20 November 2019

Company Announcements Office Australian Securities Exchange Limited Level 6, 20 Bridge Street Sydney NSW 2000

By electronic lodgment

Total Pages: 16 (including covering letter)

Dear Sir / Madam

Annual General Meeting Presentation

Attached is a copy of the presentation to be made by Mr Ryan Stokes, Managing Director & CEO, at the Annual General Meeting commencing at 10.30am today.

Yours Sincerely

Warren Coatsworth Company Secretary

Seven Group Holdings Limited | A BN 46 142 003 469

Level 30, 175 Liverpool Street | Sydney NSW 2000 Australia | Postal Address: PO Box 745 | Darlinghurst N SW 1300 Australia T elephone +6 1 2 8777 7447 | Facsimile +6 1 2 8 777 7192

LEADING THE WAY FORWARD

Annual General Meeting

20 November 2019

GROUP OVERVIEW

Our objective is to grow shareholder returns by ensuring our businesses continue to perform and deliver market-leading positions

GROUP OVERVIEW PEOPLE, SAFETY AND CULTURE

Our people are our greatest asset and keeping them safe is our top priority

Expanded our safety commitment through leadership programs
- WesTrac's "Built By Us" program is designed to drive a transformational shift in safety culture and behaviour along with staff engagement
- Objective is to create a safer, enjoyable and more productive workplace
Improvements achieved in safety performance within numerous businesses

People and culture initiatives underway

Apprenticeship program launched by Coates Hire while WesTrac's program has expanded in recent years with targets set for gender diversity and indigenous intake
Executed "train to task" across six key operational teams in WesTrac, aimed at redirecting our trained technicians to higher skilled tasks
"Competent Person Program" being rolled out in Coates Hire, delivering career development for staff and savings to the business
Good leadership supported by people and culture initiatives has led to over 10% improvement in engagement results across all our businesses

		LTIFR			TRIFR
	Q1 '20	FY19	FY18	Q1 '20	FY19	FY18
WesTrac WA	1.1	1.2	2.5	8.0	8.3	10.6
WesTrac NSW	0.7	1.0	0.4	8.4	10.2	10.1
Coates Hire	1.2	1.6	2.3	12.2	12.8	19.6
AllightSykes	2.5	2.5	0.0	10.0	4.9	7.7
SGH Energy	0.0	0.0	0.0	0.0	0.0	0.0
Group Total	1.1	1.3	1.9	9.8	10.4	14.0

– Lost time injury frequency rate (LTIFR) = number of lost time injuries per million hours worked;

– Total recordable injury frequency rate (TRIFR) = number of recordable injuries per million hours worked;

– AllightSykes FY19 LTIFR has been restated for a recordable injury sustained in May 2019 which resulted in lost time during Q1 FY20

– Q1 FY20 statistics are based on rolling 12 months to September 2019

GROUP OVERVIEW BUSINESSES AND MARKETS

Mining production

• We provide equipment solutions to the world's largest miners, supporting record production volumes and driving efficiency

Infrastructure investment

• We are the largest national equipment hire business, providing solutions to major infrastructure and construction customers with a strong pipeline of committed government projects

East coast gas

• Beach and SGH Energy are well positioned to meet growing East Coast gas demand and domestic LNG export opportunity

Diversified investments

• Strong balance sheet to pursue growth opportunities within or adjacent to our existing core businesses

Note: asset values as at 30 June 2019

GROUP OVERVIEW KEY DRIVERS

Source: BIS Oxford Economics – Sep 2019

Source: Shell LNG Outlook 2019

Global LNG forecasts

GROUP FY19 REVIEW

Our financial results reflect the level of operating performance achieved and our continued focus on driving efficiencies and cash flow

YEAR IN REVIEW

Key sectors performing strongly delivering 40% EBIT growth to $695m

Trading revenue of $4.1bn up 27% with growth across all businesses
EBIT up $198m on pcp delivered through WesTrac ($83m), Coates Hire ($54m) and Beach Energy ($85m)
Continued operating discipline reflected in underlying margin improvement of 1.5% at EBIT level and 1.7% at NPAT level
Improved operating cash flow despite investment in future growth through working capital

Unique position in all our key markets to drive growth

Industrial services EBIT growth of 40% reflecting strength of end markets in mining and infrastructure
- WesTrac part lines invoiced were up 11% to 6.4m driven by the record level of mining production and export volumes
- Coates Hire asset utilisation remains 1.2% higher than average over previous five years despite slower construction market and project delays

Energy investments creating value

Beach delivered record production and earnings result, enabling reinvestment from strong cash flow and $172m net cash
Crux FEED more than half-way complete, FID targeted for Q2 2020, and interest in project growing from a range of LNG buyers and investors

YEAR IN REVIEW KEY FINANCIALS

Underlying Results ($m) –continuing operations	FY19	FY18	% Change
Trading revenue	4,084.0	3,207.9	27%
Earnings before interest and tax1	695.1	496.9	40%
Underlying net profit after tax1	478.9	321.9	49%
Underlying earnings per share1	143 cents	97 cents	47%
Underlying EBITDA cash conversion1	59%	54%	5%

Statutory results ($m) –continuing operations	FY19	FY18	% Change
Trading revenue	4,084.0	3,207.9	27%
Earnings before interest and tax	436.1	570.4	(24)%
Net profit after tax attributable to shareholders	219.2	405.2	(46)%
Earnings per share	65 cents	124 cents	(48)%

Final fully franked ordinary dividend	21 cents	21 cents

Notes:

Excluding significant items

FINANCIALS CAPITAL MANAGEMENT

Capital structure optimised and strengthened

TELYS4 conversion to ordinary shares well supported by all investors and simplifies the capital structure
Free float increased from 34% to 39% and new investors introduced onto register
Successful track record of capital markets transactions over the past two years a signal of market confidence
Funding base diversified and overall funding costs reduced
Capacity of >$1bn to pursue targeted growth opportunities

Corporate debt refinanced and extended

Upsized from $900m to $1.3bn in 3 and 5 year tranches
Reduction in borrowing margin reflects the support from the banking syndicate and the Group's strong credit metrics
Net debt below $2bn and effective net debt below $1.7bn after adjusting for value of hedges and the listed portfolio

Enhancing shareholder return

Total shareholder return of 34% per annum over three years to 19 November 2019 (ranked 5th vs ASX100 ex. Financials)
Final dividend maintained at 21 cents given the opportunities to reinvest cash flow across our businesses

Note: adjusted ratio takes into account the value of the listed portfolio and the market value of Beach in excess of book value

INDUSTRIAL SERVICES COATES HIRE UPDATE

Leadership and organisational restructure

Change of CEO with Murray Vitlich appointed in July after previous role as SGH Chief Operating Officer
Restructured CEO direct reports and redesigned incentive structure for sales team
Reduction in corporate headcount / SG&A

Priorities and response

Stronger focus on winning work with mid-tier customers while holding share with top tier customers
Sales effectiveness and time utilization (TU%) growth from prior year

Strength in infrastructure project pipeline

Growth in WA and flat on east coast
Project and infrastructure activity outlook is positive but conditions in line with prior year
- Market expected to increase more strongly than previously anticipated from FY21 through FY24
- Driven by engineering, construction and non-residential projections combined with strength in mining
Fleet investment and growth ahead of the step up in activity
- Accelerated capex plan to expand fleet in WA and Vic/SA to meet the market demand and win market share in WA

MEDIA SEVEN WEST MEDIA UPDATE

Structural changes implemented

Change of CEO with James Warburton appointed in August
Streamlined operations and new executive appointments
Removal of duplication across work force
- Recent TV restructure announced and additional headcount reduction in WAN ongoing
- Group headcount reduced 13% in FY18 and FY19 with further initiatives in FY20 targeting ~$20m reduction and more than 100 FTE
Refocused on content led growth

Media consolidation announced by SWM

SWM to acquire Prime Media Group in all-scrip transaction to be implemented by way of a Scheme of Arrangement
Sale of Pacific Magazines for $40 million
Sale of WA radio assets for $28 million

Strategic rationale

Realisation of cash and reduction in leverage
Consolidation of cost base expected cost synergy of $11m (annualised)
Deal is transformational in terms of size, scale and cost
Greater TV audience reach: >90% of Australia's population each month
Provides advertisers with seamless access to metro and regional Australia

	Combined	Metro	Regional
Total population	40.1%	39.4%	41.9%
P 25-54	37.5%	36.1%	41.0%

Note: OzTAM (Metro), RegionalTAM (Regional). Primetime: 1800-2400. Network National / Combined Commercial Share based on Fiscal 2018/19 average audience for Metro + Regional* (*excl. TAS): Seven Network + Prime7/7Qld/GWN, Nine Network + SCA Nine Network, TEN Network + WIN Network. Data: Consolidated (Live + As Live + TSV7)

ENERGY CRUX UPDATE

Crux development update

Crux is an attractive asset, uniquely positioned as a backfill opportunity utilising existing infrastructure
Anticipated global LNG supply gap around the projected Crux start-up window
Significant potential earnings and cash flow stream over 15 to 20 years from 2024/25
SGH has the financial capacity to take FID and see the asset through to production
- Initial market sounding to commence for LNG and condensate offtake

Sale process update

Interest shown by parties from Japan, China, Europe and Australia
- World class operator and high-quality resource
- Uncontracted LNG with proximity to key markets
- Exploration upside and potential for third-party tolling
Crux sale review outcome expected mid 2020
- Aligns with FID expected in Q2 2020
- Final tolling agreements expected to be in place
- 12 months of production ramp-up and export from Prelude FLNG

GROUP OUTLOOK

Focused on how we can position the businesses to best drive value and realise their potential

OUTLOOK FY20

Business Outlook
WesTrac and CoatesHire continuing tocapture opportunityand deliver marketleading positions	Strong medium to long term outlook for mining production and infrastructure investmentOpportunities being created through new mining projects planned by major miners and growing pipelineof government infrastructure projectsFY20 EBIT growth expected in the mid-teens through continued mining parts demand, growing newequipment orders, continued level of infrastructure activity in NSW / VIC and growth in WA equipment hire
Energy	Beach FY20 production guidance of 27-29 Mmboe, EBITDA of $1.25-1.4bn and DD&A $17-18/boeCrux sale review outcome expected mid 2020
Media EBIT growthdriven by cost focus	Consolidation to deliver scale benefits and net debt reduction while allowing focus on content-led growthFY20 underlying EBIT at lower end of $190 to $200 million guidance range (including impact of AASB 16)
Investments	Investment income will be lower due to sell-down of listed portfolio
Group Outlook
Focus on key growthareas	Opportunities for growth in our Industrial Services and Energy businesses as they continue to benefit fromthe strong medium to long term outlook
Group EBITguidance	FY20 underlying EBIT growth is expected in the mid to high single digits against FY19 underlying EBITincluding the impact of AASB 16, subject to there being no material adverse changes in trading conditions

GROUP OVERVIEW DISCLAIMER

Basis of preparation of slides

Included in this presentation is data prepared by the management of Seven Group Holdings Limited ("SGH") and other associated entities and investments. This data is included for information purposes only and has not been subject to the same level of review by the company as the financial statements, so is merely provided for indicative purposes. The company and its employees do not warrant the data and disclaim any liability flowing from the use of this data by any party.
SGH does not accept any liability to any person, organisation or entity for any loss or damage suffered as a result of reliance on this document. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements, and are subject to variation. All forward-looking statements in this document reflect the current expectations concerning future results and events. Any forward-looking statements contained or implied, either within this document or verbally, involve known and unknown risks, uncertainties and other factors (including economic and market conditions, changes in operating conditions, currency fluctuations, political events, labour relations, availability and cost of labour, materials and equipment) that may cause actual results, performance or achievements to differ materially from the anticipated results, performance or achievements, expressed, projected or implied by any forward-looking statements.
Unless otherwise indicated, all references to estimates, targets and forecasts and derivations of the same in this material are references to estimates, targets and forecasts by SGH. Management estimates, targets and forecasts are based on views held only at the date of this material, and actual events and results may be materially different from them. SGH does not undertake to revise the material to reflect any future events or circumstances.
Period-on-period changes that are greater than 100%, less than (100)% or change between positive and negative are omitted for presentation purposes.

Non-IFRS Financial Information

SGH results comply with International Financial Reporting Standards ("IFRS"). The underlying segment performance is presented in Note 2 to the financial statements for the period and excludes Significant Items comprising impairment of equity accounted investees, investments and non-current assets, fair value movement of derivatives, net gains on sale of investments and equity accounted investees, restructuring and redundancy costs, share of results from equity accounted investees attributable to Significant Items, loss on sale of investments and derivative financial instruments, acquisition transaction costs, significant items in other income, remeasurement of tax exposures and unusual tax expense impacts. Significant Items are detailed in Note 3 to the financial statements.
This presentation includes certain non-IFRS measures including Underlying Net Profit After Tax (excluding Significant Items), total revenue and other income, Segment EBIT margin and Segment EBITDA margin. These measures are used internally by management to assess the performance of the business, make decisions on the allocation of resources and assess operational management. Non-IFRS measures have not been subject to audit or review.
This presentation includes references to continuing and discontinued operations.