BAPCOR LIMITED — Major Shareholding Notification 2025

Sep 10, 2025

Form 603

Corporations Act 2001

Section 671B

Notice of initial substantial holder

To Company Name/Scheme BAPCOR LTD ACN/ARSN 153 199 912

1. Details of substantial holder (1)

Name Antipodes Partners Limited ACN/ARSN (if applicable) 602 042 035

The holder became a substantial holder on 09/09/2025

2. Details of voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in on the date the substantial holder became a substantial holder are as follows:

Class of securities (4)	Number of securities	Person's votes (5)	Voting power (6)
ORDINARY FULLY PAID	17,049,451	17,049,451	5.02%

3. Details of relevant interests

The nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a substantial holder are as follows:

Holder of relevant interest	Nature of relevant interest (7)	Class and number of securities
REFER TO ANNEXURE A

4. Details of present registered holders

The persons registered as holders of the securities referred to in paragraph 3 above are as follows:

Holder of relevant interest	Registered holder of securities	Person entitled to be registered as holder (8)	Class and number of securities
REFER TO ANNEXURE B

5. Consideration

The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four months prior to the day that the substantial holder became a substantial holder is as follows:

Holder of relevant interest	Date of acquisition	Consideration (9)	Consideration (9)	Class and number of securities
		Cash	Non-cash
REFER TO ANNEXURE C

6. Associates

The reasons the persons named in paragraph 3 above are associates of the substantial holder are as follows:

Name and ACN/ARSN (if applicable)	Nature of association
N/A

7. Addresses

The addresses of persons named in this form are as follows:

Name	Address
REFER TO ANNEXURE D

Signature

ure
print name sign here	Dan Longan capacity Director
	date 11/09/2025

DIRECTIONS

• (1) If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 7 of the form.

• (2) See the definition of "associate" in section 9 of the Corporations Act 2001.

• (3) See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.

• (4) The voting shares of a company constitute one class unless divided into separate classes.

• (5) The total number of votes attached to all the voting shares in the company or voting interests in the scheme (if any) that the person or an associate has a relevant interest in.

• (6) The person's votes divided by the total votes in the body corporate or scheme multiplied by 100.

• (7) Include details of:

• (a) any relevant agreement or other circumstances by which the relevant interest was acquired. If subsection 671B(4) applies, a copy of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and

• (b) any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.

• (8) If the substantial holder is unable to determine the identity of the person ( eg. if the relevant interest arises because of an option) write "unknown".

• (9) Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.

BAPCOR LTD	BAPCOR LTD	BAPCOR LTD	BAPCOR LTD	BAPCOR LTD
Annexure A
Holder of relevant interest	Nature of relevant interest	Number of securities	Class of securities
Antipodes Partners Limited	Antipodes Partners Limited in its capacity as investment manager has the power to control voting and/or disposal of securities.	17,049,451	Ordinary fully paid

This is Annexure "A" as mentioned in form 603 Notice of initial substantial holder

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Dan Longan Director Date: 11/09/2025

BAPCOR LTD

BAPCOR LTD	BAPCOR LTD	BAPCOR LTD	BAPCOR LTD	BAPCOR LTD
Annexure B
Holder of relevant interest	Registered holder of securities	Person entitled to be registered as holder	Number of securities	Class of securities
Antipodes Partners	Citibank	Citibank	902,831	Ordinaryfully paid
Antipodes Partners	National Nominees Ltd	National Nominees Ltd	5,111,274	Ordinaryfully paid
Antipodes Partners	State Street - AUS	State Street - AUS	11,035,346	Ordinaryfully paid

This is Annexure "B" as mentioned in form 603 Notice of initial substantial holder

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Dan Longan

Director Date: 11/09/2025

BAPCOR LTD

BAPCOR LTD	BAPCOR LTD	BAPCOR LTD	BAPCOR LTD	BAPCOR LTD	BAPCOR LTD	BAPCOR LTD
Annexure C
Holder of relevant interest	Trade Date	Nature of change	Consideration		Number of securities	Class of Securities
			Cash	Non-cash
Antipodes Partners Limited	25/06/2025	Purchase	146,956.48 $		29,800	ORDINARY FULLY PAID
As above	28/07/2025	Purchase	1,684,843.25 $		450,150	ORDINARY FULLY PAID
As above	29/07/2025	Purchase	950,161.01 $		248,919	ORDINARY FULLY PAID
As above	30/07/2025	Purchase	1,108,989.54 $		290,186	ORDINARY FULLY PAID
As above	31/07/2025	Purchase	734,225.34 $		191,984	ORDINARY FULLY PAID
As above	01/08/2025	Purchase	1,101,044.24 $		289,585	ORDINARY FULLY PAID
As above	04/08/2025	Purchase	675,420.09 $		178,889	ORDINARY FULLY PAID
As above	29/08/2025	Sale	177,792.79 -$		45,897 -	ORDINARY FULLY PAID
As above	03/09/2025	Purchase	1,390,658.76 $		398,577	ORDINARY FULLY PAID
As above	04/09/2025	Purchase	625,897.71 $		180,067	ORDINARY FULLY PAID
As above	05/09/2025	Purchase	692,046.60 $		196,327	ORDINARY FULLY PAID
As above	08/09/2025	Purchase	2,461,948.95 $		701,825	ORDINARY FULLY PAID
As above	09/09/2025	Purchase	449,907.18 $		128,109	ORDINARY FULLY PAID

This is Annexure "C" as mentioned in form 603 Notice of initial substantial holder

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Dan Longan

Director Date: 11/09/2025

BAPCOR LTD Annexure D	BAPCOR LTD Annexure D
Name	Address
Antipodes Partners Limited	Level 19, 307 Queen St, Brisbane QLD 4000, Australia

This is Annexure "D" as mentioned in form 603 Notice of initial substantial holder

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Dan Longan

Director Date: 11/09/2025