ENERGY ONE LIMITED — Capital/Financing Update 2020

May 20, 2020

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21 May 2020

Energy One Limited (ASX : EOL)

Extraordinary General Meeting 10am 1 June 2020

Shareholders, your participation at the upcoming EGM on 1 June 2020 is important to us. You are welcome (if you do not wish to speak at the EGM) to ask questions before and during the meeting by making use of the available electronic facilities online, and by phone. All questions submitted online and via telephone during the meeting will be answered.

You can submit questions as outlined in the Virtual Meeting Guide previously sent. This can be done via registration no earlier than one hour prior to the meeting commencing.

To ask questions in the EGM by telephone in Australia, please dial 1800 572 288 or from outside Australia please dial +61 1800 572 288. Members attending by phone will require their unique PIN for verification purposes. Your unique PIN can be found in the correspondence being sent to you today. If you use this facility you will only be able to vote by proxy before the meeting or using the online portal during the meeting. Please log in at least 15 mins prior to the meeting. If you have questions requiring technical assistance please contact Link Market Services on 1300 554 474, using the contact details provided.

Please disregard the PIN comments above if you will be attending via the online portal as per the previously supplied virtual meeting guide. The online portal enables you listen, vote (if you have not lodged a proxy beforehand) and type in questions. Please note proxies must be lodged by 10am 30 May 2020.

Members who ask questions by phone will be able to ask questions at the appropriate times during the meeting. The Chairman and CEO will be available to answer your questions during the meeting.

Non-Underwritten Share Purchase Plan Closing 5pm 26 May 2020

**NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES ***

We would like to remind all shareholders, eligible to participate, that the share purchase plan (SPP) announced on 27 April, 2020, will close at 5pm 26 May 2020. Eligible shareholders have been sent the SPP Booklet and personalised application form. For further information in relation to the SPP, please contact the Company’s share registry, Link Market Services Limited, from 8.30am to 7.30pm Monday to Friday on 1300 554 474.

Authorised by

Andrew Bonwick - Chairman

• This announcement has been prepared for release in Australia. This announcement does not constitute an offer to sell, or the solicitation of an offer to buy, any securities in the United States or in any jurisdiction in which such an offer would be illegal. The Shares have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the Securities Act) or the securities laws of any state or other jurisdiction of the United States. Accordingly, the Shares may not be offered or sold, directly or indirectly, to any person in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable U.S. state securities laws.

Nothing in this announcement constitutes investment, legal, tax or other advice. You should seek appropriate professional advice before making any investment decision.

Lvl 13, 77 Pacific Highway, North Sydney, NSW 2060 Phone : +61 2 8916-2200 PO Box 6400, North Sydney, NSW, 2060

Energy One Limited ABN 37 076 583 018 www.energyone.com

ASX : EOL