EVZ LIMITED — AGM Information 2011

Nov 24, 2011

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25 November 2011

The Manager Company Announcements Office Australian Stock Exchange Limited 20 Bridge Street SYDNEY NSW 2000

Chairman’s Address – 2011 Annual General Meeting 25 November 2011

Ladies and gentlemen, again welcome to the 2011 Annual General Meeting of EVZ Limited.

The 2011 financial year was another difficult year for the EVZ Group which is reflected in the poor result for the year.

Unfortunately, during the past financial year the performances of two of our businesses, being Danum Engineering and National Engineering, have continued to undermine the good performance of our other businesses. All of our other businesses were profitable for the 2011 year.

However, it is pleasing to report that we have now stopped any negative impact from the Danum operation. From 1 July 2011 this business was rolled into the Brockman Engineering operation under the control of Max Goddard.

Synergies are being achieved from a rationalisation of the workforce, administration and premises. More importantly Brockman is now able to offer an enhanced product. The combined business is achieving its monthly targets and currently has excellent workload. We do not anticipate any substantial fall in the gross revenue from the combining of these two businesses and the merger has allowed the combined business to focus on their core areas of expertise being tanks and pipe spooling. In addition the merger has already assisted with winning increased work from existing clients such as Shell.

Despite entering this new financial year with enhanced optimism for the National Engineering business on the back of strong forward orders, the markets in which this business operates continued to be very difficult with poor margins from extreme price competition, lack of projects and consistent project delays and overruns.

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Since the start of the current financial year, project delivery issues and cost overruns have continued to plague National on some of the projects in hand. The small margin imbedded in the contracted work has proved to be no insurance against these increased costs.

Your Board has tried to reinvigorate this business over the past three years, during a time of extended poor economic conditions, in order to enhance its value to the Group. Regrettably to no avail. The traditional construction sector in which National operates is too difficult and is hampered by considerable competition, low or no margins and depressed activity. National has attempted to expand out of its traditional markets, into the more prosperous mining and resource sectors, however, these markets are difficult to penetrate in the short to medium term.

Given the significant changes which are currently impacting on the steel industry, including competition from cheaper imports, it is your Directors’ view that any future profit margins which may be achieved by National, even in the more prosperous of times, would still be below what is considered to be an acceptable profit contribution to the EVZ Group.

National currently has work contracted for the next six months. However, due to the various concerns and issues noted previously and the ongoing poor margins in projects, the Directors have recently approved an orderly divestment of this business. Potential buyers will be sought as one of the avenues to be pursued to achieve this divestment. We wish to quarantine any negative impact from this divestment into this current financial year.

On a significantly more positive note I can report that the Syfon business is operating profitably and has surpassed its budget expectations. It has excellent forward work ahead of it, in the vicinity of $9.2m across Australia and Asia, with the Asian operation receiving verbal confirmation on a further 3 million Malaysian Ringgit of forward orders.

As previously mentioned, the Brockman business is performing well on a year to date basis. In the first quarter Brockman successfully completed a project for BHP at Port Hedland. Brockman has also been successful in recently winning a contract to repair two tanks for Rio Tinto at Gove in the Northern Territory. This project has the potential to facilitate access to a number of similar projects. Brockman has and will continue to push out geographically and seek further opportunities in the mining, resource, petrochemical and water market segments.

The market in which the TSF Engineering business operates continues to be relatively sluggish, especially in NSW. TSF has pushed harder into the Melbourne market and has been successful in winning work on the NEXT DC data centre project following on from a similar project in Queensland. Since June 2011 TSF has also finalised the Co-Generation site at the Charlestown Shopping Centre, with this site now being seen as a reference site for future Co and Tri Generation facilities.

Also to drive growth in recurring revenues both from the project and maintenance sections of the business we are actively pursuing a marketing person with substantial industry exposure.

Further, EVZ Limited has invested resources in a fledgling generator hire joint venture, which in coming years should be profitable in its own right and also open up greater markets for and provide significant synergistic benefits to the TSF business. This business is heavily focused on the rapidly expanding coal mining and coal seam gas sector in the Hunter Valley region of NSW.

In conclusion, the courses of action being undertaken will, I believe, return the EVZ Group to more acceptable profit levels, allow Directors and Management to refocus and grow the profitable aspects of the Company and regenerate cash reserves which in turn can be reinvested back into those successful businesses to further support growth and competitiveness. It will also allow EVZ Limited to recommence, at an appropriate time, a dividend stream to our loyal shareholders.

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