Investor Presentation United Kingdom and United States of America

12 – 18 July 2011

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.

Disclaimer and Important Notice

2

Executive Summary

3

Purchase of Comiskey Earthmoving in Queensland for $82M plus Tyre Stock.

Award of $780M coking coal contract with Middlemount Coal. NRW’s first coal project.

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

Multiple contract wins with external clients for Action Drill and Blast.

Operational Highlights

Financial Trading Update

Record order book of $1.664 billion

Successfully raised $70 million from institutional and $5.6 million from retail investors.

Confirm guidance on revenue in excess of $700 million for FY11

NPAT confirmed as per previous guidance and expected at the lower end of broker forecast range of $40-45 million

4

Safety and Training

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

2000, comprising direct staff and sub contractors.

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.

Although our injury statistics have leveled out, the increase in employee HSE training will drive this trend down in 2011

NRW has enhanced it’s training portfolio and is geared to delivering more training to all employees in 2011.

• Staff employed in an on-site supervisory role with NRW are enrolled in a Diploma of Management. Currently 175 supervisors are enrolled on the program.

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

NRW’s Indigenous content is currently 10% of total workforce with a target of 12% by 2012.

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.

5

Key Clients

6

7

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 Earthworks

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 $36 million

Scope: Earthworks and concrete works contract as part of Stages 1 and 2 of the T155 Expansion.

Herb Elliot Port

8

Civil Division: Current Projects

Karara Earthworks and Concrete

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.

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 ECI

Client: Fortescue Metals Group

Value: TBA currently under ECI

Scope: Earthworks to duplicate 50 kilometres of rail by realigning the existing access road, includes substantial drill and blast.

9

Macedon Drilling Support

Civil Division: Current Projects

Morawa - Mullewa Rail ECI

Client: BHP Billiton Petroleum

Value: Approximately $3.2 million

Scope: Preparation earthworks allowing for water bore installation. These early works included access road construction, drill pads and preparation of lined ponds.

Client: Westnet Rail

Model: ECI - Joint Venture with Laing O’Rourke and Brookfield Multiplex

Value: To be determined

Scope: JV selected for early contract involvement to formulate the optimisation of design specifications for significant track rectification, replacement and upgrade as well as associated earthworks.

Great Eastern Highway Upgrade

Client: Main Roads WA

Model: Alliance with Leighton and GHD

Value: $225 million

Scope: Earthworks for the upgrade of the Great Eastern Highway in

metropolitan Perth between Kooyong Road and Tonkin Highway

10

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’s 333 Expansion and 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 was awarded the Cape Lambert Port Car Dumper and Bulk Earthworks package in March 2011, valued at $100 million and employing an anticipated 196 people.

Western Pilbara Stream - The NRW / Eastern Guruma Joint Venture was awarded the 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.

11

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.

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.

*Middlemount Coal is a joint venture between Gloucester Coal Ltd and Macarthur Coal Ltd

Karara Mining

Client: Karara Mining (Gindalbie Metals)

Value: Approximately $2 million per month

Scope: Further to performance on the preceding civil and concrete package, NRW is now also providing mining services including pit development and early works.

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Mining Services: Current Projects

Bootu Creek

Simandou Project

Client: OM Holdings

Value: Approximately $60 million per annum (3 + 2 year contract)

Scope: This contract mining operation involves the mining of approximately 33 million tonnes per annum. NRW hold responsibility for drill and blast, load and haul, ROM pad management, waste management and dewatering

Client: Rio Tinto Iron Ore

Value: Approximately $35 million per annum

Scope: NRW have been contracted 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.

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 kilometre-long road

13

Action Drill & Blast

Division formed in March 2010.

Initially formed to service internal contracts at Rio Tinto’s Western Turner Syncline and BHP Billiton Iron Ore’s RGP5. It now employs 150 people operates 21 drill rigs and has undertaken work on 12 contracts.

Commenced our first external contract to Karara Mining Limited 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.

Awarded external contracts to a total value of $14.6 million in the last quarter.

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

14

Action Mining Services

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

Clients include NRW Civil and Mining, Emeco, MACA, Westrac, Thiess, amongst others.

Sales expected to gain momentum into FY2012 with strong anticipated demand for Action Mining’s range of products and services.

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Project Map

Fortescue Metals Group - Mining Christmas Creek Mine; Cloudbreak Mine

BHP Billiton - Civil Macedon Gas; Port Hedland Inner Harbour Project

Rio Tinto Iron Ore - Mining Western Turner Syncline; Hope Downs

Main Roads WA – Civil Great Eastern Highway Upgrade

Westnet Rail - Civil Morawa - Mullewa Rail ECI

OM Holdings Ltd - Mining Bootu Creek

Karara Mining - Civil Earthworks & Concrete

Perth

Brisbane

Darwin

BMA - Civil Lotus Road Earthworks

Middlemount Coal - Mining Middlemount

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

Guinea

Pilbara Region

HWE – Drill & Blast South Middleback ranges

Talison Lithium – Drill & Blast Greenbushes

Karara Mining Ltd – Mining/Drill & Blast Karara DSO

Downer EDI - Drill & Blast Christmas Creek Mine

BMA Drill and Blast Gregory Crinum

Macmahon - Drill & Blast Cape Lambert Port A Sustaining Works

Mackay

BHP Billiton – Civil Mt Nimba (West Africa)

Fortescue Metals Group Civil Herb Elliot Port; Main Line Rail Duplication ECI

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

16

Group Revenue Growth

• FY11 estimated revenue of $700 million consistent with market guidance of 15% increase over FY10; subject to finalisation and audit of statutory financial accounts of the NRW Group.

• FY12 estimated revenue a target given the current order book and tender pipeline.

$278

$471 $509$610

$700

$1,000

0

200

400

600

800

1000

1200

FY07 FY08 FY09 FY10 FY11 FY12

$m's

Target

Order Book

17

Note: 1. Order book as at 31 May 2011. Mining order book $1.08bn, Civil order book $0.58bn. 2. Order book excludes future expected revenue from projects included in the Rio Tinto 5 year Framework agreement with NRW as preferred contractor; year 1 value is approximately $260 million (see Slide 10); 3. ECI projects Morewa to Mullewa (Westnet) and Mainline Rail Duplication (Fortescue) do not form part of the order book pending finalisation of project scope

$-

$0.10

$0.20

$0.30

$0.40

$0.50

$0.60

$0.70

$0.80

$0.90

2HY2011 (Jun 2011) FY12 FY13 & beyond

$0.76bn

$0.85bn

$0.06bn

Total order book at start: $1.66bn $1.61bn $0.85bn

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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, initial value $100m with ability to scale up or down 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

Bonding 150

Finance Lease 270

Working Capital 50

TOTAL $470

Opportunity Pipeline FY2012/2013

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Target Opportunities Civil Projects

• Fortescue Expansion • Rio Tinto 330mta expansion • BHP Billiton Iron Ore’s RGP6 • BMA Queensland • Main Roads and Government infrastructure

Mining • Further Queensland coal expansion • Pilbara iron ore expansion • Gold projects in WA and SA

Oil & Gas (on-shore civil works) • Chevron - Wheatstone • Inpex - Ichthys • BHP Billiton Petroleum - Macedon • Woodside - Browse

As highlighted by the award of the Middlemount Contract, NRW is expected to continue to benefit from diversification across client base, commodity and geography.

“Planned investment in Australia's resources sector has soared 31 per cent to a record $173.5 billion, with oil and gas, coal and iron ore projects leading the charge. Western Australia accounted for 63 per cent of advanced capital expenditure, reflecting the significant oil and gas and iron ore developments in the state.”

ABARE, April 2011

3.20

3.50

0.78

0.79

Mining

Civil

Oil & Gas

Drill & Blast

$8.27b

Pipeline

Strategic Objectives

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FY12 FY13

Targeting $1b Revenue

Targeting $1.2b+ Revenue

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 > $1.5b

• Maintain strong revenue growth and ROCE

• Maintain industry leading margins

• Order Book $2b+ • Oil & Gas client

revenue stream • Diversify revenue base

for AMS with capital light maintenance services

• Expand external services for Action Drill & Blast

• Expand Queensland footprint

• Target Acquisition opportunities

• Expand on-shore Oil & Gas capability

• Target further emerging market expansion.

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

Achieved to Date

Work to be done

APPENDICES Half Year Results to 31 December 2010

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22

Operating Performance

1HY11 1HY10 Change

SALES REVENUE $m 358.3 275.6 30% Civil Contracting $m 192.1 171.3 12%

Mining Services $m 149.9 87.7 71%

Drill & Blast $m 11.3 0.0

Action Mining $m 12.7 11.2 14%

Other* $m (7.7) 5.4

EBITDA $m 48.5 37.9 28%

EBIT $m 32.0 25.8 24%

NPAT $m 20.4 15.3 31%

EPS (basic) cps 8.1 6.1 33%

DPS cps 4.0 3.0 33% *Other includes unallocated income and consolidation eliminations for Action Drill & Blast and Action Mining Services

Continued growth across all business divisions

Increased net earnings, earnings per share and dividends

Revenue Diversity

21%

25%

14%

2%

10%

4%

23%

REVENUE MIX BY CLIENT

BHP Citic Pacific FMG Gindalbie

OM Holdings Other Rio Tinto

33%

61%

4% 2%

REVENUE MIX BY DIVISION

Mining Civil Action Other

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Funding and Debt Position

Dec 2010 Jun 2010 Dec 2009

Cash $m 40.9 21.4 14.5

Debt $m 55.7 60.9 79.6

Net Debt $m 14.9 39.4 65.1

Net Debt / Equity 8% 23% 29%

Capex (6 months) $m 14.6 26.2 33.8

Funding headroom $m 301.0 175.0 100.0

Significantly improved cash position in 1HY2011

Improved gearing position compared to FY10

Capacity for future growth

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Cash Flow 1HY2011

Investing activities refers to those items not funded directly by financiers and comprise tyres, small capital items and minor leasehold improvements.

Proceeds from borrowings relates to funds received for trade finance.

$40.9

$2.8$21.5

$7.5$47.8

$3.5

$21.4$0

$10

$20

$30

$40

$50

$60

$70

$80

$90

$100

Opening CashJune 2010

Operatingactivities

Investingactivities

Proceeds fromborrowings

Repay Loans Dividend Closing CashDec 2010

$m's

Inflow Outflow