Investor Presentaiton

Cash 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

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