CODAN LIMITED — Regulatory Filings 2021

Nov 9, 2021

10 November 2021

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COMPANY ANNOUNCEMENTS PLATFORM AUSTRALIAN SECURITIES EXCHANGE

CLARIFICATION CEO ANNOUNCEMENT

The board has recently announced the appointment of Alf Ianniello and made the following comment regarding his short-term incentive:

Short Term Incentive (STI )

The Company will provide Mr Ianniello with an FY22 STI opportunity that will target the payment of 30% of his fixed remuneration (pro-rata), subject to the achievement of 80% of the EBIT achieved by the Company in FY21 and other conditions to be determined.

The board would like to further clarify the above statement:

• The 80% of EBIT is a threshold and is the minimum EBIT that must be achieved for any STI to be payable;

• Once the threshold is achieved an STI pool is accrued at 2% of EBIT to be allocated to individual executives on terms and conditions to be agreed; and

• This is consistent with the published remuneration report in the 2021 Annual Report and with prior years.

On behalf of the Board

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Michael Barton

Company Secretary

This announcement was authorised by the Board of Directors.

Codan is a technology company that develops robust technology solutions to solve customers’ communications, safety, security and productivity problems in some of the harshest environments around the world.

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- FOR ADDITIONAL INFORMATION, PLEASE CONTACT:

Michael Barton Kayi Li Company Secretary & CFO Manager, Investor Relations Codan Limited Codan Limited (08) 8305 0392 (08) 8305 0392