1 November 2013 WWW.LCC.ASIA

IMPORTANT DISCLAIMER This report has been prepared by Lincoln Crowne & Company Pty. Limited ("LCC"). The research is based on information obtained from sources believed to be accurate and reliable. LCC does not guarantee the accuracy, reliability, completeness or suitability of any such information and makes no warranty, guarantee or representation, expressly or impliedly about this research. LCC accepts no obligation to correct or update the information. No opinion or recommendation is made within this research. This report is not intended to be, nor should it be relied on, as a substitute for professional advice. This report should not be relied upon as the sole basis for any investment decision or planning, and LCC does not accept any responsibility on this basis for actions made.

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M&A Rumour and Activity

The Australian market ended the week down with the S&P/ASX 100 Index closing at 4490 points on Friday. The Australian

dollar also finished weaker at 94.30 US cents. Attention now switches to the Reserve Bank's board meeting on Tuesday

with most expecting interest rates to be left unchanged.

Two deals were announced this week.

MacMahon (ASX: MAH) sold its 25% share of the Express Rail Link project in Hong Kong to Leighton Asia. The sale

marked the end of MAH’s legacy construction projects, allowing the company to focus solely on its mining business.

Savcor (ASX:SAV), an asset maintenance and remediation specialist, entered into an indicative heads of agreement with a

strategic partner in relation to the sale of its Advanced Rehabilitation Technology services business for an undisclosed

amount. The sale is subject to the usual due diligence, legal and shareholder approvals.

3 Singaporean engineering & construction companies announced buybacks in the week including Lum Chang Holdings

(SGX:L19), Jaya Holdings (SGX:J10) and Civmec (SGX:P9D). PPS International (SEHK:8201) also conducted a buyback in

Hong Kong.

News Headlines and Key Sector Developments

Ticker News/Event Ticker News/Event

DOW Secured a contract with Bechtel for two electrical and instrumentation packages for the downstream portion of the Chevron-operated Wheatstone Project in Western Australia. The contract, valued at approximately $400M, will commence onsite late 2014

RCR Has appointed Mr Andrew Phipps to the position of Chief Financial Officer. Mr Phipps most recently held the role of Executive General Manager Finance for UGL’s engineering business

LEI Awarded a three year, $249M contract at the Isaac Plains open-cut coal mine for Isaac Plains Coal Management Pty Ltd. The contract includes a range of contract mining services

RQL Reported 1QFY14 results with revenues of $29.5M and EBITDA of $3.9M. RQL continues to experience tough trading conditions during the first quarter of FY14, not dissimilar to those faced during the second half of FY13

MAH Works at the Trangie Nevertire Irrigation Scheme project in NSW are scheduled for completion in the first week of November 2013

SWK Revenue for the quarter ending September 30, 2013 was $32.0M (unaudited), down 16% from the corresponding period a year ago. FY14 guidance provided at $125M to $135M revenue with an EBITDA margin of between 18 – 20%

MYE Darren Hamblin, co-founder of MYE, has been elected by the Board as Chairman, effective from the close of the forthcoming Annual General Meeting to be held on Monday 25 November 2013

VMG Entered into a binding term sheet whereby an unsecured loan facility of up to $4M will be provided by cornerstone investor H&H Holdings Australia Pty Ltd to VDM

Source: Capital IQ, Thomson Reuters, LCC research

1 November 2013 WWW.LCC.ASIA

IMPORTANT DISCLAIMER This report has been prepared by Lincoln Crowne & Company Pty. Limited ("LCC"). The research is based on information obtained from sources believed to be accurate and reliable. LCC does not guarantee the accuracy, reliability, completeness or suitability of any such information and makes no warranty, guarantee or representation, expressly or impliedly about this research. LCC accepts no obligation to correct or update the information. No opinion or recommendation is made within this research. This report is not intended to be, nor should it be relied on, as a substitute for professional advice. This report should not be relied upon as the sole basis for any investment decision or planning, and LCC does not accept any responsibility on this basis for actions made.

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Market Cap Open Price Close Price Week High Week Low Weekly Volume EV/ EV/

Ticker (AUD Million) (AUD) (AUD) (AUD) (AUD) % Change Trend EBITDA EBIT

AJL 317 1.25 1.19 1.30 1.10 ▼ -5.2% NM NMASL 451 1.56 1.45 1.61 1.44 ▼ -7.4% 3.3x 5.9xAAX 198 1.76 1.61 1.76 1.60 ▼ -8.8% 4.9x 6.3xANG 279 4.20 3.81 4.20 3.81 ▼ -9.3% 6.6x 8.0xBLY 198 0.47 0.44 0.48 0.42 ▼ -6.5% 3.8x 11.4xBKN 1,026 6.65 6.06 6.69 6.00 ▼ -8.9% 8.1x 12.1xBYL 37 0.36 0.34 0.38 0.32 ▼ -6.9% 2.0x 3.4xBOL 90 0.20 0.19 0.20 0.18 ▼ -5.0% 3.8x 8.3xBSA 30 0.13 0.13 0.14 0.13 — 0.0% 3.9x 11.6xCDD 1,036 6.80 7.17 7.23 6.66 ▲ 5.4% 8.8x 10.6xCGH 126 0.45 0.40 0.45 0.40 ▼ -10.1% 2.8x 5.7xCLO 1,127 1.47 1.45 1.47 1.45 ▼ -1.0% 6.8x 7.1xCOF 60 0.23 0.24 0.25 0.22 ▲ 4.4% 7.5x 13.9xDCG 413 2.54 2.45 2.57 2.43 ▼ -3.5% 5.4x 6.0xDSB 22 0.48 0.47 0.48 0.45 ▼ -1.1% 2.5x 3.5xDOW 2,139 4.96 4.92 5.09 4.83 ▼ -0.8% 3.8x 6.9xEAL 87 0.76 0.73 0.78 0.73 ▼ -4.6% 7.5x 8.8xEGN 53 0.16 0.17 0.17 0.16 ▲ 6.3% NM NMEHL 198 0.35 0.34 0.37 0.33 ▼ -1.4% 3.5x 10.3xEVZ 12 0.06 0.06 0.06 0.06 — 0.0% 7.9x 10.9xFWD 197 3.40 3.26 3.47 3.25 ▼ -4.1% 5.9x 9.7xFGE 360 4.67 4.18 4.70 4.16 ▼ -10.5% 2.7x 3.3xGCS 99 0.58 0.58 0.59 0.55 — 0.0% 3.9x 6.2xGNG 105 0.69 0.70 0.70 0.67 ▲ 1.4% 8.2x 9.0xHDX 65 0.30 0.31 0.32 0.30 ▲ 3.3% 4.8x 6.9xIMD 152 0.84 0.72 0.86 0.67 ▼ -14.3% 4.1x 5.5xLEI 5,895 17.95 17.48 18.05 17.41 ▼ -2.6% 3.6x 7.5xLCM 125 1.98 1.80 2.05 1.77 ▼ -9.1% 8.0x 8.5xLYL 193 4.95 4.95 4.96 4.85 — 0.0% 5.2x 5.6xMLD 445 2.56 2.58 2.61 2.52 ▲ 0.8% 3.6x 5.4xMAH 188 0.17 0.15 0.17 0.14 ▼ -9.1% 1.5x 3.0xMYE 77 1.09 1.02 1.09 0.99 ▼ -6.9% 3.2x 4.6xMIN 2,099 11.47 11.28 11.54 11.26 ▼ -1.7% 6.5x 9.8xMCE 66 0.70 0.70 0.71 0.68 ▼ -0.7% 6.2x 81.5xMND 1,676 18.90 18.16 19.38 17.92 ▼ -3.9% 6.2x 7.1xNMS 92 0.04 0.05 0.05 0.03 ▲ 25.0% 98.1x NMNOD 19 0.08 0.07 0.08 0.07 ▼ -9.1% 1.6x 2.2xNWH 378 1.44 1.36 1.47 1.34 ▼ -5.9% 2.8x 3.8xOTC 19 0.10 0.10 0.11 0.10 ▲ 1.0% 2.2x 3.1xPRG 327 2.89 2.77 2.89 2.73 ▼ -4.2% 6.3x 7.7xRCR 486 3.84 3.56 3.90 3.46 ▼ -7.3% 7.0x 9.4xRQL 42 0.20 0.17 0.20 0.17 ▼ -15.0% 3.3x 6.6xSND 73 0.92 0.93 0.93 0.90 ▲ 1.1% 7.7x 8.2xSDM Sedgman Limited 183 0.87 0.82 0.90 0.82 ▼ -5.2% 3.0x 6.9xSSM Service Stream Limited 61 0.23 0.22 0.24 0.22 ▼ -4.4% NM NMSWL 104 1.35 1.33 1.36 1.33 ▼ -1.5% 4.1x 4.5xSXE 163 1.12 1.01 1.12 0.98 ▼ -9.4% 4.1x 5.1xSTS 32 0.50 0.51 0.52 0.49 ▲ 2.0% 2.8x 9.4xSWK 72 0.35 0.34 0.35 0.32 ▼ -1.4% 2.4x 4.7xTPP 7 0.05 0.05 0.05 0.05 — 0.0% NM NMTSE 679 1.53 1.33 1.55 1.30 ▼ -13.4% 6.3x 12.4xUGL 1,218 8.02 7.46 8.04 7.27 ▼ -7.0% 16.3x 30.4xVMG 6 0.01 0.01 0.01 0.01 ▼ -40.0% NM NMWDS 117 0.88 0.81 0.90 0.81 ▼ -8.5% 4.4x 9.8xWOR 5,405 22.35 21.90 22.50 21.66 ▼ -2.0% 10.3x 11.7xWTP 175 0.99 0.95 1.06 0.95 ▼ -4.0% 2.4x 11.2x

Source: Capital IQ, LCC research

GR Engineering Services Limited

E&A Limited

Structural Systems Limited

Resource Equipment LimitedSaunders International Limited

Southern Cross Electrical Engineering

Matrix Composites & Engineering

Hughes Drilling Pty Limited

Logicamms Limited

Imdex LimitedLeighton Holdings Limited

Nomad Building Solutions Limited

Transfield Services Limited

Swick Mining Services Limited

Neptune Marine Services LimitedMonadelphous Group Limited

Mineral Resources Limited

OTOC Limited

RCR Tomlinson Limited

NRW Holdings Limited

Programmed Maintenance Services

Seymour Whyte Limited

Tempo Australia Limited

Engenco LimitedEmeco Holdings Limited

Forge Group LimitedGlobal Construction Services Limited

Coffey International LimitedClough Limited

Cardno LimitedBSA Limited

Brierty Limited

Decmil Group Limited

Austin Engineering Limited

Company Name

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Boart Longyear Limited

Calibre Group Limited

DeltaSBD Limited

Boom Logistics Limited

EVZ LimitedFleetwood Corporation Limited

Downer EDI Limited

Ausenco LimitedAusdrill Limited

Watpac Limited

Lycopodium LimitedMACA LimitedMacMahon Holdings LimitedMastermyne Limited

WorleyParsons Limited

VDM Group LimitedWDS Limited

Bradken Limited

UGL Limited