VERIS LIMITED — AGM Information 2021

Oct 19, 2021

Annual General Meeting

20 October 2021

Acknowledgement to Country

We acknowledge the Traditional Custodians of the land on which we meet today, we acknowledge the Whadjuk people of the Noongar nation and pay our respects to the Elders past, present and emerging.

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Veris Limited – company structure

OUR INDUSTRIES Veris Australia is a leading Aqura Technologies is an spatial data services business. industry leader in the provision of Property Infrastructure Government innovative technology solutions. OUR SERVICES Engineering survey Industrial wireless Property survey Content Access Networks Mining and Utilities Defence Digital and spatial Industrial IoT Resources Planning and urban design Unified communications

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49% interest in Indigenous owned Wumara Group.

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Veris Limited Financials

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Veris Limited – FY21 financial dashboard

$m	FY20	FY21	% mvmt
Veris Australia revenue	74.8	77.4	+4%
Aqura Technologies revenue	19.3	22.1	+15%
Total Revenue	94.1	99.6	+6%
Underlying EBITDA from continuing operations	1.9	9.0	+382%
Loss after Tax from continuing operations	(23.2)	(1.4)	+94%
Statutory Loss after tax	(26.5)	(1.4)	+95%
Balance Sheet
Cash	1.9	4.7	+140%
Bank Debt (excl HP & AASB 16 ROU Asset Leases)	(6.9)	(4.7)	-33%
Net Debt (excl HP & AASB16 ROU Leases)	(5.0)	-	-99%

Group P&L

• Continued strong growth in revenue from Aqura coupled with solid revenue growth by Veris Aust in spite of the COVID-impacted operating environment.

• $22m turnaround at the after tax result from continuing operations.

Group Balance Sheet

• Strengthened balance sheet and reduced core debt position as a result of:

• Strongly supported capital raising; and

• The continued benefits of stronger project management disciplines in Veris Aust

• Strong focus on crystallisation of working capital (reduced WIP days and Debtor days management).

• Conservatively positioned balance sheet:

• WIP and Debtors provisioning now providing a safety net for future project risk management.

• Bank facilities being extended out to September 2025, resulting in a reclassification of bank debt to non-current liabilities.

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Veris Australia FY21 results

$m	FY20	FY21	% mvmt
Veris Australia revenue	74.8	77.4	+4%
Underlying EBITDA	0.8	7.4	+806%
EBITDA Margin %	1.1%	9.6%
• Solid revenue growth by Veris Aust in spite of the COVID-impacted operating environment including regular snap lockdowns and stringent interstate border controls.

• These impacted revenue growth opportunities and the ability to leverage Veris Aust’s national operating platform and diverse specialist skillset.

• Against the COVID- backdrop, Veris Aust undertook an ambitious program of restructuring and pivoting the strategy in FY21, involving 3 key elements:

• Cost rationalisation and extracting efficiencies

• Consolidating and executing on the strategy of project management delivery

• Investing for, and accelerating the implementation of, the digital & spatial, data-as-a-service strategy.

• Improved project management disciplines, reporting systems, financial controls, and selection of project work underpinned the turnaround in operating results and set a platform for further improvement in FY22.

• Better quality projects & execution disciplines delivering stronger $ revenue/ hour.

• Enhanced reporting and visibility of project pipeline underpinned the confidence in the outlook to make significant investment in industry-leading Digital & Spatial equipment and resources.

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Aqura Technologies FY21 results

$m	FY20	FY21	% mvmt
Aqura Technologies revenue	19.3	22.1	+15%
Underlying EBITDA	1.0	1.6	+49%
EBITDA Margin %	5.4%	7.0%

• Strong revenue growth in spite of operations being impacted by continued COVID-restrictions (impacting staff movements, project commencement delays etc).

• Record pipeline of work in hand and prospects taken into the commencement of FY22.

• Strong growth in EBITDA delivered against the backdrop of ongoing investment in capabilities and resources to underpin the continued transition to the “as-a-service” and “managed services” model.

• Significant contract wins during FY21 continuing to validate the transition to the “as-a-service” model which will drive higher margin, longer term revenues.

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Veris Australia

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Who we are

Veris Australia is a leading provider of spatial data services.

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Engineering Digital & Property
Survey Spatial Survey
Civil construction and 3D scanning, digital & Land surveying,
engineering survey spatial data capture cadastral and consulting
solutions for major and analysis. solutions for
infrastructure. developments.
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Engineering
Survey
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Planning and Urban Design Due diligence, structure planning, master planning, place-making and planning approvals.

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Veris today – what we have implemented

Through FY21 we have implemented significant cost efficiencies and have made investments for our growth strategy for the future.

Cost rationalisations and efficiencies

Internal Financial efficiency and discipline and operational project overheads controls › Re-organised and › Analysis and simplified review of project operating model. management practices. › Reduction in headcount and › Enhanced focus internal on project cost-tomanagement complete and roles. project performance. › Operational saving with link to performance.

Investment in strategy

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Built an Key Account Technology &
Leadership Indigenous
Employer focus and Capability
team Participation
Brand Identity growth Investment
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	›	Flat leadership	›	Build staff	›	Execute national	›	Investment in	›	Establishment of an
		structure with		engagement through		key account		leading-edge		alliance with
		externally facing,		a fantastic employee		approach and focus		technologies		Wumara Group
		hands on, highly engaged leadership commitment.	›	experience. Improved employee benefits.	›	on profitable growth. Opportunities in		including data capture equipment and platforms.	›	Work together to assist in closing the gap between
	›	Driving strategy and best for business outcomes.	› ›	National integrated business and culture. Recruitment and talent management focus.	›	engineering and property survey to capitalise on post COVID-19 economy. Growth through our digital and spatial	›	Investment in specialist skill sets and leadership for greater cross selling and targeting of opportunities.	›	Indigenous and non- Indigenous Australians Offers an Indigenous spatial solution with resources and capacity to deliver
			›	Our people are our		strategy.	›	Investment in		across Australia.
				brand.				DaaS.

The business continues to focus on high value consulting work in high growth sectors and markets.

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COVID-19: Staff wellbeing and COVID impacts

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Staff Wellbeing
Providing flexibility and support to our
people in challenging times
Flexible work Additional leave for
arrangements vaccine uptake
Mental Health Care packs for staff in
awareness and extended lockdowns
check-ins
COVID-19 safe Investment in PPE
plans for work
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Areas of progress

Increase on Gross Margin 10% Relative compared to FY19 & FY20

Reduction in overheads $7.2m

FY20 vs FY21

Increase in Revenue per hour 15% Compared to FY19

Increase in utilisation despite COVID Compared to FY20

Increase in Regional Contributions

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FY21
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Share of revenue from key clients 39% FY21*

Areas of progress - Comparisons are made where relevant data is available. *As a share of total income of $77 million.

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Leading, evolving and expanding our business to a trusted spatial data business

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To be sustainable, Our strategy
The profitable base
we need a professional pivots us towards the
surveying business
services approach, that is delivery of value through
provides a platform for
differentiated from the data, providing end-to-end
growth.
competition, to get higher up solutions for our clients - from
the value chain and data capture to insights.
increase our margins.
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We must continue to invest in our strategy to shift gears and capture profitable growth in the market.

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Delivering on our strategy – Digital & Spatial

High value spatial data service offering

• ▪

• High-quality, Securely store the fit-for-purpose data data for the client

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• Efficient, rapid capture and processing.

• Make the data easily accessible.

Growth

• Enable our clients to find valuable insights

• ▪ Build and strengthen key client relationships

• Increase the value so that clients demand more data.

• Make it simple for our clients to interact and visualise the data

• Provide analytics and valueadded services on demand.

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Delivering on our strategy - 3SiDe

3SiDe is our secure cloud-based data delivery and visualisation platform. It allows users to easily access, interrogate and download 3D data from the cloud to desktop through a web browser

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Problem

Most users don’t have the technical skills to extract insights from 3D data. The full value of 3D data is rarely exploited to its full potential.

Solution

• 3D Data Client Repository.

• Easy, Secure Web Access.

• Asset Visualisation and Management.

• 3D Data Management.

• Simple Sharing and Collaboration.

Benefit

A Veris capability that enables our clients to extract substantial value from a variety of their 3D data as it is all located in a single repository.

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Delivering on our strategy - Vantage

Vantage is a web-based GIS portal that efficiently manages data during the planning and construction phases of greenfield projects.

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Problem

It’s difficult for developers to access, manage and visualise the vast amount of data required during greenfield developments.

Solution

• GIS Web Portal for Analysis.

• Single Source of Up-to-Date Data.

• 2D Maps and 3D Visualisation.

• Data Download and Queries.

• State Planning Data Integration.

Benefit

Builds confidence through fast access to the latest information and rapid distribution of the latest survey data and development information.

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Delivering on our strategy – 3SiDe + Vantage = DaaS

▪ The tools are about easy, secure access to spatial data.

▪ The unique aspect of spatial data is that it is visual - Its value is commonly represented in maps and 3D models.

• Our DaaS enables people to draw value from the data through visualisations to extract insights.

▪ Vantage and 3SiDe both provide easy access to spatial data and visualisations to derive value for clients.

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Vantage

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Delivering on our strategy - Innovative, end-to-end spatial solutions

We are already unlocking the power of these solutions on a portfolio of current projects.

Cliff Stability Modelling and Visualisation

Tunnel Monitoring

Paradise Gorge Landslide Monitoring

South Australia

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NSW
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Tasmania
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• ✓ First project to use both high-end UAV LiDAR systems (Riegl mini-VUX and Hovermap) for a complete 3D capture.

• ✓Includes 3SiDe web visualisation so that stakeholders can develop an in depth understanding of the coastal risk.

• ✓ Deploying mobile laser scanning to capture detailed 3D data of the M6 Tunnel.

• ✓ Using machine learning to identify >1mm cracks and defects in the tunnel walls, along with monitoring for movement.

• ✓ A combination of 3D capture and visualisation was provided along with real-time monitoring of the site.

• ✓ Veris provided a “one stop shop” for all the required services so that the client could continuously monitor the risk.

• ✓ GIS dashboard for data delivery.

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Delivering on our strategy – Wumara Group

Veris has established an Alliance with Wumara Group - a majority Indigenous owned land and construction surveying company.

The Alliance provides opportunities to:

• Work together to assist in closing the gap between Indigenous and non-Indigenous Australians.

• Support the development and growth of the Wumara business.

• Deliver on key actions in the Veris RAP.

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• Offer an Indigenous surveying and spatial solution with the experience, resources and financial capacity to deliver projects across Australia.

Already making an impact….

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Contract wins including

• Parramatta Light Rail.

• M6 Motorway.

• ARTC Cadastral Panel.

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Industry first Indigenous Surveyor Employment Pathway Program , to develop the next wave of Indigenous Surveyors, established in collaboration with TAFE NSW and Yarpa NSW Indigenous Business & Employment Hub.

(Narromine to Narrabeen section)

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Delivering on our strategy – Employer Brand Identity

Our people are the heart of our business. When clients come to us to deliver their projects, they don’t just get one of us or even some of us, they get all of us – our collective knowledge, expertise and effort.

We are committed to creating better experiences together.

• Highly skilled and motivated employees.

• Attracting and retaining the best.

• Work arrangements that support diversity and inclusion, build trust and promote flexibility.

• A culture of continuous improvement and innovation.

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Delivering on our strategy – Key Account Focus

Our focus on key accounts is already starting to deliver results, with a Key Account Management Program established and aligning the business to clients who see value in the national presence and multi-disciplinary expertise of Veris.

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Share of Veris income from key accounts is forecast to increase again in FY22.

Delivering a national approach to support Australia’s premium property groups.

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Growth in income from Tier 1 contractors and significant pipeline of opportunities.

Positioning for future Defence works on the back of recently delivered projects.

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Strategic focus - areas of new investment to support our growth pathway

We have positioned the business for sustained success and built the foundations for future growth with investment in key areas.

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Sectors
Geographies
Capability
Technology
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Veris Australia Outlook

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Market outlook

Veris is well positioned in key markets that have a positive growth outlook.

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Growth in greenfields residential and strata developments as market fundamentals remain strong.

Property

$275 billion of public infrastructure projects set to be underway by 2023 - an almost 50% increase Infrastructure on current value, with most of this gain yet to start construction.[1]

$270 billion to be invested by the Australian Government over the Defence coming decade in new and upgraded Defence capabilities.[2]

Increased investment in major projects as well as significant budgets for sustaining Mining and capital works. Resources Significant shift in project investment in renewables and transmission infrastructure plus oil Energy and gas.

Multi-sector spend including planning, transport infrastructure and smart cities / Digital Government Twin initiatives.

Industry at a Glance[3]

Revenue

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Products & Services Segmentation

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Source

• 1 – Deloitte Investment Monitor

• 2 - Office of the Prime Minister of Australia, Media Release July 2020

• 3 – Ibis World, Surveying Surveying and Mapping Services in Australia, March 2021

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Veris Australia pipeline

We have a strong, committed and identified pipeline of work.

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Despite the current economic uncertainty due to COVID-19, our secured forward workload is in excess of $45m .

In addition to our forward workload, we anticipate ongoing project variation and direct assignment works.

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Healthy, unsecured project pipeline has a weighted value of over $160m over the next 24 months.

Strong focus on conversion of identified infrastructure opportunities.

Assumptions

▪ Secured forward workload includes work under contract but not earned.

• Unsecured pipeline is also individually weighted by opportunity.

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Veris Australia Summary

FY21 has been a year of challenge and progress for Veris Australia.

• Restructure and rebuild is having an impact despite the challenging operating environment, demonstrating the strength of our strategy and approach.

• Significant financial progress being made through continued benefits of stronger project management and cost disciplines, and key account focus.

• The investment in our strategy including technology and capability is already delivering benefits, with more return on investment to come.

• There is a strong pipeline of opportunities for Veris Australia to capitalise on.

• As Australia opens up, greater access to markets and removed border restrictions will only support future growth and profitability.

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AQURA Technologies

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Company snapshot

Aqura Technologies is focused on the development and delivery of high-performance technology solutions leveraged to the digital transformation thematic driven by advanced productivity, safety and employee wellbeing.

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Industrial Complete Access Wireless Networks

Industrial Unified IoT Communications

Latest generation fixed Optimises user Simplifies and solves Offers powerful and mobile 4G/5G experience for the whole functionality that is wireless connectivity Internet, Voice and communications tiered to business designed, and Entertainment and puzzle allowing requirements now and delivered, to support enables Chromebusinesses to focus on into the future. business critical casting in one costleveraging the data we industrial effective and feature deliver to your communications and rich platform. platforms of choice. network access.

National Presence

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Newman

Staging

FIFO Staff

23 Staff

10 Staff

Perth

Blue Chip Customer Base

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65 Staff

Adelaide Virtual Office Melbourne 14 Staff

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Track record and outlook

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Revenue Growth
22.4M
19.4M
14.7M
12.4M
6.7M
6.2M
2016 2017 2018 2019 2020 2021
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Work in Hand & Pipeline
65.0M
▪
Current WIH $9.4m at the
commencement of FY22.
▪
Healthy, unsecured project
pipeline has a weighted
value of over $81m .
16.0M
9.4M ▪
Contract awards on the
back of the Aqura product
Current WIH Proposals Prospects suite.
Secured Unsecured (Weighted)
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WORK IN HAND	Product Family	Utilities	Retail	Defence	Resources
	Industrial Wireless
	Unified Communications
	Complete Access Networks

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Work in hand
is diverse &
spread
across a
range of
clients &
industries
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Strategy execution

Aqura has delivered exceptional organic growth since inception in 2016, with our business model focused on delivering high-performance technology & telecommunications solutions.

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Industrial Private Network Leaders

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Blue Chip Customer Base

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Transition to an As-a-Service model

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Clear roadmap for accelerated growth

• Acknowledged as industry telecommunications leaders within industrial private 4G and emerging 5G networks.

• National presence with offices in Perth, Melbourne and Brisbane.

• Unique internal technological design and execution capabilities within 111 strong workforce.

• Receipt of ~$2m from Federal Government to advance adoption of 5G in Underground Mining Operations.

• Blue Chip clients within Mining, Oil and Gas, Defence, Infrastructure and Commercial sectors.

• Strong order book with longstanding umbrella agreements with our blue chip clients.

• Cross selling opportunities.

• Partnership based approach with suppliers that offer services that compliment it’s own to accelerate sales growth.

• Transitioning to an “As A Service” model via customer take-up of Aqura’s internally developed product suite targeting recurring, higher margin earnings.

• Evolving business model from a historic focus on project execution to a recurring service offering.

• Ability to achieve faster sales cycles due to operating expenditure based arrangements.

• Higher margins achieved over customer life cycle due to Aqura funding up-front capex – operating a ‘build – own – operate’ model.

• Strong outlook with healthy pipeline within the emerging technology sector with current tendered projects and prospects.

• Utilisation of Aqura’s private 4G/LTE expertise and execution models to lead the emerging market for private 5G.

• Investment in internal development capability for technology product suites.

• Enable the use of value-adding IoT services over Aqura networks, including Mission Critical Push to Talk (MC-PTT).

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Pilbara Private LTE Network Design, Supply & Install & Village CAN award.

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Private 4G LTE Network Successfully Delivered

Recent contract awards

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North Queensland

Private 5G Enabled LTE Network Design, Supply & Install

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Pilbara

Complete Access Networks Design, Supply & Install

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Perth

Cloud Unified Communications

& Contact Centre – 5 years Upgrade + Support

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QLD, NT, SA Private LTE Networks

– 5 years Support and Upgrade

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National

Cloud Unified Communications

– 3 years (+2 option) Migration, Support + Upgrade

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5G Innovation Initiative Grant Award

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Aqura 5G platform

While Private 4G/LTE still has a long product lifecycle ahead, Aqura are focussed on emerging market opportunities, Aqura’s expertise and execution models are ideally placed to lead the emerging market for private 5G.

5G Networks Opportunity

• Having spent years delivering private 4G networks, Aqura are well placed to take advantage of the private 5G network deployment market - from design and construct through to network management and application integration.

• In August 2021, Aqura was awarded a grant from the Federal Government for ~$1.9m to advance adoption of 5G in Underground Mining Operations via investment in commercialised offerings that address real-world requirements.

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Benefits to Customers

• As a Service model allows access to the benefits of 4G LTE immediately, with an upgrade path to 5G.

• Allows leverage of existing assets when 5G is deployed.

• Incremental cost impact rather than a new, expensive deployment.

• Access to Aqura’s test environments to test new devices prior to deployment, avoiding project and technical risk.

• Provides access to Aqura’s expertise in 4G/5G, rather than a costly and difficult acquisition of in-house capability.

• Aqura's LTEaaS offering will also incorporate 5G functionality.

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5G Innovation Initiative Grant Award

Aqura expertise & execution models are ideally placed to lead the emerging market for private 5G

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Company pipeline

Aqura’s quality service offering with it’s blue chip customer base has resulted in repeat projects due to the quality and value proposition of it’s product solutions.

• Infrastructure

• Mining Oil & Gas Defence Aged Care & Utilities

• ▪ Digital adoption in the mining ▪ Traditionally heavy technology ▪ Becoming highly reliant of the ▪ The defence sector is increasing ▪ Aged Care providers are focused industry is rapidly increasing to investment to support its remote availability of advanced, secure its use of technology for field on leveraging digitisation support productivity, area operations. industrial networks to enable operations and operational initiatives to enable digital environmental and safety ▪ Aqura’s Private 4G & 5G LTE control and communication with simulations. healthcare, optimise staff outcomes. solutions enable the operation of dispersed assets across ▪ Communications can be critical productivity and support resident

• ▪ High-speed, broad coverage high density, diverse sensor metropolitan and highly remote in assessing operational wellbeing. areas.

• private networks support: networks (Industrial IoT) which readiness and performance. ▪ Aged care residents of today ▪

• ▪ Remotely monitored provide real time information to Whether it is an energy utility ▪ Often operating remote require a level of IT autonomous vehicles remote operations centres to looking to monitor the health of scenarios, there is a demand for communications structure at ensure safe and high production its generation and distribution least equal to what they could

• ▪ Large arrays of connected rapidly deployable field output at all times. networks, or a water provider get in a normal home

• IoT devices for near real-time communications and Aqura’s 4G data-driven decision making ▪ With staff working in isolated requiring remote borefield & 5G solutions have been environment.

• ▪ Always-on safety systems environments on relatively long telemetry, reliable and secure communications are critical to deployed on fixed infrastructure ▪ Independent Living providers rotations, access to on-line and on Aqura’s ARC platform look to create high-performance

• ▪ their operations. Optimised productivity services is considered to be a are being used for mobile large precinct networks which systems. priority requirement for an ▪ Integration of diverse networks coverage. offer fibre optic distribution,

• ▪ engaged employee base. to deliver critical business data managed Wi-Fi, security and Health, well being and retention back to key management access control.

• of staff though provision of infrastructure.

• quality access to internet & ▪ These networks require strong entertainment. design and network engineering

• ▪ to ensure reliability and security Aqura's rapid deployment without complexity.

• Aqura's rapid deployment communications (ARC) enables remote, mobile communications.

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Summary

• ✓ Unique technological design and execution capabilities and experience within a strong internal workforce.

Market-leading skill-set

High-performance technology & telecommunications infrastructure solutions

✓ Acknowledged as industry telecommunications leaders within industrial private 4G and emerging 5G networks.

• ✓ Market-leading design, development and delivery of solutions across the following areas of expertise:

• Industrial wireless (including 4G & 5G)

• Enterprise communications

• Next-generation IoT pathways

• Unified Communications.

Blue-chip client base

• ✓ Mining, Oil and Gas, Defence, Infrastructure and Commercial sectors.

• ✓ Historic focus on project execution.

Evolving Business model

✓ Transitioning to an “As A Service” model via customer take-up of Aqura’s internally developed product suite targeting recurring, higher margin earnings.

• ✓ Further value adding through Managed Services option to support customer sites.

Commitment to Safety & Quality

National presence

• ✓ Demonstrated agile and innovative working practices to continue to deliver safely for our clients whilst keeping our people and the community safe.

• ✓ ISO9001, ISO4801, ISO14001, ISO 27001.

• ✓ Offices in Perth, Melbourne and Brisbane.

Recurring revenue ✓ Internet Wireless (“IW”), Complete Access Networks (“CAN”), Unified Communication (“UC”), Autonomous services Remote Communications (“ARC”) and the Industrial Internet of Things (IIoT).

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Veris Limited

35

Demerger update

On 12 August 2021 Veris announced it’s intention to Demerge Aqura Technologies via a separate ASX listing.

Why the Demerger:

• The Demerger will simplify the Group structure.

• Better positions both Aqura and Veris Australia for growth via direct access to capital which will underpin both businesses strong outlook.

• Provides Veris Limited with an opportunity to realise the value of its historic investment in Aqura whilst maintaining a substantial cornerstone holding.

• Capital realised via the listing of Aqura will be used by Veris Australia to accelerate its Digital & Spatial capabilities and “Data as a Service” business model.

Progress:

• Structuring and valuation discussions are continuing with identified brokers and we expect to announce the appointment of a sponsoring broker in the near future.

• The timeline for the IPO of Aqura is end of calendar year 2021 or early 2022.

• It is intended that Veris shareholders will be offered a priority opportunity to participate in the IPO of Aqura.

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Q&A

37

Disclaimer

This Document should not be considered as an offer or invitation to subscribe for or purchase any securities in Veris Limited (“Veris” or the “Company”) or as an inducement to make an offer or invitation with respect to those securities. No agreement to subscribe for securities in Veris should be entered into on the basis of this Document.

This Document contains high level information only and does not purport to be all inclusive or to contain all information which its recipients may require in order to make an informed assessment of Veris and its prospects. Any forecasts and forward-looking information contained in this Document are subject to risks and uncertainties and are not a guarantee of future performance. Actual performance will almost certainly differ from those expressed or implied.

Veris makes no representation or warranty, express or implied, as to the accuracy, currency or completeness of the information presented herein. Information contained in this Document may be changed, amended or modified at any time by Veris. Veris is under no obligation to update any information or correct any error or omission which may become apparent after this Document has been issued.

To the extent permitted by law, Veris and its officers, employees, related bodies corporate and agents (‘Associates’) disclaim all liability, direct, indirect or consequential (and whether or not arising out of the negligence, default or lack of care of Veris and/or its Associates) for any loss or damage suffered by recipients of this Document or other persons arising out of, or in connection with, any use of or reliance on this Document or information contained herein. By accepting this Document, the recipient agrees that it shall not hold Veris or its Associates liable in any such respect for the provision of this Document or any other information provided in relation to this Document.

Recipients of this Document must make their own independent investigations, consideration and evaluation of the information contained herein. Any recipient that proceeds further with its investigations, consideration or evaluation of the information described herein shall make and rely solely upon its own investigations and inquiries and will not in any way rely upon this Document. Recipients of this Document should not act or refrain from acting in reliance on material in this Document.

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