#1Investor Presentation Full Year Results FY2010 Jules Pemberton Chief Executive Officer Mark Wallace Chief Financial Officer Kim Hyman Company Secretary DT422 NEW HOLDINGS LIMITED#2Year in Review - Highlights Financial and Operational Highlights Revenue of $609.7m EBIT* of $62.3m Net Profit After Tax* $37.9m 20% increase on FY09 6% increase on FY09 2% increase on FY09 Net debt/Equity 23% Total dividends 6 cents fully franked From 27% in FY09 Order book of $730 million / 75% of FY11 revenue secured Establishment of Action Drill and Blast Another year of growth despite a difficult economic environment and managed to maintain double digit EBIT margin* *excludes $2.71m of goodwill expense Investor Presentation Full Year Results FY2010 NEW HOLDINGS LIMITED#3Safety Performance 3500000 3000000 2500000 2000000 20 1500000 1000000 500000 40 40 55 35 30 30 25 25 20 15 10 10 5 At June 2010 NRW employs a workforce of 1614 personnel comprising direct staff and sub contractors. Safety performance is an important fundamental factor in retaining key clients and the awarding of new contracts. NRW has world class safety systems and procedures including implementation of STEM's OHS program in May 2010. 0+ FY 2006 0 FY 2007 FY 2008 FY2009 FY2010 Man hours TRIFR (Total Recordable Injury Frequency Rate) LTIFR (Lost Time Injury Frequency Rate) Investor Presentation Full Year Results FY2010 NEW HOLDINGS LIMITED#4Key Clients 880 bhpbilliton 61% RIO TINTO FMG GINDALBIE METALS LTD CITIC PACIFIC MINING MOM HOLDINGS LTD (Incorporated in Bermuda) A.R.B.N. 081 028 337 NRW HOLDINGS LTD REVENUE MIX BY DIVISION -3% 4% 33% 4% 10% 2% 23% 14% REVENUE MIX BY CLIENT BHP Mining Civil Action Promac OM Holdings Citic Pacific Other Investor Presentation Full Year Results FY2010 FMG ■Rio Tinto 21% ■Gindalbie 25% NEW HOLDINGS LIMITED#5Human Resources and Training ☐ ☐ ☐ ☐ Training & Development Initiatives Ongoing extensive Safety Training programmes attended by all staff Indigenous Cultural Awareness workshops attended by all staff. Accredited (Cert.II) in Metaliferous Mining: 121 new attendee's. 901 Completed to date. Diploma of Management (Cert. IV) for all Supervisors and site managers - attended by 145 staff ☐ Power Up programme providing indigenous groups extensive training to enter the mining sector Commitment to Dept. of Employment for intake of minimum 100 indigenous employees each year. ☐ Employee Retention and Mix Key Management Julian Pemberton, Chief Executive Officer Willie Rooney, MD Civil & Mining John Silverthorne, Director Business Development Mark Wallace, Chief Financial Officer Kim Hyman, Company Secretary Mal Stewart, GM Civil Operations Simon Ridley, GM West Coast/Overseas Mining Operations Shaun Lucas, GM East Coast Mining Warren Fair, GM Action Drill and Blast Bob McNair, GM HSE & Training Keith Bounsell, GM Assets Keith Bassett, GM Human Resources Rob Roper, GM Action Mining Services Jun 09 Jun 10 Total Staff 830 1189 Indigenous Staff 11% 10% Project Staff 90% 90% Retention Rates 90% 90% Sub Contractors 800 425 Investor Presentation Full Year Results FY2010 NEW HOLDINGS LIMITED#6Indigenous Engagement ☐ ☐ Currently Joint Ventures exist between NRW and Traditional Owner Groups, the Ngarluma and Yindjibarndi People (represented through the Ngarluma and Yindjibarndi Foundation Limited - NYFL) and the Eastern Guruma People (represented by Eastern Guruma Pty Ltd). To provide opportunities for Indigenous candidates lacking level entry skills to the Industry, we assess and engage suitable participants in our innovative work-start program "Power-Up". Participants are guaranteed full time work upon completion. &SASTERN GURUMA ☐ By providing an innovative business model to encourage and support the sustainable increase of Indigenous business opportunities, employment and training - NRW is helping to lay the foundations for a brighter future for Indigenous Australia NRW NYFL GURUMA JV NRW & EASTERN VENTURE JOINT CATE LAR Investor Presentation Full Year Results FY2010 08/05/2010 NEW HOLDINGS LIMITED#7Investor Presentation Full Year Results FY2010 Operational Overview NEW HOLDINGS LIMITED#8Civil Division - Key Projects ☐ ☐ ☐ RGP5 (South) - BHPBIO Rail duplication - 54km of the southern section from Cowra siding to Yandi mine Contract includes: Rail formation, drill and blast, track and signals and a 300 man camp Consortium with Laing O'Rourke & John Holland Chichester Deviation contract awarded by variation in Jan 2010 for $145m including 40km rail south of Cowra Siding ☐ Total contract value $350m (NRW portion $200m) ☐ Peak workforce in excess of 500 personnel Cape Preston - CP Mining ☐ Port infrastructure and mine site earthworks. ☐ 6 million cubic meters of drill and blast rock ☐ ☐ Contract includes: 2.5km breakwater construction, plant site and bulk earthworks JV with VDM Group Peak workforce in excess of 400 personnel ㅁ Final JV contract value approximately $280m Investor Presentation Full Year Results FY2010 RGP5 South Rail Deviation Cape Preston Breakwater NEW HOLDINGS LIMITED#9Civil Division - Key Projects Karara Concrete Works - Gindalbie Metals ☐ Contract includes: All preliminary construction works including site drains, roads, retention ponds and all-weather airstrip 40,000 cubic metres of concrete for Process Plant foundations ☐ ☐ In excess of 250 NRW personnel on site ☐ Contract value: $120 million Christmas Creek Rail - Fortescue ☐ Contract resumed Jan 2010 ☐ ㅁ Additional works being undertaken including Nullagine Road, Ore Processing facility, ROM backfill and mine haul roads Rail formation completed ahead of schedule - July 2010 Investor Presentation Full Year Results FY2010 Karara Transformer Plinth Christmas Creek Rail Formation NEW HOLDINGS LIMITED#10Mining Services - Key Projects Hope Downs and Tom Price Mining - Rio Tinto ☐ ☐ Excavation, haulage and waste dump management services In-pit works including pre-development pit establishment, waste pre- stripping, waste cutback and remnant ore mining Christmas Creek - Fortescue ☐ Excavation of mine overburden, load and haul of waste and ore NRW unsuccessful in securing main expansion contract Subsequently awarded 12 month $112 million contract extension with expanded scope of works Western Turner Syncline - Rio Tinto ☐ ☐ ㅁ Drill & Blast, excavation of mine overburden, load and haul plus significant civil infrastructure works Four year Joint Venture with Indigenous Group (Eastern Guruma Corporation) site Indigenous workforce 28% Preliminary civil works completed - ore haulage to Tom Price commenced July 2010 Investor Presentation Full Year Results FY2010 Hope Downs Christmas Creek Western Turner Syncline NEW HOLDINGS LIMITED#11Mining Services - Key Projects . Bootu Creek - OM Holdings Drill and blast, excavation, haulage waste dump management services and crusher feed ☐ 3 + 2 year contract term ☐ Production targets increased Simandou Project - Rio Tinto ☐ Renegotiated contract extension through to December 2010 plus one year option ☐ NRW onsite since July 2007 ☐ July 2010, Rio Tinto announces agreement with Chalco covering planning, construction and management of the Simandou project and associated port and rail infrastructure (source Rio Tinto 3 August 2010) Investor Presentation Full Year Results FY2010 Bootu Creek Mine Simandou workshop facility NEW HOLDINGS LIMITED#12Action Mining Services AMS has had a difficult year though still profitable and remains an important part of NRW's business mix. Quarantine works increased due to stringent environmental criteria on Gorgon Project. As part of company wide review new GM and management structure implemented Investor Presentation Full Year Results FY2010 2627 Action Mining Services NEW HOLDINGS LIMITED#13Action Drill & Blast Division formed in March 2010 GM Warren Fair and senior personnel ex-Brandrill Initially formed to service internal contracts at Western Turner Syncline and Chichester Deviation Significant scope for external contracting in Western Australia and Queensland $10 million in new capital spent/committed to date Investor Presentation Full Year Results FY2010 Action Action VIA ENAS Action Action Drill & Blast NEW HOLDINGS LIMITED#14Investor Presentation Full Year Results FY2010 Financials RGP5 Rail South NEW HOLDINGS LIMITED#15Operating Performance $M's FY07 FY08 FY09 FY10 * Mining Civil 77.8 107.2 189.4 201.1 158.9 336.8 294.1 383.6 Drill & Blast 7.0 Action Mining 4.8 26.2 25.6 24.5 Promac 28.6 21.2 31.8 17.1 Other Eliminations (12.8) (20.2) (31.4) (23.4) SALES $257.4 $471.2 $509.6 $609.7 EBITDA 45.2 71.9 79.7 92.5 Δ Consistent revenue growth Consistent growth in EBITDA Depreciation (11.6) (18.1) (21.1) EBIT 33.6 53.8 58.7 (30.1) 62.3 Δ NPAT 20.1 32.8 37.1 37.9 Δ Consistent growth of EBIT Consistent growth of NPAT EPS (cents) * DPS (cents) Revenue Growth (YoY) Earnings Growth (YoY) * $0.08 $0.13 $0.15 $0.15 $0.08 $0.02 $0.06 A Dividends back on track post GFC 83% 8% 20% 63% 13% 2% *Results presented excludes Goodwill writedown of Promac of $2.71m Investor Presentation Full Year Results FY2010 NEW HOLDINGS LIMITED#16Balance Sheet $M's Working Capital FY07 FY08 FY09 FY10 9.7 56.4 26.4 30.1 Non Current Assets 110.8 165.5 156.7 178.8 Investment in income producing assets Non Current Liabilities (1.6) (12.3) (0.6) 118.9 209.6 182.5 (0.4) 208.5 Funding Cash (overdraft) 16.6 (11.3) 20.6 21.4 Short term debt (62.1) (36.3) (34.7) (29.3) Long term debt (27.9) (44.7) (26.1) (31.5) } Reduction of debt Net funding (73.4) (92.3) (40.2) (39.4) Shareholders equity 45.5 117.2 142.2 169.1 Debt/ Balance Sheet Metrics EBIT / net interest 6.9x Net debt / (Net debt + equity) 61.7% 8.4x 44.1% 7.2x 9.8x 22.0% 18.9% Strengthening interest cover Lowering of net debt position ☐ ☐ NRW has continued to reduce the net debt to equity position of the balance sheet. Investment in income producing assets increased to service greater demand from clients and expansion of revenue base. Investor Presentation Full Year Results FY2010 NEW HOLDINGS LIMITED#17Revenue ☐ ☐ $M's 800 30% CAGR 700 600 500 400 300 200 100 FY06 FY07 FY08 FY09 FY10 FY11 NRW has secured FY11 revenue of $530m. In order to meet a 15% growth over FY10, $170m is to be won from a significant sized pipeline of works in the 2HY11. Revenue excludes variations, extensions or expansion of scope to existing contracts. Investor Presentation Full Year Results FY2010 NEW HOLDINGS LIMITED#18Cash Flow $M's FY09 FY10 EBIT 60.1 59.6 Depreciation 21.1 30.1 Goodwill impairment 0 2.7 Cash from operations before working capital 81.2 92.5 Net working capital movement 30.1 3.3 Tax Expense (14.9) (16.1) Interest paid (8.3) (8.6) Cash from operations 88.1 71.1 ☐ FY09 cash flow was the beneficiary of cash received from a contract variation that should have been received in FY08 (approx. $20m). Depreciation higher with increased capital spend occurring in 1HY10 Goodwill impairment associated with Promac Investor Presentation Full Year Results FY2010 NEW HOLDINGS LIMITED#19Funding $M's FY10 Working Cap & bank guarantees (ANZ) 100.0 OEM and other bank funding 173.0 Total $273.0 Utilization of facilities June 2010 $100.8 Headroom $172.2 Funding represented is only base facilities with availability for expanded capacity to meet large project requirements. The ANZ facility is flexible and is available for either working capital or performance bonding. NRW also utilizes insurance bonds as an alternative to bank guarantees Investor Presentation Full Year Results FY2010 NEW HOLDINGS LIMITED#20☐ ☐ Capital Expenditure $36.4 $51.0 $19.7 $47.3 $8.0 $4.4 $6.2 $3.4 FY07 FY08 FY09 Maintenance ($m's) Growth ($m's) FY10 FY10 majority of expenditure occurred in 1HY10 with strategic and opportunistic purchases to meet new projects coming on stream in 2HY10. Growth Capex relates to 785C dump truck fleet at Bootu Creek and new fleet items for Western Turner Syncline contract. ☐ Purchase of new rigs and support fleet for Drill and Blast division Investor Presentation Full Year Results FY2010 NEW HOLDINGS LIMITED#21Debt 79% 67% 28% 23% $29 $93 $40 $39 FY07 FY08 FY09 Net Debt ($m's) FY10 Net Debt/Equity NRW's mining projects are increasing in tenure providing the ability to match funding and avoid a funding "gap" The balance sheet was purposely de-geared in FY09 without the need to raise equity and dilute shareholders earnings. The balance sheet of FY10 has been a continuation of maintaining a prudent position on debt. Investor Presentation Full Year Results FY2010 NEW HOLDINGS LIMITED#22Order Book $M's 800 700 600 500 400- 300 200 100 FMG 0+ Jun 05 Jun 06 Jun 07 Jun 08 Jun 09 Jun 10 The order book is expanding as NRW diversifies the portfolio of projects with longer dated tenure. Western Turner Syncline (Rio Tinto) and Bootu Creek (OM Holdings) provide an anchor to the order book as contract tenure in excess of 3 years. The order book including the FMG extension of contract represents 75% of secured revenue for FY11. Investor Presentation Full Year Results FY2010 NEW HOLDINGS LIMITED#23Order Book Run Off $M's 800 700 600 500 400 300 200 100 0 FY 11 FY 12 FY 13 FY 14 The order book represents value at the commencement of the financial year. Clear goals set to increase tenure of projects to provide more transparency of future earnings Investor Presentation Full Year Results FY2010 NEW HOLDINGS LIMITED#24Strategy & Outlook FY11 target is to build NPAT growth in line with revenue growth; activity in second half of FY11 expected to increase as timing of project roll-outs normalizes Increase focus on longer term revenues whilst maintaining ROCE levels Focus on increasing NRW's relevance to customers needs, e.g. Action Drill & Blast Growth revenue streams from services and products adjacent to existing business and skill base Mining • . Add new resource mining contracts (e.g. coal) • Pursue new geographies, adapt delivery methods to suit risk Focus on ROCE . Pursue iron ore expansion opportunities, continued focus on customer expectations on timing/delivery Civil Drill & Blast Action . • Extend into Oil & Gas, leveraging reputation for quality in iron ore • Promote adjacent services to deliver on broader customer needs and lengthen revenue cycle . • • Ensure offering recognized as alternative in quality and 'economy' Focus expansion in line with group target projects - larger capacity equipment with higher competitive entry barriers Promote existing skills & product range to wider market Introduce product innovations to assist market increase in civil and mining activity, focus on shortening customer timeframes Investor Presentation Full Year Results FY2010 NEW HOLDINGS LIMITED#25Strategic Emphasis A subtle shift... • Increased focus on ROCE as well as margin • Focus more on increasing our relevance to customers through a broader product/service offering • • Ensure product / revenue mix appropriately balanced to changing environment Take business improvements developed and applied internally into products and services that are meaningful to our customers' performance, e.g. indigenous training and employment, safety innovations, efficiency measures Carefully consider ROCE accretive acquisitions that fit our strategy – not simply "order book growth" Investor Presentation Full Year Results FY2010 with measurable outcomes • Increasing tender conversion ratio; whilst • Increasing order book size; together aimed at • Near term target of annual revenues of >A$1bn • Growth revenue streams increasing as % overall revenues • One material growth initiative per division for each year Internal / management focus on rolling 12 month performance metrics NEW HOLDINGS LIMITED