11 October 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 was up 1.3% for the week, buoyed after the US White House endorsed a non-conditional temporary

increase in the debt limit. If the US cannot agree to raise the borrowing limit, the US could default on its debt by the end of

October. Takeover speculation continues in the industry with Bradken the latest company to be subject (albeit denied by the

company) to M&A rumour. Emeco and UGL have also been the subject of increased M&A speculation.

Offshore activity in acquiring onshore companies continued last week with 2 small deals announced.

Wood Group Wagners (www.woodgroupwagners.com), a Queensland based CSG oriented Engineering Services Firm

closed the sale of 45% to UK based Production Services Network. Value has not been disclosed at this time (but we are

keeping our eye out as usual).

Mancala (www.mancala.com.au), an underground Mining Services specialist (in particular around raise boring) sold itself in

a heavily structured share based transaction to Singaporean Sapphire Corporation, which is listed on the Singaporean

Second Board (Catalist). Deal value was disclosed at $15M which included a $2M loan from Sapphire to Mancala, $1.5m in

shares granted 3 months from completion, $4M following audited accounts being issued 31 Dec 2014 and $9.5M in shares

granted following audited accounts being issued 31 Dec 2015.

News Headlines and Key Sector Developments

Ticker News/Event Ticker News/Event

ANG Has further expanded operations in northern Chile through the acquisition of competitor Servigrut for US$21M (payable in cash)

MND Secured maintenance and infrastructure construction contracts with a combined value of approximately $250M. The contracts are with customers in the oil and gas sector in WA and the water sector in QLD

CDD Signed an agreement to acquire Haynes Whaley Associates, a 100 person structural engineering firm headquartered in Houston Texas for US$22.25M. The acquisition is expected to contribute approximately US$20M in revenue and US$4.6M in EBITDA over the next twelve months

VMG Has completed the sale of the VDM Construction (Eastern Operations) business. Given the impact this transaction would have within the notes of the VMG’s annual return, VMG has decided to not lodge their accounts at this time, and as such will remain in suspension until those matters are finalised

CLO The Federal Court of Australia has given orders to CLO approving the issue of the Scheme Booklet in relation to the proposed acquisition by Murray & Roberts Pty Ltd

WDS Won contract work with a total value exceeding $50M for delivery in the current financial year. Two of the contracts are with Santos (GLNG Project) and Vale (Carborough Downs Coal Mine)

GCS Awarded an additional $9M of formwork and concrete works to its initial contract award for the construction of the Brookfield Place Tower 2 project located in Perth’s CBD

WTP Has been awarded a $25M contract from Australia Post to deliver a major expansion at its Melbourne Parcel Facility in Ardeer Source: Capital IQ, Thomson Reuters, LCC research

11 October 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 353 1.32 1.32 1.38 1.30 — 0.0% NM NMASL 433 1.40 1.39 1.42 1.28 ▼ -1.1% 3.2x 5.8xAAX 203 1.62 1.65 1.67 1.54 ▲ 1.5% 5.0x 6.4xANG 260 3.17 3.55 3.58 3.17 ▲ 12.0% 6.3x 7.6xBLY 193 0.44 0.43 0.45 0.41 ▼ -3.4% 3.8x 11.3xBKN 1,012 5.80 5.98 6.15 5.53 ▲ 3.1% 8.1x 12.0xBYL 43 0.38 0.40 0.40 0.38 ▲ 5.3% 2.2x 3.8xBOL 82 0.19 0.18 0.19 0.18 ▼ -5.4% 3.7x 8.0xBSA 32 0.14 0.14 0.14 0.13 — 0.0% 4.1x 12.2xCDD 916 6.10 6.38 6.43 5.81 ▲ 4.6% 7.9x 9.6xCGH 149 0.48 0.47 0.48 0.46 ▼ -2.1% 3.1x 6.4xCLO 1,135 1.46 1.46 1.46 1.45 ▲ 0.3% 6.9x 7.2xCOF 58 0.21 0.23 0.23 0.20 ▲ 7.1% 7.4x 13.6xDCG 391 2.29 2.32 2.32 2.03 ▲ 1.3% 5.1x 5.7xDSB 20 0.53 0.44 0.53 0.44 ▼ -17.0% 2.4x 3.3xDOW 2,026 4.50 4.66 4.66 4.27 ▲ 3.6% 3.7x 6.6xEAL 73 0.67 0.65 0.70 0.65 ▼ -3.0% 6.7x 7.8xEGN 50 0.14 0.16 0.16 0.12 ▲ 14.3% NM NMEHL 131 0.25 0.23 0.25 0.22 ▼ -8.2% 3.2x 9.1xEVZ 11 0.05 0.05 0.05 0.05 — 0.0% 7.6x 10.4xFWD 215 3.57 3.55 3.62 3.36 ▼ -0.6% 6.3x 10.5xFGE 429 4.89 4.98 5.12 4.69 ▲ 1.8% 3.3x 4.1xGCS 89 0.50 0.52 0.52 0.48 ▲ 4.0% 3.7x 5.9xGNG 102 0.69 0.68 0.69 0.65 ▼ -0.7% 7.9x 8.7xHDX 71 0.35 0.34 0.36 0.33 ▼ -2.9% 5.2x 7.4xIMD 168 0.83 0.80 0.85 0.78 ▼ -3.6% 4.5x 6.0xLEI 5,999 16.95 17.79 17.84 16.64 ▲ 5.0% 3.6x 7.6xLCM 131 1.87 1.88 1.90 1.71 ▲ 0.5% 8.3x 8.9xLYL 183 4.79 4.69 4.79 4.60 ▼ -2.1% 4.9x 5.2xMLD 442 2.55 2.56 2.59 2.49 ▲ 0.4% 3.5x 5.3xMAH 169 0.13 0.14 0.14 0.12 ▲ 8.0% 1.4x 2.8xMYE 77 1.00 1.02 1.02 0.95 ▲ 2.0% 3.2x 4.6xMIN 2,120 10.81 11.40 11.47 10.81 ▲ 5.5% 6.5x 9.9xMCE 66 0.68 0.70 0.74 0.67 ▲ 2.9% 6.2x 82.1xMND 1,600 17.85 17.33 17.94 16.74 ▼ -2.9% 5.9x 6.7xNMS 83 0.05 0.05 0.05 0.05 — 0.0% 87.5x NMNWH 376 1.35 1.35 1.38 1.23 — 0.0% 2.8x 3.8xOTC 20 0.10 0.11 0.11 0.10 ▲ 5.0% 2.3x 3.2xPRG 333 2.76 2.82 2.83 2.70 ▲ 2.2% 6.4x 7.8xRCR 481 3.49 3.53 3.66 3.11 ▲ 1.1% 6.9x 9.3xRQL 47 0.18 0.19 0.19 0.18 ▲ 5.6% 3.5x 7.1xSND 71 0.89 0.91 0.93 0.87 ▲ 2.2% 7.5x 8.0xSDM Sedgman Limited 164 0.76 0.74 0.76 0.73 ▼ -3.3% 2.5x 5.7xSSM Service Stream Limited 48 0.17 0.17 0.18 0.16 — 0.0% NM NMSWL 105 1.40 1.35 1.40 1.33 ▼ -3.6% 4.2x 4.6xSXE 181 1.17 1.12 1.21 1.10 ▼ -4.3% 4.7x 5.8xSTS 28 0.43 0.44 0.44 0.43 ▲ 2.3% 2.6x 8.5xSWK 76 0.36 0.35 0.37 0.34 ▼ -2.8% 2.6x 4.9xTPP 8 0.05 0.05 0.06 0.05 — 0.0% NM NMTSE 648 1.14 1.27 1.27 1.14 ▲ 11.0% 6.2x 12.1xUGL 1,278 7.74 7.83 7.87 7.46 ▲ 1.2% 16.8x 31.4xVMG 10 0.01 0.01 0.00 0.00 — 0.0% NM NMWDS 114 0.76 0.79 0.80 0.75 ▲ 3.9% 4.4x 9.6xWOR 5,467 23.10 22.15 23.57 21.51 ▼ -4.1% 10.5x 11.8xWTP 151 0.82 0.82 0.83 0.78 — 0.0% 2.0x 9.4x

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