REECE LIMITED — Share Issue/Capital Change 2021

May 5, 2021

Schedule 1 –

Terms and conditions of the Employee Incentive Options granted under the Reece Limited (Company) Long Term Incentive Plan (LTI Plan)

Please note that these terms are in addition to the terms of the LTI Plan as provided in the Company’s 2019 Notice of Annual General Meeting.

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----- Start of picture text ----- Terms and conditions specific to the Employee Incentive OptionsNature of  The Employee Incentive Options have been granted under the Company’sEmployee LTI Plan.Incentive Options A summary of the LTI Plan was set out in the Company’s 2019 Notice ofGeneral Meeting. The LTI Plan was approved by shareholders at thatmeeting. Each Employee Incentive Option granted to the participants is anentitlement to receive one ordinary share in the Company ( Share ) subject tothe terms of the LTI Plan.Grant fee and  No fee is payable upon the grant of the Employee Incentive Options.Exercise Price An exercise price of $13.07 per Employee Incentive Option is payable uponthe valid exercise of an Employee Incentive Option.Vesting  The Employee Incentive Options will vest:Conditionso subject to the satisfaction of a performance condition relating to thecompound annual growth rate ((“CAGR)”) in the Company’s earningsper share over the performance period of 1 July 2020 to 30 June 2025(Performance Period); ando subject to the satisfaction of a service condition over the PerformancePeriod. An Employee Incentive Option may be exercised between the 2 [nd]Exercise anniversary of the date it vests and the expiry of the Employee IncentiveCondition Option. These Employee Incentive Options will be equity settled, not cash settled.Equity or cashsettlement  Shares to be delivered to participants upon the exercise of vested EmployeeIncentive Options may be issued by the Company, acquired on or off marketand transferred, and/or allocated within an employee share trust.Expiry Date  The Employee Incentive Options will expire at 5pm on 29 April 2036.----- End of picture text -----