Ann: Appendix 4D & 2023 Half-Year Financial Report, page-3

In order to secure the financial flexibility to meet anticipated cashflow requirements and navigate a range of operating and regulatory uncertainties, the Company is announcing in conjunction with the release of the half year financial statements a plan to execute a capital restructure. The capital raising will take the form of an $800.0 million equity raising, including approximately $685.0 million 3 for 5 pro rata accelerated non-renounceable entitlement offer and approximately $115.0 million institutional placement. The Company's joint venture partners, Chow Tai Fook and Far East Consortium, have provided binding pre-commitments for approximately $80.0 million, which equates to their functional pro-rata entitlement in the equity raising. The balance of the equity raising is underwritten.

The Company has also secured a relief package from existing bank and USPP lenders to amend covenants through to and including 30 June 2025, conditional on completion of the announced capital restructure.