Ann: Approval of Scheme Meeting and Scheme Booklet, page-3

For the purpose of determining the number of MergeCo Shares received for each Carbon
Revolution Share, the Scheme uses an enterprise value of Carbon Revolution of US$200
million (A$298.0 million).2 Based on Carbon Revolution’s cash and debt position as at 31
March 2023 and applicable adjustments, this corresponds to an equity value of US$186.7
million (A$278.2 million)3 as at 31 March 2023. Taking into account the number of Carbon
Revolution Shares expected to be on issue at the Scheme Record Date (being
213,029,945) and the deemed value of MergeCo Shares of US$10 each this will mean
that each Carbon Revolution Share is expected to be exchanged for approximately
0.0877 MergeCo Shares. Shareholders should consider the Independent Expert’s Report
2 Based on AUD:USD exchange rate of 0.6712 as at 31 March 2023 as published by the Reserve Bank of Australia.
3 Based on AUD:USD exchange rate of 0.6712 as at 31 March 2023 as published by the Reserve Bank of Australia.
How Much Will CBR Shares be Worth ,?