EMU NL — Capital/Financing Update 2019

Oct 3, 2019

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----- Start of picture text ----- EMU NLDispatch of rights issue prospectus4 October 2019----- End of picture text -----

EMU NL ( EMU ) advises that both the prospectus and the supplementary prospectus (together with personalised entitlement and acceptance forms, a template for which accompanies this announcement) for the pro-rata non-renounceable rights issue (announced 23 September 2019) has been dispatched.

As set out in the supplementary prospectus, the closing date for acceptance of entitlements has been extended to 15 October 2019.*

Investor enquiries EMU NL T +61 8 9226 4266 E info@emu nl.com.au

* Subject to the Timetable Proviso described in section 5.2 of the prospectus.

WWW.EMUNL.COM.AU • ASX: EMU • ABN: 50 127 291 927

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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.

ENTITLEMENT AND ACCEPTANCE APPLICATION FORM

OFFICE ADDRESS: 10 WALKER AVENUE WEST PERTH WA 6005 AUSTRALIA

EMU NL

ACN: 127 291 927

SHARE REGISTRY: Security Transfer Australia Pty Ltd All Correspondence to: PO Box 52 Collins Street West VIC 8007

T: 1300 992 916

E: registrar@securitytransfer.com.au W: www.securitytransfer.com.au

Code:

Holder Number:

Eligible Holding of Fully Paid Shares (EMU) as at 5.00pm WST 26 September 2019: Eligible Holding of Contributing Shares (EMUCA) as at 5.00pm WST 26 September 2019 Entitlement to Fully Paid Shares (EMU) 3:4:

Entitlement to Options 1:2 new FPS applied for: Amount payable on acceptance @ $0.035 per Share PLUS $0.01 per Option:

EMU + EMUCA

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NON-RENOUNCEABLE SHARE OFFER CLOSING AT 5.00PM WST ON 15 OCTOBER 2019 ISSUE PRICE OF 3.5 CENTS PER SHARE PLUS 1 OPTION (EXPIRING 21 DECEMBER 2020 @ $0.02) FOR EVERY 2 SHARES ISSUED WITH 1 CENT PER OPTION TO PAY ON APPLICATION.

(1) I/We the above named being registered at 5.00pm WST on the 26 September 2019 as holder(s) of Shares in the Company hereby accept as follows:

NUMBER OF NEW SHARES AMOUNT ENCLOSED ACCEPTED/APPLIED FOR @ $0.035 PER SHARE PLUS $0.01 PER OPTION Entitlement or Part Thereof , , $ , , . Additional New Shares~ , , $ , , . TOTAL , , TOTAL $ , , .*

*** with one new Option being applied for every two new Fully Paid Shares accepted/applied for pursuant to the Offer.**

(~ refer to section 1.4(b) of the Prospectus)

(2) I/We have enclosed/made payment for amount shown above (following the payment instructions as detailed overleaf).

(3) I/We understand that if any information on this form is not completed correctly, or if the accompanying payment is for the wrong amount, it may still be accepted. Any decision of the Directors as to whether to accept this form, and how to construe, amend, correct or complete it shall be final.

(4) I/We authorise the Company to send me/us a substituted form if this form ceases to be current.

(5) I/We declare that I/we have received a full and unaltered version of the Prospectus and Supplementary Prospectus either in an electronic or paper format and that I/we have read the Prospectus and Supplementary Prospectus and this Entitlement and Acceptance Form (including the reverse page) in their entirety. (6) My/Our contact details in case of enquiries are:

NAME TELEPHONE NUMBER ( )

EMAIL ADDRESS

PAYMENT INFORMATION - Please also refer to payment instructions overleaf.

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Biller code: 159483 Ref:

Telephone & Internet Banking – BPAY[® ] Contact your bank or financial institution to make this payment from your cheque, savings, debit, or transaction account. More info: www.bpay.com.au

CHEQUE / MONEY ORDER

All cheques (expressed in Australian currency) are to be made payable to EMU NL and crossed "Not Negotiable".

REGISTRY DATE STAMP

E & O.E.

Your BPAY reference number is unique to this offer and is not to be used for any other offer.

BPAY PAYMENT OR THE RETURN OF THIS FORM WITH THE REQUIRED REMITTANCE WILL CONSTITUTE YOUR ACCEPTANCE OF THE OFFER. You do not need to return this form if you have made payment via BPAY.

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EMU

5

LODGEMENT INSTRUCTIONS

PAYMENT INFORMATION

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Biller code: 159483

CHEQUE / MONEY ORDER

All cheques should be drawn on an Australian bank and expressed in Australian currency and crossed "Not Negotiable".

® Registered to BPAY Pty Ltd ABN 69 079 137 518

Contact your bank or financial institution to make this payment from your cheque, savings, debit, or transaction account. More info: www.bpay.com.au

Your reference number is quoted on the front of this form. Multiple acceptances must be paid separately.

Applicants should be aware of their financial institution's cut-off time (the time payment must be made to be processed overnight) and ensure payment is processed by their financial institution on or before the day prior to the closing date of the offer. BPAY® applications may only be regarded as accepted if payment is received by the registry from your financial institution on or prior to the closing date. It is the Applicant's responsibility to ensure funds are submitted correctly by the closing date and time.

Your BPAY® reference number will process your payment to your entitlement electronically and you will be deemed to have applied for such Securities for which you have paid.

ALTERNATIVE ACCEPTANCE/PAYMENT METHODS

The Company may, in special circumstances and in its absolute discretion, allow acceptances/payments to be submitted by other forms such as email and electronic funds transfer (EFT). Please contact the Company’s share registry at the contact details below if you would like to request alternative acceptance/payment methods

Sufficient cleared funds should be held in your account as your acceptance may be rejected if your cheque is dishonoured.

Cheques or bank drafts drawn on overseas banks in Australian or any foreign currency will NOT be accepted. Any such cheques will be returned and the acceptance deemed to be invalid.

Do not forward cash as receipts will not be issued.

When completed, this form together with the appropriate payment should be forwarded to the share registry:

Security Transfer Australia Pty Ltd PO Box 52 Collins Street West VIC 8007

Applications must be received by Security Transfer Australia Pty Ltd no later than 5.00pm WST on the closing date (15 October 2019 unless extended).

EXPLANATION OF ENTITLEMENT

1. The front of this form sets out the number of Securities and the price payable on acceptance of each Security.

2. Your entitlement may be accepted either in full or in part. There is no minimum acceptance.

This application form relates to the offer of fully paid ordinary shares and options in the Company pursuant to the prospectus dated 23 September 2019. This form must not be handed to any person unless it is attached to or accompanied by the prospectus and (if applicable) any relevant supplementary prospectus.

Persons receiving or accessing this form, or applying for securities, from outside Australia must specifically read section 5.5 of the prospectus. The return of a completed application form from such persons will be taken by the Company to constitute a representation and warranty by the applicant that all relevant approvals have been obtained and that the Company may legally offer and issue the securities to you.

Please let the Company have your email address and mobile telephone contact details (send to info@emunl.com.au ) so that we may better serve you.

ENQUIRIES

All enquiries should be directed to the Company's share registry:

Security Transfer Australia Pty Ltd

PO Box 52, Collins Street West, VIC, 8007

Telephone 1300 992 916

Email: registrar@securitytransfer.com.au

Website: www.securitytransfer.com.au

PRIVACY STATEMENT

Personal information is collected on this form by Security Transfer Australia Pty Ltd as the registrar for securities issuers for the purpose of maintaining registers of securityholders, facilitating distribution payments and other corporate actions and communications. Your personal details may be disclosed to related bodies corporate, to external service providers such as mail and print providers, or as otherwise required or permitted by law. If you would like details of your personal information held by Security Transfer Australia Pty Ltd or you would like to correct information that is inaccurate please contact them on the address on this form.

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