11 July 2014 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 was down over the week with the S&P / ASX100 ending at 4563 points. The Australian dollar increased

over the week closing at US93.8 cents. Glenn Stevens warned investors to brace for a slump in the Australian dollar when the US

Federal Reserve starts to lift interest rates.

Calibre Group Limited (ASX:CGH), a diversified provider of engineering, consulting, project delivery, construction and asset

management services, announced that its wholly-owned infrastructure, construction and maintenance services business, G&S

Engineering Services Pty Limited (www.g-s.com.au), has acquired Ark Maintenance (www.arkm.com.au), a WA resource-focused

maintenance services firm for approximately $3.3 million. The acquisition is consistent with Calibre’s ongoing strategy of

expanding and strengthening its capabilities across the broader Resources, Energy and Infrastructure markets nationally.

Otto Marine Limited's (SGX:G4F) wholly owned subsidiary Otto Ventures Pte Limited, a marine geophysical services provider for

the oil and gas exploration industry in the Asia Pacific region, completed its share purchase agreement to acquire the remaining

10% stake in Go Marine Group Pty Limited (www.gomarinegroup.com.au) for SGD 6.3 million in stock. Go Marine Group is an

energy services company that provides integrated marine oil and gas logistics services.

It is believed that Ferrovial S.A. (CATS:FER), Bouygues S.A. (ENXTPA:EN) and VINCI S.A. (ENXTPA:DG) are preparing to

deliver indicative first round offers for Leighton Holdings’ (ASX:LEI) John Holland operations, rumoured to be due by 24 July

2014. It is also rumoured that AVJennings Limited (ASX:AVJ), Daiwa House Industry Co. Ltd. (TSE:1925) and Sekisui House Ltd.

(TSE:1928) are potential suitors for Leighton Holdings’ majority ownership in Devine Limited (ASX:DVN).

Kori Holdings Limited (Catalist:5VC), a civil/structural engineering and infrastructure construction services provider, acquired a

51% stake in Fuchiang Construction Pte Limited, a piling works and structural steel works construction services provider, for SGD

2.5 million.

News Headlines and Key Sector Developments

Ticker News/Event Ticker News/Event

BYL Announced the award of a $17M contract to construct the new Airport Drive and associated infrastructure at Perth Airport

TPP Announced the award of a $13.4M contract for structural, mechanical, piping miscellaneous works and commissioning support at Rio Tinto’s Cape Lambert Port Expansion

DCG Announced the award of a $26M contract for the design, supply, installation and commissioning of Rio Tinto’s Cape Lambert Port B Non Process Infrastructure

TSE Announced it has secured a contract to manage Australian Defence facilities across WA, NT, VIC, TAS and SA. The initial contract term is for six years, with options to renew for up to further four years. The annualised value is $270M

DOW Announced that its JV with Bombardier Transportation Australia has been awarded a $40M maintenance contract by WA’s Public Transport Authority

TTN Unaudited EBIT for the FY14 was in the order of $18.5m, a result well above the $14.5m EBIT achieved during FY13 but lower than the targeted range of $19.5M - $21.0M

LEI Announced the appointment of Kirstin Ferguson as an Independent, Non-Executive Director, effective immediately

UGL Announced that the Chairman, Mr Trevor C Rowe, will retire at the conclusion of the company’s 2014 AGM with Ms Kathryn Spargo appointed to take his place

Source: Capital IQ, LCC research

11 July 2014 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 246 0.87 0.92 0.94 0.87 ▲ 5.7% NM NMASL 292 0.93 0.94 0.95 0.89 ▲ 0.5% 3.4x 7.2xAAX 92 0.55 0.55 0.56 0.53 ▲ 0.9% NM NMANG 132 1.63 1.57 1.64 1.54 ▼ -3.7% 7.1x 10.7xBLY 73 0.21 0.16 0.22 0.15 ▼ -22.0% 5.4x NMBKN 722 4.22 4.22 4.27 4.08 — 0.0% 7.4x 12.2xBYL 45 0.40 0.41 0.41 0.40 ▲ 1.3% 1.9x 3.6xBOL 59 0.13 0.13 0.13 0.12 — 0.0% 3.4x 8.3xBSA 22 0.10 0.10 0.10 0.10 ▼ -5.0% 4.5x 15.8xCDD 1,029 6.73 6.41 6.75 6.40 ▼ -4.8% 8.9x 11.0xCGH 145 0.40 0.43 0.43 0.40 ▲ 7.5% 3.5x 7.9xCOF 67 0.26 0.26 0.28 0.26 ▲ 2.0% 10.3x 25.6xDCG 313 1.83 1.86 1.90 1.77 ▲ 1.4% 3.5x 3.9xDSB 5 0.12 0.12 0.34 0.34 ▼ -4.2% 3.0x 8.4xDOW 1,977 4.65 4.54 4.67 4.47 ▼ -2.4% 3.6x 6.3xEAL 73 0.57 0.57 0.57 0.55 — 0.0% 6.4x 7.6xEGN 36 0.12 0.12 0.15 0.15 ▼ -4.2% NM NMEHL 119 0.21 0.21 0.22 0.21 ▼ -2.4% 4.9x 175.9xEVZ 3 0.01 0.02 0.02 0.01 ▲ 15.4% 22.6x NMFWD 143 2.36 2.36 2.40 2.27 — 0.0% 5.6x 10.9xGCS 80 0.48 0.47 0.47 0.45 ▼ -1.1% 3.7x 6.0xGNG 105 0.74 0.70 0.78 0.70 ▼ -5.4% 4.5x 4.8xHDX 38 0.19 0.18 0.19 0.18 ▼ -5.3% 4.7x 7.2xIMD 134 0.62 0.63 0.66 0.61 ▲ 2.4% 7.5x 16.8xLEI 6,990 21.03 20.65 21.08 20.23 ▼ -1.8% 3.9x 7.2xLCM 65 0.89 0.93 0.95 0.86 ▲ 4.5% 5.7x 6.6xLYL 95 2.11 2.44 2.50 2.11 ▲ 15.6% 2.6x 2.8xMLD 409 1.97 2.02 2.07 1.86 ▲ 2.8% 2.6x 4.0xMAH 132 0.11 0.11 0.11 0.11 — 0.0% 1.3x 3.1xMYE 31 0.45 0.42 0.45 0.42 ▼ -7.8% 2.3x 4.6xMIN 1,976 9.98 10.59 10.66 9.74 ▲ 6.1% 3.8x 5.8xMCE 113 1.22 1.19 1.23 1.17 ▼ -2.5% 8.3x 35.3xMND 1,560 16.90 16.83 16.99 16.42 ▼ -0.4% 5.8x 6.5xMRM 745 2.06 2.03 2.07 2.00 ▼ -1.5% 7.1x 11.2xNOD 12 0.05 0.05 0.05 0.05 ▼ -2.2% 1.3x 1.5xNWH 273 1.00 0.98 1.04 0.94 ▼ -1.5% 2.4x 3.7xOTC 20 0.11 0.11 0.11 0.10 ▼ -4.5% 1.5x 2.1xPRG 307 2.71 2.60 2.74 2.55 ▼ -4.1% 5.9x 7.1xRCR 400 2.90 2.92 3.03 2.84 ▲ 0.7% 7.4x 9.5xRQL 36 0.13 0.12 0.13 0.12 ▼ -11.5% 5.4x NMSND 71 0.86 0.90 0.92 0.88 ▲ 4.7% 6.6x 7.2xSDM Sedgman Limited 115 0.53 0.51 0.54 0.49 ▼ -3.8% 11.5x NMSSM Service Stream Limited 77 0.21 0.20 0.22 0.20 ▼ -4.8% NM NMSWL 167 1.92 1.90 1.97 1.90 ▼ -0.8% 7.4x 8.2xSXE 91 0.54 0.57 0.57 0.54 ▲ 4.6% 1.9x 2.4xSTS 40 0.60 0.64 0.64 0.59 ▲ 6.7% 2.0x 6.0xSWK 43 0.26 0.26 0.27 0.26 — 0.0% 2.4x 6.3xTPP 15 0.09 0.09 0.12 0.08 ▼ -5.6% NM NMTTN 111 2.25 2.19 2.32 2.08 ▼ -2.7% 5.2x 6.5xTSE 651 1.25 1.27 1.29 1.22 ▲ 1.6% 7.0x 13.9xUGL 1,166 7.25 7.10 7.25 7.01 ▼ -2.1% 13.8x 22.2xVMG 31 0.01 0.01 0.01 0.01 — 0.0% NM NMWDS 134 0.94 0.93 0.95 0.90 ▼ -1.6% 2.6x 4.8xWOR 4,552 18.90 18.44 18.90 18.19 ▼ -2.4% 10.5x 11.8xWTP 155 0.81 0.83 0.86 0.78 ▲ 3.1% 1.4x 7.0x

Source: Capital IQ, LCC research

UGL Limited

Ausdrill Limited

Watpac Limited

Lycopodium LimitedMACA LimitedMacMahon Holdings LimitedMastermyne Limited

WorleyParsons Limited

VDM Group LimitedWDS Limited

Bradken Limited

Boom Logistics Limited

EVZ LimitedFleetwood Corporation Limited

Downer EDI Limited

Ausenco Limited

Engenco LimitedEmeco Holdings Limited

Global Construction Services Limited

Coffey International 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

Transfield Services Limited

Swick Mining Services Limited

Mermaid Marine Australia LimitedMonadelphous Group Limited

Mineral Resources Limited

OTOC Limited

RCR Tomlinson Limited

NRW Holdings Limited

Programmed Maintenance Services

Seymour Whyte Limited

Tempo Australia LimitedTitan Energy Services Limited

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