ENERGY ACTION LIMITED — Major Shareholding Notification 2012

Nov 12, 2012

Form 604

Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

To	Company Name/Scheme	Energy Action Limited
ACN/ARSN		A.C.N. 137 363 636
	1. Details of substantial holder (1)
Name		Ron Watts
			Amarina Systems Pty Limited (A.C.N. 003 957 453) in its capacity as the trustee of the Watts Super Fund and in its capacity as trustee of the Watts Family Trust ("Amarina Systems")
		(Together Watts and Related Entity)
ACN/ARSN (if applicable)			Amarina Systems Pty Limited (A.C.N. 003 957 453)
There was a change in the interests of the substantial holder on			11 October 2012, 19 October 2012 and 8 November 2012
The previous notice was given to the company on			14 October 2011
The previous notice was dated			13 October 2011

2. Previous and present 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 when last required, and when now r notice to the company or scheme, are as follows:

Class of securities (4)	Previous notice		Present notice
	Person's votes	Voting power (5)	Person's votes	Voting power (5)
ordinary shares	2,825,280	11.272%	2,245,280	8.872%

3. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting
securities of the company or scheme, since the substantial holder was last required to give company or scheme are as follows:

Date of change	Person whose relevant interest changed	Nature of change (6)	Consideration given in relation to change $(7)$	Class and number of securities affected	Person's votes affected
08/11/12	and Watts Related Entity	Disposal of shares held Amarina by Systems in capacity its as trustee of Watts the Fund Super in an on- market trade.	\$2.50 per share	80,000 ordinary shares	80,000

19/10/12	Watts and Related Entity	Disposal of shares held Amarina by in Systems its capacity as trustee of Watts the Fund Super in on- an market trade.	\$2.30 per share	300,000 ordinary shares	300,000
11/10/12	Watts and Related Entity	Disposal 0f shares held Amarina by in Systems its capacity as trustee of Watts the Fund Super on- in an market trade.	\$2.20 per share	200,000 ordinary shares	200,000

4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

Holder of relevant interest	Registered holder of securities	Person entitled to be registered as holder (8)	Nature of relevant interest (6)	Class and number of securities	Person's votes
Watts and Related Entity	Amarina Systems in its capacity as trustee of the Ron Watts Super Fund	Amarina Systems in its capacity as trustee of the Watts Ron Super Fund	Amarina Systems has a relevant interest as the registered holder of the shares with a power to control a right to vote attached to the shares and to dispose of the shares. Amarina Systems holds the shares in its capacity as trustee of the Ron Watts Super Fund. Ron Watts has a deemed relevant under section 608(3)(b) of the Corporations Act in the shares in which Amarina Systems (an entity controlled by Ron Watts) has a relevant interest	1,585,062 ordinary shares	1,585,062
Watts and Related Entity	Amarina Systems in its capacity as trustee of the Watts Family Trust	Amarina Systems in its capacity as trustee	Amarina Systems has a relevant interest as the registered holder of the shares with a power to control a right to vote attached to the shares and to dispose of the shares. Amarina Systems holders the shares in its capacity as trustee of the Ron Watts Family Trust. Ron Watts has a deemed relevant interest under section 608(3)(b) of the Corporations Act in the shares in which Amarina Systems (an entity controlled by Ron Watts) has a relevant interest	350,576 ordinary shares	350,576
Ron Watts	Ron Watts	Ron Watts	Registered and beneficial hold of the shares	309,642 ordinary shares	309,642

604 Page 3/2 15 July 2001

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the
substantial holder in relation to voting interests in the company or scheme are as fo

Nature of association

6. Addresses

The addresses of persons named in this form are as follows:

Name	Address
Ron Watts	14 Beresford Avenue, Chatswood NSW 2067
Amarina Systems Pty Limited

Signature

print name Ronald Watts

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Capacity Ghairman Director

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