) 23 February 2015.

3. Notice in respect of a corporation must be executed in accordance with the constitution of that corporation.

4. Notices signed under power of attorney or by the executor of an estate must be accompanied by a copy of that power or letters of administration, as the case may be, unless previously lodged for noting.

5. In the case of holdings held by two or more persons, all holders must sign.

6. Please provide your daytime telephone number so we can contact you if there are any problems with your Notice of Retention.

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THIS NOTICE OF RETENTION MUST BE RECEIVED BY THE COMPANY'S SHARE REGISTRY BY NO LATER THAN 5.00PM (WST), ON 23 FEBRUARY 2015

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9276187741

EMU