MACA LIMITED INVESTOR PRESENTATION FEBRUARY 2013

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 2012. 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 2012 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 150 million

Share price (as at 15 February 2013) $2.85

Market capitalisation (undiluted) $427.5 million

Cash (as at 31 Dec 2012) $40.2 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 Business Development Manager

Tim Gooch Mining Manager

Mitch Wallace Plant Manager

Andrew Sarich General Manager – MACA Civil

Jon Carcich Company Secretary

Substantial Shareholders

Name Shareholding per last notice

G A Baker / Gemblue Nominees 12.00%

D Edwards / Mining and Civil Management 11.33%

FM and SJ Maher 11.20%

JE and JC Moore 8.67%

BT Investment Management 6.24%

Celeste Funds Management 5.03%

Liquidity

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 $207.5 million (up 47% on previous corresponding period)

EBITDA of $55.2 million (up 53% on previous corresponding period)

NPAT of $22.6 million (up 37% on previous corresponding period)

Cash from operating activities $41.7 million

Key contract wins over the past 6 months include:

Regis Resources Limited (ASX: RRL) Rosemont Gold Project Letter of Intent – contract value $220 million

over 5 years with subsequent increase in scale (minimum 8 year mine life);

Atlas Iron Limited (ASX: AGO) Abydos DSO project – contract value $200 million over 3 years;

Main Roads Western Australia (MRWA) Carnarvon Flood Mitigation project awarded to MACA Civil Pty Ltd,

contract value approximately $65 million

Work In Hand position of $1.875 billion as at 31 December 2012 and average contract length + 3 years

Solid balance sheet

Client base diversified by commodity – Iron ore 38% – Gold 33% – Other Minerals 7% – Civil 22%

Targeting full year FY2013 revenue of +$450m (100% contracted), + 35% above 2012FY

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Half Year Financial Summary

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2013 FY Half Year Results 31 Dec 2012

31 Dec 2011

Change

Revenue $m $207.5 $141.2 47%

EBITDA $m $55.2 $36.1 53%

EBIT $m $37.2 $24.4 52%

Net Profit Before Tax $m $34.5 $23.0 50%

Net Profit After Tax (attributable to members) $m $22.6 $16.4 37%

Contracted / Awarded Work in Hand $m $1,875 $1,401 34%

Operating Cash Flow $m $41.7 $17.7 235%

Earnings per share - basic cps 15.0 10.9 38%

Dividend per share (fully franked) 1 cps 4.5 3.5 29%

1 Dividend Record date 15 March 2013, payable on 29 March 2013. For

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Safety, Environment and Training

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As at Dec 2012 MACA employed a

workforce of +900 personnel comprising

direct staff and subcontractors

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 record with Lost Time Injury

Frequency Rate (LTIFR) continuing to track well

below the industry average

Federal Building and Construction OHS

Accreditation Scheme awarded to MACA

Civil Pty Ltd in December 2012

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MACA Mining 12 Month LTI Frequency Rate

LTIFR(Industry)

LTIFR(MACA)

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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 Business Development Manager 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 Plant Manager 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.

Andrew Sarich General Manager – MACA Civil Andrew is the General Manager of the newly formed joint venture company, MACA Civil Pty Ltd. Andrew has previously worked for Main Roads WA for 10 years and has experience working with several major road building contractors.

Tim Gooch Mining Manager 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 the Institute of Chartered Accountants in Australia (‘ICAA’) . 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

Plutonic

Carnarvon

Laverton Peculiar Knob DSO

Ellendale

Paroo Station Mine

Pardoo DSO

Mt Dove DSO Abydos DSO

Andy Well

Wheatbelt For

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Operating Divisions

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MACA Civil Joint Venture – MACA 60%

interest

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 4

Komatsu PC1250 120t 19

Komatsu PC600 60t 1

Dumptruck

Cat 785D 140t 4

Cat 777G 100t 7

Komatsu 785 100t 70

Dozers

Cat D10T 3

Cat D9T 10

Komatsu 475 1

Komatsu 375 2

Graders

Cat 16M 5

Cat 16H 6

Cat 16G 1

Cat 14H 2

Front End Loaders

Cat 993 5

Cat 988H 2

Komatsu WA600-6/3 14

Komatsu WA500-6/3 4

Cat / Komatsu 14

Drilling and Blasting Production drilling and blasting,

pre-splitting and probe drilling

services

Equipment Blasthole Drills

Terex SCH5000CL 10

Montabert / Hitachi 2

Atlas Copco F9 4

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

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Mining Division – Iron Ore

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Mining Services / Crushing and Screening Services

Pardoo (1 Mtpa): Mining - to April 2013

Crushing - to August 2013

Mt Dove (2 Mtpa): Mining - 13 months, commenced October 2012

Crushing - 13 months, commenced November 2012

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): Mining at Koolanooka recently completed

Crushing through until March 2012

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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: Due to commence March 2013. Minimum 8 year mine life

Laverton:

Focus Minerals (Laverton) Ltd is a subsidiary of Focus

Minerals Limited (ASX:FML)

Mining since September 2009, contract to 2014

FML very well capitalised and announced plans to

undertake significant exploration and development

FML intends to rapidly grow production

Plutonic: MACA undertakes haulage and crusher feed services

Contracted since 2008, current extension through until mid

2013

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Mining Division – Other

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Mining Services

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Ellendale – Kimberley Diamonds: Project commenced December 2011

21 month contract

Fixed and variable contract mitigates mining disruption

during Kimberley wet season

Paroo Station Mine: Targeting restart Second Quarter CY2013

MACA to undertake drill and blast, load and haul and

crusher feed. Infrastructure already in place

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MACA Civil (MACA 60% interest)

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Tailings dam construction and site infrastructure up to

$10m in total

Mt Dove civil and infrastructure works. $20m in

value. Commenced August 12, completed Jan 13.

Abydos saddle and ROM works approx. $9.5 m.

Works in Carnarvon and Onslow completed in 2012

totalling $20m

Browns Range Alliance Carnarvon

Main Roads Western Australia (MRWA) Alliance

project with contract value approximately $65

million over 12 months from October 2012

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

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Work In Hand – as at Dec 12

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Work in Hand: average tenure – Mining 40 months – Crushing 32 months

Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20

Rosslyn Hill Mining - Rosslyn Hill

Kimberley Diamonds - Ellendale

Atlas Iron - Mt Dove - Mining / Crushing

Atlas Iron - Abydos - Crushing

Atlas Iron - Abydos - Mining

Atlas Iron - Pardoo - Crushing

Atlas Iron - Pardoo - Mining

Sinosteel/Midwest - Crushing

Sinosteel/Midwest - Mining

Arrium - Peculiar Knob - Crushing

Arrium - Peculiar Knob - Mining

Barrick - Plutonic

Focus Mineral - Laverton

Regis Resources - Garden Well

Regis Resources - Rosemont

Regis Resources - Moolart

Projected sources of revenue - time based (Excludes MACA Civil) Work In Hand

Potential Extensions

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Work In Hand – as at Dec 12

15

249 289 365

416 359 324

251 183

32 10

83

65 74

71

71

39

44

102

35

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200

300

400

500

600

FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20

$m Revenue composition of work in hand

Completed Work In Hand - MACA Potential Extension Work MACA Civil Note WIH from FY14 onwards does not include any Civil

38% 42% 42% 31% 33%

33% 40% 53%

58% 60% 7%

11% 6% 6% 7%

22% 7%

FY13 FY14 FY15 FY16 FY17Revenue Composition by Commodity / Area

Civil

Other

Gold

Iron Ore

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Company Outlook

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First half 2013 FY performance very strong

Earnings forecast to increase over the second half of 2013 FY with full year revenue now

expected to exceed $450 million (previous guidance + $400 million)

Order book of +$1.8 billion and average contract tenure of 40 months

Emerging opportunities for growth with quality, low cost producers

Focussed on maintaining a strong balance sheet for forthcoming growth

Pipeline for new projects & project expansions is enhanced by strong relationships driven

by proven capability

Growth in scope of work MACA undertakes, expanding with civil works

Strong alignment with clients and key stakeholders

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Income Statement

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Income Statement

A$ million HY11 HY12 HY13 % Change from previous

corresponding period

Revenue 126.0 141.2 207.5 47%

EBITDA 33.2 36.1 55.2 53%

EBITDA Margin 26.3% 25.6% 26.6%

EBIT 23.0 24.4 37.2 52%

EBIT Margin 18.3% 17.3% 17.9%

Profit attributable to MACA 15.1 16.4 22.6 37%

Net Profit Margin 12.0% 11.6% 10.9%

Basic earning per share - cents 9.8 10.9 15.0

Total dividends per share - cents 3.0 3.5 4.5

Shareholders funds 79.5 100.9 134.8

Net cash flow from operating activities 32.2 17.7 41.7

Net debt -9.6 23.5 42.9

Net debt / Net debt + equity n/a 19.0% 24.2%

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Balance Sheet

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Balance Sheet

A$ million FY11 FY12 HY13

Cash and cash equivalents 50.6 39.9 40.2

Trade and other receivables 28.7 58.8 64.9

Inventories / WIP 2.1 3.6 3.0

Property, plant and equipment 70.3 113.8 148.7

Intangibles

Other assets 5.7 10.0 19.7

Total Assets 157.4 226.2 276.6

Payables 25.0 39.9 45.5

Borrowings 37.1 54.8 83.1

Provisions 2.6 5.3 6.2

Other Liabilities 4.4 8.9 6.9

Total Liabilities 69.1 108.9 141.8

Shareholders Equity 88.2 117.3 134.8

Net Debt -13.4 15.0 42.9

Net tangible asset backing - cents per share (basic) 58.1 78.2 89.85

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Contacts

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