ENERGY ACTION LIMITED — Major Shareholding Notification 2011

Oct 13, 2011

603 page 1/2 15 July 2001

Form 603 Corporations Act 2001 Section 671B

Notice of initial substantial holder

To: Company Name/Scheme Energy Action Limited ACN/ARSN ACN 137 363 636 1. Details of substantial holder (1) Name Valerie Duncan ACN/ARSN (if applicable) The holder became a substantial holder on 13 / 10 / 11 Energy Action Limited became a listed company on 13 October 2011.

2. Details of voting power

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 on the date the substantial holder became a substantial holder are as follows:

Class of securities(4)	Number of securities	Person’s votes(5)	Voting power(6)
OrdinaryShares	2,413,377	2,413,377	9.628%

3. Details of relevant interests

The nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a substantial holder are as follows:

Holder of relevant interest	Nature of relevant interest(7)	Class and number of securities
Valerie Duncan	Registered and beneficial holder of theshares	2,413,377 ordinary shares

4. Details of present registered holders

The persons registered as holders of the securities referred to in paragraph 3 above are as follows:

Holders of relevantinterest	Registered holder ofSecurities	Person entitled to beregistered as a holder(8)	Class and numberof securities
Valerie Duncan	Valerie Duncan	Valerie Duncan	2,413,377 ordinaryshares

5. Consideration

The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four months prior to the day that the substantial holder became a substantial holder is as follows:

Holder of relevantinterest	Date of acquisition	Consideration (9)	Consideration (9)	Class and numberof securities
		Cash	Non-cash
Valerie Duncan	08/08/11	$8031.66	N/A	8548 ordinaryshares