OPENLEARNING LIMITED — Major Shareholding Notification 2025

Dec 22, 2025

604 Page 1 of 2 15 July 2001

Form 604

Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme OpenLearning Limited

ACN/ARSN 635 890 390

1. Details of substantial holder (1)

Name

ACN/ARSN (if applicable)

Rupesh Singh and associated entities

n/a

There was a change in the interests of the substantial holder on 22 /12/2025 The previous notice was given to the company on 22/10/2025 The previous notice was dated 22/01/2025

2. Previous and present voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows:

mpany or scheme, are as follows:
Class of securities (4)	Previous notice		Present notice
	Person’s votes	Voting power(5)	Person’s votes	Voting power(5)
Fully Paid Ordinary Shares (Shares)	254,585,821	46.78%	489,110,631	62.55%

3. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate 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 22/12/2025 22/12/2025 22/12/2025	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
	ECA Investments Group Pty Limited <ECA INVESTMENTS GROUP A/C>	Debt conversion	$0.0174 per share	121,943,311 Fully Paid Ordinary Shares	121,943,311
	ECA Investments Group Pty Limited <ECA INVESTMENTS GROUP A/C>	Debt conversion	$0.0181 per share	55,514,367 Fully Paid Ordinary Shares	55,514,367
	ECA Investments Group Pty Limited <ECA INVESTMENTS GROUP A/C>	Placement	$0.022 per share	56,818,181 Fully Paid Ordinary Shares	56,818,181

604 Page 2 of 2 15 July 2001

4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

Registered holder of securities	Person entitled to be registered as holder (8)	Nature of relevant interest (6)	Class and number of securities	Person's votes
ECA Investments Group Pty Limited <ECA INVESTMENTS GROUP A/C>	ECA Investments Group Pty Limited <ECA INVESTMENTS GROUP A/C>	Relevant interest under section 608(1) of the Corporations Act 2001 (Cth) as the registered holder of 450,172,429 Shares.	450,172,429 Fully Paid Ordinary Shares	450,172,429
ECA Investments Group Pty Limited	ECA Investments Group Pty Limited	Relevant interest under section 608(1) of the Corporations Act 2001 (Cth) as the registered holder of 36,379,929 Shares.	36,379,929 Fully Paid Ordinary Shares	36,379,929
Aria Assets Super Fund Pty <R&A Singh Superfund A/C>	Aria Assets Super Fund Pty <R&A Singh Superfund A/C>	Relevant interest under section 608(1) of the Corporations Act 2001 (Cth) as the registered holder of 2,558,273 Shares	2,558,273 Fully Paid Ordinary Shares	2,558,273

5. Changes in association

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) 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
Not applicable

6. Addresses

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

Name	Address
ECA Investments Group Pty Limited	Level 2, 222 Pitt Street, Sydney, NSW 2000
Aria Assets Superfund Pty Ltd <R&A Singh Superfund A/C>	30 Grayling Road West Pymble NSW 2073

Signature

re
print name sign here	Rupesh Singh capacity Director
	date 23/12/2025

604 Page 3 of 2 15 July 2001

DIRECTIONS

• (1) 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 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 6 of the form.

• (2) See the definition of "associate" in section 9 of the Corporations Act 2001.

• (3) See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.

• (4) The voting shares of a company constitute one class unless divided into separate classes.

• (5) The person's votes divided by the total votes in the body corporate or scheme multiplied by 100.

• (6) Include details of:

• (a) any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) applies, a copy of any 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

• (b) 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 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.

• (7) 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 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.

• (8) If the substantial holder is unable to determine the identity of the person (eg. if the relevant interest arises because of an option) write "unknown".

• (9) Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice.