MULTISTACK INTERNATIONAL LIMITED — Capital/Financing Update 2021

Oct 6, 2021

==> picture [207 x 48] intentionally omitted <==

MULTISTACK INTERNATIONAL LIMITED ACN 007 254 346 ABN 54 007 254 346 17 Friars Road, Moorabbin, VICTORIA 3189, AUSTRALIA TELEPHONE: + 61 3 8586 8200 FACSIMILE: + 61 3 8586 8201

Multistack announces share placement

Multistack International Limited (ASX: MSI) ( Multistack or the Company ) is pleased to announce that the Company has agreed to place 24,000,000 new shares (at an issue price of A$0.05 per share) to Jin Qiao (Hong Kong) Investment Development Co., Ltd (Jin Qiao), a Hong Kong based investor with a focus on investment in companies with new technologies which have potential to develop substantial markets in Asia and China.

On completion of the subscription, the Company will have raised additional working capital of A$1.2 million, which funds will primarily be used to further commercialise its ORC technology, particularly in the development of the proposed geothermal power projects in northern Australia.

The placement to Jin Qiao will be undertaken in two tranches as follows:

• Tranche 1 involves the immediate subscription by Jin Qiao for 16,845,000 ordinary shares – these shares will be issued within the Company's 15% capacity under ASX Listing Rule 7.1; and

• Tranche 2 - the issue of the remaining 7,155,000 ordinary shares to Jin Qiao is subject to the Company receiving shareholder approval of the issue of these shares under ASX Listing Rule 7.1. The Company expects to convene a general meeting of its shareholders for this purpose on or about 17 November 2021. If the issue of the Tranche 2 shares is approved, under the agreed arrangements for the Placement, Jin Qiao will complete the subscription for these shares within the following three business days.

Further details regarding the issue of the Placement shares are contained within the accompanying Appendix 3B.

In agreeing to invest, Jin Qiao noted that Multistack's waste heat ORC power generation system was in line with the direction of many large enterprises in China which are focusing on the use of low grade waste heat resources for both energy generation and energy conservation. The utilisation of low temperature waste heat resources is also becoming an increasingly important means towards the national "double carbon" goal in China.

This announcement has been authorised and approved for release to ASX by the Board of Multistack International Limited.

For further information, please contact:

Yan Wong Company Secretary yan@multistack.com.au

7 October 2021

About Multistack

Multistack is a provider of modular chillers, it has acquired the ORC technology which uses waste and low-grade energy to generate carbon free electricity, this provides significant opportunity for future growth.

About Jin Qiao

Jin Qiao is a Hong Kong based investor with a focus on investment in companies with new technologies which have potential to develop substantial markets in Asia and China. Jin Qiao is an independent investor. It is not related to or associated with any related party of Multistack.