Ann: Positive Trading Update and Variation of Agreement, page-4

I had some comments on the ASX price query.

Babylon Pump & Power Limited (ASX: BPP) (“the Company” or “BPP”) refers to
your query dated 2 January 2024 regarding (i) the change in the price of BPP’s
securities from a low of $0.05 to an intraday high of $0.06 today, and (ii) the
significant increase in the volume of BPP’s securities traded today, 2 January
2024 (“ASX Query”).

• the BPP share price did not increase from $0.05 to $0.06. It increased from $0.005 to $0.006.

• the lowest ASX stop for BPP is $0.001. Applying the lowest ASX stop takes us from $0.005 to $0.006 (+20%).
• this will likely only be rectified when BPP consolidates its shares. For example, a 100:1 consolidation would see the shares trade in the 50-60c range. I would not be surprised to see such a consolidation at the next CR.

• the ASX query also referred to the ~28m shares traded on 2Jan2024 at $0.006 for $168000. The BPP explanation for this trading volume appears reasonable. We should also remember that ~74.6m BPP shares were released from escrow on 4Aug2023. These shares formed part of the consideration for a BPP acquisition in 2022.