This website and the content thereof are the copyright of Palliser Capital (UK) Ltd (“Palliser”), which is a company registered in England and Wales with company number 13135419 and is authorised and regulated by the Financial Conduct Authority of the U.K. (“FCA”). Neither Capricorn Energy PLC (the “Company”), nor any member of the Company’s group nor NewMed Energy LP (“NewMed”) has approved, or has any responsibility for, this website, its contents, or the materials on this website (such materials, this website and its contents being the “Materials”). “Affiliate” means any entity or other person which controls, or is under the control of, or under common control with, another person or entity of which it is an Affiliate, where “control” means the ability (whether by means of ownership, contract or other means) to direct the conduct of the affairs of the entity or person which is under “control”.

The Materials do not constitute (a) “Investment Research” as defined by the FCA Handbook, (b) “Investment Advice” as defined by the FCA Handbook, (c) a “Financial Promotion” for the purposes of the Financial Services and Markets Act 2000, (d) an offer or invitation to buy or sell, or a solicitation of an offer to buy or sell, or to otherwise engage in any investment business or receive any investment services in respect of, any security or other financial instrument and no legal relations shall be created by its issue, or (e) an “Investment Recommendation” as defined by Regulation (EU) 596/2014 and by Regulation (EU) No. 596/2014 as it forms part of U.K. domestic law by virtue of section 3 of the European Union (Withdrawal) Act 2018 (“EUWA 2018”) including as amended by regulations issued under section 8 of EUWA 2018. The Materials are for informational purposes only and may not be relied on by any person for any purpose and are not, and should not be construed as, investment, financial, legal, tax or other advice or recommendations. No information in any of the Materials should be construed as recommending or suggesting an investment strategy or as representing any opinion as to the present or future value of any financial instrument. Investors should seek their own financial, legal and tax advice in respect of any decision regarding the Company.

Funds or investment vehicles managed or advised directly or indirectly by Palliser (together, the “Palliser Funds”) and/or any of their respective Affiliates (i) may at any time in the future, without notice to any person (other than as required under, or in compliance with, applicable laws and regulations), increase or reduce their holdings of the Company’s shares or other equity or debt securities and/or may at any time have long, short, neutral or no economic or other exposure in respect of the Company’s shares or other equity or debt securities; and/or (ii) may now have and/or at any time in the future, without notice to any person (other than as required under, or in compliance with, applicable laws and regulations), may establish, increase and/or decrease long or short positions in respect of or related to the Company’s shares or other equity or debt securities, in each case irrespective of whether or not all or any of the Value Optimisation Plan (as defined in the Materials) and/or any other Palliser proposals are, or are expected to be, implemented. As a result of its arrangements with the Palliser Funds and/or their Affiliates, Palliser has a financial interest in the profitability of the Palliser Funds’ positions in or relating to the Company. Accordingly, Palliser’s interests in respect of the performance of the Company may conflict with the interests of other stakeholders and the views and descriptions set out in the Materials should not be regarded as impartial. Nothing in the Materials should be taken as any indication of Palliser’s current or future trading or voting intentions which may change at any time.

The Materials have been compiled based on publicly available information (which has not been separately verified by Palliser, the Palliser Funds, or any of their respective Affiliates), and do not:

1. purport to be complete or comprehensive; or

2. constitute an agreement, offer, a solicitation of an offer, or any advice to enter into or conclude any transaction or take or refrain from taking any other course of action (whether on the terms shown therein or otherwise).

Many of the statements in the Materials are the opinions, interpretations and/or beliefs of Palliser which are based on its own analysis of publicly available information. Palliser is expressing those opinions, interpretations and beliefs solely in its capacity as an investment adviser to the Palliser Funds. Any representation, statement or opinion expressed or implied in the Materials is provided in good faith but only on the basis that no investment decision(s) will be made based on, or other reliance will be placed on, any of the contents therein by others. Nothing in the Materials or in any related materials is a statement of or indicates or implies any specific or probable value outcome for the Company’s shareholders in any particular circumstance. Certain statements and opinions expressed or implied in the Materials are necessarily based on or involve assumptions, because not all information on the Company is publically available. If any of these assumptions are incorrect, it could cause Palliser’s statements and/or opinions to differ materially.

The Materials include the Fair Market Valuation Report of the Company (the “Report”) prepared by ERC Equipoise Ltd (“ERCE”), which is also based on publicly available information. Palliser has obtained prior written consent of ERCE in relation to the incorporation of key conditions of the Report into the Materials and the publication of the Report in full. Palliser has not sought or obtained any other consent from any third party to use any statements or information contained in the Materials. Any such statements or information should not be viewed as indicating the support of such third party for the views expressed herein. All trademarks and trade names used in the Materials are the exclusive property of their respective owners.

The Materials contain “forward-looking statements”. Specific forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and include, without limitation, words such as “may”, “can”, “will”, “expects”, “believes”, “anticipates”, “plans”, “estimates”, “projects”, “targets”, “forecasts”, “seeks”, “could”, “would” or the negative of such terms or other variations on such terms or comparable terminology. Similarly, statements that describe any objectives, plans or goals of the Palliser Funds and/or Palliser and/or their respective Affiliates are forward-looking. Any forward-looking statements are based on the current intent, belief, expectations, estimates and projections of Palliser. These statements are not guarantees of future performance and involve risks, uncertainties, assumptions and other factors that are difficult to predict and that could cause actual results to differ materially. Accordingly, you should not rely upon forward-looking statements as a prediction of actual results and actual results may vary materially from what is expressed in or indicated by the forward-looking statements.

The Materials may include content or quotes from, or hyperlinks to, news coverage or other third party sources (“Third Party Materials”). The content of the Third Party Materials has not been independently verified by Palliser and does not necessarily represent the views of Palliser, the Palliser Funds or any of their respective Affiliates. The authors and/or publishers of the Third Party Materials are independent of, and may have different views to, Palliser. The making available of Third Party Materials on this website does not imply that any of Palliser, the Palliser Funds and/or their respective Affiliates endorses or concurs with any part of the content of the Third Party Materials or that any of the authors or publishers of the Third Party Materials endorses or concurs with any views which have been expressed by Palliser on the relevant subject matter. The Third Party Materials may not be representative of all relevant news coverage or views expressed by other third parties on the stated issues.

No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained in the Materials, nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in the Materials. It should not be regarded by recipients as a substitute for the exercise of their own judgment. Any user of this website should obtain independent professional advice and conduct their own evaluation with respect to the subject matter of the Materials and any related information. Each of the Palliser Funds, Palliser, and their respective Affiliates expressly disclaims any responsibility or liability for any loss howsoever arising from any use of, or reliance on, any of the Materials or any of their contents as a whole or in part by any person, or otherwise howsoever arising in connection with the same. Palliser and/or any if its Affiliates may without notice to any person change all or any part of the Materials, but are not under any obligation to provide any amended, updated or additional information or Materials or to correct any inaccuracies in the Materials.

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