DRONESHIELD LIMITED — Major Shareholding Notification 2026

May 26, 2026

Notice of initial substantial shareholder

Form 603

Corporations Act

Section 671B

To: Droneshield Limited (“DRO”, Ordinary Fully Paid)

1. Details of substantial shareholder

Citigroup Global Markets Australia Pty Limited (ACN 003 114 832) and each of the related bodies corporate in the Citigroup group of companies worldwide (for more details please visit www.citigroup.com).

The holder became a substantial holder on 25 May 2026.

1. 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 had a relevant interest in on the date the substantial holder became a substantial holder are as follows:

Class of securities	Number of securities	Person’s vote	Voting Power
Ordinary Fully Paid	46,168,470	46,168,470	5.0006%

1. Details of relevant interests

Holder of relevant interest	Nature of relevant interest	Class and number of securities
Citibank, N.A. Sydney Branch	Citibank, N.A. Sydney Branch holds a relevant interest in these shares acting as Agent Lender and as the holder of securities subject to an obligation to return under a securities lending agreement. Refer to Annexure A.	4,047,064 Ordinary Fully Paid
Citigroup Global Markets Australia Pty Limited	Citigroup Global Markets Australia Pty Limited holds a relevant interest in these shares pursuant to contracts entered into subject to an obligation to return under a securities lending agreement and pursuant to contracts entered into in the ordinary course of business on a stock market of a stock exchange, containing no terms and conditions other than standard terms and conditions. Refer to Annexure A.	20,822,733 Ordinary Fully Paid
Citigroup Global Markets Inc	Citigroup Global Markets Inc holds a relevant interest in these shares pursuant to contracts entered into subject to an obligation to return under a securities lending agreement. Refer to Annexure A.	10,904,103 Ordinary Fully Paid

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Citigroup Global Markets Limited	Citigroup Global Markets Limited holds a relevant interest in these shares pursuant to contracts entered into subject to an obligation to return under a securities lending agreement. Refer to Annexure A.	10,394,570 Ordinary Fully Paid

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	Class and number of securities
Citibank, N.A. Sydney Branch	Various	4,047,064 Ordinary Fully Paid
Citigroup Global Markets Australia Pty Limited	Citicorp Nominees Pty Limited	20,822,733 Ordinary Fully Paid
Citigroup Global Markets Inc	Citicorp Nominees Pty Limited	10,904,103 Ordinary Fully Paid
Citigroup Global Markets Limited	Citicorp Nominees Pty Limited	10,394,570 Ordinary Fully Paid

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	Class and number of securities
Citibank, N.A. Sydney Branch	Various	Various (Refer Annexure A)	4,047,064 Ordinary Fully Paid
Citigroup Global Markets Australia Pty Limited	Various	Various (Refer Annexure A)	20,822,733 Ordinary Fully Paid
Citigroup Global Markets Inc	Various	Various (Refer Annexure A)	10,904,103 Ordinary Fully Paid
Citigroup Global Markets Limited	Various	Various (Refer Annexure A)	10,394,570 Ordinary Fully Paid

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1. 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
Citibank, N.A. Sydney Branch	Each of the related bodies corporate in the Citigroup group of companies worldwide (for more details please visit www.citigroup.com).
Citigroup Global Markets Australia Pty Limited	Each of the related bodies corporate in the Citigroup group of companies worldwide (for more details please visit www.citigroup.com).
Citigroup Global Markets Inc	Each of the related bodies corporate in the Citigroup group of companies worldwide (for more details please visit www.citigroup.com).
Citigroup Global Markets Limited	Each of the related bodies corporate in the Citigroup group of companies worldwide (for more details please visit www.citigroup.com).

1. Addresses

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

Name	Address
Citibank, N.A. Sydney Branch	Two Park
2 Park St Sydney, NSW 2000 Australia
Citigroup Global Markets Australia Pty Limited	Two Park
2 Park St Sydney, NSW 2000 Australia
Citigroup Global Markets Inc	388 Greenwich St
New York, NY 10013, United States
Citigroup Global Markets Limited	Citigroup Centre, Canary Wharf
33 Canada Square
London, E14 5LB, United Kingdom

Dated this day, 27 May 2026.

Briana Mandile

Citigroup Global Markets Australia Pty Limited
T: +61 2 8225 4066

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Annexure A

This is Annexure A of 2 pages referred to in Form 603 'Notice of initial substantial holder'

Schedule (Loan)
Type of Agreement	AMSLA / GMSLA / MSLA
Parties to Agreement	Various
Transfer date	Various
Holder of voting rights	Borrower
Are there any restrictions on voting rights?	No
Scheduled return date	Unknown
Does the borrower have the right to return early?	Yes
If yes, details	Standard AMSLA / GMSLA / MSLA terms
Does the lender have the right to recall early?	Yes
If yes, details	Standard AMSLA / GMSLA / MSLA terms
Will the securities be returned on settlement?	n/a
Statement	If requested by the company to whom the prescribed form must be given, or if requested by ASIC, Citi will give a copy of the AMSLA / GMSLA / MSLA to the company or ASIC.

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Schedule (Agency Lending Agreement)
Type of Agreement	Securities Lending Agency Agreement (SLAA)
Parties to Agreement	Various
Circumstances under which the agent lender can exercise the authorisations in relation to the securities	Agent Lender can only exercise authority, as agent, in relation to the lender's securities as defined and agreed in the Securities Lending Agency Agreement.
Circumstances under which the agent lender is subject to any restrictions in how it can deal with the securities	Lenders will define the restrictions and/or securities lending parameters in the Securities Lending Agency Agreement entered into with the lending agent. Such restrictions/parameters include specific designated accounts, lendable limits, acceptable collateral and/or cash reinvestment guidelines.
Does the agent lender have the right to recall early?	Agent Lenders have the right to early recall on behalf of Lender's instructions. However, the expectation is the Lender and Borrower would have mutually agreed no sales/recall of the securities during the duration of the loan term. Hence, borrowers are not obligated to return the securities early for termed loans.
If yes, details	Authorised under the standard Securities Lending Agency Agreement terms.
Statement	If requested by the company to whom the prescribed form must be given, or if requested by ASIC, Citi will give a copy of the authorisation agreement to the company or ASIC.