Ann: Proposed in-specie distribution - Update, page-8

(a) Unsecured loans - MEC
Advent entered into a secured loan agreement with MEC Resources Ltd in November 2010. The
principal amount of the loan is $1 million, with further advances of up to an additional $3 million
payable at MEC Resources’ discretion. The loan was secured by a second ranking charge over
Advent’s present and future undertakings, assets and rights. An amount of $3.6 million has been
drawn down at period end. MEC’s security is in the process of being released as part of a legal
settlement reached in August 2019. As part of the same 6 August 2019 legal settlement loans
owed by Advent to MEC will be recoverable by MEC only by the following means and only in the
following circumstances: One month prior to the scheduled commencement date for the drilling
of a well within the PEP 11 Permit Area, Advent will issue to MEC ordinary shares to the face value
of the debt calculated at 80% of: (a) the volume-weighted average price of Advent shares over
the 5 days trading immediately prior to that date; or (b) if as at that date Advent shares are not
listed on any securities exchange, the price at which ordinary shares in Advent were last issued.