Ann: Letter to Shareholders, page-6

The trustees of the Kaddy Limited Creditors’ Trust (CT) intend to declare a first and final dividend on or around
11 April 2025. A Proof of Debt (POD) needs to be completed with supporting documents by 7 March 2025,
otherwise the POD will be excluded from the dividend. Contact: [email protected] or Kaddy
Limited Creditors’ Trust, C/- Wexted Advisors, GPO Box 7091, Sydney NSW 2001
The Company understands that, pursuant to a letter to creditors dated 13 February 2025, the Administrators
have advised creditors that pursuant to the terms of the DOCA and Creditors Trust Deed (available at
https://wexted.com/creditors/kaddy-limited-and-related-entities), convertible noteholders, all of whom
accepted the revised terms proposed by the deed proponent, Lecca (A) Pty Limited ACN 667 991 371 (party
nominated by Lecca Group Pte Limited), are “Non-Participating Creditors” and are NOT eligible for a dividend
from the Kaddy Limited CT.
The Administrators have also advised creditors that this dividend relates to Kaddy Limited only, NOT the
creditors of subsidiaries of Kaddy Limited".

I guess this means that shareholders are right at the bottom of the list and will get nothing after all of the other creditors (apart from the convertible note holders)?