WOOLWORTHS GROUP LIMITED — M&A Activity 2022

Jan 6, 2022

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7 January 2022

ASX Market Announcements Office Australian Securities Exchange 20 Bridge Street Sydney NSW 2000

Woolworths Group withdraws its non-binding proposal to acquire API

Please see attached an announcement regarding Woolworths Group’s non-binding proposal to acquire API.

Authorised by: Kate Eastoe, Group Company Secretary

Woolworths Group Limited ABN 88 000 014 675

1 Woolworths Way, Bella Vista NSW 2153

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Woolworths Group withdraws its non-binding proposal to acquire API

Woolworths Group refers to its previous announcement on 2 December 2021 regarding its non-binding proposal to acquire 100% of the shares in Australian Pharmaceutical Industries Limited (API) at a cash offer price of $1.75 per share.

Following the completion of a comprehensive due diligence process, Woolworths Group has advised API that it has withdrawn its proposal as it has not been able to validate the financial returns it requires in line with the Group’s capital allocation framework.

Woolworths Group CEO, Brad Banducci, said: “We are grateful to the Board and leadership team of API for their constructive engagement and support throughout the due diligence process.”

For further information contact:

Media: Woolworths Group Press Office: +61 2 8885 1033 media@woolworths.com.au Investors and Analysts: Paul van Meurs, Head of Investor Relations: +61 407 521 651

Woolworths Group Limited ABN 88 000 014 675 1 Woolworths Way, Bella Vista NSW 2153