Kaizen Global Investments : Details of share issue approved at AGM

Issue of fully paid ordinary shares

Kaizen Global Investments Limited ACN 137 114 160

Important Notice

This document is not a prospectus. This document does not contain all of the information that an investor may require in order to make an informed investment decision regarding the New Shares offered pursuant to this document. Investing in shares involves a degree of risk, and you should carefully consider the risks involved in acquiring shares. For a comprehensive list of risk factors please refer to the Prospectus 21 January 2015, Section 7.1 General Risk Factors.

This document should be read in its entirety. If after reading this document you have any questions about the Offer or the New Shares then you should consult your stockbroker, accountant or other professional adviser.

1

1 April 2022

Dear Shareholder,

We are issuing 652,173 shares at $1.15 to raise, up to, $750,000.

On 30th November 2021 shareholders unanimously approved Resolution 4 - Issue of paid ordinary shares in the company, which allows for the issue of 8,695,652 at $1.15 per share within 12 months of approval. See below.

https://www.nsx.com.au/ftp/news/021740277.PDF

Reason for the capital raising

The funds raised in the Company will be invested during 2022 in the following ways:

a)� To invest across the listed part of the portfolio; and/or b� )T�o fund and close on an acquisition.

In the event that circumstances change or other opportunities arise, the Directors reserve the right to vary the use of the proceeds from the issue of ordinary shares.

The maximum number of shares to be issued in this capital raising would be 652,173 shares which would be the same share class as existing shares.

The price of the offer would be as approved at the AGM: Resolution 4. $1.15 per share

The issue would be dilutive as the last released pre-tax NTA per share as at 28 February was $1.4789. At the maximum number of shares issued in this placement � (�65i.2e,.173 shares�th)�is would result in NTA dilution, per share, of 3.97%.

The shares will be offered to all shareholders on the same terms and allocated proportionately to the current shareholder holdings, should all shareholders subscribe. For clarity, if there was demand for more than the 652,173 shares then allocations would be scaled back relative to the current shareholder's holdings. We are focused on offering an equal opportunity to participate to all our existing shareholders.

Impact on financials

At the maximum number of shares the share count would increase by 652,173 to 3,652,173. The cash balance would increase by $750,000 � (� less costs, estimated to be neglig.ibLilaeb�ili)t�ies would be unchanged, as would the profit and loss for the company.

If all shares were issued and allocated proportionate to underlying holdings the there would be no change in the percentage of each investor's holdings.

Rights and Quotation

The New Shares will rank pari passu in all respects - including the payment of dividends after allotment - with the existing shares in the Company on the Allotment Date. The Company will apply to the National Stock Exchange of Australia � (� NSX� )� for official quotation of the New Shares.

Director participation

Your board and directors are likely to invest in the offer, on the same terms, as other shareholders.

Offer timetable

The proposed timetable for the Offer is as follows.

Event	Date*
Announcement of offer	1 April 2022
Notice to Shareholders and lodgement with NSX	1 April 2022
Record date	31 March 2022
Closing date	15 April 2022
Allotment Date	18 April 2022
Despatch of holding statements and commencement of trading of	20 April 2022
New Shares on NSX

* Please note, the dates noted in the timetable above are indicative only and may change without notice to you. Any change in the timetable does not affect any rights or obligations you have as a result of accepting the offer.

Details on how to take up the offer.

If you are interested in participating in the offer please complete the application form attached and send funds to the indicated account. Best to email the application to

Cut-off date for applications will be 5.00 PM EST on 15th April 2022.

Yours sincerely,

Connor Grindlay

Chief Investment Officer

Kaizen Global Investments

ACN: 602 033 670

MR JOHN SAMPLE 123 SAMPLE STREET SAMPLETOWN NSW 2000

Issue of fully paid ordinary shares

Phone:

(within Australia) 02 790 30007

For Share Registry enquiries:

Phone:[phone]

Make your payment:

See overleaf for details of the offer and how to make your payment

Your payment must be received by 5:00pm (EST) on Friday 15th April, 2022

This is an important document that requires your immediate attention. If you are in doubt abouthow to deal with this form, please contact your financial or other professional adviser. Please read this in addition to the Issue of ordinary shares document.

Step 1: Registration Name & Offer Details

Details of the shareholding and entitlements for this Offer are shown overleaf.

Please check the details provided and update your address viawww.boardroom.com.auif any of the details are incorrect.

If you have a CHESS sponsored holding, please contact your Controlling Participant to notify a change of address.

Step 2: Apply and make Your Payment

You can apply to participate in the placement in the application form overleaf. Enter the total number of New Shares you wish to apply for and the amount of payment for those New Shares.

By making your payment you confirm that you have read and agree to all of the information, terms and conditions as detailed in the Issue of fully paid shares notice dated 1 April 2022.

Choose one of the payment methods shown below.

Electronic Funds Transfer (ETF): See details overleaf. Do not return the payment slip with ETF, send application via email.

By Mail: Complete the reverse side of the payment slip and detach and return with your payment. Make your cheque, bank draft or money order payable in Australian dollars to "Kaizen Global Investments Limited " and cross "Not Negotiable". The cheque must be drawn from an Australian bank. Cash is not accepted.

Payment will be processed on the day of receipt and as such, sufficient cleared funds must be held in your account as cheques received may not be re-presented and may result in your Application being rejected. Paperclip (do not staple) your cheque(s) to the payment slip. Receipts will not be forwarded. Funds cannot be debited directly from your account.

Entering your contact details is not compulsory, but will assist us if we need to contact you.

Turn over for details of the Offer