EMU NL — Capital/Financing Update 2023

Feb 15, 2023

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EMU NL ACN 127 291 927 ASX Codes EMU and EMUCA

SUPPLEMENTARY PROSPECTUS

This is a supplementary prospectus ( Supplementary Prospectus ) intended to be read with the prospectus dated 9 February 2023 ( Prospectus ) issued by Emu NL (ACN 127 291 927) ( Company ).

This Supplementary Prospectus is dated 15 February 2023 and was lodged with the Australian Securities and Investments Commission ( ASIC ) on that date. The ASIC, the ASX and their officers take no responsibility for the contents of this Supplementary Prospectus.

This Supplementary Prospectus should be read together with the Prospectus. Other than as set out below, all details in relation to the Prospectus remain unchanged. Terms and abbreviations defined in the Prospectus have the same meaning in this Supplementary Prospectus. If there is a conflict between the Prospectus and this Supplementary Prospectus, this Supplementary Prospectus will prevail. This Supplementary Prospectus will be issued with the Prospectus as an electronic prospectus and may be accessed on the Company’s website at www.emunl.com.au.

This is an important document and should be read in its entirety. If you do not understand it you should consult your professional advisers without delay.

1. Underwriting

By this Supplementary Prospectus, the Company makes the additional disclosures as set out below for the purpose of supplying information to investors in relation to the underwriting of the Offer.

• (a) Since lodging the Prospectus, new positive information material to the circumstances of the underwriting has become available, namely the Underwriter has confirmed to the Company that it has currently secured subunderwriters for 100% of the Offer as detailed below.

Sub-underwriter	Offer Shares sub - underwritten	% of Offer sub- underwritten
Euroz Hartleys Limited	150,000,000	19.7%
Riya Investments PtyLtd	100,000,000	13.1%
Mr Lincoln Ho	10,000,000	1.3%
Mr Alexander Michael Lewit	50,000,000	6.6%
Cumulus Wealth PtyLtd	50,000,000	6.6%

Mr Samuel Peter Horner	25,000,000	3.3%
TrinityDirect PtyLtd	100,000,000	13.1%
Mr Xin Fang& Ms Qiuyi Lin	20,000,000	2.6%
Baker YoungLimited	50,000,000	6.6%
Evolution Capital Advisors PtyLtd	20,000,000	2.6%
Mr Joel David Webb	20,000,000	2.6%
Peak Asset Management PtyLtd	87,753,000	11.5%
CPS Capital PtyLtd	50,000,000	6.6%
180 Markets PtyLtd	30,000,000	3.9%
TOTAL	762,753,000	100.0%

• (b) As at the date of this Supplementary Prospectus, the Underwriter confirms that:

• (i) it and its Associates Voting Power in the Company is nil; and

• (ii) it and its Associates do not hold any other securities of the Company other than an Associate of the Company, Saba Nominees Pty Ltd, is the registered holder of 2,827,396 unlisted Options to acquire FPO Shares ($0.01 exercise price, expiring 7 October 2024).

2. Actions required by investors

The Directors believe that the matters set out in this Supplementary Prospectus are NOT materially adverse to investors. As such, persons that have already applied for Shares under the Prospectus do not need do to take any action.

3. Directors’ authorisation

This Supplementary Prospectus is issued by the Company and its issue has been authorised by a resolution of the Directors. In accordance with Section 720 of the Corporations Act, each Director has consented to the lodgement of this Supplementary Prospectus with the ASIC.

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PETER THOMAS NON-EXECUTIVE CHAIRMAN EMU NL

This Supplementary Prospectus is intended to be read with the prospectus dated 9 February 2023 issued by Emu NL (ACN 127 291 927).

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