Announcement PDF MEDIA RELEASE No: TP25/086 Tuesday, 16 September 2025 Emu NL 03 – Further Variation of Orders The Panel has further varied its orders made on 10 July 2025 (see TP25/56) and varied on 1 August 2025 (see TP25/66), also varied on 25 August 2025 by the review Panel in Emu NL 04R (see TP25/76) (Orders). Under the Orders, Emu NL (Emu) must convene and hold a general meeting (New Meeting) to consider (among other things) all resolutions previously put at the EGM on 14 May 2025 (EGM Resolutions), except resolution 2 (removal of Mr Roland Bartsch as a director). 1 The EGM Resolutions included the election of new director Mr Keith Rowe. On 29 August 2025, Emu issued a notice of meeting for the New Meeting to be held on Monday 29 September 2025. On 9 September 2025, Emu announced that Mr Rowe had withdrawn his consent to act as a director of Emu and did not wish to stand for election as a director of Emu at the New Meeting. Also on 9 September 2025, Emu requested that the Orders be varied so that Emu no longer be required to put the resolution for the election of Mr Rowe as a director of Emu to shareholders at the New Meeting. After considering submissions, the Panel has further varied its orders accordingly (see Annexure A). The sitting Panel was Stephanie Charles (sitting President), Alberto Colla and John McGlue. 1 Emu announced, on 17 June 2025, that Mr Bartsch had resigned as a director of Emu. 1/3 The Panel will publish its reasons for the decision in due course on its website www.takeovers.gov.au. Allan Bulman Chief Executive, Takeovers Panel Level 16, 530 Collins Street Melbourne VIC 3000 Ph: +61 3 9655 3500 takeovers@takeovers.gov.au 2/3 ANNEXURE A EMU NL 03 Pursuant to section 657D(3) of the Corporations Act 2001 (Cth) THE PANEL ORDERS The final orders made on 10 July 2025 and varied on 1 August 2025 and on 25 August 2025 are further varied as follows: 1. Amending Order 1(a) to read: “all resolutions previously put at the EGM, other than resolution 2 ‘Removal of Mr Roland Bartsch as a Director’ and resolution 3 ‘Election of Mr Keith Rowe as a Director’” Tania Mattei General Counsel with authority of Stephanie Charles President of the sitting Panel Dated 16 September 2025 3/3