STEALTH GROUP HOLDINGS LTD — AGM Information 2019

Nov 28, 2019

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A MULTINATIONAL DISTRIBUTION GROUP

Providing everyday workplace consumable products and supply chain solutions to business customers.

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Websites – Our business brands
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Our Group portfolio Link 1 Group Overview – Stealth Global Holdings www.stealthgi.com 2 Heatleys Safety & Industrial www.heatleys.com.au 3 BSA Brands (UK) www.bsabrands.co.uk 4 ISG – Industrial Supply Group www.isgaus.com.au

Stealth Global Holdings: AGM 2019

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Part 1 The Past 12 Months

We are building a world-class distribution organisation

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Stealth Group Overview
We are building a world-class sales and distribution organisation
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We are an Australian multinational distribution group providing workplace consumable products and supply chain solutions to business customers.

As a supplier and distributor , we offer a comprehensive assortment of products in the categories of OUR BUSINESS Safety, Industrial and Workplace providing customers with purchasing options and solutions that are essential in the operation of their business. ASX Code We serve large to small size customer types across multiple industries, focused on and sold to the Industrial & Trade SGI customer markets and the broader general workplace environment. Headquartered in Perth, our group operates in Australia, UK, Africa, Asia, Europe. OUR OPERATING BRANDS

A 50/50 JV between Stealth Global Holdings and Bisley Workwear

4Stealth Global Holdings: AGM 2019

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Corporate
We are building a world-class sales and distribution organisation
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CORPORATE SNAPSHOT SGI SHARE OWNERSHIP
Listed on ASX October 2018
ASX Code
SGI
High Net
Worths
Shares on Issue
94.9m 7%
Market Cap @ 27 November 2019 $9.4m Retail 24%
Institutional
Share Price @ 27 November 2019 9.9 cents Investors 27%
Net Cash at June 30, 2019 $0.4m High Net
Worths
11%
Available Finance Facilities at June 30, 2019 $7.4m
Board, Mgmt &
Founders 42%
Total Net Assets @ June 30, 2019 $13.0m
Trading Multiple - EV/EBITDA
(FY19 Proforma Underlying EBITDA of $2.6m) 3.1 x
PE Ratio on Proforma NPAT At 27 Nov 19
8.4 x
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• EV/EBITDA and PE ratios based on FY2019 results

5Stealth Global Holdings: AGM 2019

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Group facts
Did you know that….?
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We are an Australian multinational distribution group providing workplace consumable products and supply chain solutions to business customers.

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Net sales 2019 Employees Products Customers Key Supplier Suppliers
Access to 300,000 Partners
160+ 40,000 $7m
75 million 3,000+ 130+ 2,000+
53% male / 47% female held in our DC’s
Customers Geographical Own branch and distribution
locations (10,000sqm) 10
Markets Markets
• Industrial & Trade • Australia
••••• ResourcesInfrastructureManufacturingEngineeringConstruction •••• UK EuropeAfricaAsia % Group Revenue 71% % Group Revenue 1% Independent member network trade outlets locations 27
•• TransportationGeneral Industry Distributor partners trade outlet 74+
• Government locations we are in now
10 core 5 28% Proprietary product Australia and International delivery
% Group Revenue sourcing location
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Stealth Global Holdings: AGM 2019

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Business Model – How it Works
World-class sales and distribution organisation
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• Integrated service portfolio with key sales and distribution verticals.

• Working in partnership with leading manufacturers, brands, independents and specialist suppliers.

• Comprehensive market coverage across Australia, Africa, UK, Europe, Asia.

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Primary Activities
Manufacturer/ Brand Products Sales &
Distribution & Logistics Customer
Supplier Source & Procure Marketing
• Distributed Brands • Inbound • Warehousing • Branch Offices • Delivery by • Sales and Service Reps
• Proprietary Brands Logistics • Distribution Centres • Trade store outlets Road, Air, • Customer Support
• Bespoke Brands • Distributors / Resellers Rail, Sea • Branch & Trade Outlets
• Vending Machines • Website, EDI & Online
• Onsite Solutions • Catalogues
• Vending Machines
• Onsite Solutions Reseller
• Click and Collect
• Distributors / Resellers
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Stealth Global Holdings: AGM 2019

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Physical Appearance Sample
44 distribution locations in Australia and Internationally
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OUR OPERATIONS

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8Stealth Global Holdings: AGM 2019

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Our Journey Over The Last 12 Months
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We focused on delivering on our strategy and positioning the business for growth.

• Transitioning from private to public company.

• We invested to build a stronger more competitive business.

• Achieved significant growth and transformational change.

• Increased revenue by $40m (to $63m) and employee headcount tripled to 162.

• Innovative business model is emerging forming an unrivalled distribution network.

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7 Oct 2019
6 Aug 2019 • Acquired
Protect-A-Load
5 May 2019 Brand
• FY19 result
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4 Mar 2019
3 Feb 2019
•
the UK
2 Dec 2018 • H1 report
•
• Sales growth at
1 Oct 2018
double digit
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  - Revenue increased

  - • Acquired                         by $40m Industrial Supply Group

• JV with Bisley Workwear in • Established an the UK Australia-wide

• • H1 report • distribution footprint

• • Sales growth at Formal Trading adding 27 new partnership with

• double digit locations UK’s Troy group

• levels offers gateway to ~420 trade outlets

• Heatleys integration

• • ASX Listing completed

• Heatleys acquisition

We aim to be a market leading dominant player

Stealth Global Holdings: AGM 2019

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Transformational Change 2018 to 2019
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30 JUNE 2019 30 JUNE 2018 APPROXIMATE GROWTH	30 JUNE 2019 30 JUNE 2018 APPROXIMATE GROWTH
Statutory Revenue $63.1 million $23.5 million $39.6 million
Statutory sales to customers based in Australia $41.6 million $3.1 million $38.5 million
Employees 162 48 114
Customers ~3,000 ~80 ~2920
Suppliers ~2,000 ~620 ~1380
Distribution locations 44 5 39
Own branch office trade outlet locations 10 3 7
Inventory on hand in Distribution Centres $6.3 million	$0.3 million $6.0 million
Net Assets $13.0 million ($0.6) million $13.6 million

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Transformational Journey
This will deliver superior medium-longer term shareholder value
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In the past 12 months we made some tough but sound decisions that impact on our earnings in the short term, but we look beyond shortermism and remain firm on getting the settings right for the future.

Changed our Africa Strategy

1. Entered into Joint Venture with Bisley Workwear establishing BSA Brands (UK).

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1. Bisley is a world-class market leading brand – dominant market leader in Australia

2. BSA Brands (UK) requires investment in 2020 – longer term program with significant upside opportunity.

3. Upfront investment in BSA will reflect in our profitability H1/20

Changed our contract arrangements with our largest customer Capital Drilling for supply to Africa region.

1. New transactional arrangements takes effect January 2020.

2. Ongoing revenue and margins to be received, but at a lower level.

3. Short term impact on revenue and margin in Africa region.

4. Offset with new business contribution commencing H2/20 at higher gross margins.

Prospectus Forecasts

1. Change in Africa strategy resulted in some revenue and earnings being diverted into new JV

2. Investment in BSA Brands – inventory to suit market compliance, store rollout, lead-time for sales traction

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Stealth Global Holdings: AGM 2019

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FY19 Statutory Financial Performance
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FY19 REVENUE AND EBITDA COMMENTS REVENUE $m GEOGRAPHIC SALES WHERE
CUSTOMER IS BASED
90.0
• FY18 EBITDA on a Statutory basis before IPO transaction 80.0 Asia
costs of $0.47m 70.0 63.1 0.17% Europe
60.0 Australia 0.80%
• FY19 Revenue increased by ~$40 million, recognising only 71.14%
50.0
9 months revenue of Heatleys, acquired 27 Sept18.
40.0
• Underlying Operating EBITDA is before IPO transaction 30.0 23.5
costs and Unusual cost items (1). 20.0
Africa
10.0
27.89%
• FY19 Underlying EBITDA addbacks $1.0m of IPO 0.0
Transaction costs and Unusual costs. FY18 Statutory FY19 Statutory
• IPO $0.22m
• BSA establishment & launch $0.56m OPERATING EBITDA $m PRODUCT SALES BY CATEGORY
3.5
• Acquisition evaluation $0.13
3.0
• Other professional services $0.11m.
2.5 1.94
2.0 DRILLING
21%
1.5 1.0 HEALTH INDUSTRIAL
1% 34%
1.0 0.07
WORKPLACE &
0.5 0.92 CONSUMER 12%
Addback of IPO costs and 0.47
EBITDA actual Unusual items to reflect 0.0
Operating EBITDA -0.4 SAFETY
-0.5 32%
-1.0
FY18 Statutory FY19 Statutory
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(1) Unusual cost items relates to joint venture establishment & marketing, acquisition evaluations and professional services, including private to public transition

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Stealth Global Holdings: AGM 2019

Part 2 The Next Chapter Strategy and Outlook Our pathway from 2019 to the future

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Strategy and Vision
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Vision

To create Australia’s leading multinational distributor offering a broad-range of everyday workplace consumable products and supply chain solutions to business customers, focusing on Industrial & Trade customer markets.

Purpose

To have diversity across our portfolio of brands, customer types, geography and business partners connecting our customers with our products across multiple sales channels and markets, supported by our network.

Aim next 5 years

Strategy

Organic Revenue EBITDA Margin Investment Return Sales Growth $200m+ 8%+ ~10% YoY Pay dividends Continue building Leverage business Continue to Expand our Acquire on our existing combinations develop customer operating platform complementary business units markets and businesses product offering

• Comprehensive assortment of products to support customers with purchasing options.

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Value
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Proposition
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• Integrated Australia wide and International network that incorporates distribution centres and convenient widespread trade outlets.

• Selection of multiple sales channels offering choice, competitive prices and a simplified customer experience.

• Strong sales and service capability ‘local, regional, international’ with deep technical knowledge.

• A one-stop-shop for supply and delivery across five continents.

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Stealth Global Holdings: AGM 2019

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Our Operating Model – How it Works
Integrated Product Sales & Distribution Portfolio
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Business Model

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SOURCING INBOUND WAREHOUSING BRANCH SALES &
BRAND PRODUCTS DISTRIBUTION
PROCUREMENT LOGISTICS OPERATIONS NETWORK MARKETING
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Safety / PPE Distributed Brands
Consumables Proprietary Brands
Bespoke Brands
Category Management
Quality Control
Product Development
Market Research/Analysis
Industrial / MRO
Products
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Distribution Centres

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Inventory ~40,000 products
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Freight and
Consolidation
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Access to 300,000 products

Workplace Consumables

Comprehensive market coverage across Australia, Africa, UK, Europe, Asia

Branch Offices

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Trade Store Outlets

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Distributor Partners

Sales and Service Reps

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Customer Service &
Technical Support
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Trade Branch Outlets

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Website, EDI and Online

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Catalogues Vending

Order Fulfillment

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Delivery

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Trade Branch Network;
And Click & Collect
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Onsite Solutions

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Vending

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Stealth Global Holdings: AGM 2019

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Sales Channels and Customer Markets
Reaching our Customers Across Multiple Industries
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CUSTOMER BENEFIT

Customers benefit from our purchasing power, comprehensive product range, distribution network, and the ease of having multiple choices for supply.

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Connecting our products across multiple sales channels
Sales and Service By Phone Trade Retail Click and Collect Independent merchants' Distributors and Websites 3 [rd] party Catalogues
Representatives Internal sales and Own Branches member-based network Resellers eCommerce Webshops
Customer Service partners channels
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Main Customer Markets

Industrial	Resources	Infrastructure	Manufacturing	Engineering
Trade	Construction	Transportation	Government	General Industry

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Stealth Global Holdings: AGM 2019

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Our Plan in 2020
Business Model Generation - Projects - Roadmap
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We are building a compelling world class business

• Continue to invest to develop stronger competitive advantage and scaled business.

• Our emerging distribution network includes a mix of internal capabilities and independent partnerships.

• We expect significant revenue growth in the medium term.

• Strategy to leverage business combinations, expand operating platform, continue to develop customer markets.

• 6 Partnerships

• 5 M&A • Form key partnerships in

• Products & Europe, Africa, Asia, USA

• 4 Services • Complementary with large distribution groups

• acquisitions in Australia and Internationally

3 BSA Brands 2 ISG From embryonic to maturity 1 Heatleys From embryonic • Build brand awareness to maturity • Continue UK store rollouts

• Expand proprietary range for margin uplift

• More brand distribution rights

• Advance Integrated supply chain solutions

• Continue UK store rollouts

From maturity in Western Australia to beyond

• Expand range on offer

• Expand member base

• Add complementary brands

• New brands, features and benefits

• Sell into Europe and Africa and other select markets

• Expand Heatleys Australia-wide and Internationally

• International partnerships

we are getting the settings for the future right, returning value to shareholders

• More large and medium size customers

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Stealth Global Holdings: AGM 2019

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Heatleys Roadmap
Milestones - Projects - Roadmap
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A broad-range supplier and distributor of everyday workplace consumable products and bespoke supply chain solutions

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Current Business

1. In Australia, annual Sales growth by ~20%.

2. Won two national customer accounts at ~$2m sales per annum.

3. UK business trading name will change to Heatleys Safety & Industrial – single brand approach.

Next Steps - Focus

1. Continued growth with customers in existing and new markets.

2. Australia east coast expansion.

3. Win more large and medium size customers in Australia and Internationally that spend over $2m per annum.

4. More proprietary products for margin improvement.

Investment

1. Marketing, promotion and social media.

2. Expand proprietary and distributed brand range with exclusivity.

3. eCommerce and Online ordering systems.

4. Distribution centre in Perth almost at capacity. New 6,500sqm facility by mid CY2020 (40% more capacity).

Innovation & Development

1. New future leaders and Internship program.

2. Leverage ISG network to support service delivery in our national expansion.

3. ‘Click and collect’ customer offering to be introduced.

4. Global integration distribution network via key global partnerships.

Stealth Global Holdings: AGM 2019

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Industrial Supply Group (ISG)
Milestones - Projects - Roadmap
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Cooperative distribution group of Independent trade merchants with combined trading volume of ~$180m per annum

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Aim to grow revenue from $1m to $20m over the next 3 years.

Current business

1. Expand member base and partners in Australia and Internationally.

Trade Outlet Network

1. Better buying power, deeper service network, more features and benefits on offer.

2. Introduce our proprietary range and new exclusive distributed brands.

Next Steps - Focus

1. Appointed new senior executive commencing January 20.

2. Introduce three new brands products (Protect-A-Load, Workwear, Industrial).

3. International expansion and collaboration.

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1. Appoint >10 new members in 2020.

Investment

1. New brands and inventory to support sales programs.

2. Marketing, trade shows, trade magazines, flyers, store & online promotions.

3. Digital transformation where members and suppliers are integrated.

4. Expand International strategic partnerships with large groups.

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Stealth Global Holdings: AGM 2019

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Industrial Supply Group (ISG)
Innovation in Development
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Establishing international partnerships with large distribution groups in Europe, Africa, Asia and USA, working collaboratively to leverage business combinations and deliver solutions for customers.

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Developing a vertically integrated supply chain across various countries

Next Steps in development

Emerging Network

1. Europe/UK opportunity – leveraging business combinations

• strategic engagement / alignment of capabilities

• large cooperative industrial distribution group.

• 6 European partners in 19 countries, a network of ~2250 independent members with 4,100 trade store outlets. Trading volume ~A$14billion.

2. Building Africa and Asia ‘in-country’ partnerships

• ISG , as a single source supplier, provides country based independent distributors, access to world-wide consumable supply options.

• Country based partners are also integrated into Heatleys to support order fulfillment and service delivery requirements to its local and international customers.

A compelling point of differentiation and competitive advantage

Cross border sales, new brands, stronger buying power, sharing of capabilities and cost structures, an extended network to deliver customer solutions

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Stealth Global Holdings: AGM 2019

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BSA Brands (UK)
Milestones - Projects - Roadmap
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89 buses across the UK

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Promotions

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Product Range

Building brand awareness / promotion

In Troy and Trades magazines

Hi-Vis, Wet Weather, Trades, Workplace

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Store point-of-sale and rollout

Only workwear brand in the UK doing this

Stocked in 54 stores across the UK and 5 distributors in Africa

Trade Days

17 trade days attended in 2019

Potential 200+ stores in 24 months

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Stealth Global Holdings: AGM 2019

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BSA Brands (UK)
Milestones - Projects - Roadmap
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A wholesale distribution business specialising in workwear and safety wear servicing the UK, Africa, Europe and other select international markets.

Current Business

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1. Overwhelming market response to Bisley Workwear.

2. Number of store roll outs – 54 trade outlets today

3. Execution of brand marketing, seasonal campaigns, trade shows & online

4. Imminent arrival of Winter Range and Hi-Vis workwear range.

Next Steps - Focus

1. Sales growth and product ranging in ~80 trade outlets by June 2020

2. 3[rd] party Online platforms (including Amazon) and Africa via distributors

3. Downstream customer contracts ‘end users’

4. Range expansion and introduction of women’s range.

Investment

1. $1b addressable market – our target is 5% market share in 5 years

2. Stock, range expansion and sales resources

3. 89 buses with Bisley Workwear in the UK

In a $1b addressable market our target is ~5% market share in five years.

1. 17 Trade show events attended with 11 more planned for Q3/20.

2. Trade magazines, promotions, sample giveaways to stores and end users

3. Amazon Platform and content advertising with A+ content

Innovation & Development

1. Product development : trousers, shirts, shorts, jackets specific to UK and European markets

2. Exclusive distribution rights under license agreements providing direct factory manufacturer arrangements

3. Introduce two (2) new complementary world-class market leading brands in CY2020 (footwear + safety wear).

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Stealth Global Holdings: AGM 2019

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Outlook – we remain very optimistic
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Global economic sentiment in general remains somewhat unpredictable and cautious. We remain convinced about our future on the back of our positive growth in the Australian and UK markets, as well as other opportunities that we are progressing globally & regionally.

Organic

Growth

• Focused on developing our three core business units. Heatleys, ISG and BSA Brands.

• Continue to build and evolve our portfolio offering diversified products and services

• A number of meaningful organic opportunities in all our markets exist.

• ~$40m pipeline of new business opportunities underway with large and medium size customers.

• Remain committed to our $200m target by 2024

• Key investments; inventory, people, marketing, market development, partners, acquisitions, technology

• Key investments; inventory, people, marketing, market development, partners, acquisitions, technology ✓ Appointed three senior executives (Finance, eCommerce, Onboarding, ISG) to be ready for the future.

Financial

• UK venture from start-up requires upfront investment. This will be reflected in our H1 profitability. ✓ A full year result of plus or minus $200k is expected. Subject to timing of sales programs.

• We reset our Africa service offering placing a greater focus on higher margin business.

• Solid EBITDA and Gross Margin growth from 2021 after the embryonic phase of BSA Brands and ISG

Partnerships

• We will advance a number of partnership initiatives and expect to announce these imminently.

& Acquisitions

• We will consider acquisitions that are complimentary and provide revenue and earnings uplift.

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23Stealth Global Holdings: AGM 2019

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Disclaimer
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This document has been prepared by Stealth Global Holdings (the Company) and is provided for information purposes only. This document does not constitute an offer, invitation, solicitation or recommendation with respect to the purchase or sale of any security in the Company nor does it constitute financial product advice. This document is not a prospectus, product disclosure statement or other offer document under Australian law or under any other law. This document has not been filed, registered or approved by regulatory authorities in any Jurisdiction. By reading this document you agreeto bebound bythe limitations set out in this document.

This document and the information contained within it is strictly confidential and is intended for the exclusive benefit of the persons to whom it is given. It may not be reproduced, disseminated, quoted or referred to, in whole or in part, without the express written consent of the Company. By receiving this document, you agree to keep the information confidential, not to disclose any of the information contained in this document to any other person and not to copy, use, publish, record or reproduce the information in this document without the prior written consent of the Company,which maybewithheld in its absolute discretion.

The information contained in this document is not intended to be relied upon as advice or a recommendation to investors and does not take into account the investment objectives, financial situation, taxation situation or needs of any particular investor. An investor must not act on the basis of any matter contained in this document but must make its own assessment of the Company and conduct its own investigations and analysis. Investors should assess their own individual financial circumstances and consider talking to afinancial adviser, professional adviser or consultant before makinganyinvestment decision.

Statements and information in this document are current only as at 30 August and the information in this document remains subject to change without notice. The information contained in this document is for information purposes only and is an overview and does not contain all information necessary to make an investment decision or that would be required in a prospectus or product disclosure statement prepared in accordance with the requirements of the Corporations Act 2001 (Cth) (Corporations Act). The information contained in this document is of a general nature and does not purport to be complete or verified by the Company, or any other person. The Company has no responsibility or obligation to inform you of any matter arising or coming to their notice, after the date of this document, which may affect any matter referred to in this document.

While reasonable care has been taken in relation to the preparation of this document, none of the Company, or their respective directors, officers, employees, contractors, agents, or advisers nor any other person (Limited Party) guarantees or makes any representations or warranties, express or implied,asto or takesresponsibility for, the accuracy,reliability, completeness

or fairness of the information, opinions, forecasts, reports, estimates and conclusions contained in this document. No Limited Party represents or warrants that this document is complete or that it contains all information about the Company that aprospective investor or purchaser mayrequire in evaluating a possible investment in the Company or acquisition of shares in the Company. To the maximum extent permitted by law, each Limited Party expressly disclaims any and all liability, including, without limitation, any liability arising out of fault or negligence, for any loss arising from the use of or reliance on information contained in this document including representations or warranties or in relation to the accuracy or completeness of the information, statements, opinions, forecasts, reports or other matters, express or implied, contained in, arising out of or derived from, or for omissions from, this document including, without limitation, any financial information, any estimates or projections andanyother financial information derived therefrom.

Certain statements in this document constitute forward looking statements and comments about future events, including the Company's expectations about the performance of its businesses. Such forward looking statements involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Company and which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements. Forward looking statements are provided as a general guide only, and should not be relied on as an indication or guarantee of future performance. Given these uncertainties, recipients are cautioned to not place undue reliance on any forward looking statement. Subject to any continuing obligations under applicable law the Company disclaims any obligation or undertaking to disseminate any updates or revisions to any forward looking statements in this document to reflect any change in expectations in relation to any forward looking statements or any change in events, conditions or circumstances on which any such statement is based.

Past performance is not indicative of future performance and no guarantee of future returns is implied or given. Nothing contained in this document nor any information made available to you is, or shall be relied upon as, a promise, representation, warranty or guarantee as to the past, present or the future performance of the Company. No Limited Party or any other person makes any representation, or gives any assurance or guarantee that the occurrence of the events expressed or implied in anyforward looking statementsin this document will occur.

This document is only being provided to persons who are the holders of an Australian financial services license and their representatives, sophisticated investors (in accordance with section 708(8) of the Corporations Act and professional investors (in accordance with section 708(11) of the Corporations. Act) or to such other personswhom it would otherwise belawful to distribute it.

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Stealth Global Holdings: AGM 2019

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Full Year Presentation FY19

2 SEPTEMBER 2019 | ASX:SGI