VERBREC LIMITED — Board/Management Information 2017

Feb 15, 2017

ASX Announcement 16 February 2017

LogiCamms appoints new Chief Executive Officer

Mr Steve Banning has announced his retirement from the position of Managing Director effective 22[nd] February, 2017. Mr Banning will be succeeded by Ms Flora Furness, currently Director Engineering Services for LogiCamms. Ms Furness will be appointed as Chief Executive Officer.

The appointment of Ms Furness follows Mr Banning indicating to the Board late last year that he was looking to step down. The Board subsequently appointed an executive search firm to consider both internal and external candidates with Ms Furness selected as the outstanding candidate.

Ms Furness has extensive experience, both within LogiCamms over the past 6 years, and also more broadly in the engineering services sector with AMEC Minproc. The terms of Ms Furness’ appointment are set out in Annexure 1 together with a more detailed biography.

The Chairman, Mr Peter Watson, thanked Mr Banning for his stewardship of the business through what has been a challenging time. Mr Banning will continue to act as a consultant to the business over the next 6 months and assist with the transition to Ms Furness. Mr Watson, on behalf of the Board, also congratulated Ms Furness on her appointment.

Mr Watson reaffirmed previous guidance given at the Company’s AGM in November 2016 of 1H17 revenue in the order of $40M and a negative EBITDA. Mr Watson also noted that there have been a significant number of recent contract wins covering all industry sectors and all geographies that LogiCamms operates in providing a solid start to the second half of the year.

The business continues to identify cost efficiencies which will assist in the growth of the business moving forwards. The net benefit of this program is anticipated to be approximately $0.5M in 2H17, with further savings to be realised in FY18. Further details will be provided as part of the 1H17 Reporting to the market.

- Ends –

Further information

Mr Peter Watson Chairman Tel. +61 7 3058 7000

Ms Flora Furness Chief Executive Officer (elect) Tel. +61 7 3058 7000

About LogiCamms

LogiCamms delivers innovative and tailored solutions to leading owners and operators of minerals and metals, hydrocarbons and infrastructure assets, the Company works to reduce costs, increase efficiencies, and enhance the value of customers’ operations. LogiCamms provides a complete service through our business lines of Consult, Deliver and Maintain. LogiCamms is an Australian Securities Exchange listed Company (ASX:LCM) with offices across Australia, New Zealand and Papua New Guinea. LogiCamms’ Vision is to be a market leader delivering outstanding customer solutions.

Consult | Deliver | Maintain

LogiCamms Limited ASX:LCM ACN 127 897 689 www.logicamms.com.au

LogiCamms Limited ASX:LCM ACN 127 897 689 www.logicamms.com.au

Annexure 1 – Details of Chief Executive Officer Contract and Remuneration

Logicamms Limited discloses the following details in regards to Flora Furness’ contract and remuneration:

Effective Date and Term

Ms Furness’ appointment as Chief Executive Officer is 22[nd] February 2017 and the contract continues on an ongoing basis with no fixed term.

Total Fixed Remuneration

Ms Furness is entitled to Total Fixed Remuneration including superannuation of $420,000.

Incentive

Ms Furness is entitled to participate in the Incentive Plan.

The maximum amount payable to Ms Furness under the Incentive Plan is 100% of her Total Fixed Remuneration, split 40% to Short Term Incentive and 60% to Long Term Incentive. Any award under the Incentive Plan is subject to assessment by the Board based on a series of financial and non-financial metrics.

Termination

Ms Furness’ contract is capable of termination in the following circumstances:

• By either party subject to 6 months’ notice

• By the Company immediately in the event of serious breach, gross misconduct or in the event of illness or incapacitation

• By Ms Furness on 2 weeks’ notice in the event of serious breach by the Company or material diminution in duties instigated by the Company

Biography Ms Flora Furness

Flora combines her extensive experience in the resources, energy and insurance industries with a strong reputation for providing operational excellence, human resource, industrial relations, change management and organisational transformation effectiveness strategies for Fortune 500 companies globally.

Flora brings skills in strategic leadership and extensive international experience cross culturally from her work in Brazil, China, South Africa, Indonesia and Chile and cross disciplines to work with executives to set business vision and future direction. She has worked in senior roles in organisations including LogiCamms, AMEC Minproc, ConocoPhillips, Wesfarmers CSBP Ltd, ICI and RAC WA.

Flora’s track record includes her executive and strategic advisory roles in the establishment and implementation of growth and transformation strategies for start-up, established organisations, integration of new acquisitions, including the 3rd largest global oil and gas group. She has restructured major businesses including their regional operations, executive team and the board. Her capabilities have also extended to

Consult | Deliver | Maintain

LogiCamms Limited ASX:LCM ACN 127 897 689 www.logicamms.com.au

LogiCamms Limited ASX:LCM ACN 127 897 689 www.logicamms.com.au

international mandates working with the World Bank to develop human capital and engagement strategies for the Indonesian Government.

Philanthropically, Flora is passionate in her support for the global community, having sponsored the South African camp for children aged between 1 and 12 years, earlier in her career donating her expertise and time as a counsellor and coordinator for the Salvation Army’s Women and Children Home.

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Consult | Deliver | Maintain

LogiCamms Limited ASX:LCM ACN 127 897 689 www.logicamms.com.au

LogiCamms Limited ASX:LCM ACN 127 897 689 www.logicamms.com.au