Ann: Diggers & Dealers Presentation J Pemberton CEO, page-16

Thanks Sabine,

Some key things I noted (you have mentioned most of these) were:

- 5 years strong mining and infrastructure work in the pipeline
- Golding (using JVs for larger jobs most likely) in place nicely to take advantage of East coast infrastructure work
- have and are investing in tech and skills for better productivity and client project outcomes
- looking to add capability via more acquisitions

A counterpoint is the view that mining services companies like NRW have "now been re-rated and are just fighting over the contracts that are rolling out" - e.g. first half of this video:

I think this is important because it hints that NRW's potential in infrastructure is not priced in. We need to see some wins in this area and then we have a new cash flow to consider when valuing the company.

Cheers
pb