Ann: Improved POSCO proposal and intention to recommend, page-2

Receipt of improved non-binding proposal from POSCO

International, intention to unanimously recommend

Key points

• Senex has received an improved non-binding proposal to acquire 100% of Senex from POSCO

International for A$4.60

1 per share by way of a scheme of arrangement

• Cash offer price represents a 25% premium to the 30-day VWAP and a 34% premium to the 90-day

VWAP up to 15 October 2021, the trading day prior to the first public announcement of takeover

discussions

• Senex Board intends to unanimously recommend the proposed scheme (subject to the conditions

below)

• Senex has extended exclusivity to 26 November 2021 to allow time to negotiate and enter into a

Scheme Implementation Agreement and for POSCO International to secure its internal approvals

• Senex intends to pay a dividend of up to A$0.05 per share, subject to review by the Board at that

time