TEST SECURITY — Capital/Financing Update 2021

Jun 4, 2021

Proposed issue of securities

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Cancellation Summary

Entity name

TEST SECURITY

Announcement Type

Cancellation of previous announcement

Date of this announcement

5/6/2021

Reason for cancellation of previous announcement

cancel SPP for PVT

Refer to next page for full details of the announcement

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Proposed issue of securities

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Part 1 - Entity and announcement details

1.1 Name of +Entity

TEST SECURITY

We (the entity named above) give ASX the following information about a proposed issue of +securities and, if ASX agrees to +quote any of the +securities (including any rights) on a +deferred settlement basis, we agree to the matters set out in Appendix 3B of the ASX Listing Rules.

If the +securities are being offered under a +disclosure document or +PDS and are intended to be quoted on ASX, we also apply for quotation of all of the +securities that may be issued under the +disclosure document or +PDS on the terms set out in Appendix 2A of the ASX Listing Rules (on the understanding that once the final number of +securities issued under the +disclosure document or +PDS is known, in accordance with Listing Rule 3.10.3C, we will complete and lodge with ASX an Appendix 2A online form notifying ASX of their issue and applying for their quotation).

1.2 Registered Number Type Registration Number other 12004044937

1.3 ASX issuer code

TES

1.4 The announcement is

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Cancellation of previous announcement

1.4c Reason for cancellation of previous announcement

cancel SPP for PVT

1.4d Date of previous announcement to this cancellation

5/6/2021

1.5 Date of this announcement

5/6/2021

1.6 The Proposed issue is:

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An offer of +securities under a +securities purchase plan

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Part 4 - Details of proposed offer under securities purchase plan

Part 4A - Conditions

4A.1 Do any external approvals need to be obtained or other conditions satisfied before the offer of +securities under the +securities purchase plan issue can proceed on an unconditional basis? Yes

4A.1a Conditions

Approval/Condition Date for determination Is the date estimated or ** Approval actual? received/condition met? +Security holder approval 18/6/2021 Actual Yes

Comments

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Part 4B - Offer details

Class or classes of +securities that will participate in the proposed issue and class or classes of +securities proposed to be issued

ASX +security code and description

TES : TEST ORDINARY SECURITY

Will the proposed issue of this +security include an offer of attaching +securities? Yes

Details of +securities proposed to be issued

ASX +security code and description

TES : TEST ORDINARY SECURITY

Maximum total number of those +securities that could be issued if all offers under the +securities purchase plan are accepted 1,300,001

Will the offer be conditional on applications for a minimum number of +securities being received or a minimum amount being raised (i.e. a minimum subscription condition)? No

Will the offer be conditional on applications for a maximum number of +securities being received or a maximum amount being raised (i.e. a maximum subscription condition)? No

Will individual security holders be required to accept the offer for a minimum number or value of +securities (i.e. a minimum acceptance condition)? Yes

Is the minimum acceptance unit based or dollar based? Dollar based ($)

Please enter the minimum acceptance value

$ 5,000

Will individual security holders be limited to accepting the offer for a maximum number or value of +securities (i.e. a maximum acceptance condition)? Yes Is the maximum acceptance unit based or dollar based? Dollar based ($)

Please enter the maximum acceptance value

$ 15,000

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Describe all the applicable parcels available for this offer in number of securities or dollar value test parcels Offer price details Has the offer price been determined? Yes In what currency will the offer What is the offer price per be made? +security? AUD - Australian Dollar AUD 1.01000 Oversubscription & Scale back details Will a scale back be applied if the offer is over-subscribed? No Will these +securities rank equally in all respects from their issue date with the existing issued +securities in that class? Yes

Attaching +Security

The proposed attaching security can only be of an 'Existing class' (additional +securities in a class that is already quoted or recorded by ASX) Existing class

Attaching +Security - Existing class (additional +securities in a class that is already quoted or recorded by ASX)

Details of attaching +securities proposed to be issued

ASX +security code and description TESO : TEST OPTION SECURITY

Offer ratio (ratio of attaching securities at which the new +securities will be issued)

The quantity of attaching +securities to be issued	For a given quantity of the new +securities issued
1	2
What will be done with fractional entitlements?	Maximum total number of those +securities that could be
Fractions rounded up to the next whole number	issued if all offers under the +securities purchase plan are accepted
	2,600,002
Offer price details
Has the offer price been determined?
Yes

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What is the offer price per +security? AUD 0.00000

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In what currency will the offer be made?

AUD - Australian Dollar

Please confirm whether the offer of the attaching +securities is a separate offer to the offer pursuant to the +security purchase plan Yes

Please confirm whether the attaching +securities are being offered under a +disclosure document or +PDS Yes

Oversubscription & Scale back details

Will a scale back be applied if the offer is over-subscribed? No

Will these +securities rank equally in all respects from their issue date with the existing issued +securities in that class? Yes

Part 4C - Timetable

4C.1 Date of announcement of +security purchase plan

6/7/2021

4C.2 +Record date 5/7/2021

4C.3 Date on which offer documents will be made available to investors

8/7/2021

4C.4 Offer open date

9/7/2021

4C.5 Offer closing date

20/7/2021 4C.7 +Issue date and last day for entity to announce results of +security purchase plan offer 28/7/2021

Part 4D - Listing Rule requirements

4D.1 Does the offer under the +securities purchase plan meet all of the requirements of listing rule 7.2 exception 5

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or do you have a waiver from those requirements? Yes

Part 4E - Fees and expenses

4E.1 Will there be a lead manager or broker to the proposed offer? Yes

4E.1a Who is the lead manager/broker?

test broker

4E.1b What fee, commission or other consideration is payable to them for acting as lead manager/broker? test fee 4E.2 Is the proposed offer to be underwritten? No

4E.3 Will brokers who lodge acceptances or renunciations on behalf of eligible +security holders be paid a handling fee or commission? Yes 4E.3a Will the handling fee or commission be Dollar based or Percentage based? Dollar based ($) 4E.3b Amount or percentage handling fee or commission payable to brokers who lodge acceptances or renunciations on behalf of eligible +security holders $ 1.25000000

4E.3c Please provide any other relevant information about the handling fee or commission method test handling fee 4E.4 Details of any other material fees or costs to be incurred by the entity in connection with the proposed offer test fee

Part 4F - Further Information

4F.01 The purpose(s) for which the entity intends to use the cash raised by the proposed issue test purpose

4F.1 Will the entity be changing its dividend/distribution policy if the proposed offer is successful? Yes

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• 4F.1a Please explain how the entity will change its dividend/distribution policy if the proposed offer is successful test policy

• 4F.2 Countries in which the entity has +security holders who will not be eligible to accept the proposed offer test country

• 4F.3 URL on the entity's website where investors can download information about the proposed offer test url

4F.4 Any other information the entity wishes to provide about the proposed offer

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