#1V= VERTEX Vertex Resource Group Ltd. Investor Presentation March 2019 VERSATILITY. EXPERTISE. www.vertex.ca | TSXV:VTX#2Disclaimer & Notice to Reader This presentation is for discussion purposes only. The contents are not to be reproduced, summarized or distributed. These materials have been prepared for information purposes only in relation to Vertex and are not, under any circumstances, to be construed as an offering of any securities for sale directly or indirectly in any province or territory in Canada, in the United States of America or in the territories or possessions thereof or to any U.S. person. No prospectus has been or will be filed in connection with an offering in Canada and the units have not been registered under the United States Securities Act of 1993, the securities law of any state thereof or the securities of any other jurisdiction, nor is such registration contemplated, and this presentation is not and under no circumstances is to be construed as a prospectus or other offering document. No securities commission or similar regulatory authority has passed on the merits of the units reviewed these informational materials any representation to the contrary is an offence. The information presented in this document is considered to be accurate, however there is no expressed or implied representation or warranty as to the accuracy or completeness of any such information and does not constitute investment advice. This presentation may contain forward-looking statements, including forward-looking statements regarding management's assessment of future plans and operations, business and investment strategies, exceptions of returns, cash-flow and earnings. Forward-looking statements are based on current assumptions, beliefs, internal exceptions, estimates and projections of management relating to, among other things, the ability of the funds to raise capital and locate desirable investments, the performance of the funds' underlying investments, the funds' ability to effectively time dispositions, prevailing commodity prices and exchange rates, applicable royalty rates and tax laws. Such forward-looking statements are based on information currently available to management. No persons should rely on these forward- looking statements because they involve known and unknown risks, uncertainties and other factors which are, in many cases, beyond the control of management and may cause the funds' actual results, performance or achievements to differ materially from anticipated future results, performance or achievements expressed or implied by the forward-looking statements. The market and industry data contained in this presentation are based upon information from independent sources and other publications. While management believes this data to be reliable, market and industry data is subject to variations and cannot be verified with complete certainty. Management has not independently verified any of the data from third party sources referred to in this presentation or ascertained the underlying assumptions relied upon such sources. 2 V= VERTEX#3A Leading Environmental Service Company BEST-IN-CLASS INTEGRATED ENVIRONMENTAL SOLUTIONS Initial Site Selection (Planning & Estimating) 3 Since 1962, Vertex has been a leading North American environmental service company We proudly serve clients in the oil & gas, oil sands, petrochemical, renewable energy, utilities, agriculture, forestry, midstream, mining, aggregate and municipal sectors Vertex employs a staff of approximately 650 employees and lease operators Decommissioning & Reclamation Vertex Offers Solutions at all stages of a Client Project 1 "Cradle to Grave" Consultation & Regulatory Approval Operation & Maintenance Development Proven Strategy We assemble, integrate and develop businesses that address the environmental needs of clients, through organic growth and strategic acquisitions with the goal of capturing efficiencies and enhancing service offerings that best anticipate customer needs. V= VERTEX#4Corporate Profile Market Summary Current Stock Price Common Shares Outstanding Market Capitalization: Enterprise Value: 2019 Backlog $0.38 (Mar 2019) 93.4 Million $35 Million $121 Million Locations Fort Nelson 4 $121 Million EBITDA: 2017 (1) Kitimat $15.5 Million 2018 (2) $20.6 Million CAGR (EBITDA 2006 - Present) 28.69% • Highlights Became a publicly traded entity on the TSX Venture Exchange on Oct. 16, 2017 6 Complementary Acquisitions in 2017 & 3 in 2018 Including: • • An Environmental Services Company in SK & MB A Hydro-Vac Company Operating in Edmonton, AB A Fluid Logistics Company Operating throughout AB, SK & USA Fort St. John Fort McMurray Dawson Creek Rycroft Grande Prairie Valleyview Swan Hills Edmonton Whitecourt Calmar Sherwood Park Leduc Lloydminster Edam Head Office Branch Office Satellite Office Coronation Reginal Calgary Kindersley Kola Selkirk Alida Weyburn Virden Vancouver Waskada Victoria Watford City Scottsdale Carlsbad Midland 1. F17 EBITDA adjustments would have included $3.2M of TTM EBITDA from acquisitions or $18.7M in total adjusted EBTIDA for FY17. 2. F18 EBITDA adjustments would have included $4.9M of TTM EBITDA from acquisitions or $25.5M in total adjusted EBTIDA for FY18. Tulsa Houston V= VERTEX#5Integrated Solutions from Planning to Reclamation Environmental Consulting & Engineering ➤ Abandonment, Drilling & Completion Engineering ➤ Pre-Development, Monitoring & Remediation / Reclamation Services ➤ Land & Regulatory Services ➤Wildlife Management ➤ Emergency Spill Response ➤ Geotechnical & Civil Engineering Environmental Services & Industrial Cleaning ➤ Hydro-Vac, Pressure, Vacuum, Hot Oiler, Steam Truck & Stable Foam Services ➤ Utilizing Specialty Tools to Clean Tanks, Lines, Exchangers & Other Equipment Fluid Logistics & Management ➤ Fluid Logistics Including: Crude, Emulsion, Water Chemicals, Fuel, NGL, Butane & Propane ➤ Fluid Storage (water, oil and chemicals) & Secondary Containment Fluid & Chemical Sales Rental Equipment ➤ Specialized tanks, spill prevention, site accommodations, enviro bins and rental equipment to support development, operational and maintenance projects Insulation Blankets & Buildings Custom Manufactured Insulation Blankets to ensure thermal efficiency and the protection of workers and equipment ➤ Manufacturing, Installation and Repair of Self- Frame, Rigid Frame and Acoustical Enclosure Metal Buildings VE Environmental Services Industrial Services Visit vertex.ca for additional details on Vertex's service offering V= VERTEX#6Solutions At All Stages of a Project Life Cycle A • Pre-Development Environmental, Land & Regulatory Approvals • Environmental Surveys & Assessments • First Nation, Public & Government Consultation • Project Planning & Estimating • Geo-technical & Civil Engineering Construction (Wells & Facility) • Environmental & Regulatory Monitoring • Hydro-Vac & Vacuum Services • Waste Management & Rental Equipment • Insulation Blankets & Buildings Exploration (Drilling & Completions) • Drilling & Completions Engineering • Environmental Consulting • Waste Management & Rental Equipment • Fluid Logistics & Management • Water Management • Hydro-Vac & Vacuum Services Production & Operation • Industrial Cleaning & Maintenance ⚫ Fluid Logistics & Management • Environmental Monitoring & Consulting • Wildlife Management Spill Response • Liability Management, Leak Detection & Emission Reporting • Industrial Cleaning & Turnaround Services Decommissioning & Reclamation • Environmental Assessment & Reclamation • Abandonment & Decommissioning Services • Industrial Cleaning Vertex Provides an Integrated Environmental Service Offering That Supports Project Development Throughout the Life Cycle of our Clients' Projects Across All Industries "Cradle to Grave Service Offering" 6 Visit vertex.ca for additional details on Vertex's service offering V= VERTEX#7Revenue Earned at Each Stage of a Project's Life Cycle Revenue By Division From 45% to 83%, Environmental Services now comprises the majority of Vertex's revenue stream and drives revenue at each stage of a Project's Life Cycle Service Line Environmental Environmental Consulting & Engineering Industrial 7 Environmental Services & Industrial Cleaning Fluid Logistics & Management Rental Equipment Insulation Blankets & Buildings 1. Total Revenue is in C$ 000's 100% 160,000 17% 140,000 80% 46% 39% 55% 54% 60% 120,000 100,000 80,000 83% 40% 60,000 61% 54% 40,000 45% 46% 20% 20,000 0% 2014 0 2015 2016 2017 2018 Industrial Total Revenue (C$ 000's) Environmental % of Vertex's Revenue Earned by Project Stage 30% Initial Site Selection (Planning & Engineering) Consultation & Regulatory Approval Development 70% Operation & Maintenance Decommissioning & Reclamation ✓ V= VERTEX#8Diversified Environmental Service Offering Vertex continues to focus on growing across multiple industries. This strategy has resulted in several project awards enabling us to continue to expand our geographic footprint outside of Western Canada while increasing the utilization of our two primary assets: People & Equipment. Growth Opportunities Utilities, Telecommunication & Government: Vertex continues to provide services to these sectors and is working to grow/adapt our service offering to attract new project awards. Vertex is active on obtaining contracts associated with expanding Canadian 5G network. Mining: Vertex continues to be involved in coal and potash mine, processing, and power plant shut-downs including the management of peat, vegetation and wildlife throughout the life of these projects. Oil & Gas and Mining Abandonment: AB and BC are developing regulations to impose timeline on the clean-up of dormant well sites while other jurisdictions are imposing higher security deposits to achieve clean up efforts. Vertex continues to be involved in coal and potash mine abandonments and reclamation projects. Operation & Maintenance Projects: Continual maintenance is required to ensure optimal production capabilities. This is a more stable stream of revenue and typically represents a greater proportion of E&P companies' spending than capital expenditure. 92% Oil & Gas % of Revenue by Industry 2019E 2014 8% utilities, agriculture, municipalities, government and telecommunications industries 53% Oil & Gas 47% utilities, agriculture, municipalities, government and telecommunications industries 00 V= VERTEX#9GDP Growth Led by Infrastructure Projects Provincial GDP Growth 1 2017 2018E 2019E 2020E AB QUE BC BC BC ΡΕΙ QUE BC NL AB AB ONT SASK ONT QUE ONT MAN ΡΕΙ AB MAN ONT NB ΜΑΝ SASK QUE SASK MAN ΡΕΙ SASK NS ΡΕΙ NS NS NB NS NB NL NL NB NL 0.0% 2.0% 4.0% -1.0% 0.0% 1.0% 2.0% 3.0% 0.0% 1.0% 2.0% 3.0% 0.0% 1.0% 2.0% 3.0% Opportunity For Vertex . • Vertex has continued operational focus in the provinces of BC, AB, SK and MN. These provinces are expected to be among the leaders in the nation in growth in GDP into 2020. Vertex continues to expand into Ontario and select States in the United States. Augmenting Vertex's exposure to the oil and gas industry, is the increased infrastructure spending municipally, provincially and federally, as well as the rise in potash mining and agricultural spending in Saskatchewan. Vertex's diverse range of services continues to meet the needs of these growth areas 9 1. Average of the Statistics from National Bank of Canada, TD Bank, Bank of Montreal, Scotia Bank and Royal Bank of Canada V= VERTEX#10Infrastructure Project Development $445M $566M $570M $4.12B $3.398 $1.17B $896M $11.848 Opportunity for Vertex Budget 2017 Investments - Canada's Infrastructure Plan LNG Canada Site / Kitimat LNG Site Trans Mountain Coastal Gas Link Line 3 Enbridge Replacement Project $7.53B Vertex Canadian Project Expertise and Geographic Reach $555M As markets stabilize and become more attractive for new infrastructure projects, there will be an increased demand for Vertex's service offerings and the continued maintenance of these assets Industry Details 1 Telecomm 5G Network Upgrade- the deployment of 5G will require numerous small-cell hubs as the network utilizes frequencies with limited travelling ability. This network will need to be constructed and is estimated to cost roughly $20 billion in Canada. Overall telecom infrastructure upgrades are expected to cost approximately $100 billion. Vertex's customers will be poised to capitalize on our environmental consulting expertise. Line 3 Enbridge Replacement Project - a $8.2-billion project which includes fully replacing 1,031 miles (1,660 kilometers) of Line 3 with new pipeline and associated facilities on either side of the border. Includes decommissioning old line by removing the pipeline, cleaning the pipeline, and physically disconnecting and segmenting the line. Vertex is very prominent in this area given recent acquisitions. Set to be in service in the second half of 2020 following state and U.S. federal permits. Trans Mountain and Coastal Gas Link - a $7.4-billion project, although delayed pending legal challenges, Trans Mountain is now controlled by the Federal Government to ensure completion including approximately 980 km of new pipeline carrying heavy oils, 12 new pump stations and 19 new tanks. Vertex is has secured significant contracts once work restarts on this project. Consultation with Indigenous groups is to concluded by late May 2019. Costal Gas Link is a $6.2 billion project and Vertex has secured significant contracts for 2019 and beyond. BC LNG Projects - Following the first three months of construction, LNG Canada has approved over $937 million in contracts and subcontracts including $330 million to First Nation businesses. The project includes the construction of 670 km of pipeline and a $40-billion LNG facility. Vertex has an long standing JV with the Haisla nation and is actively working with the aboriginal band to secure additional work. Kitimat LNG is expected to be a $23-billion project once completed Canada's Infrastructure Plan - a $180 billion Infrastructure Plan over 12 years which will continue to be a predictable source of funding for municipal and provincial infrastructure projects in which Vertex currently services. 10 1. https://calgaryherald-com.cdn.ampproject.org/v/s/calgaryherald.com/business/energy/Ing-canadas-planned-40b-kitimat-project-moving-toward- approval/amp?amp_js_v=0.1&usqp-mq331AQGCAEOATgA#origin=https%3A%2F%2Fwww.google.ca&prerenderSize=1&visibilityState prerender&paddingTop 54&p2r=0&horizontal Scrolling=0&csi-1&aoh 15355737163665&viewerUrl=https%3A%2F%2Fwww.google.ca%2Famp%2F5%2Fcalgaryherald.com%2Fbusiness%2Fenergy%2Fing-canadas-planned-40b-kitimat-project- moving-toward-approval %2Famp&history=1&storage=1&cid=1&cap swipe %2Cnavigate To%2Ccid %2Cfragment%2CreplaceUrl. https://www.transmountain.com/project-overview https://www.jwnenergy.com/article/2018/7/goose-bumps-kitimat-shell-ramps-activity-towards-Ing-canada/ https://www.enbridge.com/projects-and-infrastructure/projects/line-3-replacement-program-canada https://www.enbridge.com/projects-and-infrastructure/projects/line-3-replacement-program-us https://www.infrastructure.gc.ca/alt-format/pdf/plan/2018-04-16-ICP-PIC-english-flat.pdf https://www2.deloitte.com/us/en/pages/technology-media-and-telecommunications/articles/telecommunications-industry-outlook.html http://www.coastalgaslink.com/transcanada-to-construct-coastal-gaslink-pipeline-project/ Invest Canada & Digital Canada 150 https://boereport.com/2019/01/21/Ing-canada-approves-937-million-in-contracts-and-subcontracts-to-first-nations-and-canadian-businesses/ https://www.dailyoil bulletin.com/article/2019/3/14/sohi-says-ottawa-making-good-progress-on-trans-mou/ V= VERTEX#11Growing Regulatory & Environmental Requirements Estimated Inactive Wells in Western Canada 1 Cumulative number of inactive wells 140,000 120,000 In 2005, 100,000 Saskatchewan had 16,010 inactive wells 80,000 60,000 40,000 20,000 0 1999 2003 2007 2011 2015 2018 Sask. 25,857 B.C. 7,382 Alta. 89,217 Market Details 2,3,4,5,6 Alberta and British Columbia are developing regulations to impose cleanup timelines while other jurisdictions are set to impose higher security deposits to ensure wells with major cleanup liabilities will be dealt with despite being transferred to other E&P entities. Costs for cleaning inactive wells by insolvent companies are borne by industry partners. This has resulted in peer monitoring to block deals in which the environmental liability is unlikely to be properly dealt with. AER estimates total liability associated with the cleanup of oil and natural gas well sites, pipelines, and facilities is approximately $30.9 billion. Note: Saskatchewan only provided data for 2005 and 2018. Number of Abandonments Completed by Vertex 2000 1500 1000 500 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Opportunity For Vertex • The market for abandonments and reclamations is expected to continue to grow based on the increased focus by governments, loans to the orphan well association to expedite reclamation, deposits required by the AER for distressed companies, industry peer monitoring and a growing number of inactive wells. 1. The Globe and Mail: In Western Canada, surge of inactive wells a brewing 'disaster' November 27, 2018 2. AER, OGC 3. Orphan Well Association, http://business.financialpost.com/commodities/energy/oil-industry-to-get-235-million-government-loan-to-help-clean-up-abandoned-wells, https://www.ctvnews.ca/business/defunct-oil-firm-leaves-behind-thousands-of-orphan-wells-in-alberta-1.3834743 11 4. https://keepcanadaworking.ca/facts 5. The Globe and Mail: "Hustle in the oil patch: Inside a looing financial and environmental crisis" November 26, 2018 6. The Globe and Mail: "Alberta vows to impose oil, gas well cleanup timelines on energy companies" November 27, 2018 V= VERTEX#12E&P Operation & Maintenance Spending E&P CAPEX and Maintenance Spending Trends in Canada 1 Oil and Gas Industry Capital Total Expenditures (C$ in millions) $45,000 $40,000 $35,000 $30,000 $25,000 $20,000 $15,000 $10,000 $5,000 $250,000 $200,000 $150,000 Oil and Gas Operations Total Expenditure (C$ millions) $100,000 $50,000 $0 $0 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 Operations Total ■ Alberta ■British Columbia Saskatchewan ■Manitoba Opportunity For Vertex Industry Details 1,2 Operating expenditures by upstream and midstream companies are a continued requirement to support production and processing volumes. Oil & Gas industry capital spending is expected to increase in a recovering and less volatile commodity environment. Increased M&A activity is expected to result in increased upstream activity overall as active firms have acquired assets from inactive owners restarting exploration and production. Alberta has committed $1.4 billion in innovation funding for clean technologies and energy efficiency initiatives to reduce emissions and eliminate coal emissions by 2030. They plan to spend $70 million to cut oil sands emissions and this will require monitoring. • • Inactive assets, turned active require significant spend on maintenance and operating activities to restart exploration and production. Continual maintenance is required to ensure optimal production capabilities. This presents a more stable and consistent stream of revenue for Vertex as the company continues to pursue maintenance, turnaround and industrial cleaning opportunities. Due to oil production cuts in Alberta, it is likely that firms will undertake additional maintenance activities as production units are forced to operate at reduced capacities. This presents additional maintenance project opportunities for Vertex in 2019. Extensive environmental monitoring, which Vertex provides clients, will be required to ensure emission standards are met due to new regulations being adopted and implemented by the Alberta government. 1. Source: Analyst consensus, Capital IQ and Raymond James 12 2. https://keepcanadaworking.ca/facts V= VERTEX#13Financials Financial Summary Secured Backlog 2 (C$ 000's) Years Ended Consensus December 31, 2017 FY 2018 2018 2019 Oilsands 6% Gov't/Ag/Commercial 14% Revenue 118,419 150,385 146,050 Cost of Sales 86,113 109,892 106,550 Gross Profit 32,302 40,493 39,500 Gross Profit Margin 27% 27% SG&A 16,776 Other 19,884 194 27% 18,950 Oil & Gas 45% Utility/Telecom/Midstream 35% Adjusted EBITDA 15,527 20,609 20,550 (before other expenses) Adjusted EBITDA % 13% 14% 14% Total Assets 144,156 184,821 Total Debt 62,160 87,605 83,300 2019 $121 Million Total Equity 59,773 65,695 2020 $48 Million Net Capex 2,401 3,994 2021 $17 Million Acquisitions (net assets) 16,980 22,895 13 1. Adjustments relate to items that are not ongoing, are non-recurring, are exceptions to our normal operations and do not form part of our principal business. Overall adjustments relate to non- recurring bonus interest, losses or gains on disposal of assets, acquisition costs, impairments, onerous leases and severance costs, SBC. 2. Based on average analyst consensus January 2019. V= VERTEX#14Financials (000's) Ticker Share Capital Basic Common Shares Outstanding Options @ $1.00/share Warrants @ $1.20 / share Fully Diluted Shares FD Management & Directors Ownership Public Float Analyst Coverage 12-month Target TSXV:VTX Name Contact Price 93,413 Trevor Reynolds 4,875 403.410.6842 $0.95 Acumen Capital Partners 2,197 100,485 Kirk Wilson 403.910.5379 1 Beacon Securities Limited 46.4% 46,056 $0.95 Average Analyst Target Price $0.95 Financial Metrics Market Data Earnings Data Leverage Company Symbol Vertex Resource Group Ltd. TSXV:VTX $ Close Price Market Cap 0.38 $ 35 $ Enterprise Value 2018E 121 $ 21 $ EBITDA (2) 2019E 2020E 26 2018E 5.8x EV/EBITDA 2019E 4.5x 2020E Net Debt/ 2018E EBITDA 3.3x Book Value Tangible P/B 0.5x • Vertex's strong working capital position is a result of management's focus on improving billing and collections time to reduce DSOs, and active inventory management. • Vertex is in a strong financial position to capitalize on growth opportunities including acquisitions and organic growth initiatives. • Current attractive valuation metrics below book value. 14 2. 1. Includes 32 Degrees Capital ownership of 18.2%, in addition to, management and others within the company whom are subject to escrow provisions to 2020. Information of Vertex Resource Group Ltd. Is based on analyst reports provided by Acumen Capital Finance Partners Limited and Beacon Securities Limited dated January 21, and January 18, 2019 respectively. V= VERTEX#15• • Outlook 2019 Vertex is well positioned to withstand short term economic pains related to volatile commodity prices and negative investment sentiment in western Canada. This view is based on Vertex's current financial position, strong backlog from diverse industries, longstanding customer relationships, and contributions of past, prudently purchased acquisitions which are performing well. Almost 50% of Vertex's backlog is from outside the oil and gas industry While production curtailments remain in effect within Alberta, opportunities will exist for additional maintenance related projects because of facilities operating at reduced capacities. Current industry and environmental policy efforts present opportunities for its environmental services division. Specifically increased activity levels for abandonments and active environmental liability management, in addition to, new regulations for emissions testing and reporting 15 V= VERTEX#16• Outlook 2019 Vertex intends to continue to integrate past acquisitions in order to reduce costs and drive increases in utilization (people & equipment) through cross-selling initiatives. Vertex plans to continue to gain momentum in pursuing its customer diversity strategy whereby the number of Vertex customers continue to grow and provide stable opportunities within telecommunications, utilities, agriculture and government. Vertex continues to focus on paying down debt, de-leveraging through acquisitions, reducing its overall cost of borrowing, and managing the company's 2019 planned capital expenditures of $8.0 million to match industry activity. 16 V= VERTEX#17Why Own Vertex? Strategic Objectives Diverse Integrated Environmental Service Offering Throughout All Stages of a Project Lifecycle That is Applicable Across Numerous Industries Disciplined Capital Allocation & Cost Reduction Practices Proven History of Purchasing Prudently & Successfully Integrating Acquisitions Geographic & Service Offering Footprint Expansion into Attractive Growth Markets across North America (including BC, ON & USA) Continue to Cross-Sell & Increase Utilization (people & equipment) Client Focused & Tailored Solutions Increased Focused by Industry on Environmental Liabilities Long Standing Customer Relationships Integration and Acquisition Opportunities in Fragmented Market 17 Demonstrated and Experienced Leadership Team V= VERTEX Improving Financial Results with attractive valuation metrics below book value V= VERTEX#18V= VERTEX Contact Information 161, 2055 Premier Way Sherwood Park, AB T8H OG2 (780) 464-3295 www.vertex.ca | TSXV:VTX VERSATILITY. EXPERTISE.#19Our Journey Phase I Foundation Building Vertex Founded; acquired TWT Vegetation Management Ltd. and Endrill Resource Consultants Inc. Phase II Organic Growth Phase III & IV Strategy Execution Acquired Pioneer Land Services Ltd. Acquired Environmental Consulting Company Acquired Fluid Storage & Management Company Acquired Three Environmental Services Companies 1962 - 2003 2005 2007 2008 2011 2014 2015 2016 2017 2018 2019 + Beginning in 1962 through to 2003, several companies were founded throughout Western Canada which would each be acquired to become a part of Vertex, including: • . • . • Three Star Trucking (1962) Klinger Building Systems (1976) Pioneer Land Services Ltd (1978) Am-Con Insulation Services Ltd. (1982) TWT Vegetation Management Ltd. (1991) Endrill Resource Consultants Inc. (1993) Founded Westland Energy Ltd. (Vertex Equipment Rental service line). Acquired Am-Con Insulation Services Ltd., Excel Insulation, Klinger Building Systems and Select Soft Covers, which became Vertex's Industrial Division Named one of Canada's 50 Best Managed Private Companies, gold standard, an honor the Company maintained every year from 2011 to 2017 Acquired Fluid Logistics Company Became a publicly traded entity on the TSX Venture Exchange on Oct. 16, 2017 Acquired three consulting firms, one chemical and two environmental services companies 19 V= VERTEX#20Leadership Team Management Senior management ownership – 18.1% - Terry Stephenson - President, Chief Executive Officer and Director Terry founded Vertex in 2005 and, as President and CEO, he is responsible for the Company's day-to-day operations. Joined Flint Energy Services Ltd. as the Director of Finance, where he was responsible for M&A transaction structure, support and execution along with public company compliance, tax planning and treasury management. Former accountant at KPMG LLP; worked in audit, due diligence, valuations and taxation, advancing to Manager with a focus on construction clients. Terry has a Bachelor of Commerce degree from the University of Alberta, is a Chartered Accountant and Chartered Professional Accountant. Michael Zvonkovic - Chief Financial Officer Michael joined Vertex in 2017, previously held positions as an Executive VP and CFO of FIRMA Foreign Exchange Corporation from 2012 to 2016, and VP Financial Reporting and Finance of The Cash Store Financial Services, a TSX and NYSE listed issuer, from 2007 to 2012. Michael began his career in 2002 with PwC LLP in Edmonton. Michael earned a Bachelor of Commerce degree with distinction in 2002 from the University of Alberta, is a Chartered Accountant since 2004 and a Chartered Professional Accountant since 2015. Paul Blenkhorn - Vice President, Consulting Services • • Paul is responsible for the day-to-day operation of the consulting division of Vertex. Joined Pioneer Land Services Ltd. in 2006, eventually leading their environmental division. Began his career with Hood Packaging Corporation gaining experience in process improvement, capital investment, technical sales support, product development in a wide array of business efficiency and improving initiatives. Paul holds a Bachelor of Engineering Science degree from the University of Western Ontario and is a Professional Engineer (AB and SK). Deon Walsh - Vice President, Environmental Services Deon is responsible for the day-to-day operations of the industrial cleaning, safety, and environmental services operations of Vertex. Over 25 years of industrial maintenance and fluid services experience; previously Senior VP Oilfield Services for North America with Flint Energy Services Ltd., a global infrastructure firm where he served since 1993. Deon is a graduate of the Queen's School of Business Executive Program and the University of Alberta Corporate Executive Program Derek Ellsworth - Vice President, Energy Services Derek joined the company in 2018 and is responsible for the day-to-day operations of the rental equipment division of Vertex. Began his career in oilfield services in 2001 as a Financial Analyst in Calgary before moving into sales and then operations. Derek worked for TechnipFMC and its predecessor companies, Canadian Subsurface, Pure Energy and FMC Technologies, starting with Canadian Subsurface Energy Services as Vice President in 2007. He then relocated to Sherwood Park to oversee the company's Northern Canada Operations in 2016. Derek holds a Bachelor of Commerce degree from the University of Alberta and a Master of Business Administration from Queen's University 20 For additional information on Leadership team please visit our website, www.vertex.ca/about/leadership-team/ V= VERTEX#21Leadership Team 21 Board of Directors Board ownership - 28.3% • Brian Butlin, Chairman of the Board of Directors Chairman of the Board of Directors since February 6, 2007. Formerly, Mr. Butlin was Chairman and Chief Executive Officer of Flint Energy Services Ltd. In addition to his experience at Flint, Mr. Butlin is currently a Director of The Crossing Company and previous Director of Edmonton's Eskimo Football Club, Graham Construction Ltd, Derrick Golf and Winter Club, and past Chairman of the Northern Alberta Institute of Technology. Mr. Butlin holds a Bachelor of Science in Business Administration from the Michigan Technological University. Trent Baker, Director • Currently, a Managing Partner of 32 Degrees Capital and has been with the private equity firm since 2007. Prior to joining 32 Degrees Capital, Mr. Baker worked in the audit department of KPMG LLP. He currently sits on the Board of Directors of CORE Linepipe Inc., Sphere Energy Corp. and HPC Energy Services Ltd. Holds a B.Comm from Queens and is a member of the Chartered Professional Accountants of Alberta, as well as a CFA charter holder. Terry Freeman, Director Currently, Head of Investments for ATB Capital and previous Managing Director of Northern Plains Capital, Mr. Freeman spent 15 years as the Chief Financial Officer of Flint and its predecessors. He sits on the Boards of a number of private construction, energy services, private equity and real estate ventures, as well as on the Board of Directors of McCoy Global Inc. Holds a B.Comm from the University of Alberta, the ICD.D designation from the Institute of Corporate Directors and is a fellow of the CPAs of Alberta. Stuart O'Connor, Director • • Currently President of Timber Ridge Capital Ltd. Previously, he has served as a Director and Chairman of Flint, Director of IROC Energy Services Corp., President and Chief Executive Officer at Merak Projects Ltd, and as a Partner with Bennett Jones LLP. He currently sits on the boards of a number of private construction, software services, and real estate ventures. Mr. O'Connor holds a Bachelor of Science in Chemical Engineering from the University of Alberta and a Bachelor of Laws from Queen's University Terry Stephenson, President, Chief Executive Officer and Director . See Management Bio. For additional information on Leadership team please visit our website, www.vertex.ca/about/leadership-team/ V= VERTEX#22Management Experience Prior to founding the Company, Vertex's leadership team was responsible for growing Flint Energy Services, a private oilfield services company with $60 million in revenue, to a public corporation with over 7,500 employees, 49 North American locations and $1 billion in revenues. • • The Flint Energy Services platform began in 1998 with the roll up of HMW Constructors founded by Brian Butlin. It continued to grow through major acquisitions until its IPO in 2001. Flint Energy Services Ltd. - Financial Highlights CAD $ millions (except share price) 1998 IPO1 2001 2002 2003 2004 2005 Revenue EBITDA 60 637 697 651 744 1,031 8 83 76 68 70 115 • Brian retired in January 2005 while Terry departed in May 2005 after acquiring the first businesses that are now Vertex. Total assets Closing share price 12 577 556 554 630 735 12.00 18.75 20.50 21.00 21.50 39.00 • • • . Between 1998 and their departure in 2005, Brian and Terry completed 29 acquisitions and 3 divestitures that provided the platform for Flint's growth to a >$1 billion dollar business which employed over 7,500 employees across 49 North American facilities. Brian and Terry executed on a two pronged growth plan: Consolidation & Integration: • a number of strategic acquisitions enabled Flint to provide a full spectrum of services, with a focus on project execution and transition to on-going maintenance upon project completion. during the acquisition period management focused on integrating or rationalizing the cost structure through integrated business processes, reorganizing management, and consolidating multiple offices into single office locations. Enhancement of the Flint Brand: • . by focusing on a commitment to safety training and successful project execution, Flint developed a recurring and very loyal customer base. as the number of Flint built facilities increased, the level of maintenance revenue also increased as management successfully captured long-term maintenance contracts providing a steady, recurring revenue stream. At Vertex, the Leadership team has made inroads on executing a similar strategy and looks to continue industry consolidation while maximizing value of the Company. 22 22 1. Flint IPO was November 2001 V= VERTEX