10 OCTOBER 2017

WESTERNonly use personal For FORUM OCTOBER 2017

MACQUARIE CONNECTIONS 1 COMPANY OVERVIEW

Macmahon is a leading Australian based mining services provider with both open-pit and underground mining expertise

Business Overview Capitalisation Summary Pro-forma • Macmahon is a pure play ASX-listed company which offers both Unit open-pit and underground mining contracting services Inc. AMNT 1 • Established track record spanning more than 50 years Share price A$/share 0.237 Fully paid ordinary • Headquartered in Australia with a growing presence and focus in m 2,155 shares South-East Asia Market Cap. A$m 510 • Employs 1,600 FTE’s (excluding Batu Hijau) Net Cash A$m 54 • Owns and operates a large fleet of mobile equipment including >120 excavators and loaders, >200 dump-trucks, >50 drill rigs and world- Enterprise Value A$m 456 class maintenance facilities Net Tangible Assets A$/share 0.17 per Share2

Key Services Directors and Senior Management Jim Walker Non-executive Chairman Mine planning & management, drill and blast, Open Pit bulk & selective mining, crushing & screening, Vyril Vella Non-executive Director Mining equipment operation & maintenance Eva Skira Non-executive Director Giles Everist Non-executive Director Total mine management, underground Alex Ramlie Non-executive Director Underground development, underground production, portal Mining establishment, raisedrilling, cablebolting, Arief Sidarto Non-executive Director shotcreting, remote shaft lining, shaft sinking Michael Finnegan Chief Executive Officer José Martins Chief Financial Officer For personal use only use personal For Plant Commissioning, shutdown & maintenance Maintenance management, water management, tailings dam Greg Gettingby General Counsel/Company Secretary & Engineering services, plant modification, fittings & fabrication

Source: Company filings. 1. As at 9 October 2017 2. Based on Balance Sheet as at 30 June 2017 and adjusted for issue of shares to AMNT on 8 August 2017

MACQUARIE CONNECTIONS – WA FORUM 2 MAP OF OPERATIONS INC. MAJOR FLEET

Map of Operations TELFER BYERWEN BATU HIJAU Loading Fleet Loading Fleet Loading Fleet • 2x 6060 BH* • 1x 9800 1 • 5x 4100 Rope Shovel • 1x EX3600* • 2x 996 • 1x 2800 Rope Shovel Trucking Fleet • 2x 9350 • 2x EX5500 • 17x 793C* Trucking Fleet • 1x EX3600 • 9x 793D* • 9x MT4400* Trucking Fleet • 2x 789C • 9x 793F • 111x 793C • 2x 793C • 5x 789C

SURFACE Batu Hijau FLEET Sumbawa Island, Indonesia SUMMARY PT AMNT TROPICANA Loading Fleet Excavators • 2x 6060 BH • 1x 6060 FS • 1x 800t • 1x 6050 BH • 7x 600t • 2x 6040 BH • 3x 500t • 1x EX3600 • 6x 400t Trucking Fleet ST IVES • 3x 300t • 19x 793F Loading Fleet For personal use only use personal For • 4x 793D • 2x EX3600 Byerwen • 4x 789C Queensland Trucks Trucking Fleet Byerwen Coal • 11x 789C • 180x 220t • 2x 785C • 22x 190t * Denotes client owned/ rental fleet 1 One 996 provided by the client

MACQUARIE CONNECTIONS – WA FORUM 3 INVESTMENT PROPOSITION

FULL SERVICE • Diversified mining contractor offering open-pit and underground mining services MINING • Strong existing relationships with major mining companies CONTRACTOR

STRONG TENDER • Multiple tender opportunities representing >$5 billion in potential aggregate contract value PIPELINE

LEVERAGED TO • Mining services sector activity expected to improve driven by: RESOURCES – Reinvestment by mining companies in existing operations, particularly for reserve extensions RECOVERY – Increased levels of bank financing available – Increase in tendering opportunities • Improvement in financial performance in FY18 driven largely by Telfer turnaround and the commencement of Batu Hijau and Byerwen projects • Recently finalised a transformational transaction with AMNT providing scale and stability to the business

STRONG • Strong net cash of $54.1 million at year end, provides flexibility to pursue growth options BALANCE SHEET • Net Tangible Assets (“NTA”) per share of $0.15 per share

FOCUSED • Major focus on cost reductions, productivity and growing order book STRATEGY • Focus now shifting to executing current base load of work

For personal use only use personal For STRONG • Experienced management team in place with significant Tier 1 contracting backgrounds MANAGEMENT • Ongoing commitment to operational discipline, cost management and corporate governance TEAM

MACQUARIE CONNECTIONS – WA FORUM 4 PEOPLE

Group Employee Numbers Employees by Division

Surface Corporate 3,495 International 2,467 Underground 1,295 1,529 1,659

2013 2014 2015 2016 2017

FY17 highlights: • Several senior appointments including GM Underground and Surface Operations Manager - bolstering leadership capacity • Development of new Short Term Incentive Scheme for FY18, for all permanent Australian based staff providing greater alignment of employees with business goals • Implementation of new Company-wide employee communications App, designed to improve workforce engagement and improve information flow throughout the organisation • Chosen among the Top 25 of Randstad’s Most Attractive Employers for 2017 clearly reinforcing Macmahon’s brand as an attractive place to work

• Continued working closely with our clients to keep their operations efficient and productive For personal use only use personal For • Further development of simple people-orientated processes to enhance the employee work environment

MACQUARIE CONNECTIONS – WA FORUM 5 SAFETY

Group Safety Performance KEY MILESTONES 10.1 8.6 • The lowest LTIFR in the last five 5.4 5.6 4.4 years

1.1 0.9 0.9 1.1 • 2017 Kanthan, Malaysia operating 12 0.4

years LTI free Frequency Frequency rate 2013 2014 2015 2016 2017 • 2017 Lhok Nga, Indonesia operating (per million (permillion hoursworked) TRIFR (Total Recordable Injury Frequency Rate) 8 years LTI free LTIFR (Lost Time Injury Frequency Rate) • 2017 Underground Drilling and Ground Support operating 8 years LTI Free FY17 highlights: • Total of 2 Lost Time Injuries (LTI) recorded in the FY17 • Maintenance of ISO Certification to • No permanent disabling injuries or fatalities recorded across the Company’s ISO18001 and AS/NZS 4801. operations • 93% of all Macmahon projects remained LTI free • * Graph excludes the impact of the Nigerian incident • 66% of all projects were both LTI and Total Recordable Injury (TRI) free

For personal use only use personal For • Ongoing commitment to building strong and effective relationships with clients and alliance partners

MACQUARIE CONNECTIONS – WA FORUM 6 INNOVATION AND TECHNOLOGY

Guiding principles For personal use only use personal For

MACQUARIE CONNECTIONS – WA FORUM 7

KEY CONTRACTS For personal use only use personal For

MACQUARIE CONNECTIONS – WA FORUM 8 OVERVIEW OF KEY CONTRACTS

With the exception of Telfer, which is on track to report a break even result in FY18, Macmahon’s project portfolio is performing on or above tendered expectations. Project / Client Location Commodity / Comments Current Status Type • Alliance model has resulted in reduction in unit cost by • Performing in line Tropicana WA Gold roughly 37% from 2015 levels with expectations AngloGold Ashanti / Australia Open-pit • Possibility of mine life extension pending the Long Island Independence Group study • Maintenance expenditure largely complete • On track to Telfer WA Copper-gold • Progressively moving into more profitable dig areas achieve Newcrest Australia Open-pit • Positive discussions with client well advanced breakeven result • On track to report a break even result for FY18 for FY18 • Contract performing well • Performing in line St Ives WA Gold • Possibility of extending operations beyond the current with expectations Goldfields Australia Open-pit contract term

North • Joint venture continues to perform well • Performing in line Martabe Gold Sumatra, • Performance in line with tendered expectations with expectations PT Agincourt Resources Open-pit Indonesia • Project exceeding diversity and community targets • Mining services business continues to secure repeat, • Increased focus Various Underground sustainable work on securing long- Australia Mining • Increased focus on bolstering leadership capability – new GM term development Various Services appointed contract Sumbawa • Currently operating under a cost plus arrangement • Phase 1 going Batu Hijau Copper / Gold Island, • On track to transition to phase 2 (mining services) by 1 March according to plan Open Pit

PT AMNT Indonesia 2018 For personal use only use personal For • Ramp-up going according to schedule • Performing in line Byerwen QLD Coal • First major digging fleet has been successfully commissioned with expectations Byerwen Coal Pty Ltd Australia Open-pit • First dig occurred in August 2017

MACQUARIE CONNECTIONS – WA FORUM 9

Macmahon was been awarded a Life-Of-Mine mining services contract at the Tropicana Gold Project in 2012. Project Overview • The Tropicana Gold Project is part of the joint venture between AngloGold Ashanti Australia Pty Ltd (70%) and Independence Group NL (30%) • The project is located 330km north-east of on the edge of 's Great Victoria Desert. • Tropicana is Macmahon’s second largest contract (after Batu Hijau) and has been profitable since inception • Successful alliance style contract in place since 2012 • Current mine life anticipated to run to 2024 with a further 7 year extension anticipated (subject to Long Island Study) * Source: Anglogold Ashanti 2017 Diggers and Dealers presentation • Studies underway re Long Island and other deposits, which, if approved, could potentially extend the life of mine at Tropicana through to 2027-2030 • Tropicana Reserves increased by +58% to 3.8Moz gold

Product Gold Mine Type Open cut

For personal use only use personal For Volume mined 90 Mtpa

Employment ~300 Macmahon people

MACQUARIE CONNECTIONS – WA FORUM 10 TELFER GOLD MINE

Macmahon was been awarded a Life-Of-Mine mining services contract at the Telfer Gold Mine in 2016. Project Overview • The Telfer gold-copper mine is located in the Great Sandy Desert in the East region of Western Australia • Macmahon’s third largest contract (schedule of rates) which commenced in February 2016 • Majority of fleet at this site is client supplied • Macmahon provides the full scope of services for open pit mining and bulk earthworks, including drill and blast, mining waste materials, equipment hire and subcontracting

Product Gold and Copper Mine Type Open cut

Volume mined ~32 Mtpa

Employment

> 280 Macmahon people For personal use only use personal For

MACQUARIE CONNECTIONS – WA FORUM 11 ST IVES GOLD MINE

Macmahon was awarded an initial 6 month contract and a 24 month extension of its contract with the Australian subsidiary of Gold Fields Limited, St Ives Gold Mining Company Pty Ltd. Project Overview • Schedule of rates contract for equipment and labour hire • 24 month extension signed in 2016 • Over the past year Macmahon has exceeded forecast production targets and achieved very high equipment availability and utilisation • Possibility of extending operations beyond the current contract term and scope – discussions currently underway with the client

Product Gold Mine Type Open cut Employment

>95 Macmahon people For personal use only use personal For

MACQUARIE CONNECTIONS – WA FORUM 12 MARTABE GOLD MINE

Macmahon was awarded a five year, 50:50 JV contract awarded by PT Agincourt Resources in 2016 Project Overview • The Martabe Gold Mine is located to the west side of Sumatra Island, in Batang Toru Sub-district, North Sumatra Province. • The mine has a resource of 7.4 million ounces of gold and 69 million ounces of silver and began its full production in early 2013. • More than two thousand people are currently working at Martabe Gold Mine, 70% of them are recruited from fifteen villages around the mine and other nearby areas. • The Macmahon / NKE 50:50 Joint Venture currently undertake all mining and bulk earthworks related services including drill and blast, mining of waste materials, equipment hire and subcontractor management across three operating areas. • Additionally, the contract requires the placement and compaction of material on the tailings storage facility embankments and pioneering works associated with access to new open pit mining areas.

Product Gold and silver Mine Type Open cut

Volume Mined ~12.4 Mtpa

For personal use only use personal For Employment >500 people

MACQUARIE CONNECTIONS – WA FORUM 13 UNDERGROUND

Macmahon's underground mining capabilities range from total mine development and production, to specialised services to meet the short and long term requirements of its clients. • Since the acquisition of National Mine Management in 1994, Macmahon has continued to develop its underground operations to become one of the nation's leading underground contractors • Macmahon's underground division has the ability to deliver large-scale, full service requirements, while also offering its specialised capabilities separately.

Core capabilities:

Underground development Cablebolting Underground production Shotcreting Portal establishment Shaft sinking and lining

Raise Drilling Production drilling

Current Projects: • Raise drilling activities at Olympic Dam in SA and Pajingo in QLD • Cablebolting services at Cadia in NSW and Ballarat in VIC

•only use personal For Production drilling at Mount Wright in QLD • Production drilling, cablebolting and shotcreting at Nifty in WA

MACQUARIE CONNECTIONS – WA FORUM 14 NEW PROJECTS – BYERWEN COAL MINE

Macmahon has been selected by Byerwen Coal Pty Ltd as its preferred mining contractor to establish and then operate the new

Byerwen Coal Mine near Glenden in the Queensland Bowen Basin. Byerwen Coal Queensland (Preferred Cairns Contractor) Asset Overview Townsville

Mt Wright • Macmahon selected as preferred contractor - currently exclusively Queensland Carpentaria negotiating a 3 year mining contract with possible 2 year extension Gold • Potential total material movement over this period is indicatively 50 million bank cubic metres per year Brisbane • Mine located 20 kilometres west of Glenden in Queensland’s Bowen Basin • Once operational the Byerwen Mine is expected to produce up to 10 million tonnes of hard coking coal per year • Coal from the Byerwen Mine will be railed to Abbot Point Coal Terminal for export

Product Hard coking coal

Mine Type Open cut

Volumes Mined 90 Mtpa Employment - Stage 1: up to 100 during construction

and 300 during operations For personal use only use personal For - Once fully operational: up to 500 First Coal 2017

MACQUARIE CONNECTIONS – WA FORUM 15 NEW PROJECTS – BATU HIJAU COPPER / GOLD MINE

Macmahon has been awarded a Life-Of-Mine mining services contract at the Batu Hijau Mine in Indonesia

Asset Overview SUMBAWA ISLAND • Large, open pit, owner-mined, porphyry copper-gold deposit located on Sumbawa Island, Indonesia Elang Rinti • Second largest copper-gold mine in Indonesia (behind Grasberg) Nangka Lampui Map Location Batu Hijau • Infrastructure includes: 120ktpd processing plant, 112MW coal-fired power plant, Benete port, town-site • First quartile of the global copper cost curve with a C1 cash cost of US$1.17/lb Cu1 • ‘Cost-plus’ payments with upside and downside sharing (subject to a floor on downside) • US$2.9 billion expected revenue for Macmahon over 14 year life-of- Product Copper / Gold mine Mine Type Open cut • US$1.8 billion expected revenue over the first 5 years from commencement of Full Operations Volume Mined ~190 Mtpa Once fully operational: up to 1,250 MAH • Potential to extend the scope of work to include significant future Employment employees

development options For personal use only use personal For

1. Source – Wood Mackenzie Ltd. Dataset 2017 Q1.

MACQUARIE CONNECTIONS – WA FORUM 8 OUTLOOKonly use personal For

MACQUARIE CONNECTIONS – WA FORUM 17 OUTLOOK

• Market is showing encouraging signs of improvement • Key commodity prices (Gold, Copper, Coal) – stable and/or improving • Noticeable shift in market sentiment and corporate activity • Competitive pressures still present – MAH focusing on opportunities where it has a strategic advantage and deep client relationships • Strong balance sheet, backed by high quality assets • Tropicana continues to perform well - discussions currently underway regarding potential increase in mine life pending Long Island approval • Telfer turnaround well advanced, targeting monthly profits during the latter part of CY17 • Greater focus on re-building underground business – appointment of new General Manager • Strong footprint in SE Asia – Martabe JV working well • Batu Hijau and Byerwen expected to deliver significant revenue and EBIT uplift in FY18, with full run rate to be realised in FY19 • Revenue for FY18 expected to be between $620 – 680 million (>$550 million secured) • New strategic major shareholder in AMNT to assist with growth

opportunities For personal use only use personal For

MACQUARIE CONNECTIONS – WA FORUM 18 FY2018 GUIDANCE

Guidance and Assumptions FY2018 Revenue – Key Movements

• FY2018 revenue of $620 – 680 million 800 Tropicana Telfer Batu Hijau Other 700 • FY2018 EBIT of $40 – 50 million (excluding one-off costs and unrealised FX gains / losses) 600 500

• Key assumptions: 400 A$m — Commencement of initial Phase 1 ramp up at Byerwen from 300 August 2017 200 100 — Macmahon commences full scope of Batu Hijau mining operations (i.e. Full Operations) from 1 March 2018 - Contracted Short-term New work Guidance — First full year of Batu Hijau contribution will be FY2019 uncontracted — AUD:USD rate of 0.7518 prevails throughout FY2018 FY2018 EBIT – Key Movements 50 40 30 20

10 A$m - (10) (20) (30) FY2017 FY2018

Guidance For personal use only use personal For Macmahon (Ex Telfer) Telfer Batu Hijau EBIT

Note: Macmahon has provided earnings guidance on the basis of a number of assumptions and forecasts, which may subsequently prove to be incorrect. Earnings guidance is not a guarantee of future performance and involves known and unknown risks. Macmahon's actual results may differ materially from its earnings guidance and the assumptions on which that earnings guidance is based. Accordingly, you should not place undue reliance on Macmahon's earnings guidance. Refer to the important notice and disclaimer. Revenue and EBIT guidance relates to continuing operations only, excludes significant items (including takeover and transaction costs). Charts show mid-point of earnings guidance range.

MACQUARIE CONNECTIONS – WA FORUM 19 IMPORTANT NOTICE AND DISCLAIMER

Disclaimer as to forward looking statements The directors of Macmahon consider that they Not a disclosure document have used reasonable care in preparing forward This presentation is not a disclosure document This presentation contains forward looking looking financial information (Guidance) in this and should not be considered as investment statements, including statements of current presentation. However, the Guidance is not fact, advice or an offer or invitation to subscribe for or intention, statements of opinion and predictions as rather it is predictive in character and there are purchase any securities in Macmahon, or an to possible future events. These forward looking margins of uncertainty surrounding any inducement to make an offer or invitation with statements are based on, among other things, assumptions about future conditions and respect to such securities. This presentation does Macmahon Holdings Limited's ACN 007 634 406 anticipated performance. The Guidance may differ not purport to cover all relevant information about (Macmahon) assumptions, expectations, materially from results ultimately achieved. You any potential investment in Macmahon or any estimates, objectives, plans and intentions. are cautioned not to place undue reliance on the decision relating to Macmahon. Guidance. Forward looking information is by its Forward looking statements are subject to very nature subject to uncertainties and can be inherent risks and uncertainties. Although affected by unexpected events, many of which are Macmahon believes that the expectations outside the control of Macmahon's directors. Any reflected in any forward looking statement variation to the assumptions on which the included in this presentation are reasonable, no Guidance has been prepared could be materially assurance can be given that such expectations will positive or negative to actual financial prove to be correct. Actual events, results or performance. Therefore Macmahon's directors outcomes may differ materially from the events, cannot guarantee the achievement of the results or outcomes expressed or implied in any Guidance. forward looking statement. The Guidance should not be regarded as a Except as required by applicable law or the ASX representation or warranty with respect to its Listing Rules, Macmahon does not undertake to accuracy or the accuracy of the best estimate update or revise these forward looking statements, assumptions or that Macmahon will achieve, or is nor any other statements whether written or oral, likely to achieve, the particular results. that may be made from time to time by or on behalf of Macmahon, whether as a result of new This presentation does not take into account the information, future events or otherwise. individual investment objectives, financial or tax situation or particular needs of any person. It does None of Macmahon (nor any of its officers and not contain financial advice. You should consider employees), or any other person named in this seeking independent legal, financial and taxation presentation, or any person involved in the advice in relation to the contents of this preparation of this presentation makes any presentation. representation or warranty (express or implied) as to the accuracy or likelihood or fulfilment of any Non- IFRS Financial Information forward looking statement, or any events or results This presentation uses non-IFRS financial expressed or implied in any forward looking information including EBITDA and EBIT which are statement, except to the extent required by law. used to measure both group and operational

You are cautioned not to place undue reliance on performance. Non – IFRS measures have not For personal use only use personal For any forward looking statement. been subject to audit or review.

The forward looking statements in this References to “Macmahon”, “the Company”, “the presentation reflect views held only as at the date Group” or “the Macmahon Group” may be of this presentation. references to Macmahon Holdings Limited or its subsidiaries.

MACQUARIE CONNECTIONS – WA FORUM 20 APPENDIXonly use personal For

MACQUARIE CONNECTIONS – WA FORUM 21 EXECUTIVE TEAM

Michael Finnegan Dan Mark Hatfield Katherine Blacklock Chief Executive Officer General Manager, Surface Operations General Manager, Plant and Maintenance Manager, Human Resources Services Mr Finnegan holds a Bachelor of Science Mr Peel holds a Bachelor of Engineering Katherine Blacklock was appointed Manager – (Mining) with 24 years’ experience in the (Mining) and a Graduate Diploma of Applied Mr Hatfield has more than 16 years’ experience Human Resource in November 2016. She mining industry. The last 15 years have Finance and has 15 years’ experience in the within the mining and heavy equipment industry holds a Bachelor of Science (Psychology and primarily been spent in senior line management mining industry. Prior to joining Macmahon in and has fulfilled numerous operational and Anatomy) and Grad. Dip. Bus (HRM) with 25 positions. Mr Finnegan has a strong May 2017, Mr Peel was General Manager at senior leadership roles. Mr Hatfield has a years in Human Resource management in the commercial and technical background and has RPM Global where he provided technical strong technical background and has spent resources sectors. Prior to joining Macmahon, spent time in operations on the east and west advice to mining companies and investors in time in operations on the west coast of Mrs Blacklock was the Human Resources coast of Australia as well as a number of Australia and internationally. Australia as well as a number of countries Manager – International Projects at Bis countries throughout Asia. throughout Asia. industries and was the Warren Uyen founding Director of HRwise, an HR José Martins General Manager, Underground Operations David van den Berg consultancy providing hands-on HR support to Chief Financial Officer Chief Technology and Innovation Officer resource sector clients both in Australian and Mr Uyen holds an MBA (Project Management) Mr van den Berg was appointed as Chief internationally for 10 years. Mr Martins was appointed as Chief Financial and Bachelor of Science in Mining along with a Technology and Innovation Officer in August Officer in December 2015. He has more than First Class Mine Managers Certificate. Mr Uyen 2016. He brings an extensive technology and Kale Ross 30 years finance experience primarily within the has over 30 years mining industry experience commercial background to Macmahon through Manager, HSEQT resources sector. He holds a Bachelor of working for both contractors and mining his 23 years’ experience across the mining, Accountancy (with Distinction) and is a companies. He has spent the last 14 years in management consulting and technology Chartered Accountant. Prior to joining various senior management operational roles sectors. Mr van den Berg commenced with Kale Ross has more than 16 years’ experience Macmahon, Mr Martins held the position of throughout Australia, PNG and China. Macmahon in 2008, as Chief Information working across construction, underground and Chief Financial Officer for the Ausdrill Group. Officer. Prior to Macmahon, Mr van den Berg surface mining operations in numerous Michael Fisher held senior management and technology operational and senior leadership roles. Mr Greg Gettingby President Director, PT Macmahon Mining positions in both Australia and the UK, Ross has a strong operational and technical, General Counsel and Company Secretary Services including BHPBilliton, safety and training background and has worked PriceWaterhouseCoopers and CitiGroup. across multiple jurisdictions with Australia and Mr Gettingby holds a Bachelor of Arts and a Mr Fisher has 20 years’ experience in the more recently in Nigeria and South-East Asia. Bachelor of Laws and has more than 16 years’ mining industry, the last 8 years of which have experience in the contracting industry. Mr primarily been spent in senior management Gettingby joined Macmahon in 2002 and was positions. Mr Fisher holds a Graduate Diploma appointed to the position of Group General of Mine Engineering. He has a strong Counsel/Company Secretary in 2011. He commercial and operational background, with previously held commercial management and experience in mineral and coal operations in legal roles with the Company. Prior to joining the Northern Territory, east coast of Australia

Macmahononly use personal For Mr Gettingby worked as a lawyer in and several provinces across Indonesia. private practice.

MACQUARIE CONNECTIONS – WA FORUM 22 INCOME STATEMENT – FY17 RESULTS

$ Millions 2016 2017 Total revenue1 from continuing operations 312.2 359.6 EBITDA (from continuing operations) 2 42.5 31.8 EBIT (from continuing operations)3 13.8 (1.7) Asset write-downs and onerous lease provision (2.1) - Takeover defence costs - (3.4) Net finance costs (0.7) (0.1) Tax expense (0.2) (0.3) Net profit / (loss) after tax from continuing operations 10.8 (5.5) Loss from discontinued operations (net of tax) (9.1) (17.3) Profit/(Loss) for the year 1.7 (22.8)

• Revenue growth driven largely by increased volumes at Tropicana • Nigeria costs of $19.2 million reflected in discontinued operations

• One off costs for takeover defence of $3.4 million For personal use only use personal For

1. Total revenue excludes Martabe joint venture and other income

Non – IFRS Financial Information: 2. EBITDA is earnings before interest, tax, depreciation, amortisation, asset write-downs and onerous lease provision and takeover defence costs 3. EBIT is earnings, before interest, tax, asset write-downs and onerous lease provision and takeover defence costs

MACQUARIE CONNECTIONS – WA FORUM 23 CASH FLOW – FY17 RESULTS

$ Millions 2016 2017 EBITDA from continuing operations 42.5 31.8 Net interest paid (1.0) (0.1) Income taxes paid (2.8) - Working capital and other items (29.6) (1.5) Operating cash flow 9.1 30.2 Proceeds from sale of assets 17.6 12.6 Capital expenditure (23.5) (34.9) Net repayment of borrowings and associated costs (171.6) (1.4) Share buy-back (5.4) (1.2) Other items (6.4) 0.9 Cash on hand at the beginning of year 236.9 56.7 Cash on hand 56.7 62.9

• Operating cash flow normalised compared to previous corresponding period (which was impacted by reduction in provisions, profit on asset sales and FX gains) • Further positive movements due to improvements in working capital movements

• Increase in capital expenditure largely due to scheduled Tropicana fleet maintenance and the purchase of a number of key equipment items For personal use only use personal For

MACQUARIE CONNECTIONS – WA FORUM 24 BALANCE SHEET – FY17 RESULTS

$ Millions 2016 2017 Pro-forma1 Current assets 175.5 164.5 164.5 Non-current assets 124.6 130.5 313.0 Total assets 300.1 295.0 477.5 Net assets 207.4 185.0 367.5 Net cash 56.5 54.1 54.1 Gearing (27.2%) (29.2%) (14.7%)

• No debt – net cash of $54.1 million • Balance sheet significantly strengthened following the completion of AMNT transaction

• $10 million multi-option financing facility in place until November 2017 – negotiations regarding a new multi-purpose facility underway For personal use only use personal For

1. The Pro-forma Balance Sheet reflects the AMNT Transaction whereby 954,064,924 shares were issued for the purchase of $182.5 million of plant and equipment (net of costs)

MACQUARIE CONNECTIONS – WA FORUM 25 FORECAST FY18 REVENUE AND ORDER BOOK

Revenue by client Revenue by Commodity

AngloGold Gold AMNT 16% Copper-Gold 9% 8% Newcrest Coal 36% Unsecured New 12% Other Other

25% 59% 12%

25%

Order book by Commodity Order book $5Bn

Gold 2% Batu Hijau Mining Contract 1.2 Copper-Gold

Other Order Book 49% (excluding Byerwen 49% and Tropicana expansion)

3.8 For personal use only use personal For

MACQUARIE CONNECTIONS – WA FORUM 26 RECONCILIATION OF NON-IFRS FINANCIAL INFORMATION

$ Millions 2016 2017 Profit/(Loss) for the year (as reported) 1.7 (22.8) Add back: Loss from discontinued operations (net of tax) 9.1 17.3 Net profit / (loss) after tax from continuing operations (as reported) 10.8 (5.5) Add back: • Asset write-downs and onerous lease provision 2.1 - • Takeover defence costs - 3.4 • Net finance costs 0.7 0.1 • Tax expense 0.2 0.3 EBIT (from continuing operations excluding significant items) 13.8 (1.7) Add back: Depreciation and amortisation expense 28.7 33.5

EBITDA (from continuing operations excluding significant items) 42.5 31.8 For personal use only use personal For

MACQUARIE CONNECTIONS – WA FORUM 27 10 OCTOBER 2017

WESTERNonly use personal For AUSTRALIA FORUM OCTOBER 2017

MACQUARIE CONNECTIONS 28