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INNOVATION IN THE MAKING

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Audit Status, IP valuation and financial reporting questions

Has FBR obtained any independent or internal valuation of its intellectual property (e.g. Hadrian X®, DST®, automation software) in connection with recent placements or strategy decisions?

No, FBR has not obtained any independent or internal valuation of its intellectual property.

Were any of FBR’s intangible assets subject to impairment testing or fair value revaluation under AASB 136 or 138 in the most recent audit?

Please refer to FBR's FY24 Audited Financial Statements, which were released to the market on 23 September 2024.

Did FBR’s latest audited financials include any “going concern” qualifications or emphasis of matter? If conditions have materially changed since that filing (e.g., workforce reductions, capital runway concerns), has the auditor been re-engaged for updated assessment?

Yes, please refer to the Independent Auditor's Report in the FY24 Audited Financial Statements. The end of FY25 is imminent and yes, our full year financials will be audited and released to the ASX in accordance with FBR’s regulatory requirements under the ASX Listing Rules (LRs) and the Corporations Act 2001 (Cth) (Act).

Can FBR confirm the current ownership status of its intellectual property, including all 400 patents (e.g., Hadrian X®, DST®), specifying whether they are fully owned by FBR or its subsidiaries, and disclose any transfers or encumbrances of these patents over the past five years?

All FBR's intellectual property is fully owned by Fastbrick IP Pty Ltd, a wholly owned subsidiary of FBR Limited. There have been no transfers or encumbrances of the patents over the past five years. Again, please refer to FBR's Audited Financial Statements for the financial years in question (as released to the market).

Several shareholders are exploring ways to support FBR’s growth without further dilution. We would welcome the opportunity to assist in evaluating non-dilutive financing options, including:

2. Government co-funding or grant-linked debt instruments

3. Strategic partnerships and licensing revenue models

If FBR is open to collaborating with qualified shareholders or advisors in this effort, we are happy to assist.

As is normal for a listed company, FBR engages professional advisors from time to time to assist the Board in assessing potential financing options which may be available to it. This includes consideration of funding which may be available from both Government and alternative sources. Notwithstanding the above, FBR is happy to receive and consider credible funding proposals, suggestions or introductions from interested parties (including shareholders) and to engage in appropriate discussions relating to ongoing financing and other relevant topics concerning the company - that is why FBR has invested in making sure people can easily communicate with the company.

FBR’s role in Australia’s National Housing Strategy

With the Commonwealth Government targeting the construction of 1.2 million new homes by 2030, and grants available for innovation in the housing sector, we would like to better understand:

1. Whether FBR has engaged with any state or federal authorities in connection with the Hadrian X platform.

Yes, FBR has publicly disclosed its engagement with state and federal authorities on various occasions (refer to announcements dated 27 March 2025 and social media posts over time).

2. Whether FBR is participating in any current or pending housing or infrastructure tenders

3. Whether government funding (past or future) can be applied toward product scaling, manufacturing, or Wall-as-a-Service (WaaS) delivery. FBR’s IP is uniquely positioned to contribute to this national goal, and we’d like to understand FBR’s current role or strategy to participate.

FBR lodged an application for funding with the National Reconstruction Fund Corporation (NRF) in August 2024, as announced on 27 March 2025 and is currently awaiting the outcome of that application. The stated purpose of the funding FBR has applied for is to expand Hadrian X production capability in Australia and to provide working capital. In addition to this, we frequently engage with the WA State and Federal Governments on other funding or procurement options available.

Voting power, shareholder control and governance transparency

Recent shareholder concerns have centered on how voting rights and effective control have shifted following the 5/6/2025 placement. To clarify governance direction and ensure transparency, we respectfully raise the following questions:

To clarify at the outset – there has been no change of effective control in relation to FBR as a result of the share placement the subject of the EGM which took place on 6 May 2025 (Placement).

1. Can FBR provide a beneficial ownership and voting power table post-placement, including Fidelity International, HSBC Custody Nominees, Brickworks, and any parties acting in concert?

Anyone is able to request to view FBR's Register of Relevant Interests. There may be a fee associated with its provision and it is coordinated by Nasdaq, the company that conducts our beneficial ownership analysis. The Register of Relevant Interests shows beneficial ownership of FBR shares at a static point in time (rather than indicating whether parties are acting in concert).

The fact that FBR shareholders may be of a particular type (ie. “institutional” or “retail”, for example) does not mean they are associated or “acting in concert”.

However, if such shareholders are acting in concert, they will (if their collective voting power in FBR is 5% or more), generally be required to lodge documentation with FBR and the market evidencing that collective voting power.

FBR notes that, in relation to persons who were substantial holders in FBR prior to the Placement:

M&G Investment Management Fund participated in the Placement and lodged a “Form 604 – change of interest of substantial holder” on 4 April 2025 indicating that its voting interest in FBR had decreased by approximately 1.03%;

Horsley Park Holdings Pty Ltd and Brickworks Limited did not participate in the Placement and lodged a “Form 604 – change of interest of substantial holder” on 4 April 2025 indicating that their voting power in FBR had decreased by approximately 2.28%;

Mark Pivac did not participate in the Placement and lodged a “Form 604 –change of interest of substantial holder” on 4 April 2025 indicating that his voting power in FBR had decreased by approximately 1.04%; and

Fidelity participated in the Placement and has not since lodged an updated “Form 604 –change of interest of substantial holder”, which it would have been required to do so under section 671B of the Act if there had been any movement of at least 1% in its holding in FBR since the last such notice lodged by it.

This means that all of these shareholders except Fidelity now has less voting power in FBR following the placement than they did before (and in the case of Fidelity, any change in its voting power is   less than 1%). It also indicates that none of them have become associates by virtue of the Placement.

Further, no “Form 603 – Notice of initial substantial holder” has been lodged with FBR since the Placement, meaning that no other person has become the holder of voting power of 5% or more in FBR.

2. Are there any voting agreements, board influence arrangements, or other side arrangements that give certain shareholders enhanced influence over governance or upcoming resolutions?

FBR is not a party to any voting agreement, board influence arrangement or any other contractual “side arrangements” with any FBR shareholders giving them enhanced influence over governance or resolutions.

3. Has FBR’s board reviewed whether any of the recent share placements or relationships trigger related-party transaction disclosures under the Corporations Act or ASX Listing Rules?

Yes - none of the parties that participated in the Placement are “Related Parties” of FBR as that term is defined under the Act.

4. What is the board’s plan to maintain independent oversight, particularly in light of strategic placements that may affect board composition or direction?

The fact that FBR (like most listed entities) undertakes share placements from time to time does not mean that such placements “affect board composition or direction”. For example, the Placement did not include any right to board appointment, nor did it provide participants with any special rights in connection with the decision-making power or direction of the Board.

FBR’s Board is primarily made up of independent non-executive directors. Mark Pivac, being one of four members of FBR's Board, is the only executive director.

The Board’s composition is consistent with recommendation 2.1 of the ASX Corporate Governance Principles and Recommendations.

5. Has FBR conducted any internal review of the May 6 vote or sought legal advice on whether it could constitute a creeping takeover under Takeovers Panel guidance?

Q&A