Morgans Queensland Conference

2018 Cash Flow Cardno® FY2016 FY2017 FY2018 $'000's $'000's $'000's Underlying EBITDA 43,559 44,005 56,210 Working capital movement 17,517 (41,730) (2,827) $45.7M cash from operations primarily used for reduction of debt, PP&E, share buy back and two small bolt-on acquisitions. Net interest paid (10,387) (4,720) (2,943) Income tax paid 5,698 (1,388) (4,738) 1. Interest costs significantly reduced. Net cash provided by operating activities 56,387 (3,833) 45,702 2. Proceeds on disposal of subsidiaries 85,943 57,977 Acquisition of subsidiaries, deferred consideration (23,857) (6,180) (10,738) 2 Payments for PPE Completed small bolt-on acquisition in the Construction Sciences business (NSW) and APAC utility locating business (NSW). (19,312) (12,280) (18,827) Other investing activities 8,704 932 3. Surplus funds utilized for ongoing buyback program. Net cash used in investing activities 51,478 40,449 (29,565) 4. Then a further reduction in debt (repayment of bank debt facility). Proceeds from issue of shares 177,038 Share buy back (5,670) Net change in borrowings (262,151) (55,225) (13,917) (11,200) 4 Dividends (7,693) Other 4,808 (2,303) (2,039) Net cash used in financing activities (87,998) (63,198) (27,156) Net increase in cash 19,867 (26,582) (11,019) Cash and cash equivalents 1 July Other 84,750 996 105,613 80,028 997 Cash and cash equivalents at period end 105,613 80,028 2,118 71,127 Net cash from operating activities / EBITDA 129.4% (8.7%) 81.31% 31 Cardno: Morgans Queensland Conference

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