DGL GROUP LIMITED — AGM Information 2022

Nov 14, 2022

==> picture [170 x 71] intentionally omitted <==

2022 AGM PRESENTATION 15 November 2022

==> picture [758 x 567] intentionally omitted <==

----- Start of picture text -----

2022 AGM PRESENTATION | [X] NOVEMBER 2022
----- End of picture text -----

==> picture [1059 x 5] intentionally omitted <==

OUR VISION

Founded in New Zealand in 1999, DGL Group (“DGL” or the “Group”) has grown into a diversified industrial group operating throughout Australia and New Zealand.

The Group’s vision is to leverage its asset base, customer relationships and trusted brand to build a diverse industrial business capable of delivering a wide range of solutions across the chemical industry.

Treating demands of our customers as paramount, increasing scale and diversified service offerings will allow us to better integrate with our customers’ processes and markets, resulting in more productive and effective relationships.

DGL remains agile, well-capitalised and intensely focused on its strategies for continued, sustainable growth.

==> picture [1059 x 5] intentionally omitted <==

2022 AGM PRESENTATION | 15 NOVEMBER 2022

Page 2

INDUSTRIAL SERVICES WE PROVIDE

SPECIALISED CHEMICAL MANUFACTURING, TRANSPORTATION, LOGISTICS AND RECYCLING SERVICES TO A DIVERSE RANGE OF INDUSTRIES¹

==> picture [234 x 433] intentionally omitted <==

==> picture [562 x 433] intentionally omitted <==

----- Start of picture text -----

CHEMICAL WAREHOUSING &
MANUFACTURING DISTRIBUTION
Formulation and
Collection,
manufacturing
transportation,
of specialty
storage and
chemical
logistics
products
Treatment,
recycling
and disposal
ENVIRONMENTAL
SOLUTIONS
----- End of picture text -----

==> picture [235 x 433] intentionally omitted <==

1. Approximately 30% of customers (by FY22 revenue) use the products and services of more than one our business segments.

==> picture [1059 x 5] intentionally omitted <==

2022 AGM PRESENTATION | 15 NOVEMBER 2022

Page 3

QUALITY, HEALTH, SAFETY & ENVIRONMENT

QUALITY, HEALTH, SAFETY & ENIVRONMENTAL REMAINS DGL’S NUMBER ONE PRIORITY

==> picture [414 x 415] intentionally omitted <==

----- Start of picture text -----

Health and Environmental
Safety Plan Management Plan
Health and Safety Environmental Management
Management System System
Health and Environmental
Training and
Safe ty Po licies Policies and
and Procedures Competency Procedures
Health and Safety
and Environmental Health and Safety
Risk Management
Hazard and Incident Workplace Audits and Consultation and Toolbox
Reporting Inspections Meetings
Annual Independent Audit by Benchmark OHS Consulting
----- End of picture text -----

==> picture [63 x 65] intentionally omitted <==

==> picture [66 x 51] intentionally omitted <==

==> picture [68 x 58] intentionally omitted <==

FY22 CONSOLIDATED GROUP LTIFR¹ OF 9.9

Licence and Accreditation Portfolio

More than 20 years of accumulated IP, licences and permits to ensure safety in operations, and environmental and quality standards

Safety Procedures

Comprehensive safety plans, systems and procedures in order to comply with the range of regulations that apply to the sectors in which it operates

Employee Training

• Compulsory on-the-job training

• Logging of all potential hazards and incidents

• Annual independent external audits and ad-hoc inspections

• Lost Time Injury Frequency Rate (LTIFR).

==> picture [1059 x 5] intentionally omitted <==

2022 AGM PRESENTATION | 15 NOVEMBER 2022

Page 4

ENVIRONMENTAL, SOCIAL, AND GOVERNANCE

DEVELOPING ESG FRAMEWORK AS DGL MATURES AS A BUSINESS

KEY INITIATIVES

==> picture [298 x 26] intentionally omitted <==

----- Start of picture text -----

ESG approach centres around the following United Nations
Sustainability Development Goals:
----- End of picture text -----

Environmental

CLEAN WATER

Social

GENDER EQUALITY

==> picture [378 x 184] intentionally omitted <==

In DGL’s role as an end-to-end supply chain service, with ever-growing reach into critical industries such as agriculture, automotive, transport, manufacturing, home and garden, DGL plays a role in managing ESG risks and impacts.

DGL is committed to developing and implementing a Group environmental, social and corporate governance framework that encompasses all, evidenced by notable achievements and initiatives.

• State-of-the-art liquid wastewater treatment plant in development for Unanderra, NSW

• Expanded investment in chemical product manufacturing for treatment of wastewater, for re-use. Specialist in the manufacture, distribution and dosing of critical chemicals¹

WASTE MINIMISATION

• Capacity to recycle up to 86,000 tonnes of lead acid battery waste, minimising landfill

ENERGY MANAGEMENT

• Rollout low energy LED lighting, while continue to grow solar network at existing manufacturing and warehousing facilities

CARBON FOOTPRINT

• Recycling of paper & cardboard, plastic and timber wastes. Use of recycled and local products and resources, where feasible

• Updating transport fleet to more efficient models

• Employed experienced Chief People Officer to drive rigour and clarity in employee management

BUILDING INTERNAL CULTURE

• Completion of workplace culture analysis, with planning for further groundwork in FY23

COMMUNITY

• Assist in ensuring availability of drinking water in remote areas

Governance

INTERNAL

• Developing Group HR framework and policies to provide consistent structure and standards

• Development of ESOP for senior leadership team

• Investment in strengthening senior leadership team (size and expertise)

==> picture [1059 x 5] intentionally omitted <==

2022 AGM PRESENTATION | 15 NOVEMBER 2022

1. Chlorine products, water treatment, sewer odour as well as corrosion and pH correction.​

Page 5

TRACK RECORD OF ROBUST GROWTH

ACCELERATION OF GROWTH ACROSS KEY METRICS IN PURSUIT OF ENHANCED SCALE, EFFICIENTLY UTILISING AVAILABLE CAPITAL

FY22 KEY HIGHLIGHTS (vs PF FY21)

+88% (+$173.3m)

Sales Revenue

Gross Profit +95% (+$67.3m)

Underlying EBITDA +133% (+$37.5m)

Underlying EBIT +188% (+$31.6m)

Underlying NPAT +197% (+$22.3m)

SALES REVENUE² ($m)

UNDERLYING EBITDA¹[,] ² ($m)

==> picture [229 x 209] intentionally omitted <==

----- Start of picture text -----

369.8
+31%
CAGR
196.5
180.1
163.5
PF FY19 PF FY20 PF FY21 FY22
UNDERLYING EBIT¹ [,] ² ($m)
----- End of picture text -----

==> picture [229 x 209] intentionally omitted <==

----- Start of picture text -----

65.6
+64%
CAGR
28.1
19.2
14.8
PF FY19 PF FY20 PF FY21 FY22
UNDERLYING NPAT¹ [,] ² ($m)
----- End of picture text -----

==> picture [481 x 153] intentionally omitted <==

----- Start of picture text -----

33.6
48.4
+129% +150%
CAGR CAGR
16.8 11.3
4.0 2.2
7.5 4.8
PF FY19 PF FY20 PF FY21 FY22 PF FY19 PF FY20 PF FY21 FY22
----- End of picture text -----

1. Underlying EBITDA, EBIT, and NPAT reflect the statutory results adjusted for acquisition costs and impairment expense. See appendix for the reconciliation of FY22.

2. Pro-forma (“PF”) results provided for FY19, FY20, FY21 to show results inclusive of Chem Pack business acquired (1 Jan 2021). See FY21 results presentation for reconciliation of FY21. See May 2021 Prospectus for FY19 and FY20 reconciliation.

==> picture [1059 x 5] intentionally omitted <==

2022 AGM PRESENTATION | 15 NOVEMBER 2022

Page 6

SIGNIFICANTLY ENHANCED SCALE

STRATEGIC INVESTMENT UNDERTAKEN TO ACHIEVE GROWTH, DE-RISKING OPERATING MODEL

• FY22 revenue growth (+$173m vs. PF FY21) and net tangible assets (+$40m vs. FY21) evidencing scale and balance sheet strength

==> picture [44 x 43] intentionally omitted <==

==> picture [294 x 55] intentionally omitted <==

----- Start of picture text -----

$370m $207m
FY22 Sales Revenue FY22 Net Tangible
Assets
----- End of picture text -----

• Growth in strategically located assets illustrating increased network strength as well as breadth of products and services

• Unparalleled scale in extensive bulk liquid transport, packaged transport and logistics network. DGL fleet grown to 230+ (from 47 in 2021)

==> picture [53 x 53] intentionally omitted <==

==> picture [278 x 43] intentionally omitted <==

----- Start of picture text -----

650+ 3,800+
Staff - Aust. & NZ Customers [1]
----- End of picture text -----

• Vertically integrated services from product development to end-of-life chemicals processing allowing deeper integration into customer value chain. Approximately 30% of customers use two or more divisions

• Highly-skilled workforce that’s developed a trusted brand amongst a loyal customer base.

==> picture [42 x 42] intentionally omitted <==

170,000t 230+ Chemical Owned Trucks, Storage Tankers and Trailers

• Intellectual property and technical ‘know-how’ in the manufacture and management of chemicals. Scale has allowed investment in key expertise, enhancing competitiveness

• Expanded portfolio of licenses, accreditations, and regulatory approvals through acquisition and organic projects, reinforcing competitive position

==> picture [46 x 40] intentionally omitted <==

315,000t Manufacturing Capacity p.a.

==> picture [46 x 44] intentionally omitted <==

180,000t Waste Processing Capacity p.a.

• Scale continues to de-risk DGL's operating model through reduced reliance on specific geographies, markets, and customers

• Management estimate. Customer number includes all customers who made a purchase during the period from 1 July 2021 to 30 June 2022 from DGL or any business acquired by DGL since 1 July 2021.

==> picture [1059 x 5] intentionally omitted <==

2022 AGM PRESENTATION | 15 NOVEMBER 2022

Page 7

STRENGTHENED TRANS-TASMAN NETWORK

DIVERSE AND STRATEGIC GEOGRAPHICAL FOOTPRINT ACROSS AUSTRALIA AND NEW ZEALAND

==> picture [997 x 446] intentionally omitted <==

----- Start of picture text -----

1 (+1 since IPO in May 2021)
NT 60 Increased geographic
Sites across Aust. & NZ [1] coverage strengthens
(+34 since May 2021) DGL's network of assets
DGL provides a single
14 (+11)
~500,000sqm platform, reducing reliance on
QLD
Total site size [1] multiple suppliers
$160m Consolidation
11 (+6)
Carrying value of owned sites opportunities available
NSW
8 (+6) 3 SA (+2)
WA
11 (+6)
VIC
12 (+2)
1. As at 31 October 2022. NZ
----- End of picture text -----

==> picture [1059 x 5] intentionally omitted <==

2022 AGM PRESENTATION | 15 NOVEMBER 2022

Page 8

STRONG ORGANIC GROWTH SUPPORTED BY STRATEGIC ACQUISITIONS

RAPID GROWTH SINCE FY19, BOTH ORGANICALLY AND BY ACQUISITION, A DIRECT RESULT OF UNDERLYING STRATEGY

ORGANIC VS ACQUIRED GROWTH ($m)

==> picture [576 x 360] intentionally omitted <==

----- Start of picture text -----

27 66 ~ 15
51
15
6 24
3
10 15
5
FY19 Organic FY20 Acquired² Organic FY21 Acquired² Organic FY22 Normalisations⁴ Normalised
EBITDA¹ EBITDA EBITDA³ EBITDA FY22 EBITDA
----- End of picture text -----

• DGL has achieved strong EBITDA growth from $5 million in FY19 to $66 million in FY22

• Organic contribution over this period has generated ~70% of the EBITDA growth, with the balance from strategic acquisitions

• DGL’s acquisition strategy focuses on building scale – adding new capabilities and capacity – de-risking the business through diversification and reduction in customer and market concentration

• Each year, opportunities arise for DGL to maximise earnings during periods of price and/or supply imbalance through the ability to procure, import, manufacture and deliver specialised products, often when others unable

  • Such opportunities were amplified in FY22 and accounted for an estimated ~$15 million in EBITDA

• DGL expects strong organic growth in normalised earnings in FY23. Earnings will also benefit from full-year contribution from 16 strategic acquisitions completed since July 2021

• As per DGL IPO prospectus, dated 5 May 2021. DGL only, not including Chem Pack. Chem Pack FY20 earnings contribution of $6.9m pro-rated (based on 1 Jan 2021 acquisition date) across FY21 and FY22 acquired contribution.

• Acquisition contribution based on EBITDA of the acquisitions in the financial year prior to DGL acquisition of the acquired business, pro-rated for the period of ownership.

• Adjusted for significant one-off costs and income. Reconciliation provided in FY21 Results Presentation.

• FY22 normalisations figure of ~$15 million based on Management estimates, broadly calculated based on historic and expected future performance in certain markets. Occurred primarily in the Chemical Manufacturing division due to supply/demand imbalances. 2022 AGM PRESENTATION | 15 NOVEMBER 2022

==> picture [1059 x 5] intentionally omitted <==

Page 9

IMPORTANCE OF CUSTOMER-LED STRATEGY

ABILITY TO PROCURE AND HOLD INVENTORY PROVIDES A STRATEGIC ADVANTAGE TO ENSURE SUPPLY, INCREASE MARGIN AND GAIN SHARE

• During H2 FY22, DGL undertook a deliberate strategy to procure higher levels of inventory, permitted by a disciplined use of balance sheet

• On-shoring of manufacturing and formulation, supply chain disruptions and an expansion of DGL services have contributed to the need for increased inventory

• This strategic decision, in response to forward orders and requests for supply assurances, was critical to meet customer demand and provides an important distinguishing feature, solidifying DGL as a “go-to” provider for reliable supply

• The ongoing structural shift towards more-reliable partners – helping achieve economies of scale – allows DGL to capture additional margin (pricing, buying power, infrastructure utilisation)

• On a like-for-like basis, inventory days were ~27 days higher at June 2022, translating to an ~$18 million increase in inventory holdings

• Majority of ~$18 million inventory build related to Agriculture & Automotive sectors which account for over half of DGL’s revenue

• Stock largely held in raw material form with little risk of inventory obsolescence

• DGL remains well-positioned to continue to meet customer demand ahead of the summer period, particularly in Agriculture

GROWTH IN INDICATIVE INVENTORY DAYS¹

==> picture [267 x 126] intentionally omitted <==

----- Start of picture text -----

+27 75
48
FY21 FY22
----- End of picture text -----

FY22 CUSTOMER REVENUE BY SEGMENT²

==> picture [399 x 194] intentionally omitted <==

----- Start of picture text -----

Other
7%
Warehousing &
Distribution
14% Agriculture
36%
Environmental
24%
Automotive
19%
----- End of picture text -----

1. Inventory days are a management estimate and uses unaudited information. Have included full impact of FY22 acquisitions in both FY21 and FY22.​

2. Revenue by industry is indicative only, based on high level analysis. Warehousing & Distribution includes all revenue derived by that segment regardless of customer type. Includes intercompany revenue.

==> picture [1059 x 5] intentionally omitted <==

2022 AGM PRESENTATION | 15 NOVEMBER 2022

Page 10

FY22 OPERATING CASH FLOWS

INVENTORY HOLDINGS TO STABLISE, IMPROVING CASH FLOW CONVERSION IN FY23

• DGL utilised its balance sheet strength during FY22, investing in inventory to meet customer demand during a year of extreme supply chain imbalance

• Underlying cash flow conversion in FY22 was 77%, adjusted for investment in inventory (~$18 million)

• Additional impact from investment in working capital for select acquired businesses (~$4.4 million)² not adjusted for

• FY22 growth capex of ~$8 million includes commissioning new plant, fleet expansion, development of ERP and associated hardware

• FY22 maintenance capex of ~$4 million

• Inventory holdings have stabilised during Q1 FY23, and are expected to remain stable through H1 FY23, leading to an expected stronger cash flow conversion for FY23 (targeting underlying operating cash flow conversion in the range of 80% - 90%)

==> picture [465 x 230] intentionally omitted <==

----- Start of picture text -----

51
FY22 OPERATING FREE CASH FLOW
18
3
5
33 33
24
Operating Cash Tax Acquisition Costs Underlying Add back Adjusted
Flow Operating Free Inventory Operating Free
Cash Flow (before Cash Flow
tax)
----- End of picture text -----

FY22 OPERATING FREE CASH FLOW

OPERATING CASH CONVERSION

==> picture [303 x 137] intentionally omitted <==

----- Start of picture text -----

100% 77%
93%
27%
50%
Pro-forma FY20¹ Pro-forma FY21¹ FY22
Investment in stock
----- End of picture text -----

1. Pro-forma results are provided for FY21 and FY20 as outlined in FY21 results presentation.​

2. For those acquisitions of business and assets (vs. all share purchases), DGL completed build of receivables and payables through operating cash flow, reducing operating cash flow by approximately $4.4m.

==> picture [1059 x 5] intentionally omitted <==

2022 AGM PRESENTATION | 15 NOVEMBER 2022

Page 11

PROPERTY AND PROJECTS CAPACITY

INVESTMENT IN PROPERTY PROVIDES STRATEGIC FLEXIBILITY & SECURITY, ANOTHER COMPETITIVE ADVANTAGE

FY22 PROJECT HIGHLIGHTS & FY23 OUTLOOK

FY22 and FY23 Auckland chemical Continued investment in Redevelopment of Assessing further Phased roll out of Establishment of expansion of storage facility Environmental business. Seven Hills, NSW to investment in group ERP system to specialist formulation completed FY22. Consenting process rationalise multiple decentralised Chlor provide single departments (e.g. manufacturing plant Continued assessment pushing commissioning sites and improve Alkalai plants across platform and greater procurement and acrossAustralia and of NZ greenfield of new liquid waste production capacity Australia data insights shipping) as well NZ warehouse construction treatment plant towards and efficiencies as development of projects FY24 shared services

PROPERTY HIGHLIGHTS

ACQUIRED, DISPOSED PROPERTY IN FY22

• DGL has been strategically managing a high-value property portfolio, supportive of its long-term strategy

• QLD 7,500 sqm brownfield site in Townsville ($3 million), being developed into a chemical formulation and storage facility

• Current owned portfolio includes 19 properties, valued at $160 million, covering 285,000 sqm. The balance of sites are leased

  • QLD properties bordering one-another totaling 26,600 sqm ($17 million). Work underway to establish a substantial multi-functional facility

• $31 million increase in value of strategic property in FY22 following revaluation by independent accredited valuers

• Weighted average capitalisation rate of 5.1% applied to the Australian owned property revaluations (vs. 5.6% applied to NZ properties)

• Beyond illustrating disciplined capital allocation, the importance of owning property provides optionality and forms a key competitive advantage

• VIC owner-occupier sites housing acquired ALM (1,300 sqm, $2 million) and Chem Pack main site (10,200 sqm, $6 million). Chem Pack main site has substantial plant investment

• WA property in Kwinana (9,400 sqm) and QLD property at Carole Park (5,000 sqm) acquired as part of two business acquisitions ($8 million total)

• NZ land purchased for development ($2 million)

• Property in NZ ($7 million) sold in July 22. Classified as held for sale at June 2022

==> picture [1059 x 5] intentionally omitted <==

2022 AGM PRESENTATION | 15 NOVEMBER 2022

Page 12

DIVISIONAL STRATEGY UPDATE

TARGETED STRATEGY ACROSS DIVISIONS TO CONTINUE GROWTH, ACHIEVING FURTHER ECONOMIES OF SCALE

==> picture [90 x 91] intentionally omitted <==

CHEMICAL MANUFACTURING

• Continue to assess acquisition prospects as they arise, looking to new markets, capacities, and/or capabilities

• Creation of one platform to offer customers a wider range of products and services, closer to their site

• Greater focus on growing organically through:

• Working with customers and industry to develop new products, utilising new technology

• Continue to develop brand and reputation, providing full-service offering

• Optimisation and development of plant and sites to facilitate greater throughput and flexibility

==> picture [91 x 91] intentionally omitted <==

WAREHOUSING & DISTRIBUTION

• Increased storage capacities​ through greenfield developments, conversions and acquisitions

• Expansion of distribution network ​to provide a more scaled and integrated transport network

• Continued assessment of opportunities within the portfolio to ensure efficiencies and best use

==> picture [91 x 91] intentionally omitted <==

ENVIRONMENTAL SOLUTIONS

• Increased focus on liquid waste treatment and environmental solutions

• Collaboration to identify end of life chemical solutions to close the loop​

• Continuing assessment of acquisition opportunities to expand services

• Ongoing development of lead recycling business

  • Continuing to invest in capabilities and diversified product streams

  • New plant to broaden the range of raw materials that we can process and treat

  • Retain strong relationships with suppliers and customers​

• Utilising procurement expertise to identify opportunities

==> picture [1059 x 5] intentionally omitted <==

2022 AGM PRESENTATION | 15 NOVEMBER 2022

Page 13

SUMMARY AND OUTLOOK

==> picture [76 x 76] intentionally omitted <==

==> picture [76 x 76] intentionally omitted <==

==> picture [76 x 76] intentionally omitted <==

GROWTH & SCALE

Strong EBITDA growth from FY19 to FY22, ~70% of this growth achieved organically

Enhanced scale allowing investment in expertise and assets not available to all competitors

INVENTORY STABILISED

Held higher inventory at June 2022 in response to demand from customers and market

Inventory holdings have stabilised during Q1 FY23 and are expected to remain stable through H1 FY23

FOCUSED CORE STRATEGY

DGL’s strategy continues to focus on growing organically and through acquisitions to expand strategic capabilities and capacities

==> picture [76 x 103] intentionally omitted <==

==> picture [76 x 103] intentionally omitted <==

FY23 GUIDANCE*:

Expect underlying EBITDA to be in the range of: $70 - $72 million

Earnings expected to be skewed towards second half: ~40% H1 / ~60% H2

Expect underlying operating cash flow conversion to be in the range of 80% - 90%¹ * Guidance assumes no material change to prevailing market and economic conditions

==> picture [76 x 103] intentionally omitted <==

==> picture [77 x 103] intentionally omitted <==

1. Operating cash flow before tax paid, finance costs, and acquisition costs divided by underlying EBITDA.

==> picture [1059 x 5] intentionally omitted <==

2022 AGM PRESENTATION | 15 NOVEMBER 2022

Page 14

==> picture [125 x 53] intentionally omitted <==

Q&A

CONTACTS:

Company Barbara Furci (DGL Group Limited) info@dglgroup.com +64 9 309 9254

Investors

Sam Wells (NWR Communications) sam@nwrcommunications.com.au +61 427 630 152

==> picture [596 x 125] intentionally omitted <==

==> picture [1059 x 5] intentionally omitted <==

2022 AGM PRESENTATION | 15 NOVEMBER 2022

APPENDIX

Summary Underlying Income Statement (A$m)	Statutory FY22	Adjustments	Underlying FY22
Sales revenue	369.8		369.8
Cost of sales	(231.9)		(231.9)
Gross profit	137.9		137.9
Overhead Expenses	(72.3)		(72.3)
Acquisition Costs	(3.6)	3.6	0.0
Impairment Expense	(1.0)	1.0	0.0
EBITDA from continuing operations	61.0		65.6
Depreciation and amortisation expense	(17.1)		(17.1)
EBIT	43.9		48.4
Finance costs	(2.1)		(2.1)
Profit / (loss) before tax	41.8		46.3
Income tax expense	(13.9)	1.1	(12.8)
Net profit after tax	27.9		33.6

Summary Pro-forma	Pro-forma	Pro-forma	Underlying
Income Statement (A$m)	FY201	FY212	FY22
Sales revenue	180	196	370
Cost of sales	(124)	(126)	(232)
Gross profit	56	71	138
Normalised EBITDA from continuing operations	19	28	66
Depreciation and amortisation expense	(12)	(11)	(17)
EBIT	8	17	48
Finance costs	(2)	(2)	(2)
Profit / (loss) before tax	6	15	46
Income tax expense	(1)	(3)	(13)
Net profit after tax	5	11	34

1. Reconciliation of FY20 Pro-forma (DGL Group statutory results plus Chem Pack statutory results) included in the May 2021 DGL Group Prospectus

2. Reconciliation of FY21 Pro-forma (DGL Group statutory results plus Chem Pack statutory results) included in the August 2021 FY21 results presentation

==> picture [1059 x 5] intentionally omitted <==

2022 AGM PRESENTATION | 15 NOVEMBER 2022

Page 16

IMPORTANT NOTICE AND DISCLAIMER

NO RELIANCE

FORWARD LOOKING STATEMENTS

The information contained in this document is not investment or financial product advice and is not intended to be relied upon as the basis for an investment decision, and is not, and should not be assumed to be, complete. The information provided in this presentation may not be suitable for your specific needs and should not be relied upon by you in substitution for obtaining independent advice.

To the maximum extent permitted by law, neither the Group nor any other party guarantees or makes any representations or warranties, express or implied, as to, or takes responsibility for, the accuracy or reliability of the information contained in this document or as to any other matter, or takes any responsibility for any loss or damage suffered as a result of any inadequacy, incompleteness or inaccuracy in any statement or information in this document including, without limitation, any financial information, any estimate or projections or any other financial information.

Past performance information provided in this document may not be a reliable indication of future performance. No representation is being made that any investment will or is likely to achieve profits or losses similar to those achieved in the past, or that significant losses will be avoided. Statements contained in this document that are not historical facts are based on current expectations, estimates, projections, opinions and beliefs of the Group. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon.

This document contains certain forward-looking statements and comments about future events. Forward-looking statements involve known and unknown risks, significant uncertainties, assumptions, contingencies, and other factors, many of which are outside the control of the Group, are subject to change without notice, and may involve significant elements of subjective judgement and assumptions as to future events which may or may not be correct, and which may cause the actual results or performance of the Group to be materially different from any results or performance expressed or implied by such forwardlooking statements. Such forward-looking statements speak only as of the date of this document.

Forward looking statements should not be relied on as an indication or guarantee of future performance. No representation, warranty or undertaking is made that any projection, forecast, assumption or estimate contained in this document should or will be achieved. The Group disclaims any obligation or undertaking to disseminate any updates or revisions to any forward looking statements in this document to reflect any change in expectations in relation to any forward looking statements or any change in events, conditions or circumstances on which any

such statement is based.

MISCELLANEOUS

No person, especially those who do not have professional experience in matters relating to investments, may rely on the contents of this document. If you are in any doubt as to the matters contained in this document you should seek independent advice and/or consult your stockbroker, bank manager, solicitor, accountant or other financial adviser.

All dollar figures within this document representAustralian Dollars unless otherwise specifically stated.

Underlying results exclude the impact of one-off items. Refer to Page 16 for the FY22 reconciliation of statutory to underlying earnings.

==> picture [1059 x 5] intentionally omitted <==

2022 AGM PRESENTATION | 15 NOVEMBER 2022

Page 17