Fleetwood : 2021 AGM Presentations & Update

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17 November 2021

2021 AGM CHAIRMAN'S ADDRESS & CEO PRESENTATION

In accordance with ASX Listing Rule 3.13.3, attached are presentations to be delivered by the Chairman, John Klepec, and the Chief Executive Officer, Bruce Nicholson, at Fleetwood Limited's Annual General Meeting commencing at 9.00am AWST / 12.00pm AEDT on 17 November 2021.

Fleetwood advises that the CEO's presentation includes an operational and trading update.

The meeting will be webcast athttps://web.lumiagm.com/399726576.

This announcement was authorised by the General Counsel & Company Secretary.

For further information, please contact:

Bruce Nicholson

Chief Executive Officer + 61 8 9323 3300

For media queries, please contact:

Michael Weir Citadel-MAGNUS 0402 347 032

21 Regal Place, East Perth, WA, 6004, Australia

1. [phone] | Web:www.fleetwoodlimited.com.auACN: 009 205 261

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CHAIRMAN'S ADDRESS

Good morning ladies and gentlemen and welcome to the 2021 Annual General Meeting. My name is John Klepec and I am the Chair of Fleetwood Limited. We have a quorum, so I declare the meeting open.

Today's meeting is being held online via the Lumi platform. This allows Shareholders, proxy holders and guests to attend the meeting virtually. All attendees can watch a live webcast of the meeting. In addition, shareholders and proxy holders have the ability to ask questions and submit votes.

We hope to be in a position to hold a hybrid AGM next year which will allow for a crossover between a physical and virtual meeting but given the current Government-mandated restrictions in response to the COVID-19 pandemic, we decided a virtual AGM was the most inclusive forum for a meeting this year.

I would like to start by outlining some of the procedural matters associated with this meeting given we are using a virtual platform.

As outlined in the Notice of Annual General Meeting, questions can be asked or submitted at any time. To ask a question, select the messaging tab at the top of the Lumi platform. At the top of that tab there is a section for you to type your question. Once you have finished typing, please hit the arrow symbol to send.

Please note that while you can submit questions from now on, I will not address them until the relevant time in the meeting.

If you require any technical assistance during the meeting, please refer to the Online Meeting Guide, available on our Fleetwood Limited website.

For those shareholders who wish to ask a question verbally, an audio question facility is available during this meeting.

To use this service, please pause the broadcast on the Lumi platform and then click on the link under "Asking audio questions". A new page will open where you will be prompted to enter your name and the topic of your question before being connected. You will listen to the meeting on this page while waiting to ask your question. If you have any issues using this system, please return to the Lumi platform.

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Voting today will be conducted by way of a poll on all items of business. In order to provide you with enough time to vote, and in case you are not able to stay for the full meeting, I will shortly open voting for all resolutions.

If you are eligible to vote at this meeting, a new voting tab will appear. Selecting this tab will bring up a list of resolutions and present you with voting options. To cast your vote simply select one of the options. There is no need to hit a submit or enter button as the vote is automatically recorded. You can change your vote, up until the time I declare voting closed.

We have worked hard to ensure the webcast runs smoothly, however, should you experience any technical difficulties, a recording of the meeting will be made available on our website after we conclude.

I now declare voting open on all items of business. I will give you a warning before I move to close voting.

I would now like to introduce your Directors, CEO, CFO and General Counsel & Company Secretary:

• Joining me from Melbourne is our Chief Executive Officer, Bruce Nicholson, Martin Monro, Non-Executive Director and Chair of the Risk Committee and Mark Southey, Non-Executive Director and Chair of the Remuneration Committee; and
• Joining me from Fleetwood's office in Perth is Jeff Dowling, Non-Executive Director and Chair of the Audit Committee, Adrienne Parker, Non-Executive Director and Chair of the Nominations & Diversity Committee, Andrew Wackett Chief Financial Officer, and Elizabeth Maynard General Counsel & Company Secretary.

As we reported back in August, FY21 saw solid performance across all the Fleetwood operations, which is a credit to everyone involved given the uncertainties of the past 12-18 months.

We've also undergone significant changes at the Board and Executive level which have been well received by both staff and investors and given everyone a refreshed focus on Fleetwood's strategies and their implementation.

During the year we bade farewell to our Managing Director and CEO, Brad Denison, after a significant 23-year career with Fleetwood. Brad led the transformation of Fleetwood from a predominantly WA-based caravan manufacturer to a company which is focussed on modular building construction, with a national platform for us to capture the expected growth in the underlying market.

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Following Brad's departure, we were able to recruit Bruce Nicholson as CEO effective 1 July 2021. Bruce is a civil engineer by profession and experienced building and construction materials executive who was most recently the CEO and Managing Director of Waco Kwikform Group, a leading supplier of scaffolding and false work to commercial and civil construction, residential and industrial markets in Australia and New Zealand. Bruce has certainly hit the ground running and importantly as we grow the modular building business is based in Sydney giving him close access to East Coast operations and their major customers.

After not quite five months in the role, Bruce has already demonstrated the type of drive, determination, strategic thinking and leadership that we believe will deliver great outcomes for Fleetwood and its shareholders.

As announced at the half year results in February, our Chairman Phillip Campbell retired after four and a half years leading the Board and I once again thank him for his contribution.

I would also like to thank my fellow Directors and our Executive team, in particular our CFO Andrew Wackett who served as interim CEO during the transition period.

But my biggest thanks goes to our staff of over 600 people. The past 18 months has been incredibly challenging for everyone, and continues to be so, as we navigate our way through the COVID-19 pandemic.

As we have already alluded to in recent announcements, the ongoing COVID restrictions around Australia have had a significant impact on the start of FY22, particularly in the Building Solutions business operations in New South Wales.

Our CEO Bruce Nicholson will provide a more detailed operational update on each of our businesses and the challenges and opportunities that present.

In summary, whilst the short-term focus is operational and growing the revenue base from our existing structure, we also look to be a major participant in the expected longer term move from modular construction to modular products in the Australian context.

Whilst the first half of FY22 is not as we expected coming off a good FY21 result, and is somewhat mixed as Bruce will outline, the Board is confident that we have the management structure in place to overcome the immediate challenges and deliver on the Fleetwood strategy.

Finally, thank you to all the Fleetwood shareholders for their ongoing support and we look forward to what we can achieve for you in the coming years.

I would now like to hand over to our Chief Executive Officer, Bruce Nicholson, to present on the operational performance of Fleetwood and the outlook for FY22.

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CHIEF EXECUTIVE OFFICER'S PRESENTATION

Thank you, John.

It is fair to say that my time as the CEO of Fleetwood has been an unusual one given that the first four months have been conducted under stay-at-home orders. Thankfully, we now appear to be on the path out of restrictions and a return to normal operations. Personally, I would also like to echo the appreciation of our Chairman to our staff who have diligently navigated the challenges presented to the Company by the COVID-19 pandemic and I look forward to the year ahead.

Fleetwood's three operating businesses combined have delivered a sound performance in FY21, resulting in underlying earnings before interest, tax and amortisation (EBITA) of $26.3 million for FY21, up 18% compared to the previous corresponding period. This was delivered on annual revenue of $360.1 million, an increase of 9%.

This result was driven by an improved performance in Building Solutions, which reported EBIT of $9.6 million on revenue of $249 million. Operational integration issues during the financial year in New South Wales were offset by a strong operational performance in Victoria and an improved result in Western Australia driven by the mining and housing projects.

Multiple challenges are impacting the broader building industry, the first among these being the cost and availability of raw materials and labour. Increased costs and shortages are expected to continue through the remainder of the current year. To tackle these issues the Company has strategically procured key materials where possible and is sharing resources where practical.

The RV Solutions business finished FY21 with EBIT of $7.8 million on revenue of $72.4 million. Both the OEM and aftermarket segments experienced excellent trading conditions following the initial COVID-19 lockdowns.

This strong result was driven by a boom in domestic travel brought on by international border closures. Additionally, the restructuring during 1H FY20 which reduced our cost base saw the improved demand translated into increased margins.

Camec retail stores experienced a significant increase in foot traffic and online sales. Higher sales of second-hand caravans created strong demand for parts, accessories, repairs, and renovation requirements through Northern RV.

The strong performance in these businesses was offset by a weaker second half in the Accommodation Solutions business due to normalised roster and occupancy levels at the Searipple Village in Karratha.

The Accommodation Solutions business finished FY21 with EBIT of $14.6 million on revenue of $38.3 million.

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