ASX Release

17 February 2021

Change to CEO's terms of employment

Asaleo Care Limited ASX: AHY (Asaleo Care) advises that there has been a change to the employment contract of the Chief Executive Officer and Managing Director, Sid Takla (CEO).

The Board of Asaleo Care approved the change in recognition of the critical role the CEO is playing in leading the company through the current circumstances.

The change to the CEO's employment is summarised below:

Total Fixed Remuneration

No change

Executive Incentive Plan Potential

No change

Termination Notice Periods

No change

Retention Payment

Entitlement to a one-off cash retention payment equivalent to 12-months Total Fixed Remuneration (base salary and superannuation) subject to the CEO remaining with the company until 30 June 2022. The CEO will not be entitled to the retention payment if he resigns or is terminated for cause prior to the end of the retention period of 30 June 2022. If the CEO is terminated other than for cause prior to 30 June 2022, his retention payment will be reduced on pro-rata basis reflecting the portion of the retention period not served.

- ENDS -

About Asaleo Care (ASX:AHY) Asaleo Care is a leading personal care and hygiene company that manufactures, markets, distributes and sells personal care and hygiene products. Our portfolio of market-leading brands includes Libra, TENA, Tork, Viti and Orchid. The Purex, Sorbent and Handee Ultra brands are not owned in Australia. The Company has 14 manufacturing and distribution facilities throughout Australia, New Zealand and the Pacific Islands. Asaleo Care employs about 650 people who work together to offer products and services which provide care, comfort and confidence every day. For more information visitwww.asaleocare.com

30-32 Westall Road, Springvale, Victoria 3171

ABN 61 154 461 300www.asaleocare.com

Asaleo Contacts:

INVESTORS:

Andrew Leyden, Chief Financial Officer P: +61 438 719 778

E:andrew.leyden@asaleocare.com

MEDIA:

Catherine Le, Communications Manager P: +61 491 752 281

E:catherine.le@asaleocare.com

This release has been approved by the Company Secretary.

30-32 Westall Road, Springvale, Victoria 3171 ABN 61 154 461 300www.asaleocare.com

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Asaleo Care Limited published this content on 17 February 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 February 2021 21:23:04 UTC.