Icon Energy : Response to ASX Price Query

18 October 2016

Ms Belinda Chiu

Senior Adviser, Listings Compliance ASX Compliance Ltd

Po Box H224

Australia Square NSW 1215 Dear Belinda,

ASX Price Query

I refer to your price query letter dated today in which you have noted that Icon Energy's (Icon) share price has increased from $0.027 at the close of trading on the 14 October 2016 to an intra-high of $0.033 today and provide the following responses to your questions:

Q1. Is the Entity aware of any information concerning it that has not been announced to the market which, if known by some in the market, could explain the recent trading in its securities? Response: Icon is not aware of any information concerning the Company that has not been announced to the market which, if known, could explain the recent trading in its securities. Q2. If the answer to question 1 is "no", is there any other explanation that the Entity may have for the recent trading in its securities? Response: Icon has no explanation for the price or volume change in the securities of the Company.

1. Please confirm that the Entity is in compliance with the Listing Rules and, in particular, Listing Rule 3.1. Response: Icon confirms that it is in compliance with the Listing Rules and, in particular, Listing Rule 3.1.
2. Please confirm that the Entity's responses to the questions above have been authorised and approved in accordance with its published continuous disclosure policy or otherwise by its board or an officer of the Entity with delegated authority form the board to respond to ASX on disclosure matters.

Response: Icon confirms that the responses to the questions above have been authorised and approved in accordance with Icon's published continuous disclosure policy.

Yours faithfully

Dr Kevin Jih Executive Director / CFO / Company Secretary

Icon Energy Limited ABN 61 058 454 569

P 07 5554 7111 F 07 5554 7100

PO Box 2004

Broadbeach QLD 4218

Australia [e-mail] www.iconenergy.com

18 October 2016

Mr Kevin Jih

Icon Energy Limited

Executive Director/CFO/Company Secretary 4 Miami Key

Broadbeach QLD 4218

By email:

Icon Energy Limited (the "ICN"): ASX price query

We note the change in the price of ICN's securities from a low of $0.027 at the close of trading on the 14 October 2016 to an intra-high of $0.033 today, Tuesday 18 October 2016.

We also note the significant increase in the volume of the Entity's securities traded today.

In light of this, ASX asks ICN to respond separately to each of the following questions and requests for information:

1. Is ICN aware of any information concerning it that has not been announced to the market which, if known by some in the market, could explain the recent trading in its securities?

2. If the answer to question 1 is "yes":

3. Is ICN relying on Listing Rule 3.1A not to announce that information under Listing Rule 3.1?

   Please note that the recent trading in ICN's securities would suggest to ASX that such information may have ceased to be confidential and therefore ICN may no longer be able to rely on Listing Rule 3.1A. Accordingly, if the answer to this question is "yes", you need to contact us immediately to discuss the situation.

4. Can an announcement be made immediately?

   Please note, if the answer to this question is "no", you need to contact us immediately to discuss requesting a trading halt (see below).

5. If an announcement cannot be made immediately, why not and when is it expected that an announcemant will be made?

6. If the answer to question 1 is "no", is there any other explanation that ICN may have for the recent trading in its securities?

7. Please confirm that ICN is in compliance with the Listing Rules and, in particular, Listing Rule 3.1.

8. Please confirm that ICN's responses to the questions above have been authorised and approved in accordance with its published continuous disclosure policy or otherwise by its board or an officer of ICN with delegated authority from the board to respond to ASX on disclosure matters.

9. ASX Compliance Pty Limited ABN 26 087 780 489

   20 Bridge Street

   Sydney NSW 2000

   www.asx.com.au Customer service 13 12 79

   When and where to send your response

   This request is made under, and in accordance with, Listing Rule 18.7. Your response is required as soon as reasonably possible and, in any event, by no later than 9:30AM AEDT, Wednesday 19 October 2016. If we do not have your response by then, ASX will have no choice but to consider suspending trading in ICN's securities under Listing Rule 17.3.

   You should note that if the information requested by this letter is information required to be given to ASX under Listing Rule 3.1 and it does not fall within the exceptions mentioned in Listing Rule 3.1A, ICN's obligation is to disclose the information "immediately". This may require the information to be disclosed before the deadline set out in the previous paragraph.

   ASX reserves the right to release a copy of this letter and your response on the ASX Market Announcements Platform under Listing Rule 18.7A. Accordingly, your response should be in a form suitable for release to the market.

   Your response should be sent to me by e-mail at [e-mail]. It should not be sent directly to the ASX Market Announcements Office. This is to allow me to review your response to confirm that it is in a form appropriate for release to the market, before it is published on the ASX Market Announcements Platform.

   Listing Rules 3.1 and 3.1A

   Listing Rule 3.1 requires a listed entity to give ASX immediately any information concerning it that a reasonable person would expect to have a material effect on the price or value of the entity's securities. Exceptions to this requirement are set out in Listing Rule 3.1A.

   In responding to this letter, you should have regard to ICN's obligations under Listing Rules 3.1 and 3.1A and also to Guidance Note 8 Continuous Disclosure: Listing Rules 3.1 - 3.1B.

   It should be noted that ICN's obligation to disclose information under Listing Rule 3.1 is not confined to, nor is it necessarily satisfied by, answering the questions set out in this letter.

   Trading halt

   If you are unable to respond to this letter by the time specified above, or if the answer to question 1 is "yes" and an announcement cannot be made immediately, you should discuss with us whether it is appropriate to request a trading halt in ICN's securities under Listing Rule 17.1.

   If you wish a trading halt, you must tell us:

   • the reasons for the trading halt;

   • how long you want the trading halt to last;

   • the event you expect to happen that will end the trading halt;

   • that you are not aware of any reason why the trading halt should not be granted; and

   • any other information necessary to inform the market about the trading halt, or that we ask for.

   We may require the request for a trading halt to be in writing. The trading halt cannot extend past the commencement of normal trading on the second day after the day on which it is granted.

   You can find further information about trading halts in Guidance Note 16 Trading Halts & Voluntary Suspensions.

   If you have any queries or concerns about any of the above, please contact me immediately. Yours sincerely

   Belinda Chiu

   Senior Adviser, Listings Compliance P: 02 9227 0469

   E: [e-mail]