predictions, page-8

OK. Some calculations on H2 outlook based on the segment reporting in the H1 announcement.

Assumptions:
1) No further income or losses from discontinued operations.
2) Meridian reduces from a $4.8m loss to a $0.8m loss as reported in the commentary accompanying the H1 announcement.
3) Non-Meridian construction has the same NPBT as H1.
4) Mining has the same NBPT as H1 (i.e., no growth).
5) Tax of 30%.

H2 NPBT = $9.9m (FY11 = $12.5m)
H2 NPAT = $6.9m (FY11= $9.0m; EPS = $0.13)

FY12 assuming no change on H2 performance (i.e., continued $1.6m/year loss for Meridian) gives NPAT=$13.8 (EPS=$0.20).

Assuming Meridian returns to neutral (neither loss nor profit) gives NPAT=$14.9 (EPS=$0.21) in FY12, assuming other business units proceed as per H2.