• CEO Swami Raote to cease employment effective 10 June 2025
• Non-executive director Dr Robyn Elliott appointed as Acting CEO
• Board concludes new leadership is required for company's growth

PolyNovo Limited (ASX: PNV) today announces that Chief Executive Officer, Mr Swami Raote, will cease his employment with PNV effective at 5:00 p.m. EDT (United States time) 10 June 2025 (Cessation Date) but step down as Chief Executive Officer effective immediately. Non-executive director, Dr Robyn Elliott, has agreed to fill the role of Acting Chief Executive Officer pending the appointment of a permanent replacement. Dr Elliott will remain on the Board. The Board and Mr Raote have failed to reach an agreement following the conclusion of their confidential discussions as referred to in PNV's first ASX announcement of 7 March 2025. After careful consideration, the Board has come to the conclusion that a change in PNV's Chief Executive Officer is in the best interests of PNV at this time and that new leadership is required to continue the Company's growth. Mr Raote has been requested to be available to assist the Acting CEO with transition as required by her until the Cessation Date. An executive search process will commence shortly to appoint a permanent Australian based CEO. Dr Elliott brings a wealth of experience, having just retired as Global Head, Portfolio Management at CSL, and previously held strategic roles within CSL, IDT Australia, and DBL Faulding.