FLEETWOOD LIMITED — AGM Information 2021

Nov 16, 2021

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17 November 2021

2021 AGM CHAIRMAN’S ADDRESS & CEO PRESENTATION

In accordance with ASX Listing Rule 3.13.3, attached are presentations to be delivered by the Chairman, John Klepec, and the Chief Executive Officer, Bruce Nicholson, at Fleetwood Limited’s Annual General Meeting commencing at 9.00am AWST / 12.00pm AEDT on 17 November 2021.

Fleetwood advises that the CEO’s presentation includes an operational and trading update.

The meeting will be webcast at https://web.lumiagm.com/399726576.

This announcement was authorised by the General Counsel & Company Secretary.

For further information, please contact:

Bruce Nicholson Chief Executive Officer + 61 8 9323 3300

For media queries, please contact:

Michael Weir Citadel-MAGNUS 0402 347 032

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21 Regal Place, East Perth, WA, 6004, Australia T: +61 8 9323 3300 | Web: www.fleetwoodlimited.com.au ACN: 009 205 261

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CHAIRMAN’S ADDRESS

Good morning ladies and gentlemen and welcome to the 2021 Annual General Meeting. My name is John Klepec and I am the Chair of Fleetwood Limited. We have a quorum, so I declare the meeting open.

Today’s meeting is being held online via the Lumi platform. This allows Shareholders, proxy holders and guests to attend the meeting virtually. All attendees can watch a live webcast of the meeting. In addition, shareholders and proxy holders have the ability to ask questions and submit votes.

We hope to be in a position to hold a hybrid AGM next year which will allow for a crossover between a physical and virtual meeting but given the current Government-mandated restrictions in response to the COVID-19 pandemic, we decided a virtual AGM was the most inclusive forum for a meeting this year.

I would like to start by outlining some of the procedural matters associated with this meeting given we are using a virtual platform.

As outlined in the Notice of Annual General Meeting, questions can be asked or submitted at any time. To ask a question, select the messaging tab at the top of the Lumi platform. At the top of that tab there is a section for you to type your question. Once you have finished typing, please hit the arrow symbol to send.

Please note that while you can submit questions from now on, I will not address them until the relevant time in the meeting.

If you require any technical assistance during the meeting, please refer to the Online Meeting Guide, available on our Fleetwood Limited website.

For those shareholders who wish to ask a question verbally, an audio question facility is available during this meeting.

To use this service, please pause the broadcast on the Lumi platform and then click on the link under “Asking audio questions”. A new page will open where you will be prompted to enter your name and the topic of your question before being connected. You will listen to the meeting on this page while waiting to ask your question. If you have any issues using this system, please return to the Lumi platform.

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Voting today will be conducted by way of a poll on all items of business. In order to provide you with enough time to vote, and in case you are not able to stay for the full meeting, I will shortly open voting for all resolutions.

If you are eligible to vote at this meeting, a new voting tab will appear. Selecting this tab will bring up a list of resolutions and present you with voting options. To cast your vote simply select one of the options. There is no need to hit a submit or enter button as the vote is automatically recorded. You can change your vote, up until the time I declare voting closed.

We have worked hard to ensure the webcast runs smoothly, however, should you experience any technical difficulties, a recording of the meeting will be made available on our website after we conclude.

I now declare voting open on all items of business. I will give you a warning before I move to close voting.

I would now like to introduce your Directors, CEO, CFO and General Counsel & Company Secretary:

• Joining me from Melbourne is our Chief Executive Officer, Bruce Nicholson, Martin Monro, Non-Executive Director and Chair of the Risk Committee and Mark Southey, Non-Executive Director and Chair of the Remuneration Committee; and

• Joining me from Fleetwood’s office in Perth is Jeff Dowling, Non-Executive Director and Chair of the Audit Committee, Adrienne Parker, Non-Executive Director and Chair of the Nominations & Diversity Committee, Andrew Wackett Chief Financial Officer, and Elizabeth Maynard General Counsel & Company Secretary.

As we reported back in August, FY21 saw solid performance across all the Fleetwood operations, which is a credit to everyone involved given the uncertainties of the past 12-18 months.

We’ve also undergone significant changes at the Board and Executive level which have been well received by both staff and investors and given everyone a refreshed focus on Fleetwood’s strategies and their implementation.

During the year we bade farewell to our Managing Director and CEO, Brad Denison, after a significant 23-year career with Fleetwood. Brad led the transformation of Fleetwood from a predominantly WA-based caravan manufacturer to a company which is focussed on modular building construction, with a national platform for us to capture the expected growth in the underlying market.

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Following Brad’s departure, we were able to recruit Bruce Nicholson as CEO effective 1 July 2021. Bruce is a civil engineer by profession and experienced building and construction materials executive who was most recently the CEO and Managing Director of Waco Kwikform Group, a leading supplier of scaffolding and false work to commercial and civil construction, residential and industrial markets in Australia and New Zealand. Bruce has certainly hit the ground running and importantly as we grow the modular building business is based in Sydney giving him close access to East Coast operations and their major customers.

After not quite five months in the role, Bruce has already demonstrated the type of drive, determination, strategic thinking and leadership that we believe will deliver great outcomes for Fleetwood and its shareholders.

As announced at the half year results in February, our Chairman Phillip Campbell retired after four and a half years leading the Board and I once again thank him for his contribution.

I would also like to thank my fellow Directors and our Executive team, in particular our CFO Andrew Wackett who served as interim CEO during the transition period.

But my biggest thanks goes to our staff of over 600 people. The past 18 months has been incredibly challenging for everyone, and continues to be so, as we navigate our way through the COVID-19 pandemic.

As we have already alluded to in recent announcements, the ongoing COVID restrictions around Australia have had a significant impact on the start of FY22, particularly in the Building Solutions business operations in New South Wales.

Our CEO Bruce Nicholson will provide a more detailed operational update on each of our businesses and the challenges and opportunities that present.

In summary, whilst the short-term focus is operational and growing the revenue base from our existing structure, we also look to be a major participant in the expected longer term move from modular construction to modular products in the Australian context.

Whilst the first half of FY22 is not as we expected coming off a good FY21 result, and is somewhat mixed as Bruce will outline, the Board is confident that we have the management structure in place to overcome the immediate challenges and deliver on the Fleetwood strategy.

Finally, thank you to all the Fleetwood shareholders for their ongoing support and we look forward to what we can achieve for you in the coming years.

I would now like to hand over to our Chief Executive Officer, Bruce Nicholson, to present on the operational performance of Fleetwood and the outlook for FY22.

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CHIEF EXECUTIVE OFFICER’S PRESENTATION

Thank you, John.

It is fair to say that my time as the CEO of Fleetwood has been an unusual one given that the first four months have been conducted under stay-at-home orders. Thankfully, we now appear to be on the path out of restrictions and a return to normal operations. Personally, I would also like to echo the appreciation of our Chairman to our staff who have diligently navigated the challenges presented to the Company by the COVID-19 pandemic and I look forward to the year ahead.

Fleetwood’s three operating businesses combined have delivered a sound performance in FY21, resulting in underlying earnings before interest, tax and amortisation (EBITA) of $26.3 million for FY21, up 18% compared to the previous corresponding period. This was delivered on annual revenue of $360.1 million, an increase of 9%.

This result was driven by an improved performance in Building Solutions, which reported EBIT of $9.6 million on revenue of $249 million. Operational integration issues during the financial year in New South Wales were offset by a strong operational performance in Victoria and an improved result in Western Australia driven by the mining and housing projects.

Multiple challenges are impacting the broader building industry, the first among these being the cost and availability of raw materials and labour. Increased costs and shortages are expected to continue through the remainder of the current year. To tackle these issues the Company has strategically procured key materials where possible and is sharing resources where practical.

The RV Solutions business finished FY21 with EBIT of $7.8 million on revenue of $72.4 million. Both the OEM and aftermarket segments experienced excellent trading conditions following the initial COVID-19 lockdowns.

This strong result was driven by a boom in domestic travel brought on by international border closures. Additionally, the restructuring during 1H FY20 which reduced our cost base saw the improved demand translated into increased margins.

Camec retail stores experienced a significant increase in foot traffic and online sales. Higher sales of second-hand caravans created strong demand for parts, accessories, repairs, and renovation requirements through Northern RV.

The strong performance in these businesses was offset by a weaker second half in the Accommodation Solutions business due to normalised roster and occupancy levels at the Searipple Village in Karratha.

The Accommodation Solutions business finished FY21 with EBIT of $14.6 million on revenue of $38.3 million.

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Searipple benefitted from COVID-19 related rostering changes in the first half, which subsequently returned to more normal occupancy patterns for the remainder of the year. The second half also saw a full six-month impact of increased room supply in the Karratha market.

Cash levels were $57.6 million at the end of the period. This was lower than 1H21 due to the working capital requirements of two major building projects. The Company has fully utilised its tax losses and has recommenced tax payments.

The balance sheet remains strong and is well-matched to the Company’s ongoing requirements. The Board introduced a revised dividend payout policy of 100% of net profit after tax (NPATA basis) in February 2021. As such, a final dividend of 10.5 cents per share was declared at the year end, following the 6 cents per share interim dividend paid in April 2021.

The Company presently has 20 cents per share in franking credits available to support up to 46 cents per share of fully franked dividends.

The strategic focus of Fleetwood management remains on revenue growth, sustainably improving margins, increasing utilisation, and reducing overheads to improve earnings.

As promised in our announcement of 23 September 2021 we can now provide some clearer guidance on the material impact of COVID-19 restrictions on our operations since the beginning of this financial year.

Without the assistance of JobKeeper during the recent lockdowns, the impact has been more direct on our Company’s cash balance. While steps have been taken to mitigate the cash impact where possible, critical business processes have remained in place to ensure the Company is positioned to rebound when restrictions are lifted. One such process includes our team continuing to bid for upcoming work that remains out to tender. Consequently, while COVID related restrictions have affected revenue generation since June, a silver lining is that the orderbook looks as strong as ever. This gives us confidence that the Company will be able to maximise opportunities as restrictions continue to ease. The orderbook remains strong as does the tender pipeline.

The stay-at-home orders in New South Wales that started in late - June 2021 had an immediate impact on the Building Solutions business. Subsequent lockdowns that were limited to selected Local Government Areas (LGAs) meant many of our employees were unable to leave home to attend work. This exacerbated the existing New South Wales operational integration issues and has delayed implementation of improvements in the business.

As both construction and our own manufacturing sites were locked down in New South Wales and Victoria, the impact on the supply chain was extended. Because of the integrated supply network that normally allows Fleetwood to operate efficiently, the border closures restricted

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transfer of equipment and material over state borders, affecting our operations across the east coast.

Unfortunately, we have also seen margin slippage on two key projects and have completed detailed risk assessments and costs to complete to ring-fence the impact of these projects to the first half results.

The different strategies adopted by individual States to cope with COVID-19 also created uncertainty in the forward outlook, leading to a slower than normal decision-making process for projects. This has delayed multiple projects for Building Solutions, particularly in the Education sector. With most states now providing a roadmap to reopening, decision making processes have shown signs of improvement. The outlook for Building Solutions will gain greater clarity over the coming months as restarts occur, new projects are awarded, and freight across State borders returns to normal.

Projects have remained underway in Western Australia, Queensland and South Australia and are restarting now in New South Wales and Victoria. This outlook for Building Solutions is expected to remain strong due to the ongoing Federal and State Government stimulus spending programs. This is evidenced in the orderbook pipeline that has grown to over $160m with a long list of opportunities in both the tender and planning phases.

A good example is the recent award of the Centres for National Resilience to be built in Melbourne, Brisbane, and Perth. As previously announced, we’re well underway with the Melbourne facility and we anticipate commencement on the Brisbane and Perth facilities in the near future. For these projects, we have leveraged our national footprint to optimise manufacture across multiple locations to both defray the risks of labour and materials shortages and to ensure we maximise factory throughput. Early indications are that these large projects are progressing well.

The Company is also experiencing increased acceptance of modular construction as a design, cost, and time effective solution for sectors such as education, health, mining and affordable housing.

The focus of Accommodation Solutions being within Western Australia’s border has allowed the business to continue operations with less disruption than Fleetwood’s other businesses. Throughout the COVID-19 pandemic, the WA State Government has been consistent in efforts to protect the continuity of the resources industry in the North-West.

There is a significant level of capital investment and construction activity forecast in the oil and gas and resources sectors in the region which is expected to drive strong demand for fly-in fly-

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out (FIFO) rooms over the medium term. The general housing shortage has also triggered discussions regarding the development of new affordable accommodation solutions.

Accommodation Solutions management remain actively engaged in business development opportunities to meet this growing area of interest.

In addition, Accommodation Solutions is well placed to pursue Build Own Operate/Transfer (BOOT) or Build to Rent (BTR) opportunities in residential and aged care, leveraging the ability to source new villages at a competitive cost supported by our Building Solutions business and Fleetwood’s strong balance sheet.

COVID-19 related lockdowns have also affected RV Solutions. Physical retail stores in locked down Victoria, New South Wales and Auckland experienced a cessation of foot traffic while the uncertainty of when restrictions would be lifted resulted in reduced online sales. In addition, the interstate border closures prevented movement of completed vans between states, which impacted sales even in states not subject to lockdowns. We also had a significant number of our OEM clients in Victoria shutdown for periods as COVID infections impacted their sites.

With the recent reopening of NSW and VIC, there has been an immediate rebound in daily sales for RV Solutions. While international borders are also starting to reopen, it looks likely that international tourism will remain lower than pre-pandemic, which should translate to continued strong domestic tourism for the year ahead provided that additional lockdowns do not occur.

The impact of the COVID-19 lockdowns on Fleetwood’s business over the last quarter has been challenging and unavoidable. Rest assured that the Board and management moved quickly to mitigate the impact to the Company where possible and have taken steps to position our business to take advantage of the rebound that is now taking shape across the country. As I mentioned, we have also acted to understand progress on key projects, quarantine the financial impacts and ensure we take the lessons learned forward.

Given the impact on the business and the uncertainty of the shape of the recovery a review of the carrying value of the Building Solutions business will be conducted at the half year.

We are confident that this rebound will be sustained based on the broad support for COVID-19 vaccination rates across the country. After a slow start to vaccination, Australia has quickly overtaken many countries with vaccination programs in place for significantly longer. This has allowed both State and Federal governments to ease restrictions on movement and allow many businesses to return to relatively normal operating conditions. While remaining conscious of potential future outbreaks and associated restrictions, the Company is confident that vaccination levels will provide significant protection against future operational impacts from COVID-19.

The improved confidence in the outlook for Australia will flow through to our business as companies and Government departments have a corresponding increased confidence in decision

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making. Specifically, we expect to see this progress projects that have remained in the tender phase for Building Solutions and allow project decisions that directly impact demand for Accommodation Solutions. With RV Solutions already witnessing increased sales, the outlook for 2H FY22 should see a return to more normal operating conditions for the Company and shareholders.

I will now handback to our Chairman.

• END -

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Annual General Meeting 2021

17 November 2021

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Fleetwood Australia

2021 Annual General Meeting

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Operating Segments
ACCOMMODATION SOLUTIONS
WA SA VIC Communities
NSW QLD
Fleetwood Australia 2021 Annual General Meeting
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Highlights FY21

• • Building Solutions EBIT of $9.6m on revenue of $249m (up 46%)

• » Strong operational performance in Victoria and Western Australia driven by education, mining and housing sectors

• » Some ongoing operational integration issues in New South Wales

• • Accommodation Solutions EBIT of $14.6m on revenue of $38.3m (down 10%)

• » Searipple Village in Karratha saw rostering and occupancy levels return to normal following higher demand as a result of COVID-19

• » Regional room supply increased

• • RV Solutions EBIT of $7.8m on revenue of $72.4m (up 111%)

• » Lift in domestic travel drove performance

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Mackenzie Sta te Special School, Que e nsla nd

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2021 Annual General Meeting

Fleetwood Australia

Highlights FY21

• • Fleetwood finished FY21 with a strong balance sheet - $57.6m in net cash
• • Dividend payout ratio of 100% (NPATA basis)

• » Final Dividend of 10.5 cps

• » Full Year Dividend of 16.5 cps

• • 20 cps of franking credits remain available to the company in the future

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Petrie Terrace State School, Queensland

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COVID-19 Update

• • Extended lockdowns have had a material impact on the Fleetwood business
• • Ongoing prudent management of cash
• • Key success with the Federal

• Government's Centres for National Resilience during this period

• • Forward order book and tender pipeline remains strong

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Fleetwood manufacturing operations, New South Wales

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2021 Annual General Meeting

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Building Solutions Performance

• • Projects and Supply chain impacted initially in NSW which then expanded to VIC
• • Minor disruption also experienced in QLD with client decisions slowing
• • Projects have largely continued uninterrupted in WA and SA
• • Two key projects delivering below expectations
• • Delayed projects remain on the order book which has grown to over $160m
• • COVID related stimulus will drive a rapid rebound in Building Solutions
• • A good example is the recent award of the Centres for National Resilience to be built in Victoria, Queensland and Western Australia

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Centre for National Resilience, Victoria

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2021 Annual General Meeting

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Accommodation Solutions Performance

• • WA State Government determination to protect the resources industry in the North West
• • Demand for accommodation services is expected to remain strong in coming years to support significant capital investment in the region
• • Beyond the resources industry, Accommodation Solutions is exploring opportunities in the residential and affordable housing sectors

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Osprey Village, Western Australia

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2021 Annual General Meeting

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RV Solutions Performance

• • After a strong start, lockdowns in NSW and Victoria saw demand slow
• • A reluctance for international travel is likely to remain for some time
• • Lifting State travel restrictions should see continued improvement over the remainder of the year
• • Foot traffic declined during lockdowns, but is rebounding post reopening

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ACCOMMODATION SOLUTIONS
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• • Delays to projects due to COVID-19
• • Well placed to benefit from ongoing
• • Mandatory vaccines for FIFO workers
• • Significant construction activity is
• • Strong domestic travel likely to
• • No clear timeline for when
• • Speed of decision making set to

OVERALL

+ Focus on revenue growth, sustainably improving margins, increasing utilisation and reducing overheads + Annual dividend payout 100% of profits (NPATA basis)

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2021 Annual General Meeting

Important Notices and Disclaimer

The information contained in this presentation is provided by Fleetwood Limited ACN. 009 205 261 (Fleetwood) for informational purposes only and does not constitute an offer, invitation or recommendation to subscribe for or purchase any securities and neither this presentation nor anything contained in it shall form the basis of any contract or commitment. No party other than Fleetwood has authorised or caused the issue of this document, or takes responsibility for, or makes any statements, representations or undertakings in this presentation.

Summary information

This presentation contains summary information about Fleetwood and its activities which is current as at the date of this presentation. The information in this presentation is of a general nature and does not purport to be complete nor does it contain all the information which a prospective investor may require in evaluating a possible investment in Fleetwood or that would be required in a prospectus or

product disclosure statement prepared in accordance with the requirements of the Corporations Act 2001 (Cth). This presentation should be read in conjunction with Fleetwood’s other periodic and continuous disclosure announcements lodged with the ASX, which are available at www.asx.com.au

Not investment advice

The information contained herein is not investment or financial product advice and has been prepared without taking into account the investment objectives, financial situation or particular needs of any particular person. The views, opinions and advice provided in this presentation reflect those of the individual presenters only.

Cautionary statement concerning forward looking information

This presentation may contain certain forward looking statements. The words “anticipate”, “believe”, “expect”, “future”, “project”, “estimate”, “forecast”, “likely”, “intend”, “should”, “could”, “ may”,“t arget”, “plan” and other similar expressions are intended to identify forward looking statements. Forward looking statements, opinions and estimates provided in this presentation are based on assumptions and contingencies which are subject to change without notice, as are statements about industry trends, which are based on interpretations of current market conditions. Indications of, and guidance on, performance of Fleetwood are also forward looking statements. Such forward looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of Fleetwood, and its officers, employees, agents and associates, that may cause actual results to differ materially from those expressed or implied in such statements. You should not place undue reliance on forward looking statements and, to the full extent permitted by law, neither Fleetwood nor any of its directors, employees, advisers or agents assume any obligation to update such information.

Disclaimer

This presentation has been prepared in good faith, but no representation or warranty, express or implied, is made as to the fairness, accuracy, completeness, correctness, reliability or adequacy of any statements, estimates, opinions or other information, or to the reasonableness of any assumption or other statement, contained in the presentation (any of which may change without notice). To the maximum extent permitted by law, Fleetwood and its professional advisers and their related bodies corporate, affiliates and each of their respective directors, officers, partners, employees, advisers and agents and any other person involved in the presentation disclaim all liability and responsibility (including, without limitation, any liability arising from fault or negligence) for any direct or indirect loss or damage which may arise or be suffered through use of or reliance on anything contained in, or omitted from, this presentation.

Other jurisdictions

The distribution of this presentation in other jurisdictions may be restricted by law. Persons into whose possession this presentation comes should inform themselves of and observe any such restrictions.

Fleetwood Australia Annual General Meeting

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Thankyou

Investor Relations

T 08 9323 3300 E info@fleetwood.com.au

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Fleetwood Australia 2021 Annual General Meeting