KAISER REEF LIMITED — Director's Dealing 2020

Mar 2, 2020

Appendix 3Y Change of Director’s Interest Notice

Rule 3.19A.2

Appendix 3Y

Change of Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/9/2001.

Name of entity	Kaiser Reef Limited
ABN	38 635 910 271

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of DirectorDate of last notice	Jonathan Downes28 February 2020

Part 1 - Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

Direct or indirect interestNature of indirect interest(including registered holder)Note: Provide details of the circumstances giving rise to the relevantinterest.Date of change	Direct and Indirect (2)Indirect (1)Securities held by Kiandra Nominees Pty Ltd <JKDownes Family Trust>, a company associatedwith Mr Jonathan DownesIndirect (2)Katrina Downes, spouse of Mr Jonathan Downes
	28 February 2020
No. of securities held prior to change	Indirect (1)3,000,000 fully paid ordinary shares2,000,000 options exercisable at $0.30 on or before31 January 20232,000,000 options exercisable at $0.40 on or before31 January 2024
Class	Fully paid ordinary shares
Number acquired	Direct100,000 fully paid ordinary sharesIndirect (2)85,000 fully paid ordinary shares

• See chapter 19 for defined terms.

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Appendix 3Y Change of Director’s Interest Notice

Number disposed	Nil
Value/Consideration	Direct
Note: If consideration is non-cash, provide details and estimated valuation	$22,500
	Indirect (2)
	$19,975
No. of securities held after change	Direct
	100,000 fully paid ordinary shares
	Indirect (1)
	3,000,000 fully paid ordinary shares
	2,000,000 options exercisable at $0.30 on or before
	31 January 2023
	2,000,000 options exercisable at $0.40 on or before
	31 January 2024
	Indirect (2)
	85,000 fully paid ordinary shares
Nature of change	On-market trade
Example: on-market trade, off-market trade, exercise of options, issue of
securities under dividend reinvestment plan, participation in buy-back

Part 2 – Change of director’s interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

Detail of contract Nature of interest Name of registered holder (if issued securities) Date of change No. and class of securities to which interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed Interest acquired Interest disposed Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation Interest after change

• See chapter 19 for defined terms.

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Appendix 3Y Change of Director’s Interest Notice

Part 3 –[+] Closed period

art 3 –+Closed period
Were the interests in the securities or contracts detailed above	No.
traded during a+closed period where prior written clearance
was required?
If so, was prior written clearance provided to allow the trade to	N/A
proceed during this period?
If prior written clearance was provided, on what date was this	N/A
provided?

• See chapter 19 for defined terms.

Appendix 3Y Page 3

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