3. Summary During the financial year, Karoon significantly advanced its strategic plan by achieving key milestones and by successfully enacting the necessary succession plans at the Board and management level to ensure the best possible team is in place to build shareholder value. In summary, our corporate strategy and remuneration related targets are designed and managed to link remuneration outcomes to shareholder value. Given this, Karoon’s STI and LTI have worked as they should to responsibly and fairly reward the achievement of key performance milestones for the Company and returns generated by the Company’s performance when compared to its peers. As always, we will continue to engage with our shareholders, proxy advisors and our wider group of stakeholders to seek feedback so we can continue to improve our remuneration framework and associated disclosures. Mr Peter Turnbull AM Chair, People, Culture and Governance Committee 20 September 2021 Karoon Energy Ltd 53 Annual Report 2021