Partnership with GO-TO and Equity Raising Presentation

Key risks If BWX is unable to prevent security breaches, it may suffer financial and reputational damage or penalties because of the unauthorised disclosure of confidential information belonging to the Company or to its partners, customers or suppliers. In addition, the disclosure of non public sensitive information could lead to the loss of intellectual property or damage to BWX's reputation. Allegations of, or actual, unauthorised access or loss of sensitive data or confidential information could occur, resulting in a breach of BWX's obligations under applicable laws or regulations. Consequently, legal or regulatory actions could be initiated against BWX in connection with any such breaches. In addition, the breach could impact customer, partner or supplier trust and satisfaction. Any such allegations or breaches of laws or regulations could have a material and adverse impact on BWX's reputation, financial position or performance. Compliance with overseas data privacy laws or regulations There is a risk that BWX may breach various local or overseas customer data or privacy laws or regulations, in particular, in relation to the retention of customer data. The misuse or mishandling of customer data or infringement of applicable local or international data or privacy laws by BWX could lead to administrative action, fines or claims for damages by individuals which could have an adverse impact on BWX's reputation and financial position.. Foreign exchange rate fluctuations Fluctuations in currency exchange rates may negatively impact BWX's financial position and operating results. Exchange rate fluctuations may affect the costs that BWX incurs in its operations. The main currency to which BWX is exposed is US dollars. In addition BWX is exposed to the Euro, the British pound and the Canadian dollar. The exchange rates between these currencies and the Australian dollar in recent years have fluctuated significantly and may continue to do so in the future. A lower Australian dollar may increase the costs of input materials to BWX and a higher Australian dollar may decrease export demand for BWX's products. 1. GENERAL RISKS AND OFFER RISKS Market and an investment in shares The market price of BWX's shares will fluctuate due to various factors, many of which are non-specific to BWX, including the number of potential buyers or sellers of BWX shares on the ASX at any given time, recommendations by brokers and analysts, Australian and international general economic conditions (including as a result of the impacts of COVID-19), inflation rates, interest rates, changes in government, fiscal, monetary and regulatory policies, changes in law, fire, flooding, extreme weather events, natural disasters, global geo-political events and hostilities, acts of terrorism, state of emergency declarations, outbreaks of pandemics, outbreaks of war, and investor perceptions. These factors may cause BWX shares to trade at a lower price than the issue price under the Offer. General economic conditions The trading price of BWX shares may be adversely impacted by various factors, including new or changed governmental measures, new variants of COVID-19, business closures, lockdowns, quarantines, travel and other restrictions and resultant impacts on economies and financial markets. The historic share price performance of BWX provides no guidance as to its future share price performance. Any deterioration in the domestic and global economy may have a material adverse effect on the performance of BWX's business and BWX's share price. It is possible that new risks might emerge as a result of Australian or global markets experiencing extreme stress, or existing risks, may manifest themselves in ways that are not currently foreseeable. The equity markets have in the past and may in the future be subject to significant volatility. Underwriting risk BWX has entered into underwriting agreement with Macquarie Capital (Australia) Limited and Bell Potter Securities Limited (Underwriters) under which the Underwriters have agreed to fully underwrite and manage the Placement, subject to the terms and conditions of the underwriting agreement (Underwriting Agreement). Prior to the completion of the Placement, there are certain events which if they were to occur (e.g. a 10% fall in the S&P/ASX 300 Index at any time prior to Settlement of the Placement, defects in the offer documents (including this Presentation), the share purchase agreement under which the majority stake in Go-To is to be acquired is materially varied, terminated, rescinded, altered or amended, breached or failed to be complied with, departure of the founder and brand ambassador from the Go To business, material adverse changes experienced by BWX, regulatory interventions, breaches of the Underwriting Agreement by BWX, etc.), may lead to the Underwriter(s) terminating the Underwriting Agreement. The Underwriters' obligations to underwrite are also subject to customary terms and conditions. STRICTLY CONFIDENTIAL 45

View entire presentation