Image Resources NL : Letter from MD and DRP Plan Rules

For personal use only

17 March 2022

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IMAGE RESOURCES DIVIDEND REINVESTMENT PLAN

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Dear Shareholder

We are pleased to advise that the Dividend Reinvestment Plan (DRP) allowing all eligible shareholders to reinvest either all or part of your dividend payments into additional fully paid Image Resources (Image) shares will again apply to the 2021 DRP.

Key features of the DRP

• The DRP is a convenient way to increase your holding in Image shares.
• Shares acquired by shareholders under the DRP are free of brokerage, commission or other transaction costs.
• DRP participation does not affect your eligibility for any franking credits.
• Participation in the DRP is optional and available to shareholders with registered addresses in Australia and New Zealand.
• You may apply the DRP to part or all of your total shareholding and there is no minimum or maximum limit on the number of your shares that may participate.
• Once you elect to participate, the DRP will continue to apply for future dividend payments, unless you advise otherwise or unless the DRP is suspended or terminated by the Board.
• If you elected to participate in the DRP for the 2020 dividend then this election will apply to the 2021 dividend unless you opt out.
• You may join, vary your participation in, or withdraw from, the DRP at any time, subject to adequate notice being given.
• Shares allocated to you under the DRP rank equally with existing shares.
• In order to participate in the DRP for the 2021 final dividend, you will need to ensure your DRP participation form (available on Image's website) is received by Automic (as per instructions on the form), or your online election is made by visiting theAutomic Investor Portal, by no later than 5pm (WST) on 4 April 2022. Eligible shareholders who elected to participate in the 2020 DRP will automatically participate in the 2021 DRP unless they change their election.

	Image Resources NL ABN 57 063 977 579
Level 2, 7 Ventnor Ave West Perth WA 6005 | PO Box 469 West Perth WA	6872
	T: 08 9485	2410
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For personal use only

The DRP will be available for the 2021 final dividend, payable on 28 April 2022.

Image expects shares allocated to participants in the DRP for the 2021 final dividend to be by way of an issue of new shares to participating shareholders. The issue price for the shares will be the arithmetic average of the daily volume-weighted average price (VWAP) of Image shares over the 10 trading days commencing 20 April 2022, calculated in accordance with the DRP rules. A discount of 15% will apply to the issue price to determine the allocation price for the 2021 final dividend under the DRP.

For further information on the DRP including the Rules of the DRP, please visit our website www.imageres.com.au. Answers to some frequently asked questions are also provided in the accompanying DRP Booklet.

Image recommends you seek financial advice and read the full terms and conditions set out in the DRP Rules before deciding whether to participate.

For more information, please visit www.imageres.com.auor contact the Company's share registry, Automic by phone [phone] (within Australia) or [phone] (outside Australia).

This document is authorised for release to the market by:

Patrick Mutz Managing Director Image Resources [e-mail][phone]

Image Resources NL ABN 57 063 977 579 Level 2, 7 Ventnor Ave West Perth WA 6005 | PO Box 469 West Perth WA 6872 T: 08 9485 2410 www.imageres.com.au

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For personal use only

DIVIDEND REINVESTMENT PLAN (DRP)

BOOKLET

For personal use only

DIVIDEND REINVESTMENT PLAN (DRP) BOOKLET

The Image Resources NL (Image Resources) Dividend Reinvestment Plan (DRP) allows shareholders in Australia and New Zealand to reinvest dividends into additional Image Resources shares. Participation in the plan is voluntary and, if you choose to participate, and are deemed to be eligible, it is a convenient way to increase your shareholding without incurring transaction fees.

SUMMARY

• You will receive your dividend entitlement in the form of shares rather than cash.
• You can choose to participate to reinvest all or a portion of your dividend entitlement.
• The Board can determine if the plan applies or not to any particular dividend issue.
• The number of shares you receive will be based on the recent average market price for Image Resources shares (adjusted for any applicable discount).
• Shares issued under the DRP rank equally with existing shares from the date of issue/transfer.
• Image Resources can satisfy its obligation to provide you with shares by either issuing new shares or transferring shares from another shareholder to you.
• Given shares can only be issued to the nearest whole number, any residual funds will be carried forward in your Plan Account and added to your next dividend for the purpose of calculating future cash/share entitlements.
• You may cancel or alter your level of participation in the plan at any time, with adequate notice.

FREQUENTLY ASKED QUESTIONS

WHO CAN PARTICIPATE?

All shareholders of fully paid Image Resources ordinary shares who are resident in, and whose address on the register of shareholders is in, Australia or New Zealand may participate in the DRP, to the limit of their shareholding. Shareholders from other jurisdictions may participate at the discretion of the Board if it is practicable for them to do so.

HOW DO I PARTICIPATE?

Complete the Plan Instruction Form by visiting the Automic Investor Portal or the Image Resources website and return to the Registry in accordance with the instructions on the form.

DRP elections must be completed by 5.00pm AWST on the business day after the Record Date for that dividend payment.

CAN I PARTICIPATE IN THE DRP FOR SOME OF MY SHARES?

Yes, you can nominate a specific number or percentage of your shares to participate. For shares not participating in the DRP, dividends will be paid in accordance with your elected payment instructions.

WHEN WILL MY PARTICIPATION BEGIN?

Participation will begin with the first dividend payment after receipt of your Plan Instruction Form. Your election must be received by 5.00 pm AWST on the business day following the relevant Record Date to be effective for that dividend.

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WHAT HAPPENS IF I HAVE MORE THAN ONE SHAREHOLDING?

You must lodge a separate election for each shareholding registered under different names or holding numbers.

CAN I CHANGE MY PARTICIPATION AT ANY TIME?

Yes, by lodging a Plan Instruction Form with the Registry and ticking the cancelation of participation box. The application will be effective from the next dividend payment, but to be effective for that dividend the election must be received by 5.00 pm AWST on the business day following the Record Date for the relevant dividend.

AT WHAT PRICE WILL THE SHARES BE ALLOTTED OR TRANSFERRED?

Shares will be allotted or transferred at the Market Price as defined on page 13 of the DRP. The Market Price may be reduced by a discount, which the Directors may determine from time to time and announce to the ASX. The Market Price is set over a pricing period of at least 5 business days (to be determined by the Board) which may mean you will not know the Market Price when you commit to participate in the DRP but you will know if any discount is to be applied.

HOW MANY SHARES WILL I RECEIVE UNDER THE DRP?

The number of DRP shares that you will receive for a particular dividend will be calculated by dividing the dividend entitlement for your Image Resources shares that are participating in the DRP by the DRP Market Price (refer above), rounded down to the nearest whole share.

WHEN WILL I RECEIVE MY DRP SHARES?

You will receive your DRP shares contemporaneously with the payment date for the relevant dividend. You will also be sent a holding statement shortly afterwards confirming the number of DRP shares received.

WHAT DOES IT COST TO PARTICIPATE?

No brokerage fees, commission or stamp duty will be payable for any shares allotted or transferred under the DRP.

CAN I SELL MY SHARES WHEN I CHOOSE?

You can sell any or all of your shares at any time (subject to any restriction on transfer under the Employee Share Plan). Participation in the plan is not transferrable.

When your Participating Shares are sold or otherwise transferred to a new registered holder they will cease to be Participating Shares on registration of the transfer.

This deemed termination of your participation will occur even if you repurchase shares at a later date under the same holding.

If you elect for 'full participation' and then sell some of your shares, the dividends on your remaining shares will continue to be reinvested under the DRP. If you elect for 'partial participation' and then sell some of your shares, the number of shares sold will be deemed to the full extent possible to be non- participating shares and the balance, if any, will be deemed to be participating shares under the DRP.

CAN THE DRP BE MODIFIED, SUSPENDED OR CANCELLED?

Image Resources Directors may alter, suspend or terminate the DRP at any time by notifying the ASX and shareholders through its website.

WHAT ARE THE TAX CONSEQUENCES OF PARTICIPATING IN THE DRP?

Image Resources recommends that you seek your own independent tax advice about the consequences of your participation in the DRP, although generally receipt of shares under the DRP is treated the same as receipt of the dividend for the purpose of income tax.

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