CODAN LIMITED — Share Issue/Capital Change 2026

Mar 17, 2026

Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities

==> picture [21 x 22] intentionally omitted <==

Announcement Summary

Entity name

CODAN LIMITED

Date of this announcement

Wednesday March 18, 2026

The +securities the subject of this notification are:

+Securities issued under an +employee incentive scheme that are subject to a restriction on transfer and are not being quoted on ASX until the restriction ends

Total number of +securities to be issued/transferred

		Total number of
ASX +security		+securities to be
code	Security description	issued/transferred	Issue date
CDAAI	PERFORMANCE RIGHTS	132,521	18/03/2026

Refer to next page for full details of the announcement

Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities

1 / 6

Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities

==> picture [21 x 22] intentionally omitted <==

Part 1 - Entity and announcement details

1.1 Name of entity

CODAN LIMITED

We (the entity named above) give notice of the issue, conversion or payment up of the following unquoted +securities.

1.2 Registered number type Registration number ABN 77007590605

1.3 ASX issuer code

CDA

1.4 The announcement is

New announcement

1.5 Date of this announcement

18/3/2026

Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities

2 / 6

Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities

==> picture [21 x 22] intentionally omitted <==

Part 2 - Issue details

2.1 The +securities the subject of this notification are:

+Securities issued under an +employee incentive scheme that are subject to a restriction on transfer and are not being quoted on ASX until the restriction ends

2.2a This notification is given in relation to an issue of +securities in a class which is not quoted on ASX and which:

has an existing ASX security code ("existing class")

Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities

3 / 6

Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities

==> picture [21 x 22] intentionally omitted <==

Part 3B - number and type of +securities the subject of this notification (existing class) where issue has not previously been notified to ASX in an Appendix 3B

Additional +securities in an existing class issued under an +employee incentive scheme ASX +security code and description

CDAAI : PERFORMANCE RIGHTS

Date the +securities the subject of this notification were issued

18/3/2026

Will these +securities rank equally in all respects from their issue date with the existing issued +securities in that class Yes

Were any of the +securities issued to +key management personnel (KMP) or an +associate? Yes

Provide details of the KMP or +associates being issued +securities.

==> picture [495 x 193] intentionally omitted <==

----- Start of picture text ----- Name of KMP Name of registered holder Number of +securitiesMichael Barton Same 7,611Stephen Paul Sangster Same 12,806Scott Andrew French Same 11,525Benjamin Harvey Same 11,610Please provide a URL link for a document lodged with ASX detailing the terms of the +employee incentive schemeor a summary of the terms- - -https://codan.com.au/wp content/uploads/2024/11/CDA_Share Rights Plan_Oct2024.pdf----- End of picture text -----

Any other information the entity wishes to provide about the +securities the subject of this notification

Issue details

Number of +securities

132,521

Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities

4 / 6

Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities

==> picture [21 x 22] intentionally omitted <==

Part 4 - +Securities on issue

Following the issue, conversion or payment up of the +securities the subject of this notification, the +securities of the entity will comprise:

The figures in parts 4.1 and 4.2 below are automatically generated and may not reflect the entity's current issued capital if other Appendix 2A, Appendix 3G or Appendix 3H forms are currently with ASX for processing.

4.1 Quoted +securities (Total number of each +class of +securities issued and quoted on ASX)

	4.1 Quoted +securities (Total number of each +class of +securities issued and quoted on ASX)	4.1 Quoted +securities (Total number of each +class of +securities issued and quoted on ASX)	4.1 Quoted +securities (Total number of each +class of +securities issued and quoted on ASX)	4.1 Quoted +securities (Total number of each +class of +securities issued and quoted on ASX)	4.1 Quoted +securities (Total number of each +class of +securities issued and quoted on ASX)
	ASX +security code and descriptionTotal number of+securities on issueCDA : ORDINARY FULLY PAID181,875,3204.2 Unquoted +securities (Total number of each +class of +securities issued but not quoted on ASX)ASX +security code and descriptionTotal number of+securities on issueCDAAI : PERFORMANCE RIGHTS1,166,813
CDAAI : PERFORMANCE RIGHTS1,166,	CDAAI : PERFORMANCE RIGHTS1,166,

4.2 Unquoted +securities (Total number of each +class of +securities issued but not quoted on ASX)

Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities

5 / 6

Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities

==> picture [21 x 22] intentionally omitted <==

Part 5 - Other Listing Rule requirements

5.1 Were the +securities issued under an exception in Listing Rule 7.2 and therefore the issue did not need any security holder approval under Listing Rule 7.1? No

5.2 Has the entity obtained, or is it obtaining, +security holder approval for the issue under listing rule 7.1? No

5.2b Are any of the +securities being issued without +security holder approval using the entity's 15% placement capacity under listing rule 7.1? Yes

5.2b.1 How many +securities are being issued without +security holder approval using the entity's 15% placement capacity under listing rule 7.1? 132,521

5.2c Are any of the +securities being issued without +security holder approval using the entity's additional 10% placement capacity under listing rule 7.1A (if applicable)? No

Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities

6 / 6