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WELCOME TO THE PWR HOLDINGS LIMITED 2026 ANNUAL GENERAL MEETING 20 October 2026 1:00pm 1
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BOARD OF DIRECTORS Kees Weel, Chairman Sharyn Williams, Managing Director Matthew Bryson, Executive Director Kym Osley AM, CSC, Non-Executive Director Amanda Holt, Non-Executive Director Jason Conroy, Non-Executive Director Susan Forrester AM, Non-Executive Director 2
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EXECUTIVE & MANAGEMENT TEAM Matthew Bryson, Chief Technology & Commercial Officer Rob Shore, Chief Financial Officer Ben Jackson, Chief Operating Officer Andi Scott, General Manager Advanced Technology Jake Howard, General Manager People & Strategy Ben Nielsen, General Manager Technical Services Jason Hicks, General Manager PWR Australia Wayne Rodgers, Executive General Manager PWR Europe Gavin Lemon, General Manager PWR North America Sharyn Williams, Chief Executive Officer 3
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BROADER PWR SUPPORT TEAM Jason Adams, KMPG Stephanie Daveson, Clayton Utz Carla Alviano, General Counsel & Company Secretary Phil Klein, Commonwealth Bank 4
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ORDER OF THE DAY Chairman Address Managing Director & Chief Executive Officer Address Shareholder Questions Formal Business General Business 5
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CHAIRMAN ADDRESS KEES WEEL 6
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MANAGING DIRECTOR & CHIEF EXECUTIVE OFFICER ADDRESS SHARYN WILLIAMS 7
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8 Highlights Refer to Glossary on slide 30 for defined terms. 1. Australian revenue represents revenue from products manufactured in Australia and is not revenue by customer location. Record Group Revenue $170.7m Record Australian revenue1 following factory relocation ~$106m Record Order Book for FY27 >$82m Strategic priorities delivered; strong momentum driving operating leverage Revenue and earnings growth with margin improvement delivered - Revenue and earnings growth on higher volumes and operating leverage - NPAT margin improvement delivered in line with expectations - Strong cash conversion; modest net debt, deleveraging continuing Operational capability and capacity to support growth - Stapylton transition complete - record Australian revenues, not possible at former Ormeau site - Continued investment in people and capability to drive volume growth and sustain competitive advantages - Measured entry into Europe (Poland) funded within existing capex plans across forward 5 years - Revised operating model – appointed GM Technical Services and Heads of each automotive stream Key engines driving growth: A&D scaling and Motorsports at a higher baseline - A&D accelerating — substantial runway with less than 1% share of a large and growing market - Motorsports reset to a higher FY26 baseline - OEM returning to growth; Aftermarket repositioned towards higher-value SKUs Revenue $170.7m up 31.2% NPAT — statutory $17.9m up 83.2% NPAT margin 10.5% up 3pps Cash conversion 104.9% down 31.4pps Final dividend 5.0 cps up 3.0 cps 8
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Strong revenue growth driven by Motorsports and A&D Revenue by market sector1 – FY26 Revenue bridge – FY26 vs. pcp 130.1 +31.7 +8.3 +0.6 170.7 FY25 Motorsports A&D OEM/AM/Other FY26 Motorsports $101.9m Revenue growth reflects increased adoption of PWR's differentiated core technologies across motorsport categories, driven by packaging and aerodynamic benefits Formula 1 regulatory changes drove increased content per car providing an additional growth tailwind in FY26 and into FY27 Growth was complemented by strong participation across hybrid and electric racing series, including the WEC, Formula E and Off-Road categories Aerospace and Defence $35.2m Revenue growth driven by Defence, Commercial Aerospace (including eVTOL) and MRO, with MRO revenue up 356%, off a low base H2 growth on pcp driven from wider A&D opportunities with major US Government programme shipments weighted to H1 Constant currency growth of ~35.6% with segment predominantly billed in USD OEM $14.6m Order book and pipeline opportunities within OEM hypercar programs remain intact; however, revenue conversion is dependent on customer driven program timelines Order book includes a large eight-year hypercar program (940 vehicles), with shipments expected to commence in late FY27/early FY28 Automotive Aftermarket $15.8m Stable revenue, consistent with the deliberate revision of discount structures to support margin improvement Historical product catalogue rationalised to concentrate on higher-volume and higher value SKU opportunities, and improve operational efficiency E-commerce platform expanded into the UK, supporting continued growth in online sales. Demand for premium products has remained resilient despite the external environment remaining challenging for discretionary spend 1. As at 30 June 2026. $M FY26 FY25 Δ Motorsports 101.9 70.2 45.4% Aerospace & Defence 35.2 26.9 30.8% OEM 14.6 15.7 (7.0%) Automotive Aftermarket 15.8 16.2 (2.7%) Other 3.3 1.2 173.0% Total revenue 170.7 130.1 31.2% Shipments commenced in July 2026 for follow on US Government order following inventory build in late FY26. Order will be weighted to H1 FY27 Strong growth in order book to $40m1 supports expectations of continued growth trajectory in FY27 Revenue reflects completion of major programs in prior years and timing of commencement of newly secured programs, including the Ford Mustang S650 9
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Global manufacturing footprint An integrated, engineering-led network built for high-value, lower-volume work across Motorsport, Aerospace & Defence, OEM and Aftermarket Poland PWR TODAY EUROPE A&D OPPORTUNITY Europe is a large, structurally growing defence market that is largely untapped – and Motorsports provides an established European foothold New European site PWR Australia Stapylton, QLD · Global HQ PWR North America Indianapolis, US High-performance cooling systems for Motorsport and higher volume automotive, plus specialist heat exchangers for A&D Traditional manufacturing and growing advanced manufacturing with NADCAP, AS9100, CMMC 2.0 accreditation PWR Europe Rugby, UK Traditional PWR products primarily for Motorsport and niche Automotive OE. Early stages of Performance Aftermarket and Aerospace. Traditional manufacturing and developing a servicing sector including flushing Poland Krosno - European extension Supports components to other global sites and A&D growth in Europe. Provides access to EU funding and logistics 1. Lease signed in October 2026 Advanced cooling systems for elite Motorsport, A&D & automotive Full capability including Engineering, R&D and advanced manufacturing & testing hub | AS9100, NADCAP HEADQUARTERS Stapylton , QLD FOUNDED 1997 LISTED ASX:PWH, 2015 FY26 REVENUE $170.7 M EMPLOYEES 704 SITES 3 Poland to open in FY27¹ One vertically integrated business – engineering and design centred in Australia, with manufacturing and accreditations placed close to customers in each market 10
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Positioning for European A&D growth – Poland Phased investment into a fourth manufacturing location to increase capacity, capability and focus on the European A&D opportunity FY27 Capex Budget $3.8m WITHIN EXISTING CAPEX FORECAST FY27 – FY30 Total Capex Budget $16.1m PHASED OVER 4 YEARS FY27 NPAT Impact <A$(1.0)m Lease 10yr lease FY27 Employees ~15 ~60 = FY30 HEADCOUNT TARGET KROSNO, PODKARPACKIE PROGRESS TO DATE PWR Poland established in March 2026 Aviation Valley is located in southeastern Poland, known for a high concentration of aviation industry companies, scientific and research centers and developed educational and training facilities 221 Members · 37K Employees www.dolinalotnicza.pl INVESTMENT RATIONALE 1 European Aerospace and Defence opportunity A&D is heavily weighted to US but an equally large opportunity exists in Europe which a European base will help us support 2 New manufacturing capabilities Outsourced components required for A&D products will be in-sourced improving our margins and lead times 3 Increase manufacturing capacity in Europe Phased 4-year capital investment plan to add capacity to meet European customer demand over the strategic horizon. No change to capex forecast 4 Strategic access to specialised talent Location provides access to a talent pool of manufacturing & aerospace expertise, at relatively lower cost, to support efficient productivity and long-term capability development 5 Supportive local government Local and national government provide favourable conditions for investment and development of the A&D sector in this region including tax incentives 6 Global logistics hub Location provides closer access to supply chain sources for more efficient and cost-effective distribution of raw materials to support global production sites Site expected to commence initial operations in FY27 PWR joined Aviation Valley Association in July 2026 Lease signed in October 2026 + 2 x 5YR OPTIONS 11
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PWR strategy — and how we delivered in FY26 DELIVERED IN FY26 1 Innovation in action - New cooling technologies commercialised and translating across segments - Invested $14.9m on research and development (FY25: $12.7m) 2 Profitable growth — Aerospace & Defence scaling - Continued expansion of approved supplier relationships, supporting customer wins and a stronger order book - Northrop Grumman supplier award - CMMC 2.0, AS9100 and NADCAP accreditations 3 Profitable growth — NPAT margin expansion in FY26 of 3pps - Stapylton facility complete - Higher capacity and demand drove improved efficiency with focus now shifting to automation to drive further efficiency gains on a stabilised cost base - Margin expansion evident in higher volume seasonal peaks demonstrates the operating leverage underpinning our NPAT margin recovery plan to FY28-FY30¹ 4 Sustainable business - Rooftop solar delivering around one-third of Australian factory energy needs and estimated annual savings of $450k - Closed-loop water treatment recycling approximately 25,000 litres per week - Scope 1 and 2 emissions measured across all global operations, preparing for mandatory climate reporting from FY28 5 Investing in our people — the foundation - Incremental headcount to support capability and capacity expansion - PWR Academy extended into on-site apprenticeship program - Strong safety culture with LTIFR significantly below industry average The global leader in cooling technology inspired by engineering excellence Through passionate people and innovative solutions we lead the way in advanced cooling system design and supply, to exceed the expectations of our global partners across diverse industries PWR value-creating strategy 1. Statutory NPAT margin is expected to trend back towards the FY24 reference margin of 17.8% over FY28–FY30. Refer to slide 27. 12
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ANDI SCOTT , GENERAL MANAGER ADVANCED TECHNOLOGY 13
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Aerospace and Defence — a proven and scaling platform ~USD 24B Global Aerospace & Defence thermal management systems market +7.5% CAGR (CY25–CY30)¹ Advanced cooling is an enabling requirement for higher-power Aerospace and Defence systems Strong A&D revenue growth since inception $4.6m $7.1m $10.5m $21.0m $26.9m $35.2m FY21 FY22 FY23 FY24 FY25 FY26 ~50% CAGR FY21 to FY26 Inception ~0.1% market share2 Proven in the world’s most demanding market – now expanding into Europe (~19% of global spend)³ FY26 revenue by end market Expanding customer validation Strong structural demand drivers 1 Increasing defence systems complexity Advanced radar, sensors and unmanned platforms lift power density 2 AI-driven thermal step-change Higher-power AI-enabled electronics require more complex liquid cooling 3 Electrification of aviation Battery and power electronics materially increase thermal loads 4 Ageing commercial fleet Delivery delays extend fleet life, sustaining thermal MRO demand Defence spend reflects changing geopolitical climate3 NATO 5% of GDP target 3.5% core + 1.5% related, by 2035 — The Hague, June 2025 EUROPE EUR 418bn (2025) EU-27 defence spend, +20% on 2024 ReArm Europe: EUR 800bn mobilisable to 2030 UNITED STATES USD ~840bn (FY26) DoD discretionary base, enacted; FY27 request of USD 1.5tn subject to Congressional approval GLOBAL USD 2.89T (2025) record total — 11th consecutive year of growth 1. Market data: The Business Research Company (TBRC), Aerospace and Defense Thermal Management Systems Market Report 2026, January 2026. 2. A$35.2m converted at AUDUSD 0.71 (US$25.0m) as a share of the ~US$24bn market per TBRC forecast. 3. SIPRI, Trends in World Military Expenditure 2025, April 2026 - Europe defined as European NATO members (US$559bn of US$2,887bn global); all-Europe incl. Russia and Ukraine US$864bn. EU-27: European Defence Agency, Defence Data, July 2026. ReArm Europe / Readiness 2030 (March 2025) comprises ~EUR 650bn national fiscal headroom plus EUR 150bn SAFE loans to 2030 - mobilisable capacity, not committed expenditure. NATO: The Hague Summit Declaration, June 2025. US: DoD discretionary base, enacted; FY27 US$1.5tn is subject to Congressional approval. UK 1% EU 7% US 91% US Government A&D program • Initial order successfully delivered • US$9.1m follow-on order secured, subsequently increased to US$11.9m • Positions PWR for ongoing program participation Defence-approved supplier relationships • Spanning all Tier 1 defence primes (>50) Northrop Grumman supplier excellence award • Annual Northrop Grumman awards - one of only a few international companies recognised from a supply chain of over 2,000 eVTOL, VTOL & STOL MRO • Key supplier to 10 companies • In discussions for strategic long-term contracts 14 AU 1%
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→ → → ~$40m A& D FY27 ORDER BOOK 1 Strong uplift vs. pcp on increased program activity, customer diversification and includes US Government follow-on order 144% Jun A&D BOOK TO BILL 2 Orders taken outpacing revenue recognised in FY26 – follow on US Government order scheduled for delivery predominantly in FY27 DEFENCE Underpinned by accreditations that limit competitor access >50+ Approved Supplier relationships (FY26) up from ~11 in FY21 Pipeline deepening + customer base broadening • Multi-year contracts dominate key opportunities/pipeline1 • Ongoing diversification – prior year customer qualification converting to revenue opportunities Defence eVTOL, VTOL and STOL likely to commercialise first • Less stringent regulatory pathway; demand from defence customers expected to exceed commercial in the short term Component to full system support • PWR continue to increase defence support with higher level assembly, sub system and system level supply, together with engineering, simulation and design services. Largest contributor – market share gains supported by structurally rising global defence spend 3 COMMERCIAL AEROSPACE Engaged in pre-production/qualification across most major eVTOL programs FY27–FY28 Expected eVTOL volume-production ramp window Engaged across key eVTOL platforms • Prototype and pre-production work with most major eVTOL and hybrid VTOL programs - well positioned regardless of which commercialise first Supportive regulatory backdrop • June 2025 US executive order - 3-year FAA eVTOL pilot program • 2028 LA Olympics a stated target for US commercial operators Commercial • Long qualification cycles, set by aircraft development timeframes • PWR is already embedded in the supply chain via Tier 1 demand Smaller near-term contributor - structural growth driver complementing near-term defence revenue MRO Underpinned by investment in tooling, equipment and reverse-engineering capability ~12 Part numbers in production up from ~2 in the pcp Catalogue building for global application • Once qualified for one customer, parts are repeatable across global operators of the same airframe Mid-volume, margin-led with disciplined scaling • Mid-volume lots (~100–300 units), not commodity/high volume • Early focus on parts with lower regulatory burden / shorter qualification Building towards a stable, recurring revenue base over time 1. At 30 June 2026. A&D FY27 order book forms part of the Group FY27 order book of >$82m disclosed on slide 4. 2. At 30 June 2026. Book to bill = A&D orders taken of $50.7m in FY26 divided by A&D revenue of $35.2m. Aerospace and Defence - momentum building across three end markets Broadening base across Defence, Commercial Aerospace and MRO Reverse engineer First article Customer integration FAA approval 15
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UPDATED OUTLOOK SHARYN WILLIAMS 16
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17 15.4% 20.6% 18.4% 17.8% 7.5% 10.5% 5% 7% 9% 11% 13% 15% 17% 19% 21% FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 Statutory NPAT margin trajectory - indicative Recovery range (upper − lower) Historical NPAT margin % FY24 reference margin Updated Outlook Motorsports • Following 45% growth to record revenue in FY26, Motorsports is expected to maintain the higher baseline in FY27 based on the current pipeline Aerospace & Defence • FY27 revenue growth on pcp is revised upwards from ~30% to ~50% • Increase is driven by a recently secured $4.6m USD order for pre-contract activities related to a previously disclosed1 pipeline opportunity • Opening Order book of ~$40m at the start of FY27 provides strong opening revenue visibility for the year with timing of individual orders subject to customer delivery schedules • Timing of US government orders weighted to H1 OEM • OEM revenue is expected to grow ~20% in FY27, supported by programs entering production, with the precise growth rate dependent on customer production timing • Ford Mustang S650 in production and new hypercar program expected H2 FY27 Aftermarket • SKU mix-shift continuing – expect modest growth in FY27 Group • FY27 revenue growth expected to be driven by A&D sector • Margin improvement journey inclusive of Poland expected to result in a 2pps improvement in statutory NPAT margin in FY27 to 12.5% • In FY27, outperformance above a 12.5% NPAT margin will be reinvested in mobilising resources in anticipation of pipeline opportunities converting, subject to the timing of recruitment Drivers • Higher volume • Increased automation • Mix i.e. services and A&D • Poland return on investment • $0.8m of one-off factory relocation costs incurred in FY26 • Improved volume leverage through higher utilisation outside the peak motorsport season • Production efficiencies from facility stabilisation and increased automation and use of AI • Favourable mix shift towards higher-volume A&D and OEM programs and services • Manufacturing savings from component insourcing and commencement of lower-cost Polish operations in FY27 Drivers of Statutory NPAT margin improvement FY27 growth and pathway to medium-term margin recovery 2 2. Recovery range illustrates the indicative pathway of the expected statutory NPAT margin recovery towards the FY24 reference margin of 17.8% over FY28–FY30. The upper and lower bounds and intermediate year values are illustrative only and are not guidance.1. ASX Announcement dated 20 August 2026 FY26 Investor Presentation, slide 24
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SHAREHOLDER QUESTIONS Please come up to the microphone to ask your questions If you are unable to come up, please raise your hand and we will provide a microphone to you Questions will be limited to 2 questions per shareholder 18
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MEETING PROCEDURES All resolutions will be decided by way of poll Shareholders and proxyholders will cast their votes directly on their BLUE admission cards Shareholders will be given a reasonable opportunity to ask questions before each resolution is put to vote Each resolution, together with the proxy votes received for the resolution, will be shown on the screens 19
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RECEIVE AND CONSIDER THE 2026 ANNUAL REPORT To receive and consider the Company’s 2026 Annual Report comprising the Financial Report, Directors’ Report and Auditor’s Report for the Company and its controlled entities for the financial year ended 30 June 2026. THERE IS NO VOTE ON THIS ITEM 20
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REMUNERATION REPORT RESOLUTION 1 To consider and, if thought fit, to pass the following resolution as an ordinary resolution: That the Remuneration Report for the year ended 30 June 2026 be adopted. For Open Against 47,800,697 99.55% 88,555 0.19% 126,180 0.26% THIS RESOLUTION IS ADVISORY ONLY AND DOES NOT BIND THE DIRECTORS OR THE COMPANY 21
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ELECTION OF MR MATTHEW BRYSON AS AN EXECUTIVE DIRECTOR RESOLUTION 2 To consider and, if thought fit, pass the following resolution as an ordinary resolution: For Open Against 60,013,120 99.68% 87,355 0.15% 105,169 0.17% That Mr Matthew Bryson, who, having been appointed by the Board on 1 July 2026 as a Director in accordance with the Company’s Constitution and being eligible, be elected as a Director. 22
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ELECTION OF MS SUSAN FORRESTER AM AS A NON- EXECUTIVE DIRECTOR RESOLUTION 3 To consider and, if thought fit, pass the following resolution as an ordinary resolution: For Open Against 60,076,556 99.82% 87,355 0.15% 17,392 0.03% That Ms Susan Forrester AM, who, having been appointed by the Board on 24 April 2026 as a Director in accordance with the Company’s Constitution and being eligible, be elected as a Director. 23
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ELECTION OF MR KYM OSLEY AM, CSC AS A NON- EXECUTIVE DIRECTOR RESOLUTION 4 To consider and, if thought fit, pass the following resolution as an ordinary resolution: For Open Against 59,385,157 98.64% 90,528 0.15% 729,559 1.21% That Mr Kym Osley AM, CSC who retires as a Director and, being eligible, offers himself for re-election, be elected as a Director. 24
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ELECTION OF MS AMANDA HOLT AS A NON- EXECUTIVE DIRECTOR RESOLUTION 5 To consider and, if thought fit, pass the following resolution as an ordinary resolution: For Open Against 60,008,340 99.67% 106,949 0.18% 87,355 0.15% That Ms Amanda Holt who retires as a Director and, being eligible, offers herself for re-election as a Director, be elected as a Director. 25
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ISSUE OF PERFORMANCE RIGHTS (FY 26 DEFERRED STI) UNDER THE PERFORMANCE RIGHTS PLAN TO MS SHARYN WILLIAMS, MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER RESOLUTION 6 To consider and, if thought fit, to pass the following resolution as an ordinary resolution: That approval be given for the purposes of Listing Rule 10.14 and for all other purposes, for the grant of 19,801 Performance Rights (FY26 Deferred STI) to Managing Director and Chief Executive Officer, Ms Sharyn Williams, on the terms described in the Explanatory Statement. For Open Against 57,901,723 99.68% 82,855 0.14% 104,016 0.18% 26
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ISSUE OF PERFORMANCE RIGHTS (FY 26 DEFERRED STI) UNDER THE PERFORMANCE RIGHTS PLAN TO MR MATTHEW BRYSON, EXECUTIVE DIRECTOR RESOLUTION 7 To consider and, if thought fit, to pass the following resolution as an ordinary resolution: That approval be given for the purposes of Listing Rule 10.14 and for all other purposes, for the grant of 17,402 Performance Rights (FY26 Deferred STI) to Executive Director, Mr Matthew Bryson, on the terms described in the Explanatory Statement. For Open Against 57,901,874 99.68% 82,855 0.14% 104,265 0.18% 27
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ISSUE OF PERFORMANCE RIGHTS (FY 26 TOP -UP LTI) UNDER THE PERFORMANCE RIGHTS PLAN TO MS SHARYN WILLIAMS, MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER RESOLUTION 8 To consider and, if thought fit, to pass the following resolution as an ordinary resolution: That approval be given for the purposes of Listing Rule 10.14 and for all other purposes, for the grant of 9,162 Performance Rights (FY26 Top-Up LTI) to Managing Director and Chief Executive Officer, Ms Sharyn Williams, on the terms described in the Explanatory Statement For Open Against 57,903,423 99.68% 82,855 0.14% 102,316 0.18% 28
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ISSUE OF PERFORMANCE RIGHTS (FY 27 LTI) UNDER THE PERFORMANCE RIGHTS PLAN TO MS SHARYN WILLIAMS, MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER RESOLUTION 9 To consider and, if thought fit, to pass the following resolution as an ordinary resolution: That approval be given for the purposes of Listing Rule 10.14 and for all other purposes, for the grant of 74,224 Performance Rights (FY27 LTI) to Managing Director and Chief Executive Officer, Ms Sharyn Williams, on the terms described in the Explanatory Statement. For Open Against 57,902,411 99.68% 96,915 0.17% 89,268 0.15% 29
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ISSUE OF PERFORMANCE RIGHTS (FY 27 LTI) UNDER THE PERFORMANCE RIGHTS PLAN TO MR MATTHEW BRYSON, EXECUTIVE DIRECTOR RESOLUTION 10 To consider and, if thought fit, to pass the following resolution as an ordinary resolution: That approval be given for the purposes of Listing Rule 10.14 and for all other purposes, for the grant of 29,412 Performance Rights (FY27 LTI) to Executive Director, Mr Matthew Bryson, on the terms described in the Explanatory Statement. For Open Against 57,900,202 99.68% 89,027 0.15% 99,405 0.17% 30
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GENERAL BUSINESS 31
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THANK YOU Please hand your completed voting card to a Computershare representative as you leave 32