Annual General Meeting - 2018 Adam Lamond Managing Director Slide 1 Veris is a national professional services business offering surveying, professional and advisory and geospatial services Slide 2 FY2018 Financial Dashboard Revenue EBITDA1 NPATBA2 $106.8m $11.2m $11.2 $5.3m $5.3m 45%45% 96%96% 92% 92% Cash Dividend Per Share Net Debt $106.8m $11.2 $5.3m $5.6m 0.5 cents $8.0m 45% 96% 92% 1. EBITDA is a non-IFRS measure 2. Underlying NPATBA Slide 3 Note: % increase from prior period represents the movement from continuing operations FY18 Results Overview $m FY18 FY17 Revenue 106.8 73.5 EBITDA 11.2 96% 5.7 Depreciation (3.6) (3.7) Acquisition related costs (1.6) (1.2) Restructuring costs1 (1.8) (0.9) Share-based payments (1.0) (0.3) EBITA 3.2 900% (0.4) Amortisation (4.1) (4.2) EBIT (0.9) 80% (4.6) Net interest expense (1.0) (0.6) Profit before tax (1.9) (5.2) Income tax benefit/(expense) 0.9 3.8 NPAT (1.0) (1.4) Amortisation net of tax 2.8 2.9 NPATBA 1.8 20% 1.5 Note 1: FY18: includes costs associated with the restructuring and integration activities for the surveying business Note 2: FY17 restated for continuing operations Slide 4 FY18 Balance Sheet $m FY18 FY17 Cash 5.6 14.6 Elton Purchase Consideration $000 Receivables 30.9 16.0 Net Assets acquired 1,853 Work in progress 10.5 4.6 Brand 293 Other current assets 1.7 1.1 Customer relationships 3,496 Plant and equipment 15.2 11.0 Goodwill 12,251 Intangibles 58.6 40.5 Total Purchase consideration 17,893 Deferred tax asset 6.3 7.6 TOTAL ASSETS 128.8 95.4 Payables 17.5 7.3 LANDdata Purchase Consideration $000 Deferred vendor payments 6.0 2.7 Net Liabilities acquired (880) Loans and borrowings 26.0 11.5 Customer relationships 3,360 Employee benefits 10.6 6.4 Goodwill 2,930 Current tax liabilities 0.5 0.6 Total Purchase consideration 5,410 TOTAL LIABILITIES 60.6 28.5 NET ASSETS 68.2 66.9 NET CASH (DEBT) (8.0) 11.2 Slide 5 Amortisation of Intangibles Gross Amortisation $m Amortisation After Tax $m 4.5 3.5 4.0 4.2 4.1 3.0 2.9 3.5 3.8 2.9 2.5 2.7 2.7 2.7 3.0 3.2 3.0 2.0 2.2 2.5 2.7 1.9 2.0 1.5 2.1 1.5 1.0 1.0 0.5 0.5 - - FY15 FY16 FY17 FY18 FY19F FY20F FY21F FY15 FY16 FY17 FY18 FY19F FY20F FY21F Based on acquisitions to 30 June 2018 Slide 6 Cash flow Borrowings $000 Opening 1 July 2017 3,375 Drawdown Elton 11,000 $m Repayments (750) Closing 30 June 2018 13,625 30 25 20 10.2 11.0 11.2 16.0 15 1.8 1.1 3.8 10 1.2 14.5 4.6 5 5.6 0 Opening EBITDA Working Capex Interest Equip Debt Acquisitions Dividend Debt/HP Closing Cash Capital (net HP) net Disposals drawdown repayments cash other Slide 7 FY2018 Highlights – Transition to single business complete Strategic – Completed Elton Consulting Group acquisition – Achieved stage one milestone of $100 million revenue with national footprint – Finalised systems integration of Surveying business by 30 June 2018 Operational – Strong growth potential in Eastern Australian infrastructure markets – Awarded projects on the back of cross selling – FY2018 Revenue $106.8 million Financial – FY2018 EBITDA $11.2 million – Strong organic revenue growth Slide 8 Revenue Bridge FY17 to FY18 $m 100 5.1 Revenue from discontinued 5.5 contracting business has been 90 34.4 5.1 replaced by consulting revenue. 80 17.5 Organic Surveying revenue growth of 27% on FY17 revenue was driven 70 from increased Infrastructure projects works in Eastern Australia. 60 107.9 50 106.8 LANDdata acquisition contributed 11 months for revenue in FY18. 40 Elton Consulting contributed three 30 months revenue to the FY18 result. ($1.1m EBITDA) 20 AQURA Technologies has 10 achieved strong revenue growth during FY18. 0 FY17 Discontinued Organic LANDdata AQURA Elton FY18 operations growth Surveying Slide 9 Veris Revenue Consistent increase in revenue achieved through acquisition, organic growth and cross selling $120.0 Professional & Advisory Surveying & Geospatial $100.0 $80.0 $60.0 $40.0 $20.0 $- $m $m $m $m $m $m $m $m 1 2012 2013 2014 2015 2016 2017 2018 2019 Slide 10 1 Increase in revenue is a result of Professional Advisory revenue acquired and organic growth in survey National Revenue by Region FY19 forecast Survey & Geospatial $100m Professional and Advisory $25m Total $125m $20m1 $4m1 $18m1 $14m1 $1m1 $39m1 $27m1 Slide 11 1 1 Estimated annualised figures for FY19, pro-forma for acquisition of Elton $2m Revenue Analysis – strong exposure to east coast infrastructure Survey Revenue by Location – FY18 Survey Revenue by Industry – FY18 Resources WA 10% 17% NSW/ACT 37% Property 40% QLD/NT 19% Infrastructure Vic/SA/Tas 50% 27% – Approximately 83% of revenue from the east coast, including approximately 37% from NSW – Expect strong revenue growth in NSW/ACT given organic growth projections and project awards – Revenue from civil and transport infrastructure approximately 50%; approximately 40% from property and real estate, and 10% from resources Slide 12 National Professional Services Business Creating a national professional services business, with three pillars of growth Professional and Advisory Surveying Geospatial Professional and Advisory Services are Surveying is a profession that involves examining and Geospatial Services relate to products, services and tools engaged to provide expert advice to businesses, recording the features of a piece of land or infrastructure in involved in the collection, integration and management of governments and not-for-profit organisations to order to create maps, plans, detailed descriptions and to geospatial data. Geospatial Services are prominent in many support them to make considered and informed decisions facilitate construction. areas. on policy, strategy, city-making and service delivery. Market Size $2.0bn $3.0bn $2.0bn Veris annualised revenue $25m 1.25% $95m 3.2% $5m 0.3% Veris target revenue $50m - $80m 2.5%-4.0% $150m 5.0% $70m - $100m 3.5%-Slide5.0 %13 Addressing the project cycle Maximising exposure to the project development lifecycle Realising value from initial concept, through construction and during ongoing maintenance Slide 14 Q1 Performance Revenue EBITDA 35,000 2,500 30,000 2,000 25,000 1,500 20,000 1,000 15,000 500 10,000 0 5,000 -500 0 -1,000 $000s $000s Surveying Professional and Advisory Aqura Total Surveying Professional and Advisory AQURA Corporate Total Slide 15 Margin improvement - FY19 Focus on Surveying Earnings Improvement A Operational Alignment C Subcontractor Management – Matching skills base to revenue – Focus on improving margin for subcontracted work – Improved professional staff utilisation through national resource management – Improved utilisation of equipment B Overhead Synergies D Culture and People – Realising synergies through shared services model – National operating model – Greater sharing and utilization of support services across – Establishing tools and channels to support wider the business communication, accountability and collaboration – Aligning incentives with business targets and performance Slide 16 Margin improvement - FY19 Continued Enhancing our Ability to grow E Systems and Process G Cash Management – System enhancement projects – Focus on Debtors and WIP conversion to cash – Concerted process improvement on identified areas – Streamlining invoicing – Automation of key processes F Governance – Risk and controls – Establishment of Internal Audit function – Commencement of Corporate Social Responsibility Strategy – Undertaking Reconciliation Action Planning Slide 17 Veris Australia – Surveying NSW Recent Awards Outlook ‒ WestConnex M4/M5 Link – Tunnels – Early works ‒ The surge in multi billion $ “Road, Rail, Runway” infrastructure continues in NSW – Project runs to 2023. Project budgeted at $10bn ‒ Veris is well positioned to secure further significant projects, ‒ Parramatta Light Rail Stage 1 - Early works including: – Project runs to 2023. Project budgeted at $2.2bn ‒ Westconnex Stage 3B ‒ Parramatta Light Rail ‒ Sydney Metro City & Southwest- corridor upgrade - cpb ‒ Station site upgrades Ongoing projects of note ‒ Central Station redevelopment ‒ Sydney Metro West- 30km new rail corridor Road Infrastructure ‒ Western Sydney Airport construction packages ‒ Northconnex 9km Tunnel M2 to M1 motorways - Lend Lease ‒ Snowy 2.0 ‒ Northern Road upgrades, Western Sydney Airport - Lend Lease ‒ F6 Motorway extension ‒ Westconnex Stage 3A - Project runs to 2023 ‒ Berry to Bomaderry bypass ‒ M4 titling/acquisition - RMS ‒ Albion Park Bypass Rail Engagements ‒ Sydney Light Rail - Acciona ‒ Sydney Metro City & Southwest, Martin Place Station - Lend Lease ‒ Sydenham Junction - cpb ‒ Parramatta Light Rail - Project runs to 2023 ‒ Moorebank Intermodal – Project runs to 2020 Runway ‒ Western Sydney Airport – Project runs to 2026 Slide 18 Veris Australia – Surveying WA Recent Awards Outlook ‒ Wodgina Airport Pilbara – Crushing Services Int. ‒ Resource Sector continues to improve, with new mine starts and maintenance works since the beginning of 2018. ‒ Gascoyne Rare Earth – Hastings Metals ‒ Property Sector showing signs of improvement – Whilst residential ‒ Northlink 2 Construction – Tracc Civil & BGC land sales have been slow in 2018, large apartment developments ‒ Perth Hub - Far East Consortium continue to be relatively strong. ‒ Cape Lambert Jetty Remediation - Austral ‒ Infrastructure sector remains a competitive market, driven predominantly by government projects including Northlink and ‒ Old Fremantle Museum Re-Development – Landcorp Metronet. Ongoing projects of note ‒ Gruyere Eastern Goldfields ‒ Ellenbrook ‒ Wodgina Project Pilbara ‒ Alkimos ‒ BHP All Sites Project Pilbara ‒ Whiteman Edge ‒ Perth