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Master Drilling Group LtdMaster Drilling Group Limited

Danie Pretorius (CEO) & Andre van Deventer (CFO)Mining Indaba Investor ForumCape TownMonday, 3 February 2014

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DISCLAIMER

IMPORTANT NOTICE

This document has been compiled from information provided by the Directors of Master Drilling Group Limited (“Master Drilling”, “Master Drilling Group” or the “Company”) and from publicly available sources, and involves elements of subjective judgment and analysis, which may or may not be correct, and have not been independently verified.

Accordingly, Master Drilling and its Advisors accept no responsibility for the correctness or otherwise of the content set out herein and no representation or warranty, express or implied, is being made or given as to the accuracy or completeness of the information set out herein. The information contained in this document is subject to completion, revision, verification and amendment without prior notice and without liability to compensate or reimburse any party.

No representation or warranty, express or implied is, or will be, given by Master Drilling or its Directors, Partners, Employees or Advisors or any other person as to the accuracy, completeness or fairness of this document and, so far as permitted by law and except in the case of fraud by the party concerned, no responsibility or liability whatsoever is accepted for the accuracy or sufficiency thereof or for any errors, omissions or misstatements negligent or otherwise relating thereto.

Master Drilling shall only be bound by those particular representations and warranties set forth in definitive written transaction documents, when and if such transaction documents are executed and subject to such restrictions and limitations as may be contained therein.

This document may include certain statements, estimates, targets, forecasts and projections provided by Master Drilling. Such statements, estimates, targets, forecasts and projections reflect significant assumptions and subjective judgments and analysis by Master Drilling’s management concerning anticipated future events which may or may not prove to be correct and there can be no assurance that any estimates, targets, forecasts or projections are attainable or will be realised. Nothing contained in this document is, or shall be relied upon as, a promise or representation, whether as to the past or the future. Accordingly, (subject as aforesaid) neither Master Drilling nor its Directors, Partners, Employees or Advisors nor any other person, shall be liable for any direct, indirect or consequential loss or damage suffered by any person as a result of relying on any statement in or omission from this document and any such liability is expressly disclaimed. In particular, but without limitation, no representation or warranty is given as to the achievement or reasonableness of, and no reliance should be placed on, any estimates, targets, forecasts or projections contained in this document (or otherwise provided by or on behalf of Master Drilling with respect to the subject matter of this document). In all cases, interested parties should conduct their own investigation and analysis of Master Drilling and the information contained in this document before making any decisions.

This document does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of an offer to purchase or subscribe for, any securities of the Company or any other entity, nor shall the information contained in this document or the fact of its distribution form the basis of, or be relied upon in connection with, or act as any inducement to enter into, any contract or investment decision in relation thereto.

The document is not an offer of securities in the United States. The securities of the Company have not been and will not be registered under the US Securities Act of 1933, as amended (the "US Securities Act"), and may not be offered or sold in the United States absent registration under, or an exemption from the registration requirements of, the US Securities Act.

The distribution of this document may be restricted by law and persons into whose possession the Information comes should inform themselves about and observe any relevant restrictions.

This document is not intended to provide, and should not be relied upon for, or as, accounting, legal, tax advice or investment recommendations. You should consult your tax, legal, accounting or other professional advisors about the issues presented in the Information.

This presentation and the documents provided with this presentation are confidential and may not be disclosed to any third party without the prior written consent of Master Drilling.

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MASTER DRILLING GROUP

1. MASTER DRILLING GROUP OVERVIEW................................................................................................................... 4

2. INVESTMENT HIGHLIGHTS........................................................................................................................................ 11

3. CORPORATE STRATEGY............................................................................................................................................ 15

4. MAJOR CLIENTS AND COMMODITIES..................................................................................................................... 19

5. OPERATIONS............................................................................................................................................................... 23

6. HISTORICAL FINANCIALS.......................................................................................................................................... 27

7. SHARE PRICE………………………………………………………………………………………………………………….. 30

3

Master Drilling Group Overview

4

MASTER DRILLING GROUP OVERVIEW

Company Overview

Found in 1986 and commenced raise-boring operations in South Africa during the same year with two raise bore machines

One of the global leaders in the raise boring market, also providing other specialised drilling services

Operates 150 drilling rigs of various sizes globally, in countries including South Africa, Zambia, DRC, Mali, Mexico, Peru, Brazil and Chile

Master Drilling has one of the largest fleets of raise bore machines globally

Total of 63 exploration drilling rigs in operation . Surface and underground diamond drill and reverse circulation rigs

Head office is located in Fochville, South Africa. An engineering facility, which manufactures most of the consumables and parts for the world fleet, is housed within the same complex

| March 2013

5

Master Drilling Background and Organogram:

100%

100%

Master Drilling International

Limited (“MDI”)

Master Drilling Group Limited100%

MDI Exco Limited

Kala SA(Chile)

Master Drilling Colombia S.A.S

(Colombia)

Master Drilling Peru SAC

(Peru)

Master Drilling Mexico SA(Mexico)

Master Drilling do Brasil Ltda (Brazil)

Master Drilling Australia (Pty)

Limited (Australia)

Master Drilling Namibia (Pty) Ltd

(Namibia)

Master Drilling Zambia Limited

(Zambia)

Master Drilling South Africa (Pty) Limited (“MDSA”)

Drilling Technical Services (Pty)

Limited

Master Drilling Exploration

(Drillcorp Africa) (Pty) Limited

15%

85% 74%1 74%2 74%1

100%

100%

100%

100%

100%

100%

80%3 80%3

International Operations

SA Operations

1 – Remaining 26% held by Mosima Drilling (Pty) Limited2 – Remaining 26% held by Epha Drilling (Pty) Limited

3 – Remaining 20% held by Moussa Kone

Drillcorp Burkina Faso SA (Burkina

Faso)

Drillcorp Cote d”Ivoire SA (Cote

d”Ivoire)

Drillcorp Botswana (Pty) Ltd

(Botswana)

90%


Geographic Overview

| March 2013Name of presnetation and version here

6

Master Drilling Group Global Presence:


Operational Milestones


7

Key Operational Milestones Since 2000:

HG380 machine completed a 4.5m diameter and 500m in length hole at Amandelbult Platinum mine Introduced a stope long hole drilling project at Mponeng mine

Regional associates are established in Brazil and ZambiaFirst self designed, low profile blind hole / raise borer (BHB200) was added to the fleet

Acquired the largest raise drill ever built (HG380)First stope long hole drilling contract commenced at Beatrix mineFirst hole for the HG380 commenced at Anglo Platinum’s Amandelbult mine (501m x 4.5m diameter)Acquired total fleet of boxhole machines from RUC

Designed and built a remote operated shot-crete application machine

Obtained coveted ISO9001:2000 accreditationWorld’s fastest completion with HG380 machine at Tara Mines, Ireland (692m x 4.5m in 90 days)Drilled Europe’s deepest 4m hole with HG380 machine at Tara Mines, Ireland (839m)New cutter design implemented and stope drill mono rail system purposely built for Goldfield’s Kloof 3Addition of new machines to the fleetDesign of the auto spannerShaft Support division. Training division introduced with virtual learningDesign of the gripper machineLargest hole drilled to date with HG380 (7.3m diameter)Designed first ever low profile Blind Hole borer (LP 150)Longest and most accurate raise bore hole ever drilledExploration drilling contract at KolomelaExpanding global footprint to Mali & Guatemala by offering raise boring services Master Drilling first automated machine went live at Sasol Peru’s first automated machine went live in May

2000

2001

2002

2003

2008

2004

2005

20062007

2009

201020112012

2013


Raise Bore Drilling Overview


8

Raisebore Drilling – The Safer, Faster and More Accurate Method of Drilling:

Raisebore drilling is a method used to drill ore passes and ventilation shafts required for production in an underground mine, without the use of explosives

The raisebore drilling machine is set up on the upper level of the two levels to be connected. A small pilot hole (c. 300mm in diameter) is drilled to the level required. The pilot hole is then reamed to a larger diameter (up to 6m in diameter) by attaching a reamer head to the drill rods at the lower shaft and pulling it back towards the drilling unit in a circular motion

The reamer head has a series of tungsten carbide cutters which cut the rock during the circular motion. The drill cuttings from the reamer head fall to the floor of the lower level and are removed by a standard LHD loader

The boring principle is attractive because it offers the following advantages over conventional drilling and blasting methods:

–Safer working conditions

–Speed of completion

–A hole which has a more stable structural shape

–A hole which has smooth sidewalls which has low frictional loss in ventilation airways, and reduces the likelihood of blockages in the ore-passes

HG380 Raisebore Machine Reamer Head

Working above and below the surface, the raise bore drilling machine drills a pilot hole

1

The reamer is attached in place of the drill bit. The reamer head has a series of tungsten carbide cutters which cut the rock during circular motion

2

As the drill string is raised, it pulls the reamer up towards the surface. Excavated rock drops down the shaft and is removed by a standard LHD loader via the tunnel

3


Operational Photos


9

HG380 Raiseborer underground on site in Peru Blasthole drilling on site in Peru

Core drilling at site in Yemen Underground reamer head Underground holing of piloting process

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Fred G. DixonChief Operating Officer, MDX

Mr. Fred G. Dixon is the General Manager of Master Drilling Exploration (Pty) Ltd (MDX), a position he has held for 6 years

Prior to joining Master Drilling, Mr. Dixon was employed in various management roles over a 20 year career with Mittal Steel in South Africa. Specific roles include Plant Manager, Project Manager and Senior Draughtsman

In his work at Mittal Steel, Mr. Dixon was responsible for management of the company’s heavy earth moving equipment and locomotives

Mr. Dixon holds an MBA from Potchefstroom University and a degree in civil engineering from Vaal Triangle Technikon

1. MASTER DRILLING GROUP OVERVIEWKey Management Team

Daniël C. PretoriusChief Executive Officer, MDG

Mr. Daniel (Danie) C. Pretorius is the Founder and Chief Executive Officer of Master Drilling Group Limited

Mr. Pretorius originally founded Master Drilling in 1986 and has been actively involved in building the company for over 25 years.

Mr. Pretorius is widely considered a pioneer in the field of raise bore drilling, having helped design the company’s drilling fleet to meet the needs of its clients

Prior to founding Master Drilling, Mr. Pretorius was an Engineer with KurumanConsolidated Asbestos, Elandsrand Gold Mine, Western Deep Levels Gold Mine and RUC Mining (now a division of Murray & Roberts)

André J. Van DeventerChief Financial Officer, MDG

Mr. André van Deventer is the Chief Financial Officer of Master Drilling Group Limited, a position he has held for the past 10 years

Joined Master Drilling as a Financial Manager in 2001 and was appointed to Board of Directors in 2002

Prior to joining Master Drilling, Mr. Van Deventer was a Financial Manager at Beefmaster (Pty) Ltd, an integrated beef business in Kimberley, South Africa. Before this, he was an Accountant at Gericke, Rademeyer & Newton Walker in Klerksdorp, South Africa

Mr. Van Deventer is a member of the South African Institute of Chartered Accountants

Barend J. JordaanTechnical Director, MDG

Mr. Barend (Koos) J. Jordaan is the Technical Director of Master Drilling Group Limited, a position he has held for the past 11 years

Prior to joining Master Drilling, Mr. Jordaan was a Design and Project Engineer for Joy Mining Machinery in South Africa. Before this, he was a Technician for OrsmondAviation and a Design Engineer for FEV Motorentechnik

Mr. Jordaan holds a degrees in Mechanical Engineering from Pretoria Technicon (now Tshwane University of Technology) and International Technology Management from University of Gronigen, Netherland

MBA from Bond University, Australia

Gareth R. SheppardChief Operating Officer (Int.), MDG

Mr. Gareth R. Sheppard is the Director for International Operations of Master Drilling Group Limited, a position he has held for the past 10 years

Mr. Sheppard joined Master Drilling in 2001 as Director of Master Drilling Peru S.A.C. and Master Drilling International Ltd

Joined the Board of Directors of Master Drilling Mexico SA de CV in 2005 and Master Drilling Australia (Pty) Ltd in 2011

Mr. Sheppard holds a degree in Mining Engineering from Wits University and an MBA from Wits Business School in South Africa

Member of Instituto de Ingenieros de Minas del Peru

Investment Highlights

11

INVESTMENT HIGHLIGHTSKey Highlights

GLOBAL RAISEBORE DRILLING SPECIALIST WITH

SUBSTANTIAL GROWTH UPSIDE

STRONG PIPELINE OF ORDERS FROM TOP-TIER MINING

CLIENTS

PREFERRED EMERGING MARKET EXPOSURE WITH

BENEFIT OF COUNTRY AND COMMODITY DIVERSIFICATION

SUPPORTIVE MARKET CONDITIONS UNDERPINNED BY ROBUST COMMODITY PRICES

WORLD CLASS MANAGEMENT EXPERTISE

1

25

4 3

12

INVESTMENT HIGHLIGHTSGlobal Raiseboring Drilling Specialist Growth

GLOBAL LEADER IN RAISE BORE

DRILLING SERVICES

Niche drilling segment used extensively in on-mine development (ventilation shafts and ore passes) by exiting producers Raise bore drilling is highly differentiated to exploration drilling; it is

insulated from mining capital cycle (customers are major miners in production not explorers), benefits from rising safety standards (increased ventilation shafts) and increasing mining capital intensity (customers seeking to extend existing operations rather than build new mines)

EXISTING CASH FLOW

GENERATIVE BUSINESS

Solid cash flow generative business, operating since 1986 with significant growth history

FULLY INTEGRATED

BUSINESS MODEL

Integrated business model including design, manufacture, service and operation of rigs (including manufacture of bespoke rigs for customer demands)

GOOD VISIBILITY ON FUTURE EARNINGS

Strong pipeline of orders from top-tier mining houses

WORLDWIDE OPERATIONS 150 total rigs across 7 countries

WORLD CLASS MANAGEMENT

EXPERTISE Built business from start-up to global leader

OPERATIONAL DIVERSIFICATION

Diversified exposure to mix of commodities and multiple emerging markets

Historical Revenue:

Historical EBITDA:

-

20

40

60

80

100

120

2009 2010 2011 2012 2013 H1

Mill

ions

REVENUE

-

5

10

15

20

25

2009 2010 2011 2012 2013 H1M

illio

ns

EBITDA

13

INVESTMENT HIGHLIGHTSDrilling into the Revenue

Historical Revenue Breakdown1:

STABILITY OF RAISEBORE DRILLING REVENUE MAJORITY WITH ADDITIONAL CONTRIBUTION FROM EXPLORATION DRILLING 1. The historical financial information for the years prior to 2009 is based on aggregated unaudited management accounts of Master Drilling Group prepared under South African generally accepted accounting principles. Such

information may not be comparable to Master Drilling's IFRS financial statements2. Global Financial Crisis

$12 $15 $23 $26 $28

$39

$56

$69

$53

$67

$95 $100

$-

$20

$40

$60

$80

$100

$120

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Revenue (US mil)

Raisebore Revenue Exploration Revenue

RaiseboreExploration

Revenue Total Gross Gross

Revenue (US$) Revenue Profit Profit

(US$) (US$) (US$) (%)

2001 12,042,439 - 12,042,439 4,491,185 37%

2002 15,124,146 - 15,124,146 4,944,427 33%

2003 22,796,461 - 22,796,461 6,086,572 27%

2004 26,464,951 - 26,464,951 7,452,849 28%

2005 26,565,904 1,354,015 27,919,919 9,831,599 35%

2006 28,112,654 10,701,167 38,813,820 8,534,113 22%

2007 38,702,927 17,133,317 55,836,244 19,101,018 34%

2008 44,204,819 24,505,232 68,710,051 25,811,492 38%

2009 44,379,015 8,603,045 52,982,060 17,770,197 34%

2010 57,921,946 8,772,545 66,694,491 20,681,085 31%

2011 73,478,276 21,152,911 94,631,187 28,467,169 30%

2012 82073832 17582775 99656608 29437042 30%

Corporate Strategy

15

CORPORATE STRATEGYVision & Mission

“The vision of Master Drilling is to grow and expand into new markets and enhance operational efficiencies, while continuing their dedicated focus on quality and safety”

OUR VISION:

“The purpose of Master Drilling is to remain at the forefront of technological advancement through ongoing research and development and continuous interaction with their

customers, contributing to improved customer business performances, now and in the future. The key business principles are quality, safety and integrity”

OUR MISSION:

16

CORPORATE STRATEGYOrganisational Culture

GROWTH

Expand Into New Geographical Areas

• Continued Organic Growth

• Pursue New Markets and Geographies

Increase Shareholder Value

Expand Drilling Services

• Strategic Acquisitions

• Business Development

Focus on Research and Development

• Automation

• Reducing of Labour Cost

Enhanced Design, Manufacturing, Maintenance and Procurement

• Reduced Maintenance Costs

• Improve Response Time on Breakdowns

• Improving Stock Levels

Implement Integrated Management Services

• Financial Information

• Operational Information

• Well Defined Business Processes

• Standardised Policies & Procedures

Enhanced Operational Efficiencies

• Machine Efficiencies

• Machine Utilisation

• Standard OperatingProcedures (SOP’s)

1 2 3 4 5 6

17

CORPORATE STRATEGYCorporate Governance & Strategic Planning

The Board of Directors of Master Drilling is responsible for providing strategic direction and effective oversight of corporate governance for the Company on a global basis

The Board meets for scheduled meetings at least once per quarter and otherwise as needed

Key responsibilities of the Board of Directors include:

Establish and review the Company’s Vision, Objectives, Values and Strategic Plan

Establish and monitor firm-wide policies and procedures which provide a framework for effective and responsible management of the Company

Oversight of appropriate programmes and services offered in order to meet the needs of clients and remain ahead of the competition

On an annual basis, establish specific business objectives and identify key performance areas for all major functions of the Company

Appoint senior management and efficiently delegate responsibility for execution of key objectives

Barend J. JordaanExecutive Director

Corporate Governance & Strategic Planning:

Daniël C. PretoriusChief Executive Officer

André J. Van DeventerChief Financial Officer

Gareth R. SheppardExecutive Director

Peter J. LedgerNon Executive Chairman

Shane FergusonNon Executive Director

Roger DaveyNon Executive Director

Jacques de WetNon Executive Director

Akhter A. DeshmukhNon Executive Director

Izak BredenkampAlternate Director

18

Major Clients and Commodities

19

MAJOR CLIENTS & COMMODITIESCommodity Focus

Overview of MD Group Commodity Focus: MD Group Revenues by Commodity (2012 / 2013H1):Master Drilling enjoys a degree of diversification through its relative

balance between precious and base metals exposure:

Gold & Silver: increasingly driven by investment demand as safe haven and hedge against US dollar inflation

PGMs: remain subject to developed market demand, particularly EU automobile consumption

Base Metals: remain vital to urbanisation and industrialisation of BRICs and other emerging markets

In light of recent commodity price volatility, the Company’s management has identified commodity diversification as a high priority short-term focus area

In particular, Master Drilling is targeting revenue growth and diversification in the coal, iron ore and ferroalloys (chrome, manganese) sectors in South Africa

Iron ore and ferroalloys exposure will provide cyclical diversification, as steel is an early-cycle industry vs. precious metals and PGMs (typically late-cycle)

Additionally, the Company seeks to expand service offering in the civil engineering sector, particularly for underground development at large hydro-electric projects

PRECIOUS & BASE METALS ANCHOR PORTFOLIO, BUT AIM TO EXPAND IN COAL, FERROALLOYS & CIVIL ENGINEERING

Gold36%

Platinum14%

Copper16%

Polymetalic17%

Iron Ore1%

Other16%

Revenue per Commodity 2012

Gold24%

Platinum16%Copper

18%

Polymetalic17%

Iron Ore4%

Other21%

Revenue per Commodity 2013

MAJOR CLIENTS & COMMODITIESGeographical Focus

Overview of MD Group Geographical Focus: MD Profit for the Year by Geography (2012 – 2013H1):Master Drilling is capable of offering specialised drilling services

virtually anywhere in the world and is not limited to specific countries or regions. Contracts can be effectively mobilised as a self-contained business unit on a temporary basis

Principal focus on the drilling services markets in Africa and Latin America, including continuing operations in South Africa, Peru, Chile, Brazil, Mexico and Zambia

In addition to continuing operations, Master Drilling carries our projects in various other countries, including Burkina Faso, Zimbabwe, Botswana and Saudi Arabia

Master Drilling recently registered a subsidiary in China, where it engages in manufacturing and trading. The Chinese drilling market is a target for future revenue expansion

Established brand name and market leader in raisebore drilling amongst major South African mining companies

Rapid revenue growth in Latin American markets, where Master Drilling is often the monopoly supplier of raisebore technology

Other expansion opportunities exist in Colombia, DRC, Mali, Australia and other high opportunity markets

ESTABLISHED BRAND IN SOUTH AFRICA, WITH RAPID REVENUE GROWTH IN LATIN AMERICA & OTHER AFRICA

38%

56%

6%

2012Africa Latin America Other Countries

31%

68%

1%

2013 H1

Africa Latin America Other Countries

MAJOR CLIENTS & COMMODITIESSelected Existing Client Base

AFRICA: LATIN AMERICA:

CLIENT BASE PRIMARILY COMPRISED OF BLUE-CHIP MAJOR & MID-TIER MINING COMPANIES

Operations

23

OPERATIONS

Service Offering

Master Drilling provides both primary and secondary services to its clients, depending on the terms of each individual contract

Primary services offered by Master Drilling include:− Raise bore drilling− Box hole & slot riser boring/drilling− Drain hole drilling− Drop raising− Shaft support− Surface blast hole drilling

Primary services offered by Master Drilling Exploration (Drillcorp Africa) include:

− Core drilling− Percussion drilling− Reverse circulation drilling

Secondary services are offered in contracts where the scope of services exceeds the core, primary services on offer. These are either offered directly by Master Drilling or alternatively sub-contracted to third party providers

− Earthworks, piling & foundation construction− Directional drilling & wedging− Core logging & cutting

Equipment supply services are offered to the MD Group companies by Drilling Technical Services and MD China


24

Master Drilling’s Specialised Service Offering:

RAISEBORE DRILLING

Used to drill smooth ore passes and ventilation shafts in underground mines, without the use of explosivesFurther applications in civil engineering,

particularly underground hydro schemesSignificant advantages including no blasting

(ie. no fracturing), safety, speed, accuracy and depth capabilityRequires stable ground conditions

SLOT & DROPRAISING

Raise excavation which is completely pre-drilled over full length and blasted from bottom at appropriate lengthsAdvantages of safety and low cost

BLAST HOLE DRILLING

Used to drill consistent blast patterns in time-effective manner for open pit minesTypically used in large surface operations

with high production rates (coal & bulks)

EXPLORATION DRILLING

Core drilling, percussion drilling and reverse circulation drilling used in discovery of new mineral deposits and determination of grade & continuity

OPERATIONSKey Performance Metrics

Key Operational Performance Metrics:

Master Drilling’s management team uses a variety of Key Performance Indicators (KPIs) to monitor the Company’s performance against targeted objectives:

− Rig Availability (%)

− Rig Utilisation (%)

− Achieved Drilling Hours (hours drilled per day)

− Achieved Penetration Rates (metres driller per hour)

− Revenue Contribution per Rig (US$ per machine)

Achieved and targeted performance metrics are reviewed by senior management on a quarterly basis

Source: Master Drilling Group Limiteda As at 30 June

Key Performance Indicators Summary:2009 2010 2011 2012 2013ᵅ

Total Capital Project and Production Stage Rigs

68 73 78 88 87

Utilisation Percentage 65% 80% 80% 71% 73%ARPOR (US$) 54,386 66,235 78,502 108,847 119,407

Total Exploration Stage Rigs 40 43 54 64 63Utilisation Percentage 39% 23% 58% 51% 50%ARPOR (US$) 16,859 16,531 29,989 34,293 32,537

25

OPERATIONSGroup Operational Drill Rigs

Computational reconciliation of totals may not be possible due to independent roundingSource: Master Drilling Group Limited

Group Revenues by Drilling Type, 2009 – 2013H1: Group Total Drill Rigs by Machine Type, 2009 – 2013:

9 921 18

7

11 12

10 15

3

33

46

6365

44

Total $53

Total $67

Total $94 Total $101

Total $54

0

20

40

60

80

100

2009 2010 2011 2012 2013 - H1

Revenue by Drilling Type (US$ mil)

Exploration Stage

Capital ProjectStage

Production Stage

Other

Total 110Total 120

Total 138

Total 152Total 150

0

20

40

60

80

100

120

140

160

180

2009 2010 2011 2012 2013 H1

Number of Drill Rigs

Drain holes and slot raises

Small

Medium

Large

X large

XX large

Exploration surface

Exploration underground

Blind Hole Drilling

Other

26

Historical Financials

27

HISTORICAL FINANCIALSStatement of Financial Position

Financial Information for 2013H1

Total interest bearing debt of US$8.7 million (2013H1)

Gearing ratio (total debt / total equity) of 9.2%

Current ratio (current assets / current liabilities) of 2.05 times

Statement of Financial PositionUS$ H1 2013 H1 2012 H1 2011 FY 2012 FY 2011 FY 2010 FY 2009

AssetsNon-Current AssetsProperty, Plant and Equipment 62 090 218 54 933 005 44 702 603 61 630 120 50 048 933 42 485 993 33 178 816 Goodwill 169 059 169 059 169 059 0 0 Loan to Shareholder 6 892 371 5 499 556 6 836 790 4 162 322 2 702 473 Financial Assets 6 129 425 1 581 229 352 796 7 141 359 554 694 270 035 0 Total Non-Current Assets 68 219 643 63 575 664 50 724 014 68 771 479 57 609 476 46 918 350 35 881 289 Current AssetsInventories 12 298 688 12 434 799 11 243 044 11 980 996 10 546 672 4 430 411 3 314 600 Related Party Loans 2 865 093 1 863 712 Loans to Employees 426 895 84 749 91 284 88 490 69 882 Current Tax Receivable 36 500 717 243 248 428 117 797 38 199 Trade and Other Receivables 36 807 720 19 653 798 18 690 159 25 301 346 21 994 988 16 699 472 11 928 189 Cash and Cash Equivalents 14 706 788 3 009 014 3 260 044 50 068 162 1 499 980 1 999 756 3 815 905 Total Current Assets 66 678 289 35 561 006 33 995 239 89 214 216 34 381 352 23 335 926 19 166 775 Total Assets 134 897 932 99 136 670 84 719 253 157 985 695 91 990 828 70 254 276 55 048 064

Equity and LiabilitiesEquityShare Capital 146 606 020 120 120 146 639 163 120 120 120 Reserves - 68 397 804 3 654 022 2 362 056 - 58 550 828 1 159 534 3 574 368 3 324 570 Retained Income 8 865 221 53 211 454 43 877 056 1 229 770 48 481 356 38 226 923 29 929 626 Equity Attributable to Equity Holders of Parent 87 073 437 56 865 596 46 239 232 89 318 105 49 641 010 41 801 411 33 254 316 Non-Controlling Interest 7 250 146 447 296 334 421 7 156 122 372 113 163 198 127 344 Total Equity 94 323 583 57 312 892 46 573 653 96 474 227 50 013 123 41 964 609 33 381 660

LiabilitiesNon-Current LiabilitiesFinancial Liabilities 1 1 573 086 5 418 611 1 279 330 3 719 518 2 761 507 1 695 783 3 381 506 Finance Lease Obligation 1 1 705 041 3 350 908 5 433 413 2 290 571 5 476 836 5 521 650 2 563 351 Deferred Tax 4 699 065 3 262 693 3 917 753 4 842 932 4 557 918 3 277 588 3 162 526 Total Non-Current Liabilities 7 977 192 12 032 212 10 630 496 10 853 021 12 796 261 10 495 021 9 107 383 Current LiabilitiesMinority Shareholder Loan 0 475 143 575 443 727 870 1 735 810 922 565 Related Party loans 4 271 454 13 976 840 Financial Liabilities 1 2 926 894 1 676 997 570 709 3 252 379 1 676 997 570 709 825 104 Current Tax Payable 5 585 617 5 525 050 2 927 508 4 955 916 2 598 979 744 150 1 709 176 Finance Lease Obligations 1 1 737 589 3 737 449 3 944 550 2 230 579 3 737 449 3 944 550 2 262 069 Trade and Other Payables 17 332 635 15 228 150 16 933 798 25 747 848 17 344 370 9 263 507 6 105 079 Bank Overdraft 1 742 968 3 148 777 2 563 096 494 885 3 095 779 1 535 919 735 028 Total Current Liabilities 32 597 157 29 791 566 27 515 104 50 658 447 29 181 444 17 794 645 12 559 021 Total Equity and Liabilities 134 897 932 99 136 670 84 719 253 157 985 695 91 990 828 70 254 275 55 048 064

28

HISTORICAL FINANCIALSStatement of Comprehensive Income

Historical Financial Information for 2013H1

EBITDA US$14.6m & US$8.2m (2013H1 & 2012)

Statement of Comprehensive IncomeUS$ H1 2013 H1 2012 H1 2011 FY 2012 FY 2011 FY 2010 FY 2009

Continuing OperationsRevenue 54 055 183 45 713 505 46 197 088 99 656 608 94 631 187 66 694 491 52 982 060Cost of Sales - 34 856 225 -30 930 366 -28 019 592 - 70 219 566 -66 164 018 -46 013 406 -35 211 863Gross Profit 19 198 958 14 783 139 18 177 496 29 437 042 28 467 169 20 681 085 17 770 197Other Income 759 358 1 138 576 1 001 011 6 012 935 1 263 783 2 688 485 567 939Operating Expenses - 8 200 803 -9 138 283 -10 252 488 - 18 198 969 -12 382 027 -11 108 114 -8 896 831Operating Profit 11 757 513 6 783 432 8 926 019 17 251 008 17 348 925 12 261 456 9 441 305Investment Revenue 866 307 170 809 149 548 400 319 223 795 90 767 65 813Finance Costs - 1 513 665 -1 131 762 -894 211 - 1 934 540 -1 997 265 -1 291 916 -887 213Profit Before Taxation 11 110 155 5 822 479 8 181 356 15 716 787 15 575 455 11 060 307 8 619 905Taxation - 3 380 680 -1 017 198 -2 360 000 - 3 538 609 -3 900 547 -2 074 509 -2 700 975Profit From Continuing Operations 7 729 475 4 805 281 5 821 356 12 178 178 11 674 908 8 985 798 5 918 930

Discontinued OperationsLoss from Discontinued Operations -630 249

Profit For The Year 7 729 475 4 805 281 5 821 356 12 178 178 11 044 659 8 985 798 5 918 930

Other Comprehensive IncomeExchange Differences on Translating Foreign Operations - 9 802 981 2 471 216 -1 301 133 206 951 -2 122 348 83 721 1 897 048Gains and Losses on Property Revaluation 23 272 -46 014 -292 486 166 077 298 607Other Comprehensive (Loss) Income for the Year - 9 802 981 2 494 488 -1 347 147 206 951 -2 414 834 249 798 2 195 655

Total Comprehensive Income - 2 073 506 7 299 769 4 609 043 12 385 129 8 629 825 9 235 596 8 114 585

Net Profit Attributable To:

Owners Of The Parent:Profit for the Year from Continuing Operations 7 635 451 4 730 098 5 650 133 11 900 259 11 465 993 8 949 944 5 855 181Loss for the Year from Discontinuing Operations -630 249Profit for the Year Attributable to Owners of the Parent 7 635 451 4 730 098 5 650 133 11 900 259 10 835 744 8 949 944 5 855 181

Non-Controlling Interest:Profit for the Year from Continuing Operations 94 024 75 183 171 223 277 919 208 915 35 854 63 749

Total Comprehensive Income Attributable To:Owners of the Parent - 2 167 530 7 224 586 4 437 820 12 107 210 8 420 910 9 199 742 8 050 836Non-Controlling Interest 94 024 75 183 171 223 277 919 208 915 35 854 63 749Total Comprehensive Income -2 073 506 7 299 769 4 609 043 12 385 129 8 629 825 9 235 596 8 114 585

29

Slide


30

7. Share Price

Slide


31

ANNUAL SHARE PRICE PERFORMANCE

RELATIVE SHARE PRICE PERFORMANCE

759

809

859

909

959

1009

1059

1109

27-D

ec-1

204

-Jan

-13

11-J

an-1

318

-Jan

-13

25-J

an-1

301

-Feb

-13

08-F

eb-1

315

-Feb

-13

22-F

eb-1

301

-Mar

-13

08-M

ar-1

315

-Mar

-13

25-M

ar-1

303

-Apr

-13

10-A

pr-1

317

-Apr

-13

24-A

pr-1

302

-May

-13

09-M

ay-1

316

-May

-13

23-M

ay-1

330

-May

-13

06-J

un-1

313

-Jun

-13

21-J

un-1

328

-Jun

-13

05-J

ul-1

312

-Jul

-13

19-J

ul-1

326

-Jul

-13

02-A

ug-1

312

-Aug

-13

19-A

ug-1

326

-Aug

-13

02-S

ep-1

309

-Sep

-13

16-S

ep-1

323

-Sep

-13

01-O

ct-1

308

-Oct

-13

15-O

ct-1

322

-Oct

-13

29-O

ct-1

305

-Nov

-13

12-N

ov-1

319

-Nov

-13

26-N

ov-1

303

-Dec

-13

10-D

ec-1

318

-Dec

-13

Clos

ing

Shar

e Pr

ice

(cen

ts)

MDI +14.08% All Share +13.91% Top 40 +14.82% Industrial Engineering Index +10.85%

759

809

859

909

959

1009

1059

1109

02-J

an-1

309

-Jan

-13

16-J

an-1

323

-Jan

-13

30-J

an-1

306

-Feb

-13

13-F

eb-1

320

-Feb

-13

27-F

eb-1

306

-Mar

-13

13-M

ar-1

320

-Mar

-13

28-M

ar-1

308

-Apr

-13

15-A

pr-1

322

-Apr

-13

29-A

pr-1

307

-May

-13

14-M

ay-1

321

-May

-13

28-M

ay-1

304

-Jun

-13

11-J

un-1

319

-Jun

-13

26-J

un-1

303

-Jul

-13

10-J

ul-1

317

-Jul

-13

24-J

ul-1

331

-Jul

-13

07-A

ug-1

315

-Aug

-13

22-A

ug-1

329

-Aug

-13

05-S

ep-1

312

-Sep

-13

19-S

ep-1

327

-Sep

-13

04-O

ct-1

311

-Oct

-13

18-O

ct-1

325

-Oct

-13

01-N

ov-1

308

-Nov

-13

15-N

ov-1

322

-Nov

-13

29-N

ov-1

306

-Dec

-13

13-D

ec-1

323

-Dec

-13Clos

ing

Shar

e Pr

ice

(cen

ts)

7. SHARE PRICE Share Price

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