MACA LIMITED INVESTOR PRESENTATION FEBRUARY 2014

DOUG GREWAR - MANAGING DIRECTOR / CEO

ROSS WILLIAMS - FINANCE DIRECTOR / CFO

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Important Notice

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IMPORTANT NOTICE AND DISCLAIMER

This presentation and these materials (together the “Presentation”) has The information contained in this Presentation is for information

been prepared by MACA Limited ABN 42 144 745 782 (ASX:MLD) purposes only and does not constitute an offer to issue, or arrange to

(“MACA”) as an Investor Presentation and a summary of MACA’s issue, securities or other financial products. MACA has no obligation to

results for the half year to 31 December 2013. By participating in this tell recipients if it becomes aware of any inaccuracy in or omission from

Presentation or reviewing or retaining these materials, you the information in this Presentation. This Presentation has been

acknowledge and represent that you have read, understood and prepared without taking into account the investment objectives,

accepted the terms of this Important Notice and Disclaimer. financial situation or particular needs of any particular person. You

should consult your own advisors as to legal, tax, financial and related

This presentation should be read in conjunction with other periodic concerning any transaction or investment or other financial decision.

and continuous disclosure announcements that have been lodged

by MACA with the ASX. This Presentation, including opinions set out in it, is based on

information compiled or prepared by MACA from sources believed to

This Presentation may contain forward looking statements concerning be reliable, although such information has not been verified in all

projected earnings, revenue, growth, outlook or other matters instances. No representation or warranty, express or implied, is made

(“Projections”) for the half year ending 31 December 2013 or beyond. as to the fairness, accuracy, completeness or correctness of the

Any such Projections are based on assumptions which may differ information, opinions or conclusions contained in this Presentation. To

materially from the actual circumstances which may arise. MACA the maximum extent permitted by law, none of MACA, its directors,

undertakes no obligation to update any Projections for events or employees, advisors or agents, nor any other person, accepts any

circumstances that occur subsequent to the date of this Presentation or liability, including without limitation any liability arising out of fault

to keep current any of the information provided. Past performance is no or negligence, for any loss arising from the use of the information

guarantee of future performance. contained in this Presentation. In particular, no representation or

warranty, express or implied, is given as to the accuracy,

Recipients of this Presentation are advised that the information completeness, likelihood of achievement or reasonableness of any

contained in this Presentation is not legal, tax, accounting, investment forecasts, Projections or prospects referred to in this Presentation.

or financial product advice and should not be used as the basis for

making investment decisions in relation to MACA securities.

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Corporate Snapshot

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Capital Structure

Fully paid ordinary shares Performance Rights

176.5 million 0.45 million

Share price (last traded) $2.45

Market capitalisation (undiluted) $432 million

Cash (as at 31 December 2013) $162 million

Directors and Senior Management

Andrew Edwards Non-Executive Chairman

Doug Grewar Managing Director / CEO

Geoff Baker Operations Director

Ross Williams Finance Director / CFO

Joe Sweet Non-Executive Director

Linton Kirk Non-Executive Director

Dave Edwards General Manager Business Development

Tim Gooch General Manager Mining

Mitch Wallace General Manager Plant

Maurice Dessauvagie General Manager Civil

Peter Gilford Company Secretary, Financial Controller Substantial Shareholders (as at 31 December 2013)

Name Shareholding per last notice

G A Baker / Gemblue Nominees 8.50%

D Edwards / Mining and Civil Management 8.50%

FM and SJ Maher 8.38%

Celeste Funds Management 6.56%

Acorn Capital 5.85%

Average of 300k shares traded per day since IPO

Average of 368k shares traded per day in CY2012

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Financial and Operational Highlights for the Half Year

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Record half year result

Revenue of $304.6 million (up 47% on previous corresponding period)

EBITDA of $74.3 million (up 35% on previous corresponding period)

NPAT of $32.6 million (up 44% on previous corresponding period)

Cash flow from operating activities $61.4 million

Significant growth opportunities identified and being actively pursued, both organic and new

Work In Hand position of $1.524 billion as at 31 December 2013

Strong balance sheet with healthy net cash position

Reaffirmed full year FY2014 revenue of +$550m (100% contracted), representing +15% growth on FY2013

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Half Year Financial Summary

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2014 FY Half Year Results 31 Dec 2013

31 Dec 2012

Change

Contract Revenue $m $304.6 $207.5 47%

EBITDA $m $74.3 $55.2 35%

EBIT $m $49.6 $37.2 33%

Net Profit Before Tax $m $46.5 $34.5 35%

Net Profit After Tax (attributable to members) $m $32.6 $22.6 44%

Operating Cash Flow $m $61.4 $41.7 47%

Earnings per share - basic cps 18.8 15.0 25%

Dividend per share (fully franked) 1 cps 6.5 4.5 44%

1 Dividend Record date 11 March 2014, payable on 24 March 2014. For

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Safety, Environment and Training

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As at Dec 2013 MACA employed a

workforce of +1200 personnel comprising

direct staff and subcontractors

MACA has consistently maintained a LTIFR

below the industry average

Integrated safety and management system

to AS 4801 – certification to April 2015 –

MACA and MACA Civil

Environment management system to ISO

14001 – certification to April 2015 – MACA

and MACA Civil

Quality management system to ISO 9001 –

certification to April 2015 – MACA and MACA

Civil

Solid safety performance

Industry leading accreditations

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Board and Management

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Ross Williams Finance Director & CFO Ross is a founding shareholder of MACA. Ross is responsible for all financial facets of the Company including capital management, finance, financial reporting and corporate strategy. Ross also has 16 years banking experience having held executive positions with a major Australian bank. Ross is a past fellow of the Australian Institute of Banking and Finance and holds a Post Graduate Diploma in Financial Services Management.

Dave Edwards General Manager - Business Development Dave is a founding shareholder of MACA. Dave is responsible for business development, estimation of required services and negotiating project contracts. Dave has worked in the mining services sector since 1978 and has held general managerial positions with major mining and civil contractors.

Linton Kirk Non Executive Director Linton has over 30 years experience in mining and earthmoving, covering both open pit and underground operations in several commodities. He has held technical, operational and management positions in a variety of mining and mining service companies throughout the world prior to becoming a consultant in 1997. Mr Kirk holds a Bachelor of Engineering (Mining) degree from the University of Melbourne, is a fellow and Charted Professional of the Australian Institute of Mining and Metallurgy and is a graduate of the Australian Institute of Company Directors.

Joseph (Joe) Sweet Non Executive Director Joe has extensive mining contracting and civil contracting experience and was the Managing Director of BGC Australia Pty Ltd from 1988 to 1997 and Managing Director of BGC Contracting Pty Ltd from 1997 to 1999. Joe held senior management roles and Board positions within the Bell Group from 1969 to 1988.

Mitch Wallace General Manager - Plant Mitch joined MACA in 2005 as Plant Manager and is responsible for planning, scheduling and preventative maintenance functions and provide leadership to the maintenance teams. Mitch has worked with contractors and equipment suppliers in Australia and overseas.

Maurice Dessauvagie General Manager – Civil Maurice is a highly experienced professional civil engineer. As a significant civil business leader he has delivered an outstanding portfolio of resources and public infrastructure projects throughout his career. He has held substantial roles in the WA civil sector with some of Australia's largest and most successful service companies. Maurice has a strong track record in building and growing successful civil businesses.

Tim Gooch General Manager - Mining Tim is a qualified Mining Engineer from Camborne School of Mines in the UK. His 30 years in the mining industry has seen him work in the UK, South & West Africa, Canada and 24 years based here in Australia. His experience covers surface and underground mining and processing in gold, diamonds, nickel and other base metals in a number of senior management roles.

Andrew Edwards Non Executive Chairman Andrew is a former Managing Partner of Price Waterhouse Coopers (PwC), Perth Office, a former national Vice President of the Securities Institute of Australia (now the Financial Institute of Australasia) and a former President of the Western Australian division of that Institute. Andrew is a Fellow of the ICAA and has served as state councillor of the ICAA. Andrew is currently a board member of Mermaid Marine, Nido Petroleum and Aspire Mining.

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Doug Grewar Managing Director & CEO Doug has more than 15 years direct experience in the mining industry working for some of Australia’s largest mining contractors, as well as 10 years in the heavy construction materials industry in management and senior leadership roles. He also has past experience as the managing director of an ASX listed company.

Geoff Baker Operations Director Geoff is a founding shareholder of MACA. Geoff is responsible for planning, operating strategy, capital expenditure and delivery of safety and financial outcomes on all projects. Geoff has worked in the sector for 36 years focusing on plant maintenance and asset management.

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Project Locations

Crushing Services – Iron Ore

Mining Services – Iron Ore

Mining Services - Gold

Mining Services – Other

MACA Civil - Civil Contracting

Western Australia South Australia

Moolart Well

Garden Well

Rosemont

Northern Territory

Midwest DSO

Peculiar Knob DSO

Ellendale

Paroo Station Mine

Abydos DSO

Carnarvon

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Operating Divisions

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MACA Civil 100% MACA owned

Deliver effective solutions for:

• Tails dam construction

• Evaporation ponds

• Complete mine infrastructure works

• Road construction and maintenance

• Airport runway construction

• Major earthworks projects

Loading and Hauling Contract load and haul offering

mine to mill solutions and

customised to meet project needs

Equipment Excavator

Hitachi EX 2500 250t 1

Komatsu PC2000 200t 1

Hitachi EX1900 190t 6

Komatsu PC1250 120t 19

Komatsu PC600 60t 1

Dumptruck

Cat 785D 140t 5

Cat 777G 100t 12

Komatsu 785 100t 71

Dozers

Cat D10T 3

Cat D9T 11

Komatsu 475 1

Komatsu 375 2

Graders

Cat 16M 5

Cat 16H 6

Cat 16G 1

Cat 14H 3

Front End Loaders

Cat 993 5

Cat 988H 2

Komatsu WA600-6/3 15

Komatsu WA500-6/3 4

Cat / Komatsu IT 14

Crushing and Screening Crushing and screening – fixed or

mobile crushing circuits from

single to multi stage

Equipment Jaw

Metso 125 5

Cone

Metso HP5 3

Metso HP4 3

Metso HP400 1

Metso HP300 5

Screens

Metso TS5.2 27x8 2

Metso LH 15x8 1

Triple Cedarapids 20x8 5

Double Striker 20x7 4

Sample Stations

Striker 6

Essa 2

Circuits

Arrium – Peculiar Knob 3.3-4.0 Mtpa

Sinosteel – Midwest 2.0 Mtpa

Atlas Iron – Pardoo 1.8 Mtpa

Atlas Iron – Mt Dove 2.3 Mtpa

Atlas Iron – Abydos 2 - 3 Mtpa

Drilling and Blasting Production drilling and blasting,

pre-splitting and probe drilling

services

Equipment Blasthole Drills

CAT SCH5125H 12

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Mining Division – Iron Ore

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Mining Services / Crushing and Screening Services

Pardoo (1 Mtpa): Mining finished operations in November 2013

Crushing to finish operations March 2014

Mt Dove (2 Mtpa): Mining finished operations in October 2013

Crushing finished operations in January 2014

Abydos (2-3 Mtpa) Mining – 36 months commenced December 2012

Crushing – 36 months from June 2013

Peculiar Knob (3.8 Mtpa): Mining commenced in December 2011

Crushing commenced in September 2012

Contract to 2017

Midwest DSO (1.4 Mtpa): Blue Hills commenced in July 2013

Three year project

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Mining Division – Gold

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Mining Services

Moolart Well: Mining since January 2010

Garden Well: Mining since 2011, contracted to 2019

Rosemont Commenced March 2013, minimum 8 year mine life

Plutonic: MACA undertook haulage and crusher feed services

Contracted since 2008, completed project in August 2013

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Mining Division – Other

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Mining Services

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Ellendale – Kimberley Diamonds: Commenced December 2011, contract to early 2014

Fixed and variable contract mitigates mining disruption

during Kimberley wet season

Paroo Station Mine: Mining re-commenced June 2013

Crusher feed commenced May 2013

Contract to early 2017

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MACA Civil (100% MACA owned)

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Browns Range Alliance Carnarvon

Main Roads Western Australia (MRWA) Alliance

project with contract value approximately $65

million from October 2012 until June 2014

MidWest / Gascoyne ISA sub-contract works

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R3 accreditation achieved May 2012

National pre-qualification system for

civil construction contracts

MRWA Roadworks – Onslow – March 2012

Federal Building and Construction OHS

Accreditation Scheme awarded in

December 2012

Safelinks Mid West Alliance

Civil works contracted from July 2013 until

June 2014

Contract value of approximately $36M

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Work In Hand – as at Dec 13

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Projected sources of revenue – time based (excludes MACA Civil)

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Work In Hand – as at Dec 13

15

511

428 355

257 181

19

50

96

121

88

74

36

-

100

200

300

400

500

600

700

2013/2014 2014/2015 2015/2016 2016/2017 2017/2018

$M Projected sources of revenue

Work in hand Potential mining extension work Note WIH from FY14 onwards does not include any Civil

490 428

347

248 181

11

50

96

121

88

70

-

100

200

300

400

500

600

700

2013/2014 2014/2015 2015/2016 2016/2017 2017/2018

$M Projected revenue

Work in hand Potential mining extension work MACA Civil *Note WIH from FY15 onwards does not include any Civil revenues

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Company Outlook

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Strong financial performance continued during FY2014 first half

Reaffirmed revenue forecast FY2014 of +$550 million, up +15% on FY2013

Despite weather events at Garden Well and Rosemont Projects, FY2014 NPAT expected to

exceed FY2013 with no impact anticipated on FY2015 earnings

Order book of +$1.5 billion with significant opportunities for extensions and new contracts

Currently in advanced negotiations for multiple contract extensions

Strong balance sheet and cash position to fund new projects and position company for

continued growth into FY2015 and beyond

Consolidation of MACA Civil and integration of Perth operations into single premises

expected to enhance alignment of systems and culture

Implementation of new management structure complete at MACA Civil

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Income Statement

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Income Statement

A$ million HY12 HY13 HY14 % Change from previous

corresponding period

Revenue 141.2 207.5 304.6 47%

EBITDA 36.1 55.2 74.3 35% EBITDA Margin 25.6% 26.6% 24.4%

EBIT 24.4 37.2 49.6 33% EBIT Margin 17.3% 17.9% 16.3%

Profit attributable to MACA 16.4 22.6 32.6 44%

Net Profit Margin 11.6% 10.9% 10.7%

Basic earning per share - cents 10.9 15.0 18.8

Total dividends per share - cents 3.5 4.5 6.5 Shareholders funds 100.9 134.8 230.5

Net cash flow from operating activities 17.7 41.7 61.4

Net cash (23.5) (42.9) 52.5

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Balance Sheet

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Balance Sheet

A$ million HY12 HY13 HY14

Cash and cash equivalents 39.9 40.2 162.4 Trade and other receivables 58.8 64.9 68.9 Inventories / WIP 3.6 3.0 7.0 Property, plant and equipment 113.8 148.7 187.2 Intangibles

Other assets 10.0 19.7 9.8 Total Assets 226.2 276.6 435.4

Payables 39.9 45.5 78.2

Borrowings 54.8 83.1 109.9 Provisions 5.3 6.2 8.7

Other Liabilities 8.9 6.9 8.1 Total Liabilities 108.9 141.8 204.9

Shareholders Equity 117.3 134.8 230.5 Net Debt 15.0 42.9 (52.5) Net tangible asset backing - cents per share (basic) 78.2 89.85 128.75

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Contacts

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