Morgans Queensland Conference

2018 Full-Year Segments: Portfolio Companies PORTFOLIO COMPANY EBITDA AND % MARGIN A$ million Cardno® Oil and Gas business exited year with positive margins. Latin America business has continued to run off major projects driving material revenue declines. > Gross Revenue in FY18 of $47.9m, this was 37.8% down on FY17. Oil & Gas business continues to rebuild with the business diversifying revenue into new markets and shifting focus to increased QC revenue streams. The business finished the year with the first profitable quarter in the past 12 quarters. The Latin America business continues to operate in challenging market conditions with a focus on risk mitigation and rolling off of historical work. Focus is on completing and winding down the engineering projects in Ecuador. The joint venture projects continue to be challenging and provide for ‘lumpy' financial results. 18 14% 16 12% > 14 10% 12 8% 10 6% > 8 4% 6 2% 4 0% 2 -2% > Zachry Freeport LNG Facility 0 -4% > Murphy & Shell Upstream QAQC Services -2 -6% H1-2017 H2-2017 H1-2018 H2-2018 KEY WINS DURING THE YEAR INCLUDE: Ebitda % 28 Cardno: Morgans Queensland Conference

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