Ann: Proposed Amendments to Secured Amortising Notes, page-2

Some very interesting details in the supporting documents.
1. Armour has sought to extend the Tribeca facility to September 2022 and have requested covenant relief
from Noteholders to September 2022 as Armour expects to complete the McArthur IPO before this date

2. McArthur NT and Armour Energy Limited shall enter into a further amended and restated EPSA
(Restated EPSA) under which the IPO Consideration for the Sale Interests is to be the issuance
of 160 million shares in McArthur OG (Acquisition); and
• Pursuant to the Restated EPSA, McArthur OG will undertake the issue/share split of existing
share capital resulting in Armour Energy Limited holding 160 million ordinary fully paid shares
in McArthur OG which are delineated into two equal tranches, namely:
• 80 million McArthur OG Shares (Tranche 1 Shares); and
• 80 million McArthur OG Shares (Tranche 2 Shares being the Distribution Shareholding).

3. Armour Energy Limited Distribution of Tranche 2 McArthur OG Shareholding
Following the receipt of the Demerger Transaction Approvals, Armour Energy Limited will transfer the
legal and registered ownership of the Distribution Shareholding to a special purpose vehicle (Prescribed
Holder).
The Prescribed Holder will hold the Distribution Shares as bare trustee for the benefit of the Eligible
Armour Energy Limited Distribution Shareholders. The Distribution Shareholding shall be subject to an
escrow period to be agreed with Morgans as the McArthur OG IPO Lead Manager of not less than sixmonths (Distribution Escrow).
Upon completion of (1) the McArthur OG IPO and (2) the Distribution Escrow, the Prescribed Holder will
distribute the Distribution Shareholding on a pro-rata basis to the Eligible Armour Energy Limited
Distribution Shareholders.

Bottom line
1. ipo sept quarter
2 armour get 160m mcarthur shares at ipo escrowed for 6 months or more
3. armour shareholders ( at time of distribution ) get 80 m shares distributed after minimum 6 months,company keeps balance