Kalina Power : Non-renounceable Entitlement Offer – Extension Of Closing Date 2020/08/18

ASX ANNOUNCEMENT

18 August 2020

NON-RENOUNCEABLE ENTITLEMENT OFFER - EXTENSION OF CLOSING DATE

Kalina Power Limited (ASX: KPO) (Company) advises it has resolved to extend the Closing Date for the current non-renounceable entitlement offer ("NREO") by 5 business days. The extension is due to some shareholders advising that they have not yet received the prospectus potentially due to postal delays caused by Covid.

As announced to the ASX on 29 July 2020, the Company is making a 1 for 3 pro-rata of up to 273,511,169 new fully paid shares (New Shares) at an issue price of $0.025 per New Share along with a free attaching option for each new share issued exercisable at $0.044 each for a period of 2 years from their date of issue. The Company will apply for the options to be listed on the ASX. The NREO will raise up to A$6,837,779 (before costs). Eligible Shareholders may also apply for Shortfall Shares in addition to their entitlement acceptance of which shall be at the Company's discretion. The Closing date for the Offer has been extended by 5 business days to 28 August 2020. The revised indicative timetable is set out below:

• Closing Date of Entitlement Offer (5pm WST) 28 August 2020
• Shares quoted on a deferred settlement basis 31 August 2020
• Anticipated date for issue of Securities 4 September 2020
• Trading of New Shares expected to commence 7 September 2020.

The dates above are indicative only and subject to change. The Company reserves the right, subject to the Corporations Act and the Listing Rules, to change any date including further extending the Closing Date of the Offer or withdrawing the Offer without notice. Any extension of the Closing Date will have a consequential effect on the issue date of New Shares. Eligible Shareholders will need to ensure their application moneys for their entitlements received by Computershare by no later than 5.00pm (WST) on 28 August 2020

The Prospectus for the Entitlement Issue has been mailed to Eligible Shareholders and is available on the ASX website and the Company's website. Applications under the Entitlement Offer may only be made by completing the Application Form that accompanies the Prospectus or by otherwise completing the Application Form online at www.computershare.com/au

For further information, please contact: Kesh Thurairasa

Company Secretary [phone]

This announcement has been authorised for release to ASX by Ross MacLachlan CEO

| Kalina Power Limited |

| ABN 24 000 090 997 |

| Suite 6, 795 Glenferrie Road, Hawthorn, Victoria, 3122, Australia |

| ph + 61 3 9236 2800 | fax + 61 3 9818 3656 | www.kalinapower.com|