Remuneration report

This Remuneration report details Telix’s remuneration policy and practice for Key Management Personnel (KMP) for the financial year ended 31 December 2024. This report has been prepared in accordance with the Corporations Act 2001 (Cth) (Corporations Act) for the Company and its controlled entities (collectively Telix, or the Group). It has been audited by Telix’s external auditor.

Letter from the Chair of the People, Culture, Nomination and Remuneration Committee

Dear fellow Shareholder,

On behalf of the Board of Directors, I am pleased to present Telix’s Remuneration report (Report) for the year ended 31 December 2024. This Report contains details of Telix’s Key Management Personnel (KMP) for 2024 and changes to our Remuneration Framework.

Bringing people and science together

Throughout the Annual Report you can read about our operational and financial highlights for the 2024 year. These accomplishments are a testament to the dedication of our employees around the world. It is greatly satisfying to serve a company full of people who each day strive to make a meaningful difference to society.

At Telix, we bring together innovative people and science to solve complex challenges. This requires significant investment in time and capital, together with passion, motivation, tenacity and deep technical expertise from our employees.

This section of the Directors' report focuses on the people side of the equation as it is vital that our Remuneration Framework is effective in attracting and retaining the right talent to Telix to continue our growth and discovery into the future, aligned to shareholder long term interests.

Telix 2024 performance

2024 has been a transformative year, with significant product performance highlights detailed earlier in the Annual Report, including the Chairman and CEO letters. Telix has also delivered total revenue growth of 56%, a significant increase to our market capitalization and strong financial results, as well as joining the ASX100 in July and listing on the Nasdaq in November. The adjusted EBITDAR result was $284,565,000 in 2024 compared to $181,583,000 in 2023. In addition, significant progress in both precision medicine and our therapeutic pipeline has contributed to 2024 achievements and long-term value for the Group and shareholders, with the closing share price in 2023 of $10.08 increasing to $24.61 on 31 December 2024.

This strong performance in 2024 has resulted in Short Term Variable Remuneration (STVR) outcomes for Executive KMP of between 76.5% and 85% of target, and Long Term Variable Remuneration (LTVR) outcomes for the 2022 Performance Share Appreciation Rights (PSARs) resulted in 100% of target achievement (66.7% of maximum) as measured for the Performance Period 1 January 2022 - 31 December 2024.

KMP changes in 2024

During 2024, following a robust recruitment process, Telix was pleased to promote two internal candidates to Executive KMP roles: Dr. Cade to Group Chief Medical Officer (CMO) and Dr. Patti to Group Chief Operating Officer (COO). The Board is pleased to appoint Group Executive Team roles via internal promotion, recognizing the benefits of developing and leveraging talent with knowledge of Telix's business and the radiopharmaceuticals industry. Internal promotions demonstrate to all Telix employees that working to their potential can lead to significant career growth and signals the success of our development and retention programs.

As part of our reorganization around the operating segments of Precision Medicine and Therapeutics, Mr. Richard Valeix was appointed to CEO, Therapeutics in August 2024, a non-KMP position.

Further, during 2024 the Board announced the retirement of one of our Founders, Dr. Andreas Kluge. We thank Dr. Kluge for his invaluable service over many years to the Board and his significant contribution to Telix.

The importance of employee equity at Telix

These examples of employee retention, development, and mobility are supported by our equity programs, with investment in our employees as shareholders at all levels of the Company. It has been our practice since 2022 to utilize PSARs when granting employees equity through our sign-on equity program. As PSARs require both share price appreciation and the achievement of financial and product development performance over a three-year period, every employee starts at Telix as a potential shareholder, thereby aligning their focus on long term value, strategic achievement, and future success.

Telix also provides opportunities to a small number of key employees to receive equity grants under our talent programs to retain excellent performers who are key to achieving business goals and objectives. Please refer to section 2.4 for further details regarding Telix's principles and philosophy on employee equity.

The 2022 PSAR grant was tested at 31 December 2024. Disclosure of the testing outcomes including delivery against the predisclosed financial and product measures is provided in section 7.2. This equity will vest for eligible employees (including Executives) after results are announced to the market (aligned with our Securities Dealing Policy).

Updating our framework and remuneration changes in 2024

Each year we engage with numerous stakeholders on our Remuneration Framework to ensure it is appropriate and relevant to the needs of Telix and aligned to the long-term interests of shareholders.

As detailed in the 2023 Remuneration report, Executive KMP remuneration changes were adopted in 2024, aligned with remuneration recommendations prepared by Mercer Consulting (Australia) Pty Ltd (Mercer) (under section 9B of the Corporations Act 2001). These changes in remuneration for 2024 are detailed in sections 2 and 8.2 of this Report.

We aligned the approach for stretch PSARs for the MD & CEO (granting at 150% of target) to all PSARs recipients via an additional grant in November 2024, improving transparency and governance. All performance and vesting conditions remain the same and continue to apply.

2024 outcomes

All Executive KMP and Non-Executive Director remuneration for 2024 is disclosed in sections 10 and 9.3. LTVR vesting at 100% of target for the 2022 PSARs will occur in March 2025.

MD & CEO remuneration outcomes

Fixed remuneration of base salary, superannuation and leave accruals was $640,558 for the 2024 year. An STVR outcome of $315,356 was awarded to the MD & CEO for the 2024 outcomes based on the performance as detailed in section 7.1.1, of which 25% will be deferred to equity and will be presented to shareholders for approval at the 2025 Annual General Meeting.

Board adjustments applied during 2024

The Board applied discretion to STVR outcomes for Executive KMP, starting with the Corporate Objectives achievement of 85% and then adjusting up or down, as detailed in section 7.1.2.

No Board discretion was applied to the 2022 LTVR PSAR vesting outcome. Commentary is provided on each measure in section 7.2, with the Board endorsing the results as they were realized, with no positive or negative discretion applied.

Looking forward to 2025

CEO remuneration opportunity

As at 1 January 2025, Dr. Christian Behrenbruch, Telix’s MD & CEO, received a 40% increase to his base salary, an increase to his STVR to 110% of his base salary and LTVR to 150% at target (225% at maximum) of his base salary¹. Further details are provided in section 8.2.

Other Executive KMP remuneration

Refer to section 8.2 regarding changes the Board has endorsed for 2025 for Executive KMP. These changes prioritize the continued strategic growth delivery that shareholders have come to expect from Telix as we further emphasize long-term value creation through performance based-variable remuneration.

Non-Executive Director remuneration

Section 9.4 details the changes to apply for Non-Executive Directors remuneration for 2025 to address the growth trajectory and increased workload and complexity required to perform the NED role, including as a dual ASX- and Nasdaq-listed company. These changes reflect the Board's considered, independent benchmarking against market peers, as well as the re-introduction of equity, which the Board believes is required to recruit and retain Board talent, and to achieve the NED Minimum Shareholding policy. The equity will be provided via a NED Rights Plan using a salary sacrifice arrangement, and the fees will be increased in 2025, following similar principles as for Executive KMP.

I invite you to read the Remuneration report which will be presented for adoption at Telix’s 2025 AGM.

H Kevin McCann, AO Chair, People, Culture, Nomination and Remuneration Committee

1 Key Management Personnel

KMP are individuals with the authority and responsibility for planning, directing and controlling the activities of the Group, either directly or indirectly. Telix’s 2024 Remuneration report covers both the Non-Executive Directors (NEDs) and Executive KMP noted below during 2024 and up to the date of this report:

2 Remuneration snapshot

2.1 2024 performance highlights

During 2024, under the management of the Executive KMP, Telix delivered the following performance for the Group and shareholders:

Global revenue

$783.2 million; a 56% increase on 2023 ($502.5 million) Financial

Adjusted EBITDAR¹ $284.6 million, up 56% from $181.6 million in 2023 Share price growth

31 December 2024: $24.61, a 144% increase on 2023 ($10.08 )
Market capitalization

$8.24 billion, a 153% increase on 2023 ($3.26 billion)

2.2 2024 remuneration at target

The remuneration elements (at target) for Executive KMP are detailed on an annualized basis for 2024 in the following table. These are annualized remuneration values for the full year, so for part-year KMP (Dr. Patti and Mr. Valeix) these numbers exceed those reported in the statutory remuneration table in section 10.

2.3 2024 variable remuneration outcomes 

In recognition of the significant contribution Executive KMP made to Telix’s performance in 2024, their variable remuneration outcomes are aligned with the corporate outcome of 85% in 2024. Following consideration of modifiers, final STVR outcomes varied between Other Executive KMP as detailed in section 7.1.2. Further details are provided throughout the Remuneration report, and summarised below:

2.4 Telix's equity focus

Since its inception, Telix has granted equity to all employees for both retention purposes, and to align employee and shareholder long term interests. Similarly, this aligns employees with Telix's long-term strategy. The predominant equity granted to Executives is Long Term Variable Remuneration (LTVR). The following section summarizes non-LTVR grants.

As predisclosed in the 2023 Remuneration report, the following non-LTVR equity grants were made to KMP in 2024:

• Mr. Valeix received the second and final tranche of 35,000 PSRs granted in April 2024 as detailed in section 5.4.1 These remain subject to performance conditions and there was no acceleration of vesting or changes to the grant on Mr. Valeix's change of role in August 2024, and

• Mr. Smith and Mr. Valeix received Performance Share Incentive Rights (PSIRs) granted in March 2024 as detailed in section 5.4.2.

Legacy equity awards (excluding sign on and LTVR grants) made to Telix's two internally promoted Executive KMP that remain on foot following their appointment to KMP roles are as follows:

• While CEO, APAC (pre-Executive KMP role), Dr. Cade received 100,000 rights on 19 July 2021, subject to the achievement of a cumulative revenue target from product sales in APAC for the period 19 July 2021 to 18 July 2026. Where the target is met these rights will automatically vest, however if the target is not met they will lapse. As at 31 December 2024 the target has not been achieved; these rights remain on foot subject to the initial terms. As this target is commercially sensitive, it and the outcome will be disclosed to the the market at the point of vesting and reported in the appropriate Remuneration report. Based on changes to the way Telix grants long term incentives, it is unlikely that another grant of this nature would be made to an Executive KMP

• Dr. Patti is a participant in Telix's 2022 Talent Equity¹ program, and received three tranches of 15,000 zero-priced rights over three years (45,000 in total). As detailed in section 11.2.2, he received these grants in April 2022, June 2023 and August 2024. These grants recognized his potential and the key contributions he made to Telix's value inflection points in his pre-Executive KMP role. These rights will auto-vest in line with local requirements in April 2025, and in compliance with the Securities Dealing Policy, and

• Dr. Patti is also a participant in the 2023 Talent Equity program, and received two separate tranches of 15,000 zero-priced rights (30,000 in total) in October 2023 as detailed in section 11.2.2. Tranche 1 will vest in December 2026 (after 3 years) and tranche 2 in December 2027 (after 4 years) subject to continued employment and contribution to Telix's strategic success. These rights will auto-vest in line with local requirements in December 2026 and 2027, and in compliance with the Securities Dealing Policy.

No awards vested to Executive KMP during the year ended 31 December 2024.

3 2024 Executive KMP remuneration overview

3.1 Remuneration principles

Telix's remuneration principles are used to set Executive remuneration, and result in a structure that supports:

• appropriate base pay to attract, motivate and retain talent in the highly specialised field of radiopharmaceuticals

• short and long term variable remuneration to reward company performance - both financial and strategic delivery (with a focus on company performance over the long term)

• equity holdings align executive performance with shareholders - through sign-on equity and long term variable remuneration linked to company performance, and

• simplicity and transparency so all stakeholders understand the purpose and value of their remuneration and the deliverables required to achieve it.

Attract, motivate and retain talent in Telix’s operating markets Reward company performance and execution of Telix's strategy Align the interests of employees with shareholders Be simple and transparent

3.2 2024 Remuneration framework

The 2024 remuneration framework for Executive KMP detailed in this report includes the following elements:

3.3.1. Telix's equity focus

As detailed in section 2.4, to attract and retain a strong and cohesive Executive team, additional remuneration awards may be made including sign-on incentives, retention incentives and other one-off incentives, aligned to Telix’s remuneration principles and philosophy. These awards are made in equity and subject to service and company performance conditions, aligning employee and shareholder interests.

Equity outside LTVR granted to Executive KMP in 2024 is detailed in section 2.4.

3.3 2024 Remuneration delivery

The following diagram illustrates how remuneration was delivered to Executive KMP in 2024:

The STVR performance period is the calendar year of 2024, with the outcome determined in approximately February 2025, and the cash component paid. The equity component is granted in April/May 2025 and deferred until approximately one year from the cash payment date, with vesting to occur in line with the Securities Dealing Policy after the results announcement in late February/early March 2026.

3.4 2024 Remuneration mix

The table and diagrams below reflect the annualised remuneration elements at target as a percentage of base salary and total remuneration mix for each Executive KMP. The remuneration mix in 2024 has moved to increase the weighting of variable pay, now at 46 – 60% of total target remuneration, in line with Mercer's recommendation.

For part-year KMPs (Dr. Patti and Mr. Valeix), the values reflect their annualized pay as KMP. Actual remuneration received in 2024 is provided in section 10.

4 Remuneration governance

4.1 Governance framework

The Governance of Telix’s remuneration framework ensures that:

• the Board delegates specific responsibilities to the PCNRC which provides applicable recommendations to the Board

• Telix’s strategic objectives, corporate governance principles, market practice and stakeholder interests are considered, and

• achievement of pre-determined financial results and strategic objectives is rewarded through sustainable means for KMP.

Further information on the Board’s role and Telix’s corporate governance policies (including the Securities Dealing Policy) can be found in Telix’s 2024 Corporate Governance Statement and on Telix’s website at: ir.telixpharma.com/governance/documents/charters. Telix’s Securities Dealing Policy prohibits hedging or margin lending in respect of Telix securities.

4.2 Malus and clawback

The Board in its sole discretion, may reduce, cancel in full, or seek to clawback any incentive provided to any Executive KMP, including former Executive KMP, if it determines that at any time the Executive KMP:

• acted dishonestly (including, but not limited to, misappropriating funds or deliberately concealing a transaction)

• acted or failed to act in a way that contributed to Telix making a material financial misstatement including where Telix is required to prepare an 'Accounting Restatement' for the purposes of Telix's Clawback / Dodd-Frank Compensation Recovery Policy

• acted or failed to act in a way that contributed to a breach of a significant legal or regulatory requirement relevant to Telix

• acted or failed to act in a way that contributed to Telix incurring significant reputational harm, a significant unexpected financial loss, impairment charge, cost or provision

• exposed employees, the broader community or environment to excessive risks, including risks to health and safety

• breached their post-employment conditions (unless otherwise determined by the Board)

• committed a material breach or non-compliance with Telix’s Code of Conduct and/or any other employee or governance related policies, and/or

• took excessive material risks or contributed to or may benefit from unacceptable cultures within the Group.

During 2024 the Board exercised no malus and clawback.

5 Executive remuneration framework

5.1 Total fixed remuneration (TFR)

Executive KMP receive TFR in equal instalments, either monthly or two weekly (dependent upon location).

5.2 Short Term Variable Remuneration (STVR)

Executive KMP participated in the 2024 STVR under the following terms:

5.3 Long Term Variable Remuneration (LTVR)

5.3.1 2024 LTVR key terms

5.3.2 2024 LTVR performance conditions

5.4 Other equity grants

5.4.1 2024 Performance Share Rights (PSRs)

The key terms of the second and final tranche of the Mr. Valeix’s sign on PSRs ('2024 PSRS') were granted in April 2024 and are restated here for completeness, noting they are subject to stringent and disclosed performance measures that mirror the 2024 PSARs in section 5.3.1 and 5.3.2:

5.4.2 Performance Share Incentive Rights (PSIRs)

As previously disclosed in the 2023 Remuneration report, PSIRs were granted to Mr. Smith (CFO) and Mr. Valeix (in the role of CCO) in March 2024. The metrics for the PSIRs are commercially sensitive and will be disclosed at testing after the end of the performance periods (the February following 31 December 2026 and 2027). The key terms are restated for completeness:

5.5 Executive KMP employment arrangements

All Executive KMP are employed on ongoing, permanent contracts and have notice period and cascading non-compete and non-solicit clauses in their employment agreements as summarised below:

Employment may be terminated by either the Executive KMP or Telix on the provision of notice in the minimum period stated above. In the event of termination for cause, Telix may terminate an Executive KMP’s employment immediately without notice.

6 Telix performance and shareholder wealth

In line with Telix’s remuneration principles and philosophy, performance measures are chosen to align Executive KMP and shareholder interests and to ensure variable remuneration is contingent on outcomes that grow and protect long-term shareholder value.

The following table outlines Telix’s financial performance for 2020 to 2024, noting there are some changes to historical figures as noted in Comparatives and rounding in the Basis of preparation section of the Financial Report.

7 2024 Executive KMP remuneration outcomes

The outcomes of variable remuneration for 2024 and 2023 year are summarised below:

7.1 Short Term Variable Remuneration (STVR)

At the commencement of the financial year, the Board reviews and approves the objectives, weightings and targets for the STVR scorecard, aligned to Telix’s strategic objectives. For 2024 the scorecard aligned to three key themes:

• Financial measures

  • Revenue (40%),

  • Earnings (10%) and Cost control (10%), and

• Clinical objectives (40%)

This approach was adopted to recognize Telix's move into a third year as a commercial business, the importance of financial results in order to deliver shareholder value, as well as cost control and continued investment in research and development, with 60% linked to financial measures.

Clinical objectives accounted for the remaining 40% and are included to recognize the importance of both financial and clinical objectives for the Company's success. It is important for clinical objectives to be met to allow progression to the Company's long term goals and objectives and future shareholder growth.

7.1.1 Performance against STVR Corporate Objectives scorecard

The 2024 outcomes achieved against the Corporate Objectives are as follows:

7.1.2 2024 Executive KMP STVR outcomes

In 2024 the Board assessed the STVR Corporate Objectives scorecard and also considered a set of modifiers as detailed in section 5.2. These include discretion to increase or decrease STVR outcomes based on non-corporate objective obligations of Executive KMP including:

• contribution to good corporate governance

• upholding company values in self and others

• engagement with relevant external stakeholders, and

• driving a performance culture throughout the organization.

As a result of application of this discretion, the 85% STVR Corporate Objectives scorecard, was adjusted with Board approved STVR outcomes between 76.5% and 85% of target for Executive KMP, as follows:

7.2. 2024 Executive KMP LTVR vesting outcomes

All 2024 Executive KMP were participants in the 2022 PSARs, either as sign on, Long Term Incentive (LTI) equity (for employees below Executive KMP level) or LTVR (Executive KMP level). The outcomes achieved over the three year period (1 January 2022 to 31 December 2024) are as follows:

No discretion was applied by the Board to either alter the product milestones or adjust the vesting outcomes, the results were endorsed as realized at the testing date (31 December 2024).

These grants will vest in March 2025, following the audited results release and aligned with the Securities Dealing Policy. Following vesting, Executives will have an exercise period for their vested PSARs, as detailed in section 11.2.2.

The outcomes and subsequent equity movements for each individual Executive will be reported in the 2025 Remuneration report, and beyond as required.

7.3. Other equity held by Executive KMP during 2024

Other equity awards for individual Executive KMP that vested during 2024 would usually be disclosed in section 2.3, however none vested in 2024.

The following plans remain in the performance period as at 31 December 2024 for current Executive KMP:

8 Key events impacting remuneration

8.1 Executive KMP and NED movements

Dr. Patti was appointed Group Chief Operating Officer (and Executive KMP) effective 11 March 2024. Section 10 and relevant footnotes provide further detail regarding the remuneration he received during the year ended 31 December 2024 while he was KMP.

Mr. Valeix moved to the role of CEO - Therapeutics and ceased to be a member of the KMP on 18 August 2024. His remuneration in Section 10 is only reported in the 2024 Remuneration report for his period while KMP.

Dr. Andreas Kluge retired as Non-Executive Director on 17 October 2024.

8.2 2025 Remuneration framework for Executive KMP

During 2024, Telix has experienced significant growth of market capitalization, revenue and headcount. This has furthered the need to continuously review remuneration principles and actuals for all employees, including Executive KMP to ensure remuneration is competitive and appropriate. The Board continues to be guided by the remuneration recommendations made by Mercer in 2023, and has accelerated the intention to bring Executive KMP within the 80-120% of the market median for TFR. This has resulted in the increases discussed in this section, but the Board notes that this aligns remuneration to the 2023 position, and further benchmarking will be reviewed during 2025 to address the new market position going forward.

In line with our disclosure made on 30 December 2024 regarding the changes to the MD & CEO's remuneration effective 1 January 2025, this section includes details for the changes applicable to all Executive KMP. Similar disclosures related to NEDs are included in section 9.4.

8.2.1 2025 Remuneration at target

The Board endorsed remuneration to apply from 1 January 2025 for Executive KMP is as follows:

The compa ratios provided in the above table display the progress made to bring Executive KMP TFR towards the target 80 - 120% of the market midpoint, however, it demonstrates there is still a significant gap, particularly at the MD & CEO level on the TTR component.

8.2.2. Remuneration delivery in 2025

The STVR performance period is the calendar year of 2025, with the outcome determined in approximately February 2026, and the cash component paid. The equity component is granted in April/May 2026 and deferred until approximately one year from the cash payment date, with vesting to occur in line with the Securities Dealing Policy after the results announcement in late February/early March 2027.

8.2.3. 2025 Remuneration mix

Similar to section 3.4, the below demonstrates the remuneration mix for Executive KMP in 2025 (at target):

8.2.4. 2025 STVR changes to methodology and equity deferral proportion increase

As Telix continues to grow and evolve, the following changes will apply to the 2025 STVR:

• the STVR outcome will be delivered as:

  • 50% in cash following completion of the performance period and assessment of performance (approximately February 2026), and

  • 50% in equity (deferred share rights) granted in an open period shortly after the cash component, and restricted for 12 months from the cash component payment, until approximately February 2027

  • any equity grant to the MD & CEO will be subject to shareholder approval at the 2026 AGM

• the performance measurement for Other Executive KMP will be split from 100% corporate objectives to:

  • 50% based on corporate objectives (Financial measures related to revenue and earnings and non-financial measures), and

  • 50% based on the Business Unit corporate objectives relevant to the Executive's position

• the performance measurement for the MD & CEO will remain based on 100% corporate objectives outcome, and

• Telix will continue to consider modifiers based on non-corporate objective obligations of Executive KMP: contribution to good corporate governance, company values and market engagement, and driving a performance culture throughout the organization.

All other elements of the STVR for Executive KMP will remain as per the 2024 approach, with the performance period and payment dates being updated to reflect the new year.

8.2.5. 2025 LTVR key terms and performance conditions

The performance conditions for the 2025 LTVR have been updated to reflect Telix's new organizational structure as disclosed to the market in August 2024. While 50% of LTVR outcome will remain linked to the financial measure of Adjusted EBITDAR, the remaining 50% will change.

The non-financial target (50%) will be split across the three business unit portfolios, being Precision Medicine (Px), Therapeutics (Tx) and Telix Manufacturing Solutions (TMS) as the new structure optimizes the development and commercialization of Telix's theranostic radiopharmaceutical model.

Executive KMP will be eligible to participate in the 2025 LTVR under the following terms:

8.2.6. 2024 LTVR performance conditions

Further details on the performance conditions are provided below:

9 Non-Executive Director (NED) remuneration

9.1 NED remuneration framework

To ensure Telix attracts and retains suitably qualified individuals, NED fees are set to reflect the obligations, responsibilities and demands of Directors. They are reviewed periodically by the Board, considering market benchmark data and the financial position of the Group. As detailed in the 2023 Remuneration report, Mercer provided market benchmark data (not a recommendation) in 2023 that revealed that the 2023 NED remuneration was below or at the 25th percentile, and significantly below the market median.

NEDs receive fees as Directors of Telix, and for their membership and chairing of Board Committees. NEDs do not receive any performance-based remuneration. No equity grants were made or vested to NEDs in 2024. The Chairman is not compensated for Committee membership (ARC) but is compensated for his role as Chair of the PCNRC.

Historically there has been no minimum shareholding requirement for NEDs or retirement benefit scheme (other than statutory superannuation contributions for Australian-based NEDs).

9.2 NED remuneration approach - 2024

The NED aggregate fee limit of $1,350,000 was approved by shareholders at the 2024 Annual General Meeting. Total NED remuneration paid during 2024 was $848,489, within the fee limit (63% of the total). Following shareholder approval, as indicated by the Board, NED fees increased effective 1 January 2024, to commence alignment with the 2023 market benchmarking data, and to reach the market median over time.

The comparator group used by Mercer in 2023 considered 19 ASX listed companies, with Telix positioned towards the median based on the 6-month market capitalization at 31 August 2023. At that time Telix's market capitalisation was $3.2 billion, since that time it has grown to reach in excess of $8.2 billion as at 31 December 2024, and over $9 billion in February 2025.

As disclosed in the 2023 Remuneration report, the Board stated its intention to move towards the market median of the benchmark data, and the changes made effective 1 January 2024 took the first step, moving Board and Committee fees to between 55% and 74% of the market median.

From 1 January 2024:

• the travel allowance for overseas-based NEDs was discontinued

• non-Australian based NEDs were paid in line with the exchange rate at the time of their appointment

• NED remuneration (inclusive of superannuation or other relevant statutory requirements, as applicable) were:

9.3 2024 Statutory remuneration - NEDs

The table below sets out NED remuneration for 2024 and 2023, prepared in accordance with relevant IFRS and Australian Accounting Standards.

9.4. 2025 Remuneration framework for NEDs

The Board will be introducing two new policies governing NED remuneration in 2025, designed to assist in building NED equity in Telix. These are a Minimum Shareholding Policy (MSH), and a NED rights plan, under which NEDs can choose to salary sacrifice a portion of their Board base fee to obtain Telix share rights. Further details will be provided in due course.

In light of Telix’s recent growth including market capitalization, dual listing on Nasdaq and current NED remuneration being below market peers, the Board considers it appropriate to increase NED fees taking the approach consistent with Executive KMP (paying 80 - 120% of the market median) as discussed in section 8.2. This increase, and introduction of the NED rights plan is designed to recruit and retain NED talent in a competitive global market, including in the U.S.

Director and Committee fees to apply effective 1 January 2025, and the resultant position of each Board and Committee fee against the median market benchmark, using the August 2023 independent benchmarking data is detailed as follows:

10 2024 Statutory remuneration – Executive KMP

The below table shows details of the remuneration expenses recognized for Executive KMP for 2024 and 2023 prepared in accordance with IFRS and Australian Accounting Standards.

11 Additional statutory disclosures

11.1 Ordinary shareholdings

The relevant interests of KMP in the shares issued by Telix, held directly, indirectly or beneficially either personally or by their related parties are included in this section.

11.1.1 NED ordinary shareholdings

Dr. Kluge's ordinary shareholdings are reflected as Nil at year end as he is no longer a KMP.

11.1.2 Executive KMP ordinary shareholdings

11.2 KMP option holdings for the year ended 31 December 2024

11.2.1 NED option holdings

11.2.2 Executive KMP option holdings

11.3 Related party transactions with KMP

Remuneration: Remuneration to KMP is recorded in the tables above.

Loans: There were no loans between the Group and any KMP in the years ended 31 December 2024 and 2023.

Other transactions: Refer to note 35 of the Financial report for further details.

Other than those noted above, there were no related party transactions with any KMP in the year ended 31 December 2024.

This Directors’ report is approved in accordance with a resolution of the Directors.

H Kevin McCann AO Chairman
20 February 2025
Christian Behrenbruch Managing Director and Group CEO
20 February 2025

1. As detailed in Telix's ASX disclosure dated 30 December 2024.
2. Adjusted Earnings Before Interest, Tax, Depreciation, Amortization and Research and Development Expense.
3. The 2022 Talent Equity program was offered to under 10 key employees below KMP level who demonstrated continued high performance and are key contributors to Telix's success. Talent equity granted to these key performers, further aligns their interests with shareholders and rewards the achievement of shareholder value creation, and the long term success of the Company. The Board is delighted that Dr. Patti has demonstrated such potential identified in 2022 (and 2023) that he is now an Executive KMP.