Kingfish Limited — Capital/Financing Update 2017

May 10, 2017

Kingfish Limited Phone +64 9 489 7094 Fax +64 9 489 7139 Private Bag 93502, Takapuna Auckland 0740

==> picture [139 x 77] intentionally omitted <==

10 May 2017

ISSUE OF SECURITIES

The following information is provided in accordance with Listing Rule 7.12.1

• a) Class of security: ISIN:

Ordinary Shares NZKFLE0001S0

• b) Number of ordinary shares issued:

29,106,763

• c) Issue Price:

$1.21

• d) Payment:

Cash

• e) Amount paid up:

Fully paid up

• f) Principal terms:

Same terms as those ordinary shares already on issue

• g) % of the total class of securities issued after the issue (excluding treasury stock):

15.58%

• h) Reason for the issue:

Shares issued upon the exercise of warrants (Exercise date: 5 May 2017)

• i) Specific authority for the issue:

The terms of the issue of warrants

• j) Terms or conditions of the issue:

The shares rank pari passu with existing ordinary shares

• k) Total number of ordinary shares in existence after the issue:

186,775,774 (excluding treasury stock of 120,155)

• l) n/a

• m) Date of issue:

9 May 2017

CONVERSION OF WARRANTS AT 9 May 2017:

The following details are provided for the purposes of listing rule 7.12.9

• a) 29,106,763 warrants have been converted into 29,106,763 ordinary shares

• b) n/a

• c) 9,069,890 warrants lapsed as they were not exercised on 5 May 2017

Glenn Ashwell – Corporate Manager Kingfish Limited