XENITRA LIMITED — AGM Information 2012

Nov 19, 2012

Titan Energy Services Limited (TTN)

Annual General Meeting 20 November 2012

Chairman’s Address

Today is, of course, a significant day for our company.

It is our first Annual General Meeting as a publicly-listed company and an opportunity to:

• Firstly recognise our many achievements of the past 12 months; and

• Secondly, to hear more about our plans for the future

In my address, I will focus on our achievements to date and I will then invite our managing director, Jim Sturgess, to address shareholders in relation to our outlook for 2012/13.

The 2012 financial year was a memorable period for Titan Energy Services, highlighted of course by our successful listing on the Australian Securities Exchange on 7 December 2011.

As articulated in our recent annual report, Titan has performed strongly since listing and has delivered on the earnings and business growth strategies set at the time of the IPO.

During its maiden year as a listed group, the company delivered:

• $3.9m in earnings before interest and tax (EBIT)

• $2.3m in net profit after tax (NPAT); and

• A 2.0 cents per share fully franked dividend to shareholders.

After this maiden dividend was declared, a Dividend Reinvestment Program (DRP) was initiated and it attracted a 46% take-up. Additional shares were issued to take up the shortfall in the DRP, which increased the company’s capital base and liquidity.

Importantly, solid foundations were built for future growth across the business’s operating segments.

Our Atlas Drilling business, which was established in 2007 to capitalise on the impending increase in Coal Seam Gas (CSG) drilling as major projects progressed towards production and became operational, performed strongly.

Atlas and its management team have now been building their reputation within the CSG drilling industry for five years and delivered their most successful year to date during 2011/12, in-terms of quality of contracts and profitability.

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Resources Camp Hire (RCH), a business that we acquired in September 2011, also delivered solid returns and growth.

The RCH acquisition was a strategic investment in a business that was set to grow rapidly as a remote accommodation provider to the CSG developers and service companies. Since acquisition, the business has grown significantly and has integrated well within the Titan group.

In line with Titan’s objective of building a diversified CSG services company, Nektar Remote Hospitality was formed in April 2012 and has become our business’s third key segment.

Nektar, a business that provides catering and camp management services, was a logical extension to RCH and won its first contract for an 18-month term, just six weeks after being established

Looking ahead to 2012/13, Titan will continue organic expansion opportunities in all businesses and continue to scan the market for strategic investments.

The company is well placed to take advantage of the significant growth being experienced within the CSG sector.

Earnings are expected to grow considerably, with the group targeting a potential doubling of EBIT to between $7.0m and $8.0m.

Given the encouraging start we have had to the year, I am pleased to announce, that we will be upgrading our EBIT guidance by $1m. We expect full year EBIT to be $8.0m - $9.0m.

While the new financial year is in its infancy, TTN is already taking significant steps towards its targets. The company recently announced further commitments to Atlas’s and RCH’s growth with longer term drilling and camp contracts agreed with QGC and APLNG.

In conclusion

Titan is a young company. It does, however, draw on a wealth of board and management experience in the Oil and Gas and Coal Seam Gas (CSG) sectors.

Jim Sturgess, who you will hear from shortly, was appointed managing director in May 2011 and leads an experienced and highly capable team.

The board believes this team’s experience is a differentiating factor for a company of Titan’s size and expects that this will be crucial in directing TTN through its next growth stage.

As you will be aware, we have recently announced a change at Board level.

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Wayne Seabrook, a founding Director of Atlas Drilling and a Titan director since listing, resigned last month and has been replaced by Mark Snape.

Wayne was a valued Board member and played an important role in the development and listing of the group as a non-executive director over the past 5 years, and thank Wayne for his contribution.

Mark is chief executive officer of Rivercity Motorway Group, the business that owns the CLEM7 Motorway, and has a wealth of experience in the energy sector, large scale infrastructure development, risk management and project financing.

He will be a great asset to the Titan board as the company seeks to build on its successes of 2011/12 and continues its rapid development in its core drilling, accommodation and catering divisions.

I will now hand over to Jim.

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