ENERO GROUP LIMITED — Major Shareholding Notification 2021

May 27, 2021

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NAOS ASSET MANAGEMENT LIMITED ABN 23 107 624 126

Level 34, MLC Centre 19 Martin Place Sydney NSW 2000 T (02) 9002 1576 F (02) 8215 0037 E enquiries@naos.com.au en de la seg
En la seg www.naos.com.au

28 May 2021

The Manager Market Announcements Office ASX Limited By fax: 1300 135 638

Dear Sir/Madam,

Enero Group Limited ACN 091 524 515 (ASX:EGG) Notice of ceasing to be a substantial holder (Form 605)

In accordance with section 671B of the Corporations Act 2001 (Cth), please find attached a Form 605 in relation to shares in Enero Group Limited ACN 091 524 515 (ASX:EGG) lodged on behalf of NAOS Asset Management Limited and Related Parties.

Yours faithfully,

Sebastian Evans Director

605 page 1/2 15 July 2001

Form 605

Corporations Act 2001 Section 671B

Notice of ceasing to be a substantial holder

To Company Name/Scheme	Enero Group Limited (ASX:EGG)
ACN/ARSN	091 524 515

1. Details of substantial holder(1)

Name	NAOS Substantial Holders referred to in Annexure A.
ACN/ARSN (if applicable)
The holder ceased to be a
substantial holder on	27/05/2021
The previous notice was given to the company on	20 / 05 / 2021
The previous notice was dated	20 / 05 / 2021

2. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest (2) of the substantial holder or an associate (3) in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

Date of change	Person whose relevant interest changed	Nature of change $(4)$	Consideration given in relation to change(5)	Class (6) and number of securities affected	Person's votes affected
l Refer to
Annexure B

3. Changes in association

The persons who have become associates (3) of, ceased to be associates of, or have changed the nature of their association (7) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

Name and ACN/ARSN (if applicable)	Nature of association

4. Addresses

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

Name	Address
NAOS Substantial Holders	† c/- Level 34, MLC Centre, 19 Martin Place, Sydney, NSW, 2000∣

Signature

print name Sebastian Evans capacity On behalf of the NAOS Substantial Holders

sign here

${\rm date}$ 28/ 05 / 2021

DIRECTIONS

• If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and trustee of an $(1)$ equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 4 of the form.
• See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001. $(2)$
• $(3)$ See the definition of "associate" in section 9 of the Corporations Act 2001.
• Include details of $(4)$
• any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) applies, a copy of any $(a)$ document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and
• any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities to $\phi$ which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.

• Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, become $(5)$ entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.
• $(6)$ The voting shares of a company constitute one class unless divided into separate classes.
• Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice. $(7)$

ANNEXURE A: Details of Substantial Holder

NAOS Asset Management Limited ACN 107 624 126 (which by reference also includes Sebastian Evans as a substantial holder
in his personal capacity as he owns more than 20% of the voting shares in the company) ('NAOS'), NAOS 510 (each, a 'NAOS Substantial Holder').

ANNEXURE B: Changes in Relevant Interests

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
27/05/2021	NAOS, NCC, NSC	On-Market transactions	\$14,759,219	5,898,738 Ordinary Shares	5,898,738