Seven : AGM Addresses and Trading Update

Seven Group Holdings Limited | A BN 46 142 003 469

Level 30, 175 Liverpool Street, Sydney NSW 2000 | Postal Address: PO Box 745, Darlinghurst NSW1300

Telephone +61 2 8777 7574

For personal use only

Seven Group Holdings

Annual General Meeting - 17 November 2021

Executive Chairman's and Managing Director & CEO's Addresses

Executive Chairman: Mr Kerry Stokes AC

Good morning. I am Kerry Stokes, Executive Chairman of Seven Group Holdings. Welcome to the Annual General Meeting of Seven Group Holdings.

Firstly, let me introduce the members of the Board. In the room we are joined by Managing Director and CEO of Seven Group Holdings, Ryan Stokes. Annabelle Chaplain. Terry Davis. Chris Mackay. David McEvoy. Warwick Smith. And Richard Uechtritz.

Kate Farrar is attending this meeting remotely.

SGH has undergone a process of Board renewal over the last couple of years, allowing us to create a Board of outstanding individuals who have worked constructively together to help guide the strategy and consequential growth of SGH.

As part of this evolution, this will be my last AGM as Chairman of SGH and following this meeting Terry Davis will take on the honour of leading this exceedingly capable Board and equally capable management team.

This will also afford the Board the opportunity to review its composition to ensure it remains appropriate for SGH and will give us the opportunity to introduce the next wave of talented directors.

It is appropriate that I acknowledge all Directors' contribution and personally thank each of them, on behalf of all shareholders, for their ongoing commitment.

Chairman's Address

The Seven Group Holdings results in the 2021 financial year demonstrate the value of our quality businesses and capable management team, supported by an exceptional workforce and excellent business partners.

Ryan will shortly talk in detail about the results but, as this is my last meeting as Chairman and Director, I wanted to reflect on the evolution of SGH and what has made it such a strong company today.

In 1988 I acquired Wigmores (now WesTrac), with its main assets being a partnership with Caterpillar of the US. Under the early leaderships of Frank Johnson and Jim Walker we have built what is now one of the leading Caterpillar dealerships in the world.

The then Chairman of Caterpillar Mr Don Fites considered the startup of WesTrac so important, he chartered two 747 planes to fly in the first supply of parts to ensure our customers were fully supported. During this time, Ryan and my other son Bryant spent their school holidays stacking parts at WesTrac to help us get underway. Later Bryant worked at WesTrac and Ryan attended Caterpillar's Executive University.

Over time, we widened our geographic spread through second and third dealerships in NSW and ACT and were granted one of the 5 dealerships in China - Beijing and five provinces in north and east of China. We spent 20 years building the China Caterpillar distribution business, employing thousands of Chinese, with training programs to qualify them in a range of trades and as engineers to support the sales and service through our territories.

Building on this successful relationship with Caterpillar, we acquired a majority stake in National Hire Group in 2008. In partnership with private equity group Carlyle, we then took over Coates business and merged it with National Hire to consolidate the two largest hire companies in Australia.

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In 1995 we took over the Seven Network and later combined it with the West Australian Newspaper to what would become a very successful media group - Seven West Media.

Through the period of Seven ownership, I enjoyed working with the Late Maureen Plavsic, and I am proud to have appointed her as the first female CEO in Australian television. Both Maureen and, indeed, the Late David Leckie made an incredible contribution to Seven.

It was David Leckie who built the network into the leading television business in the country. I also acknowledge the contribution of Bruce McWilliam, who has served on the Seven Network and SGH Board, and was critical in supporting David Leckie.

Like all traditional media companies, Seven experienced challenging times but has now emerged as a strong digital platform, combined with traditional television and newspapers. Under the leadership of James Warburton, Seven has seen a resurgence ofperformance across both television and newspapers with increased audience share.

Seven West Media this year demonstrated its strong digital future with the coverage of the Tokyo Olympics. Simulcast across 40 channels, Seven's coverage of the Olympics has been applauded worldwide, with 7 Plus's registered users jumping to more than 9 million.

Seven West Media has recently announced the acquisition of Prime Television. The transaction will open the way for Seven to sell complete, national packages to advertisers wishing to reach city and regional areas.

In 2008, the formation of Seven West Media created an opportunity to form SGH, combining WesTrac and Coates under the leadership of Peter Gammell, creating the foundations of SGH. It would be remiss of me not to highlight the contributions of Rebecca Maslen-Stannage and the Late Fiona Gardiner-Hill, who were critical in working with Peter to bring the vision of SGH to fruition.

There were a range of complex capital markets transactions to bring about the formation of SGH under the direction of Chris Mackay, Terry Davis and Richard Uechtritz, allowing us to access new capital to support the growth of the Group.

On listing in 2010, SGH was a $2 billion market cap company, 50 per cent of which was made up by our various media interests, including a majority share of Seven West Media.

Under the leadership of Don Voelte, we found the next opportunity for growth in the LNG market through the acquisition of Nexus. As we now take the Crux major gas field through to FID, it is an exciting time where, with our partners Shell and Tokyo Gas, we look to have LNG cargoes when the market is expected to be materially short.

Meanwhile the expected tightening of the east coast domestic gas market led us to acquire strategic shareholdings in both Beach Energy and Drillsearch.

Dislocations in price have given us the opportunity to acquire more shares in Beach, with SGH now owning a 30 per cent stake. This shareholding provides us with an exposure to both east coast gas market, as well as export LNG from the Waitsia field in the Perth basin where the infrastructure for distribution to process already exists.

Ryan took over the leadership of SGH in 2015 and he has built a very strong management team who support and deliver his vision. I acknowledge the very strong support provided by CFO, Richard Richards. Together Ryan and Richard make a very formidable team.

He led the very successful divestment of WesTrac China, which allowed us to acquire the remaining 50 per cent interest in Coates from Carlyle.

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The WesTrac team, now led by Jarvas Croome and the recently retired Greg Graham, has continued to build two of the highest performing Caterpillar dealerships globally, with 85 per cent of the world's fully autonomous trucks working in our territories. The only autonomous truck training in the southern hemisphere is operating in Collie, South ofPerth. The demand for new technology has seen the training centre booked out for the next 6 months.

There is challenge and excitement for the future as de-carbonization of mining drives the next wave of opportunity for WesTrac.

The most recent phase of growth for SGH has been delivered by Ryan and his management team in taking control of Boral. The team has raised capital and $6.2 billion of debt to support the takeover of Boral and they have a clear plan to realise value from its underperforming businesses and property.

All of the transactions I have listed - from Wigmores to Boral - have allowed your company to both grow and diversify, with exposures to media, mining production, construction, infrastructure investment and energy transition.

Through our strategic capital management, focus on operating discipline and a capacity to accept and navigate risk, the Group is well placed for its next phase of growth to benefit all stakeholders.

This will be achieved through the Group's strong leadership team, engaged employees, operational excellence, supportive business partners and satisfied customers.

The Group's businesses hold leading market positions, supported by a strong balance sheet and financial discipline, enabling us to compete and take advantage of growth opportunities.

On behalf of the Board, I thank our staff and you, our shareholders, for your continuing support and commitment to your company. Together with now over 14,000 employees, we continue to adapt to the ever-changing market and ensure our businesses remain strong and competitive.

I wish to thank all the former directors of SGH for their support in the company's evolution over the last 13 years. And I acknowledge and thank our existing Directors: Annabelle Chaplain; Terry Davis; Kate Farrar; Chris Mackay; David McEvoy; the Hon Warwick Smith and Richard Uechtritz.

I look back on what has been accomplished with great pride and look forward to assisting the Group in an advisory capacity.

I would also like to take this opportunity to thank my wife, Christine. She has been by my side through every step of the evolution of the Group, and has supported me and indulged my passion for this business.

I also want to acknowledge my son Bryant, who through his career has worked within Seven, WesTrac, and Coates, now working closely with me at ACE.

I look forward to watching Terry Davis and Ryan continue to achieve the next exciting stage of growth for the Group.

And on that note, I would like to invite Ryan to address you.

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Managing Director & CEO Address: Mr Ryan Stokes AO

Thank you, Chairman, and on behalf of the company and all its employees, Ithank you for the leadership and guidance that you have provided throughout the successful SGH journey. Although I know you are not going far and will remain as personally invested in SGH's ongoing success going forward.

Let me now extend my welcome to you, our shareholders, to the Seven Group Holdings 2021 Annual General Meeting. It is pleasing to be back in our traditional, in-person, AGM format, after what has been another year of challenges but also one of opportunities.

Sustainability - People & Safety

Firstly, we start with safety. With more than 13,000 employees across the consolidated Group safety and wellbeing of our people is our top priority.

While we are pleased with the safety improvements that we achieved during FY21, reducing Group LTIFR and TRIFR, there is more we need to do. We would like to say that the 5 year track record of continually improving is continuing, however the safety results in Q1 highlights this journey requires a constant focus.

Our leaders throughout all our businesses are continually focused on initiatives, trainingand behaviours to improve the level of safety performance and keep our people safe.

We established the Vaccination Recognition Program, acknowledging the importance of vaccinations for employees, customers and the broader community.

We continue to invest in our people, through apprenticeships, trade upgrades, and ongoing training initiatives which is critical to ensure ongoing access to skilled labour.

Diversity is a key objective and WesTrac and Coates are targeting increased female participation in trades and management, targeting 25 per cent female representation in our workforce by 2025.

Emissions and Community

Earlier this year, we outlined our commitment to achieve net-zero emissions by 2040 in WesTrac and Coates. I am pleased to announce the interim targets for the businesses of a 30 per cent reduction from 2020 levels by 2026 and a 50 per cent reduction by 2030.

In September we released our inaugural Sustainability Report, outlining SGH's approach and actions relating to environmental, social and governance issues.

SGH's businesses have a strong track record of supporting their communities over their long operating histories.

We are engaging constructively within our communities, with SGH contributing $4.9 million last year through our Bushfire Assistance Program, and we are continuing to support indigenous communities through programs and partnerships to provide opportunities for employment and business development.

Sustainability - Our Commitments

1. encourage all shareholders to read the Sustainability Report available on our website. In the report, we outline SGH's approach to the 10 most critical issues identified across the Group.

Whilst specific actions and targets on each issue will differ for each of our businesses, a common aspiration is shared for each across the Group.

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