1. INTRODUCTION

    

   We wish to announce that Mulpha Norwest Pty Limited [ACN 000 004 633] (an indirect wholly-owned subsidiary of the Company) ("First Respondent") was served with an Amended Statement of Claim ("the Claim") dated 5 June 2026 in relation to a class action taken against the First Respondent and Penrith City Council ("Second Respondent"), which was commenced in the Federal Court of Australia on 23 December 2024. When the proceedings were commenced in December 2024, the quantum of damages sought was not identified.

    

   Mr Raymond Joseph William King ("the Applicant") brings the Claim on his own behalf and on behalf of a group of people who own or have owned land in the Mulgoa Rise area. The Applicant is the registered proprietor as a tenant-in-common of a residential property located at 30 Shale Hill Drive, Glenmore Park in New South Wales, within the Mulgoa Rise area.

    

   The First Respondent was the developer of the Mulgoa Rise residential project. The First Respondent is not considered a major subsidiary of the Company (i.e. a subsidiary which contributes 70% or more of the Company's consolidated profit before tax or total assets employed).

    

   The Second Respondent, Penrith City Council, is the local government council that approved the development and subdivision of land within the Mulgoa Rise area.

    

2. NATURE OF THE CLAIM

    

   The Applicant alleges that certain parts of the land within the Mulgoa Rise area were not suitable for the construction of residential dwellings using a 'deemed to comply' slab design, or residential houses other than those constructed on slabs with piles extending to natural ground or bedrock.

    

   The Applicant claims that he and the members of the class action group have suffered loss and damage as a result of repair, demolition, rebuilding and land remediation costs, as well as adverse impacts on property values. The Claim was brought in negligence and misleading or deceptive conduct.

    

   The Claim does not identify the quantum of damages sought.

    

   The proceeding has been set for hearing commencing on 3 May 2027.

    

3. EFFECT OF THE CLAIM

    

   As a result of the further filing in June 2026 and despite the quantum of the Claim still remaining unclear, the Company is of the view that in the event the Applicant is successful in his claim against the First Respondent, the financial impact of potential damages, losses and costs arising from the Claim may be material. The Company does not expect the Claim to have any operational impact on the Group.

    

4. STEPS TO BE TAKEN IN RESPECT OF THE CLAIM

    

   The Company and its subsidiary, the First Respondent categorically deny the allegations of wrongdoing and will defend the Claim vigorously through the relevant legal processes.

    

   The Company will make further announcements as and when there are material developments on the above matter.

This announcement is dated 22 June 2026.