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MinterEllison LAWYE912 June2014 RIALTO TOWERS 525 COLLINS STREET MELBOURNEGPO BOX 769G MELBOURNE VIC 3OO1 AUSTRALIA

DX 204 MELB0URNE www,minterellison.comTELEPHONE +61 3 8608 2000 FACSIMILE +61 3 8608 1000

BY FACSIMILE,7 pagesCompany Announcements OffrceASX Limited1300 13s 638

Dear Sir/ MadamNotice of initial substantial holder in Liquefied Natural Gas LimitedWe act for The Baupost Group, L.L.C. which has requested that we lodge the following noticeof initial substantial holder on their behalf.Yours faithfullyELLISON

contact: Paul r/ashington Directphone:+61 3 8608 2919 Direct f;+61 3 8608 1275Email: paul.washington@minterellison.comPartner responsible: Marcus Best Direct phone: +61 3 8608 2946Our reference: 10783 I 1Copy to: The Company Secretary, Liquefied Natural Gas Limited, by facsimile: 08 9366 3799

MINTER ELLISON GROUP A'VD A SS OCIATED OFFICESADELAIDE AUCKLAND BEIJING BRISBANE CANBERRA DARWIN GOLD COASTHONG KONG LONDON MELBOURNE PERTH SHANGHAI SYDNEY WELLINGTON

t\,t 113919437 I (W20()3x)

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603 1ti '15 Julv 2001Form 603Corporatlons Act 2001Soctlon 57tB

Notice of initial substantial holderLlquefed Nelural Gas Lmitedto't 678 770

l. Dotals ot subctantlal holder (l )NameACN/ARSN (ll applicable)

L.L.c. and enlies nemed in Annxure A to lhls fom

The hotder became a subslantlal holder on 10106,2014

2. Detall8ofvo[ngpowerThe totsl number of rotes ettachd to all lho vollng shares in the company or votng interests in lhe scheme lhat the substantial holdgr or an assodate (2) had ardevant interest in on the date lhe sub6tanlal holdgf became a subtantial holder are as follot:

3. Detalls of relevant lntorstThe nature of thg relrant lnterst lhe substanal holder or an agsociate had ln lhe follor/ing vong sqrriles on U'le date the substanal holder became asubslantlal holdsrare as follo$: Class nd numberof gecurlllesNeturo of relerrant nterest C/)d(br of rele\rnt lnterst

Rf6r Annxure A

4. Dotls of pEsont lrgbt rd holdelrThe peons rglsterd as holdefs of ths securies rcfened to in 3 abo/s are as follows:

5. ConsldertlonTI1g conslderalon pa6 for each relevant interst rfered to ln paragraph 3 above, and acqulred in the four monlhs prior to lhe day that lhe substantial holderbcerne a subtanlbl holder ls as follots: Clags and numborof Becurilleonsidoraon (g)Date of acqui$tionolder ol releranllnteresl Cash NoncashReerArnexure B

Ig Company Narne/SchemeACN/ARSN

Votns porcr(6)erson's votes (5)Classof Bcr.trili (4) Number of securles 25.900.000 r.69%5.S00.000ully peid ordlnay Bhares

Clags and numberof seculesPerson enlllled lo bereglstered as holdor (8)egbtrd holder ofscurlHolderof rlevantlntergt25,900,000 ordinarylully pad sharsfer to Annerure ASBC CLrtody Nominoes[Awhalla) Llmfted

Baupost Group Scurites,L.L.C., as nominge for TheBaupGtGroup, L.L.C.

ME_l 1 3gog1 01_l (vr20o7)ME_l 1 39001 01-t (1/v2cx7)

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8. AssoclatesThg feasons tho pefsons named n paragraph 3 above ars assoclat6 ol lhe substantial holder are as follo rs:

Nature of associalioname and ACNTARSN (i applicable)lElrAnnerur A

7. AddrrasosThe addrsss of prsons named ln lhls fom a as follotrs:

Nane AddressRfErArinerure C

Slgnatureprlntnam Jems Mooney lll capaclty Palnorslgn

DRECNONS(1) rl (99' a qrpoqqon and lb-relaledan ll lhs rlsrant ntsrestg of a groully mbhlP of each group, wth lhel2l See lh dellnlon of "assiete ' ln eec{lon I of the Corporallons Acl 2001.(3) Se lhe donnton of'rlevant lntrEet' in secllons 608 and 71 BC4 of the Corporaons Act 2001.(4) The vong shfes of I company consltute on class unless dMded into separate dassss.(5) The total numbr of ,otes attBchod to all lhe voting shares ln ths company or votlng lnter ln lho scfieme (r any) lhat lhe pr8on or 8n assocbt has afele\tant lntorest ln'(O) The person's votes dMded by tho total votes ln lhe body corpoElt or schee mulplled by 100.(7) lnclude dlalls of

(a)(,(b) ony quallncaon ol lh po,ver of a person to exeflse, control the exerdse of, or lnlluenca lhe xerdgo of, lhe vollno pol'Yefs or dlgfosal of thesocurlues to whlch ths retevant tnterest retates (tnOtcUng clearly the parllcular securltles to whlclt lho qualificon appllos)'

se ths defnluon of 'televant agremnr in sdion g of lho cofporatons Acl 2001.(s) lf the substanusl holde ls unable to detrmine lhe ldenty o lho pefson (eg. l the relevant interest adsee becauso ot an opon) wflte 'unkno,vn.''(e) fi"iiiieven It lheYacqulrod.

1UOA2014ate

ME_l13909101_1 (W2oo7)

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This is roferred to in Form 603 Notice of lnitlal Substantial Sharcholder

James FItems 3, 4 and 6 of Form 603 Notice of lnitial Substantial Shareholder

ME 1139091ME_138(Bt0l

12 June2014

1

Natureof securitieslass and numberature of relevant lnterest holder ofolder of rclevantlntercstand investment manager tothe limited partnerships

partnerNominees(Austalia) LimitedCustody paid ordinaryshares (Ords)

Power to control the exerciseof a right to vote attached tosecurltles and/ or the powerto dispose of securities asmanaging general partnerand investnent manager ofthe limited partnerships

The BaupostGroup, L.L.C,

Limited partnership for whichThe Baupost Group, L.L.C.,is the general partner andinvestnent managerHSBC CustodyNominees(Ausbala) Limited

2,534,874 Ordsssociate of The BaupostGroup, L,L.C.Baupost LimtedPartnershp 198A-1Limited partnership tur whichThe Baupost Group, L.L.C.,is the general partner andinveslmenl manager

1,080,142 Ordsssociate of The BaupostGroup, L.L.C. HSBC CustodYNominees(Ausrala) LimitedBaupost LimitedPartnership 1983&1

Limited partnership for whichThe Baupost Group, L.L.G.,is the general partner andlnveslment manager6,191,588 OrdsSBC CustodyNominees(Austalia) Limited

Baupost LimitedPartnership 1983c-1Associate of The BaupostGroup, L.L.C,

Limited partnership for whichThe Baupost Group, L,LC.,is the general partner andinvestment maneger1,567,217 OrdsSBC CustodyNominees(Ausfalia) LimitedAssociate of The BauPostGroup, LLC.aupost ValuePartners, L.P, - |

Limlted partnership for whichThe Baupost Group, L.L,C.,is the general Parlner andinvestnent manager1,906,197 Ordsssociate of The BaupostGroup, L.L.C. HSBC GustodyNominees(Austalia) Limited

Baupost ValuePartners, L.P. - llLimited partnershiP for whchThe Baupost Group, L.L.G.,is the general partner andinvestment manager

766,145 Ordsf The BaupostGroup, LLG. HSBC CustodyNominees(Austalia) LimtedBaupost ValuePartners, L.P. - lll

8,656,084 Ords Limlted partnershiP for whichThe Baupost Group, L.L.C.,is the general partner andinvesnent manager

HSBC CustodYNominees(Auslralia) LirnitedAssodate ofThe BauPostGroup, L.L.C,Baupost ValuePartners. L.P. - lV

Limlted parlnershiP br whichThe Baupost GrouP, L.L.C.,is the general partner andinvestment manager1,695,765 OrdsSBC CustodyNominees(Ausfalia) Limited

Assoclate of The BaupostGroup, L.L.C.HB lnstitutionalLlmlted PartnershipLimited partnership for whichThe Baupost Group, L.L,C.,is the general partner andinvestnent manager

896,960 OrdsStsC CustodYNominees(Australia) LimitedPB lnstitutionalLimited PartnershiP Assoclate of The BaupostGroup, L.L.C.

The Baupost GrouP, L.L.C,,is the general partner andinvestment manager

HSBC Custorlvlominees(Australia) Limited6(M,428 Ordsssoclate of The BaupostGroup, L.LC.YB lnstitutionalLimited PartnershiP

Custodan and nominee toThe Baupost Group, L,LC.and limited partnershiPsHSBC CustodyNominees(Auskalin) Limited

25,900,0@ Ordsegistered holder ofsecurities as custodian andnomtneeNominees(Australia) Limited

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25,900,000 Ords Manager ofThe BauPostGroup, L,L.C. with indreclconlrol of decision-making bYThe Baupost Group, LLCHSBG CustodyNominees(Australia) Limited

SAK Corporation ManagerofThe BaupostGroup, L.L.C. with indirectpower to control the exerciseof a right to vote attached tosecurltles and/ or the powerto dispose of securities25,900,000 Ords Nominee of The BauPost

Group, L.L.C. cnntrolled byThe Baupost Group, L.L.C.HSBC CustodyNominees(Ausalia) Limited

Baupost GroupSecurities, L.L.C. Nominee ofThe BaupostGroup, L.L.C. to effecttransactions with no power tocontrol the exercise of a rightto vote atlached to securitiesand/ or the power to disposeof securities, Associate ofThe Baupost Group, L,L.G,25,900,000 Ords Controlled by SAKCorporationHSBC CustodyNominees(Austalia) Limited

Profit sharing general partnerto the limited partnerships.Associate of The BaupostGroup, L.L.C.Baupost Parlners,L.L.C,

25,900,000 Ords Sole owner of SAKCoorationSBC CustodyNominees(Ausalia) LimitedSole owner of SAKCorporationMr Seth Klarman

ME_1 I 3eoe101-1 (vt/2007)ME_l 1 3e0er01-l (w2007)

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Thls is

James

of 1 page referred to in Form 603 Notice of lnitial Substantial Shareholder12 June 2014

Item 5 of Form 603 Notice of lnitial Substantial Shareholder

ME_r r 390e1 o1_1 (w2007)ME_1 139091 01_1 (w2007)

ilt

Glass and number ofsecurltlesHolder of relevant lnterest Date of acqulsltion Gonslderation (persecurity)5,750,000 Ordshe Baupost Group, L.L.C. 21t05t2014 $0.55 per security

$0.80 per security 1,000,000 Ordshe Baupost Group, L.L.C. 21t05t20142,937,769 Ordshe Baupost Group, L,L.C. 29t05t2014 $0.97 per security

$1.32 r security 850,000 Ordshe Baupost Group, L,L,C. 3to6t2104The Baupost Group, L.L.C. 3t06t2104 $1.32 per security 3,000,000 Ords$1.41 per security 2,000,000 Ordshe Baupost Group, L.L.C. 4to6t2104

$1.40 per security 500,000 Ordshe Baupost Group, 1.L,0. 4t06t2't04$1,53 per security 2,462231 Ordshe Baupost Group, L.L.C. 510612'104$1,62 per security 800,000 Ordshe Baupost Group, L,L.C. 6t0612104

3,750,000 Ords0t06t2014 $1.24 per securtyhe Baupost Group, L,L..$1.32 per security 2,850,000 Ordshe Baupost Group, L.L,C. 't1t06t2014

Each other entity shown inAnnexure A acquired itsrelevant interest in the sec'urtiesdisclosed in this Form 603pursuant to the transactionsshown in this Annexure B, in thecapacity set out in Annexure A.

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Thls is Annexure I page referred to in Form 603 Notice of lnltlal Substantial Sharcholder12 June2014James F ilt

Item 7 of Form 603 Notice of lnitial Substantial Shareholder

ME_1 I 3909101_1 (W2007)ME_l I 3909101_1 (W2o07l

Entlty AddressThe Baupost Group, L.L.C. 10 St James Ave Sulte 1700, Boston, MA 02116, USAHSBC Custody Nominees (Australia) Limited The Hongkong and Shanghal Banking Corporation Ltd., HSBC Custodyand Clearing, Level 13, 580 George St., Sydney, NSW 2000, Australia

10 St James Ave Suite 1700, Boston, MA 02116, USAauposl Limted Partnership 1983 A-1Baupost Limited Parlnership 19E3 B-1 10 St James Ave Suite 1700, Boston, MA 02116, USABaupost Limited Partnership 1983 C-1 10 St James Ave Suite 1700, Boston, MA 02116, USA

10 St James Ave Suite 1700, Boston, MA 02116, USAaupostValue Partners, L.P. - |Baupost Value Partners, L.P. - ll 10 St James Ave Suite 1700, Boston, MA 02116, USAl0StJamesAveSuite 1700, Boston, M402116, USAaupost Value Partners, L.P. - lllBaupost Value Partners, L.P, - lV 10 St James Ave Suite 1700, Boston, MA 0211, USAHB lnstitutional Limited Partnership 10 St Jarnes Ave Suite 1700, Boston, MA 021 1 6, USAPB lnstitutional Limited Parlnership 10 St James Ave Suite 17(, Boston, MA 02116, USA

l0StJamesAveSuite 1700, Boston, M402116, USAB lnstitutional Limited PartnershipSAK Gooration 10 St James Ave Sulte 1700, Boston, MA 02116, UsA

10 St James Ave Suite 1700, Boston, MA 02116, USAaupost Group Securities, L.L.C.10 St James Ave Sulte 1700, Boston, MA 02116, USAaupost Partners, L.L.C

Mr Seth Klarman l0StJamesAveSuite 17), Boston, M402116, USA

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