MULTISTACK INTERNATIONAL LIMITED — AGM Information 2021

May 23, 2021

MULTISTACK INTERNATIONAL LIMITED

(ABN 54 007 254 346)

Thirty-first Annual General Meeting to be held on Wednesday 26 May 2021 at 2:00 p.m. virtually via the online videoconferencing platform Zoom

Chairman’s Address at AGM on 26 May 2021

Total revenue in 2020 increased by 7.28% to $600,819. Revenue from Other Income has also increased from $149,603 to $862,733. The net loss for the period attributable to members was $368,316 (2019: $902,355).

The trading entity, Multistack Australia Pty Ltd, has incurred losses before income tax for the year ending 31 December 2020 of $457,031 (2019: $572,871).

The year 2020 has not been an easy year for everyone, with the outbreak of COVID-19 and the lockdown restrictions in the country, sales have been affected by the slowing economy, travel restrictions and the interests of the community’s health and safety, as such sales and marketing activities were reduced. There have also been delays in the delivery of our purchases due to unexpected transportation problems around the world, which in turn became delays in delivery to our customers. Despite all sorts of difficulties, we were glad that sales have picked up in the last quarter of the year.

On 15 June 2020, Multistack International Limited (ASX:MSI) announced that the Group would buy the assets of Verdicorp, Inc., and in order to fund the Verdicorp acquisition, the Group has entered into a loan agreement with Super Link Company Limited which is owned by interests associated with MSI's major shareholders (S W Yan and Stephen Leung, both of whom are also Directors of MSI).

The Group is pleased that after a drawn out process, it has secured both access to and control of the new ORC technology and products in an area which complements its existing modular chiller business and in an area which the MSI Board believes has significant future growth.

The Company is now looking at marketing and selling these ORC products in Australia as well as to the rest of the world. The Company is in negotiations with various interested parties for local and overseas distribution rights in their regions. Given the current pandemic environment, these negotiations may take longer than expected, but the Directors trust that this will be the right direction.

Global warming is a big issue threatening human health and wellbeing. The United Nations and many country leaders are determined to take actions to reduce carbon emission, especially through reusable energy. The MSI Board believes that this ORC technology has great future growth potential and it has faith that these assets will bring more value to the Company than its current carrying value in the book records.

Resolution 1: Adoption of Remuneration Report

“That, for the purposes of Section 250R(2) of the Corporations Act and for all other purposes, the Company adopt the Remuneration Report contained in the Company’s annual financial report for the financial year ended 31 December 2020.”

Resolution 2: Re-election of Mr S W Yan as a Director

“That Mr S W Yan, who retires by rotation in accordance with Article 57 of the Constitution and, being eligible, offers himself for re-election, be re-elected as a director of the Company.”

Resolution 3: Re-election of Ms Ni Chan as a Director

“That Ms Ni Chan, who retires by rotation in accordance with Article 57 of the Constitution and, being eligible, offers herself for re-election, be re-elected as a director of the Company.”

Page 1

G:2021.finance.AGM Chairman’s Address 2021

Resolution 4: Conditional Spill Resolution

"That, subject to and conditional on at least 25% of the votes cast on the resolution proposed in Resolution 1 (Adoption of Remuneration Report) being cast against the adoption of the Remuneration Report:

• a) an extraordinary general meeting of the Company ( Spill Meeting ) be held within 90 day after the passing of this Resolution;

• b) all of the Directors of the Company in office at the time when the Board resolution to make the Directors' Report for the financial year ended 31 December 2020 was passed, and who remain Directors at the time of the Spill Meeting, cease to hold office immediately before the end of the Spill Meeting; and

• c) resolutions to appoint persons to offices that will be vacated immediately before the end of the Spill Meeting be put to the vote of shareholders at the Spill Meeting."

By order of the Board

Yan Wong Company Secretary 24 May 2021

Page 2

G:2021.finance.AGM Chairman’s Address 2021