EMECO HOLDINGS LIMITED — AGM Information 2016

Dec 13, 2016

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ASX Release

14 December 2016

ASX: EHL (‘EMECO’ OR ‘THE COMPANY’)

Level 3, 71 Walters Drive Osborne Park WA 6017, Australia PO Box 1341, Osborne Park DC WA 6916, Australia T +61 (0) 8 9420 0222 F +61 (0) 8 9420 0205 E corporate@emecogroup.com

emecogroup.com Emeco Holdings Limited ACN 112 188 815

CHAIRMAN’S ANNUAL ADDRESS TO SHAREHOLDERS

Ladies and gentlemen,

Good afternoon and welcome to the Annual General Meeting of Emeco Holdings Limited for 2016.

My name is Peter Richards and I am the Chair of Emeco Holdings Limited.

As a quorum is present, I formally re-open the meeting.

I would also like to apologise for any inconvenience caused due to the adjournment of the meeting since Monday and the relocation of the meeting to Sydney.

The 2016 financial year saw significantly improved financial and operating performance despite a continuation of challenging market conditions. Ian Testrow has led significant improvements in operational efficiency across the business and continues to instill a culture of identifying innovative solutions for Emeco and our customers.

In addition, the management team, together with our advisers, have worked tirelessly to agree a deal with a number of Emeco’s major shareholders and noteholders, and the shareholders and creditors of Orionstone and Andy’s to merge the three businesses and recapitalise the combined group.

However, as you may be aware, earlier this evening the Company’s creditors voted to reject the Creditors’ Scheme, and so the recapitalisation and merger transaction cannot proceed as planned. As a result, I will withdraw resolutions 1 to 7 that were due to be voted on by shareholders at today’s meeting.

Together with my fellow Emeco Directors, we are disappointed that creditors have not approved the transaction which the Independent Expert concluded was fair and reasonable and in the best interest of Emeco’s shareholders.

The Company, its board and its management team remain committed to strengthening Emeco’s balance sheet to provide the Company with the financial platform to capture growth opportunities whilst continuing to provide our customers with the best quality service. We continue to believe in the strong strategic rationale of mergers with Andy’s and Orionstone and although we are disappointed they will not proceed in this form, we continue to explore a range of strategic options with Andy's and Orionstone.

Although this vote is not the desired outcome for the Company, we continue to focus on operational excellence to ensure value and performance our customers and on delivering shareholder value over the longer term. We will assess alternative strategic options.

As we have reiterated throughout this process, our focus and priority remains on delivering the best service to our customers and this focus does not change.

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Finally, I would like to thank our shareholders and other stakeholders for the support you have provided to the Company during recent times and acknowledge the hard work and commitment shown by all of our employees over the previous 12 months. We value your continued support.

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Investor and media enquiries

Thao Pham

Chief Legal, Risk & Business Transformation Officer and Company Secretary +61 8 9420 0222

About Emeco emecogroup.com

Established in 1972, Emeco is the world’s largest, independent mining equipment rental business and currently services major resource projects across Australia, Canada, and Chile. Emeco pursues a best in class asset management strategy and operates a global fleet of equipment from a range of original equipment manufacturers to deliver the most effective equipment rental and maintenance solutions for its customers. Emeco is a publicly listed company on the Australian Securities Exchange (ASX:EHL).

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