Sapex Group Investor Presentation - September 2018

1. SAPEX Group Limited
ACN: 619 195 283
NSX Code: SAA
SAPEX Group Limited
SAPEX Group Limited
Investor Presentation
September 2018

2. Business Model Definition
Distribution licenses from US based Newpark Mats & Integrated Services LLC.
• SAPEX Group Limited (SAA) is a diversified composite mat operator whose
primary business is the sale, distribution, rental and operations of the
Dura-Base® Composite Mat System.
• The mats provide a solution to transport and operational challenges in
inaccessible areas.
• SAA is the sole distributor of Dura-Base® mats in Indonesia, Myanmar and
the Philippines through an exclusive license and distribution agreement
with Newpark Mats & Integrated Services LLC, the manufacturer of the
Dura-Base® mating system.
• SAA currently generates cashflow via sales and management of Dura-
Base® mats being deployed to third-parties in the Oil and Gas, mining
and construction industries throughout Indonesia.
• The Company intends to take advantage of existing growth opportunities
by expanding into alternate industries (plantations, telecommunication
infrastructure, transmission) as well as shifting from a third-party
management model to that of a full-service owner and operator.
• SAA is currently working through a transition from the NSX to the ASX
which is expected to be completed in Q4 2018.
Distribution Licences
Key Clients
Investor Presentation | 2

3. Key Investment Considerations
Exclusive country
distribution licences
Investor Presentation | 3
SAA is the sole distributor of the Dura-Base® Composite Mat System throughout Indonesia, Myanmar and the Philippines.
• Dura-Base® is the world’s leading composite mat system providing temporary road surface support for heavy duty fixed and movable
equipment across difficult, unstable and/or environmentally sensitive terrain.
• Product is currently deployed to third-parties in the mining and construction industries throughout Indonesia, to solve access challenges in
remote areas.
Proven
high growth
model
• Founded in 2001 – Current management team has 60+ years of combined experience in logistics and project management and were the
pioneers of composite matting in Southeast Asia.
• High quality client base – The business has been, and continues to be, very efficient in originating high-value long-term contracts with Blue
Chip clients.
• Strong market position – SAA currently holds approximately 90% of the composite matting market in Indonesia.
Profitable Cashflow positive – Calendar year 2017 EBITDA of A$3.5m for consolidated entity, post acquisition of SAS.
Restructuring to drive
growth opportunities
• Transitioning from a third-party management model to that of a full-service owner and operator of Dura-Base® mats with the acquisition of
the SAS Dura-Base® Business and inventory of 4500 mats.
• Planned migration from NSX to ASX in Q4 2018, currently undergoing due diligence.
Vertical and horizontal
expansion opportunities
• Considerable growth opportunities have been identified in other industries across Indonesia including plantations, telecommunications
infrastructure, road infrastructure - in addition to the expansion in to other licenced territories (the Philippines and Myanmar).

4. SAS Dura-Base Business Acquisition
• SAA is currently completing a significant acquisition of the SAS
Internasional (SAS) Dura-Base Business. The acquisition will consolidate its
core business units across Australia, Indonesia, Philippines and Myanmar.
• This transaction will facilitate SAA’s transition to a full-service owner
operator of the Dura-Base ® Mat System.
• SAS Internasional
SAS provides a total solution approach to addressing the needs of the
Energy Sector in Indonesia, delivering a number of quality products and
services:
• Mats Systems (Dura-Base Business)
• Gas Turbine Generator Packages
• Gas Compressors
• Gas Processing Solutions
• Liquid Separation Systems
• Professional Field Services (Energy Sector)
• Drilling / Downhole Completion Equipment
• The Company will be acquiring 100% of the SAS Dura-Base Business. Post
acquisition operating structure for the Dura-Base® business unit will be an
80%/20% Joint Venture in favour of SAA.
Business Unit Acquisition
Investor Presentation | 4

5. The Company’s
immediate business objectives
1. The acquisition and management of an inventory of 7,221 Dura-Base®
mats generating the following output:
• Average Daily Rate (ADR): AUD 6.70
• Target Annual Utilisation: 80.0% +
• Annualised Revenue: AUD 14.1m
2. The migration of SAA from the NSX to the ASX in Q4 2018
• SAPEX Oilfield Services (SOS) Founded
2001 • Indonesian Agency Agreement formed
• Dura-Base first enters Indonesia
2007
• SOS enters exclusive Indonesian Dura-Base licensing and
distribution agreement with Newpark
2010 • SOS extends Indonesian Agency agreement
2014 • SOS extends Dura-Base licensing agreement with Newpark
2016
• SOS extends Indonesian Agency agreement
• Makati Capital Partners engaged as strategic & financial partner
• Indomines Limited (IDO:AU) acquires 51.0% of SOS
• Shareholders of SOS begin restructuring & expansion strategy
2017 • September listing on the NSX
2018
• Proposed issue of Convertible Notes to acquire 100% of SAS Dura-Base Business
• Proposed listing on the ASX
SAA Company Timeline
Investor Presentation | 5

6. The Product: Dura-Base® Composite Mat System
Standard size: 4.2m x 2.4m,
manufactured using one of
the largest molds in North
America.
Each mat has a
nominal weight of
477 kg.
Two HDPE parts are
heat-welded together for
strength and durability.
Tread pattern for improved
traction for load-bearing
vehicles and heavy
equipment.
NSN: 5675-01-
471-2683
4 ¼” thickness creates a
solid barrier between the
ground and work area.
Investor Presentation | 7
Overlapping lip and 16
hole pin system provides
a solid interlocking
system that reduces
slippage and movement
• The Dura-Base® Composite Mat System (the Product or
Dura-Base) is a stable, uniform surface with built in tread
pattern to provide consistent traction to personnel and
equipment.
• The product allows ample spreading of heavy loads to
ensure minimal ground impact and displacement, and
has successfully been applied on the following
challenging conditions and surfaces:
• Mud;
• Grass;
• Sand;
• Swamp; and
• Asphalt.
• Product characteristics:
• Easy installations;
• Ability to last 20 years with good maintenance;
• Suitable for all weather and terrain conditions;
• Engineered to give safe access over sensitive
terrain whilst protecting landscape; and
• Recommended solution for temporary road use in
inaccessible areas.

7. Growth Strategy
• As the Company has established networks within Oil and Gas, SAA is looking to expand its operations into other industries and countries to enhance
its revenue streams, increase its market share and grow its network of industry connections.
• In addition, SAA is looking to shift from a third-party agency management model to that of a wholly owned owner and operator model.
• The Company’s growth strategies include:
New contracts or extension
of existing contracts
• Consolidate and extend existing
contracts.
• Embark on a business
development program to
promote and enter into
agreements with new clients for
the supply of Dura-Base mats.
• Expand its customer base and
build on its network of industry
connections.
SAS Dura-Base® Business
Acquisition
To simultaneously achieve the
following :
1. Expand Dura-Base Mat
Inventory
2. Acquire physical assets within
Indonesia (PP&E)
3. Align SAA with well positioned
local partner
80% / 20% JV in favour of SAA.
Expansion into other
industries
• Expansion into the infrastructure
development, construction,
electricity and power transmission
infrastructure, mining, and timber
plantation and forestry industries.
• Take full advantage of its
exclusive license and distribution
agreements to increase itsmarket
share.
Expansion into other
countries
• Expansion into Myanmar and the
Philippines in Q1 of 2019.
• The Company has identified that
a growing demand for composite
matting systems exists in these
regions due increasing foreign,
and domestic, direct investment
in to resources and the expansion
and modernisation of decaying
infrastructure.
Investor Presentation | 8

8. Financial Information
Investor Presentation | 9
In order to provide consolidated financial information on
the transaction, and its impact on SAPEX Group Limited,
the Company has compiled the accompanying special
purpose financial information which comprises the
following:
• Consolidated pro-forma historical income statements
for the years ended 31 December 2016 and 2017
(“Historical Pro-Forma Income Statements”), and
• Consolidated pro-forma cash flow statements for the
years ended 31 December 2016 and 2017 (“Historical
Pro-Forma Cash Flow Statements”).
Basis of Preparation
The Pro-Forma Historical Income Statements and the Pro-
Forma Historical Cash Flow Statements were compiled
based on the following financial information:
• the audited financial statements of SAPEX for the year
ended 31 December 2017;
• the audited financial statements of PT SAPEX Servis
Indonesia (“SSI”) for the years ended 31 December
2016 and 2017;
• the audited income statement of the SAS Dura-Base
Business for the years ended 31 December 2016 and
2017; and
• the pro-forma adjustments.

9. Pro-Forma Historical Income Statements Post acquisition of SAS.
The following table sets out the Pro-Forma Historical Income Statements of SAPEX Group Limited:
The following table sets out the Pro-Forma Historical Cash Flow Statements (operating cash flows only,
excluding finance costs and income tax) of SAPEX Group Limited:
Net Cash Provided By / (Used In) OperatingActivities
(Excluding Finance Costs &Income Tax) $ 2,684,375 $ 3,251,253
AUD
Year Ended
2016
Pro-Forma
31 December
2017
Pro-Forma
Cash Flows from OperatingActivities:
Receipts from Customers $ 5,319,452 $ 6,092,257
Payments to Suppliers &Employees -$ 2,635,076 -$ 2,841,004
-$ 2,419,648 -$ 1,718,634
$ 2,664,072 $ 3,490,564
AUD
YearEnded
2016
Consolidated
31 December
2017
Consolidated
$ 5,323,116 $ 6,269,408
-$ 218,433 -$ 1,193,954
$ 5,104,683 $ 5,075,454
Revenue
Cost of Sales
Gross Profit
Other Income
Operating Expenses
Pro-Forma EBITDA
Pro-Forma Historical Cash Flow Statements Post acquisition of SAS.
-$ 20,964 $ 133,744
Investor Presentation | 10

10. Opportunity
Investor Presentation | 11
• Unique opportunity to participate in the early stages of this fast
growing, yet established, infrastructure and logistics services company.
• SAA holds the exclusive Dura-Base license for Indonesia, Myanmar and
the Philippines and the business has been, and continues to be, very
efficient in originating high-value contracts from Blue Chip clients.
• Investors now have the opportunity to benefit from the fundamental
catalyst of investing into the business on the verge of becoming a mat
owner and operator. This structure minimizes the risk in its operating
model.
• Long term contracts with blue chip clients are already in place, and
management have demonstrated a strong ability to efficiently originate
these contracts since 2002.
• Investment catalysts:
• Transition from an agency business model towards ownerand
operator model
• Completing acquisition of 4,525 wholly owned Dura-Base mats
• Proposed transition from the NSX to ASX targeted for Q4 2018

11. Disclaimer
Investor Presentation | 12
This document is confidential and should not be duplicated or passed on to any other person without the written permission of SAPEX Group Limited.
It is provided to you for consideration under the Corporations Act 2001 (Cth) ss 708 and 708AA as a sophisticated investor for assessing the investment
opportunity.
The estimates and projections made in this document involve significant elements of subjective judgement and analysis which may or may not be
correct. This is normal in planning the future growth of a new business. You should conduct your own investigation to assess the validity of the
statements made.
All Trade Marks indicated in this document are owned by SAPEX Group Limited.