27 September 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 review

The Australian market hit a five year high as it followed the lead of US stocks which continue to make gains despite a

looming deadline to raise the US debt ceiling.

According to the IMF, US government gross debt is 106% of GDP. By comparison, Australia's debt to GDP is 27%. Despite

this, it is unlikely the US has any option but to raise its debt ceiling. The Australian dollar traded down during the week to

close around the US93 cent level. Interestingly the run into Christmas may produce some IPO activity. Brokers are

definitely a little less gloomy than they have been for a few years, and a solid performance on a few of the blockbuster deals

may open the way for various Engineering & Mining Services sector private companies waiting in the wings to test the

markets in the new year.

Source: Capital IQ

News Headlines and Key Sector Developments

Ticker News/Event Ticker News/Event

BLY Has revised its previously announced agreement to amend the terms of its existing revolving credit facility. The revised amendments, when effective, will, among other things, reduce the size of the revolving credit facility from US$450M to US$140M

PRG Has been awarded, through its marine services division, a $100M contract to provide vessel management, marine and construction manning, catering and logistical services to Heerema Contractors for its work on the Ichthys LNG Project

GCS Released its FY13 results with revenues from continuing operations of $200.3M (FY12: $212.2M) and NPAT of $15.3M (FY12: $22.8M), a decline of 32.8% over the corresponding period

SDM Has been awarded a $8.9M contract to design, construct and commission an upgrade to the coal processing plant at Centennial Coal’s Springvale mine

MIN FMG, the principal of the Christmas Creek Site, has exercised powers to step-in and manage Crushing Services International’s (a MIN subsidiary) two ore processing facilities for an undisclosed period. MIN does not anticipate a material impact on cash flow or profitability and is confident of a quick resolution

VDM Requested a trading halt in relation to its securities pending an announcement by the company in relation to a financing proposal

WTP Has been awarded a $148M design and construct contract by Healthscope to build the new Gold Coast Private Hospital in Southport Source: Capital IQ, Thomson Reuters, LCC research

4100

4300

4500

28 Aug 13 12 Sep 13 27 Sep 13

S&P/ASX 100 Index

0.880

0.900

0.920

0.940

0.960

28 Aug 13 12 Sep 13 27 Sep 13

AUD vs USD

27 September 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 365 1.35 1.37 1.39 1.32 ▲ 1.1% NM NMASL 517 1.66 1.66 1.70 1.61 — 0.0% 3.5x 6.3xAAX 201 1.65 1.63 1.68 1.60 ▼ -0.9% 4.9x 6.4xANG 249 3.41 3.40 3.45 3.30 ▼ -0.3% 6.0x 7.3xBLY 205 0.48 0.45 0.50 0.44 ▼ -6.2% 3.9x 11.5xBKN 973 5.90 5.75 5.90 5.60 ▼ -2.5% 7.9x 11.6xBYL 40 0.37 0.37 0.37 0.35 — 0.0% 2.1x 3.6xBOL 89 0.17 0.19 0.19 0.17 ▲ 11.8% 3.8x 8.3xBSA 33 0.15 0.15 0.15 0.14 — 0.0% 3.6x 8.5xCDD 897 6.27 6.25 6.30 6.01 ▼ -0.3% 7.8x 9.4xCGH 149 0.50 0.49 0.51 0.48 ▼ -3.0% 3.1x 6.5xCLO 1,135 1.46 1.46 1.47 1.46 — 0.0% 6.9x 7.2xCOF 56 0.20 0.22 0.22 0.19 ▲ 10.0% 7.3x 13.5xDCG 388 2.24 2.30 2.38 2.16 ▲ 2.7% 5.0x 5.6xDSB 25 0.56 0.53 0.58 0.53 ▼ -4.5% 2.7x 3.7xDOW 2,008 4.70 4.62 4.74 4.51 ▼ -1.7% 3.7x 6.6xEAL 75 0.64 0.66 0.67 0.63 ▲ 3.1% 6.8x 7.9xEGN 47 0.15 0.15 0.15 0.15 — 0.0% NM NMEHL 143 0.24 0.25 0.25 0.23 ▲ 4.3% 3.2x 9.3xEVZ 12 0.06 0.06 0.06 0.06 ▲ 3.4% 7.8x 10.8xFWD 223 3.57 3.68 3.70 3.51 ▲ 3.1% 6.5x 10.8xFGE 452 5.18 5.24 5.26 4.87 ▲ 1.2% 3.5x 4.4xGCS 92 0.53 0.54 0.55 0.53 ▲ 1.9% 3.7x 6.0xGNG 90 0.58 0.60 0.60 0.55 ▲ 4.3% 6.8x 7.5xHDX 58 0.31 0.32 0.32 0.30 ▲ 3.2% 4.4x 6.4xIMD 190 0.85 0.91 0.93 0.82 ▲ 7.1% 5.0x 6.6xLEI 6,657 18.60 19.74 19.85 18.40 ▲ 6.1% 3.9x 8.3xLCM 123 1.70 1.76 1.77 1.70 ▲ 3.5% 7.8x 8.3xLYL 178 5.10 4.57 5.30 4.57 ▼ -10.4% 4.7x 5.1xMLD 428 2.48 2.48 2.55 2.35 — 0.0% 3.4x 5.2xMAH 163 0.14 0.13 0.14 0.13 ▼ -7.1% 1.3x 2.7xMYE 75 1.10 0.99 1.10 0.99 ▼ -9.6% 3.1x 4.5xMIN 2,050 12.20 11.02 12.25 10.62 ▼ -9.7% 6.3x 9.6xMCE 68 0.71 0.72 0.76 0.68 ▲ 0.7% 6.4x 83.7xMND 1,788 19.00 19.37 19.84 18.71 ▲ 1.9% 6.7x 7.6xNMS 96 0.05 0.05 0.05 0.05 ▲ 4.0% 102.4x NMNWH 413 1.50 1.48 1.54 1.45 ▼ -1.0% 3.0x 4.1xOTC 20 0.11 0.10 0.12 0.10 ▼ -9.1% 2.3x 3.2xPRG 323 2.70 2.73 2.75 2.58 ▲ 1.1% 6.2x 7.6xRCR 503 3.58 3.72 3.72 3.48 ▲ 3.9% 7.2x 9.8xRQL 44 0.18 0.18 0.18 0.17 — 0.0% 3.3x 6.7xSND 69 0.90 0.89 0.90 0.88 ▼ -1.7% 7.2x 7.7xSDM Sedgman Limited 172 0.73 0.77 0.78 0.73 ▲ 5.5% 2.7x 6.2xSSM Service Stream Limited 48 0.18 0.17 0.18 0.17 ▼ -5.6% NM NMSWL 110 1.58 1.42 1.58 1.37 ▼ -10.4% 4.6x 5.0xSXE 197 1.18 1.22 1.25 1.16 ▲ 3.4% 5.2x 6.5xSTS 27 0.43 0.43 0.44 0.43 — 0.0% 2.5x 8.3xSWK 82 0.34 0.38 0.39 0.34 ▲ 13.4% 2.8x 5.3xTPP 8 0.05 0.05 0.05 0.05 — 0.0% NM NMTSE 579 1.10 1.13 1.15 1.06 ▲ 2.7% 5.8x 11.4xUGL 1,374 8.29 8.42 8.43 7.80 ▲ 1.6% 17.7x 33.0xVMG 10 0.01 0.01 0.01 0.01 — 0.0% NM NMWDS 113 0.73 0.78 0.80 0.73 ▲ 6.8% 4.3x 9.5xWOR 6,024 23.01 24.41 24.41 22.82 ▲ 6.1% 11.4x 12.9xWTP 140 0.70 0.76 0.79 0.69 ▲ 9.4% 1.8x 8.5x

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

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

AJ Lucas Group Limited

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