The Board of Cobram Estate Olives Limited announced the following changes to its Board of Directors. Tim Jonas has informed the Board of his intention to retire as a Director of CBO at the conclusion of the upcoming Annual General Meeting on 3 November 2023. Tim has been involved with CBO since its inception, both as an advisor and as an investor in the Company's first olive grove development.

When the Company corporatized in 2005, he was appointed as a Non-Executive Director and has held the role since that time and also chaired the Audit and Risk Committee. Tim has made an enormous contribution to CBO over his 25-plus years of involvement with the Company. He has been a trusted advisor and mentor to the co-founders and executive directors, and his strategic input, sound judgment, and financial expertise have been invaluable to the Company.

After conducting an extensive independent search, CBO announced the appointment of Mr. David Wills as a Non-Executive Director of the Company. David has more than 35 years of financial and professional experience in tax, corporate advisory, and private and family business, specializing in regulatory management, transactions, and dispute resolutions. During his career, he held various roles of Partner and Managing Partner at Arthur Anderson, Ernst & Young, and PwC.

In 2017, David was appointed as the Managing Partner of PwC's worldwide private and family business practice, a global role he held until his retirement from the PwC partnership at the end of 2019. He holds an Executive MBA from Melbourne Business School and Bachelors of Economics and Law from the University of Sydney. David is currently a member of the Board of the Essendon Football Club where he is the Chair of the Audit, Risk, and Integrity Committee and is a member of the People and Remuneration Committee.

He is also a Non-Executive Director of an early-stage company in the aerospace industry. David will commence as a Non-Executive Director of CBO at the close of Annual General Meeting on 3 November 2023. His extensive experience and expertise will be a valuable asset to CBO.

In light of the recent unexpected death of serving Non-Executive Director, Professor Jonathan West, the Board will begin an external search to recruit an additional Non-Executive Director. Company goal is to use this appointment to continue the Board's composition evolution enhancing its balance and required skills. An update will be provided as soon as an appointment is made.