Investor PresentationFull Year Results FY2011

Information, including forecast financial information in this presentation should not be considered as a recommendation in relation to holding, purchasing or selling shares, securities of other instruments in NRW Holdings Limited or any other company. Due care and attention has been used in the preparation of forecast information. However, actual results may vary from forecast and any variation may be materially positive or negative.

Forecasts, by their very nature, are subject to uncertainty and contingencies may occur which are outside the control of NRW Holdings Limited. Before making or varying any decision in relation to holding, purchasing or selling shares in NRW Holdings Limited, investors should consider the appropriateness of that investment in light of their individual investment objectives and financial situation and should seek their own independent professional advice.

All currency is denominated in Australian dollars.

Disclaimer and Important Notice

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Year in review: Operational highlights

3

Purchase of Comiskey Earthmoving assets in Queensland for $82m

Award of $780m mining services contract with Middlemount Coal, representing NRW’s breakthrough into the coal market (Middlemount Coal is a joint venture between Gloucester Coal Ltd and Macarthur Coal Ltd)

Signed 5 year preferred contractor Framework Agreement with Rio Tinto Iron Ore for future earthworks involvement on 333 Expansion programme

Multiple contract wins with Fortescue Metals Group – Main Line Rail Duplication, Herb Elliott Port, Solomon Hub

Successful completion of BHP Billiton Iron Ore’s RGP5 Rail (south) duplication and CITIC Pacific’s Cape Preston breakwater and bulk earthworks (combined value:$412 million)

Action Drill and Blast awarded multiple new contracts with external clients

Significant revenue growth for the Mining division (60%) and Drill and Blast division (297%)

Operational highlights

Year in review: Financial highlights

4

Revenue of $745 million: 22% increase on FY10

EBIT of $64.6 million: 12% increase on FY10

Net Profit After Tax $41.2 million: 17% increase on FY10

Successfully raised $76 million via an equity placement and share purchase plan

Conservative Net debt / Equity position of 19.8%

Cash balance $70.6 million

Record order book of $2.0 billion (excludes current ECI projects and post FY12 Rio Tinto Iron Ore preferred contractor framework agreement projects)

Achieved Return on Average Capital Employed of 29.6%

Final dividend of 5 cents fully franked, totalling 9 cents for full financial year

Financial highlights

5

People, Safety and Training

Performance As of June 30 2011 NRW employed a workforce in excess of

2,500, comprising direct employees, sub contractors and apprentices.

NRW have world class safety systems and procedures in place and have recently implemented a new HSET reporting system which has improved communications between site and the corporate office.

Improved safety performance with Lost Time Injury Frequency Rate (LTIFR) currently at 1.38 (23% decrease from FY2010:1.8).

A corresponding decrease in Total Recordable Case Frequency achieved, currently at 9.81, down from 12.62 in FY2010.

NRW has enhanced its training portfolio and is geared to delivering more training to all employees in 2012.

Although our injury statistics have leveled out, the increase in employee HSE training will continue to drive down this trend.

All NRW site based employees will complete Certificate II in Surface Extraction Operations

NRW’s Indigenous workforce participation is currently 12% of total workforce, an increase of 2% from FY10.

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Civil Division: Current Projects

*Western Turner Brockman Client: Rio Tinto Iron Ore Model: Joint Venture with Eastern Guruma Pty Ltd Value: Award Value: $160 million Scope: Bulk earthworks for the overland conveyor at Western Turner Syncline; and

civil works at the Brockman 4 Mine including haul roads, ROM and ROM wall construction and access roads.

*Cape Lambert Stockyard and Car Dumper Client: Rio Tinto Iron Ore Model: Joint venture with NYFL Value: Award Value: $101 million Scope: Bulk earthworks for a stockyard, car dumper and stacker reclaimer at

Rio Tinto’s Port Lambert

Client: Fortescue Metals Group Value: Approximately $162 million including additional scope Scope: Earthworks and concrete works contract as part of Stages 1, 2 and 3

of the T155 Expansion.

Herb Elliott Port facility

* Projects awarded as part of the Rio Tinto Iron Ore Framework Agreement, see slide 9

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Civil Division: Current Projects

Karara Earthworks and Concrete

Port Hedland Inner Harbour Project Client: BHP Billiton Iron Ore Value: Award value: $158 million Scope: Earthworks for 13 kilometres of rail duplication, 23

kilometres of access road construction and 700,000m³ cut and borrow to fill.

Main Line Rail Duplication Client: Fortescue Metals Group Value: Approximately $70 million Scope: Earthworks to duplicate 50 kilometres of rail by realigning

the existing access road, includes substantial drill and blast.

Client: Karara Mining (Gindalbie Metals) Value: Approximately $190 million Scope: Bulk earthworks and concrete construction work for the

iron ore crushing and processing facility. Works include the construction of major concrete foundations and structures for the plant and associated infrastructure.

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Civil Division: Current Projects

Morawa - Mullewa Rail ECI

Client: Westnet Rail Model: ECI - Joint Venture with Laing O’Rourke and Brookfield Multiplex Value: Early works contract awarded for $14.5 million Scope: Commenced early works for the project, whilst awaiting

determination and award of full scope. Includes design specifications for significant track rectification, replacement and upgrade as well as associated earthworks.

Great Eastern Highway Upgrade

Client: Main Roads WA Model: Joint venture with Leighton and GHD, in alliance with Main

Roads WA Value: $174 million Scope: Earthworks for the upgrade of the Great Eastern Highway in

metropolitan Perth between Kooyong Road and Tonkin Highway

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Civil Division: Preferred Contractor

Framework Agreement Client: Rio Tinto Iron Ore Tenure: Five years Scope: The projects covered in the agreement are a part of Rio Tinto Iron Ore’s 333

Expansion. This agreement places NRW in a preferred contractor position for these works. Beyond the delivery of the earthworks packages, the framework also encompasses NRW in an ECI role.

Current: Works currently being undertaken as part of this agreement:Port Stream - The NRW / NYFL Joint Venture awarded Cape Lambert Port Car

Dumper and Bulk Earthworks package in March 2011, valued at $101 million and employing an anticipated 196 people.

Western Pilbara Stream - The NRW / Eastern Guruma Joint Venture awarded Western Turner Brockman Earthworks package in April 2011, valued at $160 million and with an anticipated workforce of over 550.

Future: Future potential work packages covered under the agreement for the Port Stream consist of similar bulk earthworks as part of the planned future upgrade of Rio Tinto’s Cape Lambert Port to 333Mt/a, currently awaiting funding approval. Under the Western Pilbara Stream there are three further earthworks packages for three future mine developments planned by Rio Tinto, also awaiting funding approval as part of the 333 Programme.

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Mining Services: Current Projects

Middlemount Coal

Client: Middlemount Coal* Value: Approximately $780 million (over five years) Scope: The mining contract is for all mining activities including

clearing and grubbing, long and short term detailed mine scheduling and planning, as well as drilling and blasting including design and load & haul.

On Site: NRW commenced early works at Middlemount Coal Project in January 2011. *Middlemount Coal is a joint venture between Gloucester Coal Ltd and Macarthur Coal Ltd

Solomon Pre strip Client: Fortescue Metals Group Value: Approximately $80 million Scope: The contract consists of load and haul, and drill and blast,

for the initial pre-strip. It is also expected that pioneering civil earthworks including access roads will be undertaken as part of the scope. The contract has an anticipated 18 month duration

On Site: NRW commenced early works at Solomon in June 2011.

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Mining Services: Current Projects

Christmas Creek / Cloudbreak Client: Fortescue Metals Group Value: Approximately $120 million per annum Scope: NRW undertaking the drill and blast; load and haul for

the continuous mining operations at pits within Christmas Creek and Cloudbreak Mines.

On Site: NRW commenced on site at Cloudbreak in March 2008, and Christmas Creek in February 2009.

Western Turner Syncline Client: Rio Tinto Iron Ore Model: Joint Venture with Eastern Guruma Pty Ltd Value: Award Value: $200 million (over 4 years) Scope: Involves the engineering design and development of site

infrastructure, mining of the iron ore deposit and ore haulage to Tom Price via a purpose-built 15.5 kilometrelong road

On Site: NRW has been on site at Western Turner Syncline since January 2010.

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Mining Services: Current Projects

Bootu Creek

Client: OM Holdings Value: Approximately $60 million per annum Scope: This contract mining operation involves the mining of

approximately 33 million tonnes per annum. NRW areresponsibility for drill and blast, load and haul, ROM pad management, waste management and dewatering

On Site: NRW have been on site at Bootu Creek since November 2008

Karara Mining Client: Karara Mining (Gindalbie Metals) Value: Approximately $24 million per annum Scope: Further to performance on the preceding civil and concrete

package, NRW is now also providing mining services including pit development and early works.

On Site: NRW have been on site at Karara since September 2010, commencing mining related works in June 2011.

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Mining Services: Current Projects

Simandou Project Client: Rio Tinto Iron Ore Value: Approximately $35 million per annum Scope: NRW have been contracted since 2007 for the civil

works required for the exploration phase of this project. These works include preparation of access roads and construction of drill pads along the steep inclines of the site.

On Site: NRW have been on site at Simandou since June 2007.

Client: Rio Tinto Iron Ore Value: Approximately $20 million per annum Scope: Mining works included an initial prestrip and is currently

performed as a load and haul contract. On Site: NRW have been at Hope Downs mining since Jan 2008

Hope Downs

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Action Drill & Blast

Division formed in March 2010.

Initially formed to service internal contracts at Rio Tinto Iron Ore’s Western Turner Syncline and BHP Billiton Iron Ore’s RGP5. It now employs over 200 people, operates 21 drill rigs and has undertaken work on 11 contracts.

Commenced first external contract to Karara Mining in September 2010.

Commenced drilling on first coal project at Macarthur Coal/Gloucester Coal JV’s Middlemount Operation in February 2011, has since been awarded 2nd

coal project at Gregory Crinum for BMA.

Expanding external client base to 50% of revenue.

Key external projects include Greenbushes for Talison Lithium; Gregory Crinum for BMA; as well as additional works at Christmas Creek and South Middleback Ranges.

15

Action Mining Services

Provides equipment repairs, sand blasting and painting services, service truck and tanker fabrication and import services (including quarantine cleaning)

Clients include Emeco, MACA, Westrac, Thiess, amongst others.

Sales expected to gain momentum into FY12 with strong demand for Action Mining Services range of products and services.

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Project MapFortescue Metals Group -MiningSolomon; Christmas Creek Mine; Cloudbreak Mine

BHP Billiton – CivilPort Hedland Inner Harbour Project

Rio Tinto Iron Ore - MiningWestern Turner Syncline; Hope Downs

Main Roads WA –CivilGreat Eastern Highway Upgrade

Westnet Rail - CivilMorawa - Mullewa Rail ECI

OM Holdings Ltd -MiningBootu Creek

Karara Mining - CivilEarthworks & Concrete

Perth

Brisbane

Darwin

BMA - CivilLotus Road Earthworks

Middlemount Coal -MiningMiddlemount

Rio Tinto Iron Ore –Mining/CivilSimandou (Guinea, West Africa)

Guinea

Pilbara Region

HWE –Drill & BlastSouth Middleback ranges

Talison Lithium –Drill & BlastGreenbushesKarara Mining –

Mining/Drill & BlastKarara DSO

Downer EDI - Drill & BlastChristmas Creek Mine

BMADrill and BlastGregory Crinum

Macmahon - Drill & BlastCape Lambert Port A Sustaining Works

Mackay

BHP Billiton –CivilMt Nimba (West Africa)

Fortescue Metals GroupCivilAnderson Point Port Expansion; Main Line Rail Duplication

Rio Tinto Iron Ore - CivilWestern Turner Brockman;Cape Lambert Stockyard and Car dumper

FY2011 Financials

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Operating Performance ($m's) 1HY 11 2HY 11Full Year

FY11 FY10 Change

Sales Revenue

Civil 192.1 190.5 382.6 383.6 0%Mining 149.9 171.8 321.7 201.1 60%Action Drill & Blast 11.3 16.5 27.8 7.0 297%Action Mining Services 12.7 15.4 28.1 24.5 15%Other* (7.7) (7.3) (15.0) (6.5)

Total Sales 358.3 387.0 745.3 609.7 22%EBITDA 48.5 47.0 95.5 90.4 6%EBIT 32.0 32.6 64.6 57.6 12%NPAT 20.4 20.8 41.2 35.1 17%EPS (basic) cents 8.1 8.0 16.1 14.0 15%DPS cents 4.0 5.0 9.0 6.0 50%

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Operating Performance

Significant growth across majority of divisions, with Civil maintaining revenue notwithstanding difficult operating environment due to MRRT related contract slow-downs and record rainfall across northern Australia.

Increased net earnings, earnings per share and dividends.

* other includes unallocated income and consolidation eliminations for Action Drill & Blast ($11)m, Action Mining Services ($7.3)m & residual transactions of Promac $3.3m

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Divisional Performance

During FY11 NRW commenced the allocation of indirect project costs (support services) to the individual projects and divisions. Previously these costs had been expensed as an overhead outside project costs.

Civil margins static due to holding costs related to securing of additional hire equipment, recruiting and retaining staff whilst awaiting contract awards.

Mining margins affected in the first half by performance at Western Turner Syncline and adverse weather conditions at BootuCreek impacting operations. Mobilisation to Middlemount also delayed as a result of adverse weather conditions.

Action Drill and Blast margins increased due to external contract contribution.

Action Mining Services margins were lower due to very slow ramp up in activity in workshop until third quarter FY11

Divisional Performance ($m's) Civil Contracting

Mining Services

Action Drill & Blast

Action Mining Services

Financial Year Ended 30 June 2011Sales Revenue 382.6 321.7 27.8 28.1 Operational costs (342.3) (285.0) (24.9) (25.9)Overhead reallocation (0.7) (4.8)

Segment Profit 39.7 32.0 2.9 2.2 10% 10% 10% 8%

Financial Year Ended 30 June 2010Sales Revenue 383.6 201.1 7.0 24.5 Operational costs (346.8) (171.5) (6.5) (21.8)

Segment Profit 36.8 29.6 0.5 2.7

10% 15% 7% 11%

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Balance Sheet

NRW has maintained a conservative net debt to equity position

Investment in income producing assets increased to service greater demand from clients and expansion of revenue base.

Debt consists of trade finance $2.7m, insurance premium funding $0.5m, Hire Purchase $120.3m.

Financial Position ($m’s) FY11 FY10 FY09 FY08 FY07

Working Capital 36.9 30.1 26.4 56.4 9.7

Non-Current Assets 293.0 178.8 156.7 165.5 110.8

Non-Current Liabilities (10.2) (0.4) (0.6) (12.3) (1.6)

319.6 208.5 182.5 209.6 118.9

Funded by:

Cash / (overdraft) 70.6 21.4 20.6 (11.3) 16.6

Debt (123.5) (60.8) (60.8) (81.0) (90.0)

Net Funding (52.9) (39.4) (40.2) (92.3) (73.4)

Shareholders Equity 266.7 169.1 142.2 117.2 45.5

EBIT / net interest 11.3x 9.8x 7.2x 8.4x 6.9x

Net debt / equity 19.8% 23% 28% 79% 67%

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Cash Flow

Application of cash from equity raising for the purchase of equipment from Comiskey Earthmoving Pty Ltd

Strong positive cash flow from operating activities

Proceeds from borrowings comprise premium funding ($5.2m), trade finance ($2.7m) and funding of assets ($45m)

Investing activities comprise asset additions including Comiskey ($82m), Civil & Mining and other ($20m), less asset sales ($2m)

$71

$37

$100

$18$78

$53

$74

$21$0

$50

$100

$150

$200

$250

Opening Cash 1 Jul 2010

Operating activities

Proceeds from borrowings

Net proceeds from equity

raising

Repay Loans Investing activities

Dividend Closing Cash Jun 2011

$m's

Inflow Outflow

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Current Funding Facilities

Structured Debt Facility (ANZ lead arranger) provides NRW the capability and flexibility to fund asset purchases into the future, with ability to scale up as required with the participation of other lenders on standard terms and conditions.

Negotiations commenced to form a syndicate for working capital and performance bonding facilities for future projects given the pipeline for FY13 and 14. Adoption of the second syndicate would be timed for 2HY2012.

Facilities ($m’s) Limit Available

Bonding 190 104

Asset Finance 298 169

Working Capital 50 50

TOTAL $538 $323

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Funding and Debt Position

Consistent cash build in line with revenue and profit growth

Conservative gearing position and efficient working capital management

Capacity for future growth due to significant funding headroom and cash generation

Funding ($m’s) June 2011 June 2010

Cash 70.6 21.4

Debt 123.5 60.9

Net Debt 52.9 39.4

Net Debt / Equity 19.8% 23%

Capex 68.0 61.0

Comiskey asset purchase 82.0

Funding headroom $323.0 $175.0

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Capital Expenditure

Significant investment of capital for the Mining Division

Comiskey assets purchased in part to service the 5 year Middlemount Coal project

Expansion of Drill & Blast to service long term projects for the NRW Mining Division as well as clients external to NRW

Maintenance capital expenditure in FY11 was $4.7 million (included in Civil and Mining capex).

Capital Expenditure FY11 FY10

Assets purchased for Civil & Mining 60.0 59.9

Comiskey Assets 82.0

Drill & Blast 7.4 0.7

Miscellaneous 0.6 0.7

TOTAL $150.0 $61.2

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Group Revenue Outlook

FY12 targeted revenue represents 35% growth over FY11.

Revenue for FY12 fully secured based on $1bn target, and targeting 10% EBIT margin.

$278$471 $509

$610$745

$1,000

0

200

400

600

800

1000

1200

FY07 FY08 FY09 FY10 FY11 FY12

$m's

Target

Order Book and Run-off

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Order book as at 22 August 2011: Mining Services $1.35bn, Civil Contracting $0.65bn.

ECI projects are excluded from the order book.

Order book excludes future expected revenue from projects included in the Rio Tinto Iron Ore Framework Agreement with NRW as preferred contractor; year 1 value is approximately $260 million (see slide 9)

Total order book at start:Mining ServicesCivil Contracting

$1.35bn$0.65bn

$0.98bn$0.02bn

$-

$0.200

$0.400

$0.600

$0.800

$1.000

$1.200

FY12 FY13 FY14 & beyond

$0.35bn

$1.0bn

$0.65bn

$0.65bn

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FY12 Outlook

Record work in hand and expected improvement in margins across all divisions as a result of successful negotiation and tendering of contracts. Optimal utilisation of increased workforce and equipment will also contribute to margin improvement.

Balance sheet and funding facilities in place to underpin future growth into FY13 and beyond. The labour market remains tight but continued emphasis on employee training and development

initiatives will bolster both recruitment and retention. Positive outlook tempered by political and global economic uncertainty. NRW remains focused on

servicing its blue chip customer base in the key markets of iron ore and coal however is actively pursuing opportunities in the gold and LNG sectors.

21%

20%

27%

23%

9%Civil WA

Mining WA

Civil Eastern

Mining Eastern

Drill & Blast

$3.6bn

Strong pipeline of tender activity in the near term (as illustrated in the chart) and currently targeting $3.6bn of contracts across WA and Qld.

Strategic Objectives

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Awarded Government Main Roads contract

Awarded contract in Oil & Gas sector Added to services – Drill & Blast,

concrete division Increase JV alliances with reputable

companies Continue to strengthen management

team Low debt and strong cash flows for

future growth Diversification of client base, commodity

and geography Continued revenue and profit growth

period on period Awarded major coal project in

Queensland Secured long term 5 year Framework

Agreement with Rio Tinto Increased Order Book to $2b

Maintain strong revenue growth and ROCE

Maintain industry leading margins

Order Book $2b+ Target 50% external

revenue for Action Drill & Blast

Expand Queensland footprint

Target further emerging market expansion.

Target Acquisition opportunities

Diversify revenue base for AMS with capital light maintenance services

Oil & Gas client revenue stream

Horizontal and vertical integration to service a broader spectrum of projects.

Further diversify revenue based on commodity, client and geography

Achieved to date FY12: Targeting $1b revenue

FY13: Targeting $1.2b revenue

Work to be done

Appendices

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Services and Products

Civil Contracting

Provides construction services including rail

formation, bulk earthworks, detailed road and tunnel construction, greenfields mine development and concrete installation.

Mechanical / Fabrication

Provides equipment repairs, sand blasting and painting services, service truck and

tanker fabrication and import services (including

quarantine cleaning)

Drill and Blast

Provides Drill and Blast services for the Mining

Services and Civil Contracting divisions as

well as for external clients.

Mining Services

Provides a wide range of contracting services

including earth moving, waste stripping, ore

haulage, drill and blast, as well as related ancillary

services.

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Key Clients and FY11 Revenue Mix

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2.19%0.98%

87.22%

9.17%0.43% 0.01%

Coal Govt Infrastructure Iron Ore Manganese Oil & Gas Other

9.17%2.95%

83.92%

3.96%

Northern Territory Qld WA West Africa