THORNEY OPPORTUNITIES LTD — Capital/Financing Update 2017

Nov 23, 2017

THORNEY OPPORTUNITIES LTD ACN 080 167 264

ASX Announcement: 24 November 2017

ASX Code: TOP

SUCCESSFUL COMPLETION OF PLACEMENT

Further to the announcement of 23 November 2017, Thorney Opportunities Ltd (TOP or Company) is pleased to confirm that it has successfully completed its share placement to unrelated sophisticated investors.

The amount raised is $18.3 million, being 25,416,666 shares (based on the placement price of 72 cents per share) which utilises the Company’s 15% placement capacity. These shares are expected to be issued on 6 December 2017.

In addition to this successful share placement, Mr Alex Waislitz’s private Thorney Holdings Pty Ltd has committed to invest $3,000,000 on the same terms, subject to shareholder approval. Further, eligible shareholders who were registered holders of TOP shares at 7:00 pm (Melbourne time) on 22 November 2017 and whose registered address is in Australia or New Zealand will have the opportunity to participate in a Share Purchase Plan at the same price as the placements. Further information in relation to the Share Purchase Plan and extraordinary general meeting will be dispatched to shareholders in the next few weeks.

Please direct enquiries to: Craig Smith Company Secretary Email: craig.smith@thorney.com.au Telephone: + 61 3 9921 7116 Website: http://thorneyopportunities.com.au/

Level 39, 55 Collins Street, Melbourne Vic 3000 Telephone + 61 3 9921 7116 Facsimile + 61 3 9921 7100