AIH enters into Scheme Implementation Deed with MCE

• AIH to acquire all MCE shares for $0.40 cash per share
• Acquisition forms key part of AIH's strategy to build a market leading technical buoyancy and subsea ancillaries platform
• MCE Board unanimously recommends shareholders vote in favour of the Scheme

Advanced Innergy Holdings Limited (AIH) has entered into a scheme implementation deed with Matrix Composites & Engineering Ltd (MCE) to acquire all of the ordinary shares of MCE for $0.40 cash per share. The acquisition forms a key part of AIH's strategy to build a market leading technical buoyancy and subsea ancillaries platform and establish its manufacturing presence in the Asia-Pacific region. The MCE Board has unanimously recommended that MCE shareholders vote in favour of the scheme, in the absence of a superior proposal and subject to an independent expert concluding that the scheme is in the best interests of MCE shareholders. The scheme is subject to customary conditions, including MCE shareholder approval, court approval, an independent expert concluding that the scheme is in the best interest of MCE shareholders, and there being no material adverse change or prescribed occurrence. The scheme is also conditional on AIH obtaining approval from the Foreign Investment Review Board (FIRB) and the S&P/ASX 200 index not falling by 30% or more between the date of the scheme implementation deed and the date of the court hearing approving the scheme, and remaining at or below that level for at least two consecutive trading days. AIH and MCE are targeting implementation of the scheme in late July 2026, subject to necessary approvals being obtained and all other conditions being satisfied or waived.