Governance Changes – New Chair and two new directors

AoFrio is pleased to advise several governance changes to its Board. At the AoFrio ASM in May, Gottfried Pausch announced his intention to step down from the Board, and today the AoFrio Board accepted Gottfried's official resignation effective 31 August 2023. After four years on the Board, John Scott has been appointed chair of AoFrio, effective 01 September 2023. Mr Pausch noted "AoFrio has grown from a motors business to delivering the world's leading IoT ecosystem to the global bottle cooler market, and there are many more opportunities ahead for AoFrio to push into new markets. "With a clear strategy to focus on new markets, the time is right for a new chair. After working alongside John Scott for years I have full confidence in his proven track record of delivering global strategies and congratulate him on his appointment." John Scott said "After four years as a director of AoFrio, I understand the business, its vision, and its strategy well and look forward to delivering value for shareholders. "I look forward to working alongside CEO Greg Balla, his team and my fellow Board members to drive AoFrio's IoT ongoing expansion in bottle coolers, plus growth into new markets, initially focusing on ice cream and food service. AoFrio has a global platform of over 1.5 million connected IoT devices, providing efficiency and environmental benefits, and I expect the Company's strong competitive IoT position should ensure ongoing expansion." Alongside John Scott's appointment, Melissa Clark-Reynolds and Roz Buick have also been appointed directors of AoFrio, effective 21 August 2023 and 31 January 2024 respectively. Melissa Clark-Reynolds joins the AoFrio Board with expertise in innovation, global market expansion and strategic leadership. Melissa is considered by the Board to be an independent director for the purposes of Listing Rule 2.6.2. Melissa brings more than 10 years' governance and strategy experience from across Australia, Asia and the UK where she has successfully expanded businesses and often leads strategy sessions with boards and executive teams. She is currently Managing Director of FutureCentre.nz and holds a number of governance roles including as an Independent Director of Weta Workshop Ltd and Alpine Energy Group. Roz Buick will join the AoFrio board in early 2024, after more than 25 years' global experience in the software industry. She has an eye for market disruptions and enablers, as well as experience building skilled, diverse and engaged teams that drive growth in revenue and profit. Roz is currently Senior Vice President - Strategy, Product & Development, Construction & Engineering Global Business for Oracle, ranked the third-largest software company in the world by revenue and market capitalisation in 2022. For the 13 years prior to joining Oracle Roz held General Manager and Senior VP roles at several business divisions of Trimble USA where she held full P&L responsibility for scaling up global software and hardware technology businesses, the largest of which she grew from US$100M to $400M. She is also a board member of Propeller Aero (Australia/USA), and Grupo Protexa (Mexico). Roz is considered by the Board to be an independent director for the purposes of Listing Rule 2.6.2. John Scott, Chair of AoFrio says, "As we deliver AoFrio's strategy, Melissa and Roz's extensive experience in global markets will prove invaluable. In addition to the skill set of the current Board, their capabilities and complementary skills will enhance our strategic governance, innovation and new market development efforts. I look forward to working with them." End CA:00416622 For:AOF Type:ADMIN Time:2023-08-18 12:00:19