E&P Financial Group Limited announced several changes to its Board as part of its ongoing renewal and succession planning, which it believes is fundamental to delivering long-term performance: David Evans will transition from Executive Chairman to Non-Executive Chairman, effective 1 July 2022. Tony Johnson has been appointed to the Board as Executive Director, effective 1 June 2022. In addition to his role as a Director, Mr. Johnson will join E&P in an executive capacity focused on identifying and developing growth opportunities across the group.

Tony's current roles include being a non-executive director of Bupa ANZ and Chair of the Advisory Board of Fujitsu ANZ. Previously Mr. Johnson enjoyed a successful 34-year career with EY where he amassed extensive experience in the financial services sector locally and internationally. Tony was a Partner of EY, Managing Partner of EY's Financial Services business across Asia Pacific and the CEO and Managing Partner of EY Oceania leading over 600 partners and 9,000 people providing over AUD 2 billion of assurance, tax, transaction, strategic, technology and business consulting services.

The Company and Mr. Evans have agreed to vary the terms of the Employment Agreement between the Company and Mr. Evans such that Mr. Evans' employment as Executive Chairman will end on 30 June 2022 without the need for a 3-month notice period. Mr. Evans will remain entitled to be considered for a discretionary bonus in respect of the 12 months to 30 June 2022. Mr. Evans will remain a director of the Company in a non-executive capacity and will continue in the role of Chairman with effect from 1 July 2022.

This disclosure is made in accordance with ASX Listing Rule 3.16.4 as it relates to a material variation to the terms of Mr. Evans' employment contract previously disclosed in the Company's announcement of 1 October 2020. Mr. Johnson will stand for election at the Company's Annual General Meeting in November 2022. A summary of Mr. Johnson' material terms of employment as Executive Director is attached.