Reset of Conversion Price to Convertible Notes

RESET OF CONVERSION PRICE TO CONVERTIBLE NOTES
Linc Energy Ltd (SGX: TI6) (OTCQX: LNCGY) hereby announces that as previously advised to
the market on 24 December 2014, in accordance with the amended terms of the Convertible
Bonds, the current Conversion Price on the Company’s US$150,000,000 Convertible Notes (the
“Notes”) due 2018 will be reset on 21 April 2015.
The Conversion Price for the Notes is S$1.3411 with the Reset Conversion Price to be the lower
of 115% of the Reset Reference Price (being the average of 10 days Volume Weighted Average
Price preceding 10 April 2015) or the Conversion Price. The reset is subject to a conversion floor
of S$0.77. Accordingly, as the Conversion Price on 10 April (S$1.3411) was greater than 115%
of the Reset Reference Price (S$0.5993), the Conversion Price will be reset to S$0.77 on 21
April 2015.
The Notes were originally issued in the principal amount of US$200,000,000 at a 7% coupon. An
aggregate principal amount of US$50,000,000 was redeemed and cancelled by the Company in
January 2015. In addition, as previously announced, the coupon was revised from 7% to 9% on
10 April 2015 in accordance with the second supplemental trust deed dated 5 January 2015