DRAFT

BOARD CONFIDENTIAL

Aurrigo International plc

Board Meeting

23rd March 2026

Commencing at [time]

[Location]

Present

Mr Alex Dymock (in the chair)

Mr David Keene

Mr Simon Brewerton

Participant 3

Participant 4

Participant 5

Participant 6

Participant 7

Participant 8

In Attendance

Ms Tenille Houston

Participant 1

Participant 2

Mr Andrew Nash (via video conference for presentation)

Apologies

None received.

Quorum

It was noted that a quorum was present and the meeting was declared open.

Declarations of Interest

No new declarations of interest were made.

Previous Minutes

The minutes of the previous meeting were approved as a true and accurate record.

Matters Arising

The board reviewed progress on outstanding actions from the previous meeting. It was noted that Mr Brewerton had sent the KTP proposal to Peter. Verification had been completed for all board members. The board effectiveness review remained open pending completion of the final report following this meeting. The retention strategy for the premises move remained open as the relocation was still in progress. All award nominations had been completed.

1. Ultra Global Order and Test Track Development

The board received details of a £6.2 million order from Ultra Global, wholly owned by Next Gen Mobility, the Company's strategic shareholder. It was reported that the order was split across FY26 (approximately £383k for engineering, test and development) and FY27 (£1.425m advance payment). The project involved updating Heathrow pod IP and building 25 replacement vehicles, with completion targeted for end of July 2027.

The board noted that Ultra Global was acquiring 3SC, the company that developed control software and algorithms for the Heathrow pod system, thereby securing ownership of the complete IP stack. It was reported that a 375-metre loop test track would be constructed at the rear of the new facility using prefabricated modular sections, delivered as ready-assembled components. The track would include two stations mimicking the Heathrow layout and was expected to take four months to build, targeting completion around November 2026.

It was noted that Ultra Global intended to sell all 21 of the first 25 vehicles to Heathrow, whose existing pods were well past end of life. The board was informed that a separate dedicated PRT engineering team was being built using people with experience on the Heathrow pod system, ensuring no resource was diverted from existing programmes.

The meeting noted that the test track would serve as a customer demonstration facility, avoiding the logistical difficulties of arranging Heathrow visits. It was reported that meetings were being arranged with Cambridgeshire County Council for a potential project opportunity.

2. Gordon Murray Automotive Order

The board received notification of a purchase order from Gordon Murray Automotive for the first 54 T33 car sets valued at £800k. It was reported that the full programme comprised 300 car sets across FY26 (54 vehicles), FY27 (approximately 150), and FY28 (balance). The board noted that GMA had paid to date, which was unusual for the sector.

It was reported that an RNS was drafted and ready but held pending contract review and a decision on whether GMA's name could be used. The RNS was expected to be issued within 10 days, potentially as OEM 7 or OEM 8 with language referencing the potential 300-car programme. The board noted that GMA was expected to account for over £1m in FY26 including continuing prototype billing.

3. Premises Move and Landlord Risk Management

The board received a detailed update on the premises relocation. It was reported that units 11, 12, and 13 were targeted for exit by 27th March 2026, with dilapidations on unit 11 largely complete and work on units 12 and 13 to be completed before Easter. The board noted the critical risk concerning units 32 and 33 (automotive production), where automotive was running at full capacity with no buffer stock.

It was reported that the landlord (Flex Space) had imposed a deadline of 17th April 2026 for vacation, with penalties of one year plus three months plus six months additional commitment if any building remained occupied beyond that date. The board noted that the landlord was unaware of the Company's intention to leave, having presented both staying and leaving scenarios pending the Company's decision.

The meeting noted the risk that production downtime of 2-4 days would be required to relocate automotive operations, likely over a weekend or Easter period. It was reported that Gowlings solicitors were being briefed on 24th March 2026 to provide immediate legal support if required.

The board noted that electrical certificates on all old buildings expired on 3rd April 2026, with negotiations underway with an electrician to issue new certificates quickly. A JIRA-based ticketing system had been established to track all remedial and move tasks.

4. Hub Strategy Pipeline Development

The board received an update on hub strategy engagement. It was reported that active discussions were underway with Oshkosh, Textron, JECCO, IEG MOLIS, CBG, CAG, and ST Engineering, all having received the full information pack. The board noted that Middle East instability had slowed engagement with several prospects in that region.

It was reported that Donata (owned by Emirates) had a formal RFI due 14th April 2026 for the new Al-Maktum airport, with the Company preparing a submission. Dallas Fort Worth had approached the Company at the PTE show requesting negotiations for approximately 70 vehicles. The meeting noted strong engagement from DHL following the PTE show, with a simulation project expected to commence.

The board was informed that Cincinnati Airport was pushing to become the North American hub for the Company's technology, with a new CEO actively engaged and a follow-up visit planned for June 2026. It was noted that ST Engineering wanted to see the AutoSim video for incorporation into their project portfolio.

5. Project Status Updates

Changi Airport Progress

The board received an update on Changi progress. It was reported that Phase 2B would complete on 31st March 2026, with the joint business case (covering outright purchase and lease-per-movement formats) being finalised by 27th March 2026 for presentation to the Changi CEO by end of March 2026. If approved, the next step would be an order for approximately 50 vehicles for T3 live operations, expected in FY26 H2.

It was noted that the AutoConnect platform was running three vehicles autonomously and had completed over 1,000 container moves. A reliability task force established in January 2026 had driven incremental improvements. A safety test at 25 km/h was planned for approximately 2nd April 2026, with no competitor currently running autonomous at that speed at Changi.

UPS Deployment

The board noted that the first UPS vehicle was being collected on 23rd March 2026 to be retrofitted with the new suspension system, with the second vehicle (already fitted) to be delivered on 30th March 2026. The top two UK UPS executives were visiting on 26th March 2026. CAA clearance and ground handler status were now in place, with the CCAV Innovator UK programme ending with a six-month grant-free extension.

Other Projects

The meeting received updates on ongoing positive engagement with Swissport, with an order expected in FY26 H2. Skiphol had re-engaged at the PTE show with confirmed budget, with the prototype narrow vehicle ready and T3.5 and T4 versions in planning.

6. ADS V2 Technology Presentation

Mr Andrew Nash presented the ADS V2 update via video conference. The board received details of the re-architected autonomous drive system developed following the Canada Shuttle project requirements, including 35 km/h top speed capability.

Key improvements were reported as follows:

• Localisation: System brought almost entirely in-house with 27x faster performance, intelligently fusing LiDAR, GPS, IMU, and wheel encoders to handle edge cases including underground tunnels and open apron areas
• Navigation: Completely redesigned system with 50% fewer lines of code while driving smoother and safer, evaluating hundreds of trajectories in parallel
• Perception: Tightened constraints and faster processing for higher speeds, with vehicles now evaluating velocity and predicted trajectory of objects
• Operator UI: Completely rebuilt in-house as a local application with extra views for docking, side driving, and cargo loading

The board noted the AI roadmap development, with object detection and motion prediction models in development but not yet in production. It was reported that the iterative training loop using the Company's own data was underway, as third-party datasets were insufficient or not licensed for commercial use.

Mr Nash confirmed that open-source license compliance had been personally verified. The board noted that AI coding tools had been a major catalyst for ADS V2 development, enabling the Arigo Data Annotator to be built by one engineer in 2-3 weeks rather than requiring 3-4 engineers over multiple months from an external vendor.

7. HR Update

The board received notification that Mr Tony Cantrell had passed away earlier in March 2026 after a serious long-term illness, having been with the Company for 11 years. His funeral was scheduled for 1st April 2026, with a charity donation collection being organised.

It was reported that Mr Jez Copes (Chief Engineer) was leaving at the end of March 2026 after a similar tenure, continuing on a consultancy basis. Three employees had raised written concerns about the premises move affecting walkers and cyclists due to the 3.5-mile distance change, with these being addressed individually.

Staff count stood at 114 as of the meeting date. New starters were joining primarily for the Ultra Global PRT programme, with a dedicated PRT engineering team being built. A business development hire for automotive was being interviewed, with the candidate from HBL.

8. Automotive Performance

The board received exceptional automotive performance results. January revenue was £476k (£6k above budget) with GB Wiring contributing £64.5k. February revenue reached £610k (£184k above budget) with GB Wiring contributing £66k, resulting in £231k above budget cumulatively through February.

It was reported that JLR volumes had risen sharply with the SPCM (suspension control module) on two car lines and likely expansion to a third (Lamy Neck). Morgan had been running above £30k per month for several months, recovering from lows of £7-8k. Lear had placed a £167k order for prototype harnesses for the SIA vehicle (Saudi Arabia's indigenous car programme), with potential production supply of 12,000 vehicle sets per year across four harness packs per car.

A visit to JLR Classics was planned for 24th March 2026 to discuss re-engineering the Defender L316 chassis for special vehicles, as the current supplier appeared to be experiencing difficulties.

9. PR and Events Update

Ms Houston reported on recent media coverage including BBC interview, Wake Up to Money appearance, FTE newsletter features, and Ground Handling International spring issue coverage (pages 14-16). The Company had received the Business Desk Ambassador of the Year Award and Stat Times Air Cargo Innovation of the Year highly commended recognition.

Recent events included successful participation at PTE London with a 48 sqm booth featuring two vehicles, investor event on 17th March, and World Cargo Symposium in Lima with strong connections made with Canadian airports. Ground Handling International Asia panel in Singapore was scheduled for approximately 30th March 2026, with Sam taking the speaking slot alongside TLD and Track Easy CEOs.

The Company had signed the contract for Autonomous Zone sponsorship at GSC International (Lisbon, September 2026), displacing TLD as the usual lead sponsor.

10. Board Effectiveness Review Discussion

The board discussed the board effectiveness review findings. It was noted that the review showed strong consistency across respondents with broad positivity about the organisation and its direction. The main identified gap was that non-executive directors felt they received information but were not being asked to contribute sufficiently to strategic decision-making.

Both executive and non-executive directors agreed that the board pack contained too much reporting and insufficient strategic discussion. It was agreed that the reporting sections should be shortened to allow more time for substantive discussion, with non-executives to propose a new agenda format for trial at the next meeting.

Specific improvements suggested included: a pipeline/contract status summary in every board pack; an organisational chart update; a summary front page extracting key points from each report; and moving PR/communications reporting to written paper only with questions by exception.

ESG Committee Meeting

The board convened as the ESG Committee following the main meeting.

Present

Mr Participant 6 (in the chair)

Mr Alex Dymock

Mr Participant 4

Participant 5

It was reported that ISO 14001 certification had been achieved, addressing significant ESG requirements. All environmental metrics would be reset with the move to the new building, which featured full double-glazing, insulation, and proper HVAC systems.

The chair reminded all directors of the 14-day rule requiring notification of any residential address change within two weeks. It was noted that address changes did not require new ID, only notification.

Any Other Business

None.

Date of Next Meeting

To be confirmed.

Close

There being no further business, the Chair declared the meeting closed at [time].