ENERGY ACTION LIMITED — Board/Management Information 2017

Mar 22, 2017

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ASX/Media Release

For immediate release

23 March 2017

Energy Action appoints new Chief Executive Officer

Experienced energy industry executive Ivan Slavich appointed CEO effective 3 April 2017

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Energy management technology and services company Energy Action Limited (ASX:EAX) (“Energy Action”) today announced the appointment of Ivan Slavich as Chief Executive Officer, effective 3 April 2017. Ivan is a seasoned executive with extensive experience in the energy, telecommunications, banking and finance sectors and business consulting.

Ivan has extensive experience in the energy sector, with over 22 years in a variety of senior management and executive roles at AGL Energy and ActewAGL. For the period 2000 until 2009, he was the General Manager of the ActewAGL Retail division where he had responsibility for all aspects of the water, energy and telecommunications (TransACT Communications) business including sales, marketing, product development, branding, pricing, wholesale purchasing, finance and operations. During this time, ActewAGL cemented its place as the pre‐eminent energy retailer in the ACT and the Capital Region, with outstanding customer retention and bundling of innovative services with TransACT.

Ivan also served as the CEO (2008 – 2013) and later Chairman (2013‐2014) of TransACT Communications and grew this business dramatically. Ivan was instrumental in the sale of TransACT to iiNet and was subsequently a member of the iiNet executive team.

Ivan’s most recent role was as Managing Director of TRIDENT Corporate Services, which specialises in providing consulting services to enable businesses and governments to achieve their strategic goals and objectives. The company has over 100 clients from Federal Government, State Government and small to medium businesses.

Energy Action Chairman Murray Bleach commented “The Board is delighted that Ivan has agreed to become our next Chief Executive Officer. Ivan’s strong leadership and strategic capability, combined with his extensive energy industry and sales and marketing expertise make him the ideal person to lead the company through its next stage of growth. Ivan’s immediate focus will be on driving improved commercial outcomes.”

Incoming CEO Ivan Slavich commented “I am very excited about joining Energy Action. The organisation has market leading products and services and my immediate priorities will be to take these products and services to a much bigger audience and deliver improved returns to shareholders. I look forward to leading the team to great success in the future.”

Ivan is a Fellow of the Australian Institute of Company Directors, and holds a Graduate Certificate in Business Administration from the Mt Eliza Business School as part of their executive MBA program, a Graduate Diploma from the Securities Institute of Australia, and a Bachelor of Business degree from the University of Technology, Sydney.

Ivan is a non‐executive Director of ASX listed Xtek Ltd and Service One Alliance Bank and supports several not for profit associations including Ronald McDonald House Canberra and Camp Quality.

Energy Action Limited Level 5, 56 Station Street, Parramatta NSW 2150 1300 553 551 | info@energyaction.com.au | www.energyaction.com.au

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A summary of the key terms of Ivan's employment agreement with Energy Action are set out in the attached schedule.

The Board extends its thanks to Michael Fahey who has been leading the Company on an interim basis since November 2016. Michael will now assume the role of Chief Operating Officer in addition to his previous position as Chief Financial Officer.

ENDS

Further information:

Michael Fahey COO: (+61) 2 9633 6405

Schedule – Summary of material terms of Employment Agreement

The material terms of Mr Slavich’s Employment Agreement are summarised below in accordance with ASX Listing Rule 3.16.4:

Position: Chief Executive Officer Term: Commencing 3 April 2017 and is on an ongoing basis with no fixed term. Base remuneration: $350,000 per annum plus applicable superannuation. Subject to meeting satisfactory performance hurdles, Mr Slavich’s base salary will increase to $400,000 per annum plus applicable superannuation effective 3 October 2017. Short Term Incentive (STI): Mr Slavich will be eligible for participate in the Company STI plan. The initial STI opportunity, applicable for the FY18 financial year is up to a maximum of $150,000. The actual STI paid will be based upon the achievement of pre‐ determined key performance indicators set by the Board at the beginning of the FY18 financial year. Long Term Incentive (LTI): Subject to any required approvals including any shareholder approvals required under the ASX Listing Rules, Mr Slavich will be issued with up to 250,000 performance rights, being 62,500 for each of the four financial years to June 30 2021. A condition of the vesting is that he is employed by Energy Action continuously up to and including 30 June 2021. The number of performance rights which will vest on 30 June 2021 will depend on the satisfaction of the yearly performance criteria, 75% of which is based on achieving EPS targets and 25% based upon meeting TSR targets in comparison to the ASX 300. The rights will be tested annually, and will vest at the end of the 4 year period to 2021. Termination: The Agreement may be terminated in the circumstances described below: a. Resignation by Mr Slavich with three months written notice; b. Termination by Energy Action with three months notice;

Energy Action Limited Level 5, 56 Station Street, Parramatta NSW 2150 1300 553 551 | info@energyaction.com.au | www.energyaction.com.au

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• c. Immediate termination by Energy Action by written notice for serious or gross misconduct, fundamental breach or other circumstances justifying summary dismissal; and

• d. Termination by either Mr Slavich or Energy Action with one week’s written notice during the probationary period of 6 months from commencement of employment.

Upon termination of employment, Mr Slavich will be entitled to statutory entitlements only. STI would not be payable and any unvested rights under the LTI scheme lapse upon termination.

Other Provisions:

From cessation of his employment with Energy Action, Mr Slavich will be subject to restraint arrangements for a period of 12 months including not working for a competitor organisation, non‐solicitation of employees or contractors and the non‐solicitation of clients or suppliers.

Energy Action Limited Level 5, 56 Station Street, Parramatta NSW 2150 1300 553 551 | info@energyaction.com.au | www.energyaction.com.au