MARCH 2010MARCH 2010

Investor Investor PresentationPresentation

Jules PembertonChief Operating Officer

Mark WallaceChief Financial Officer

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Share RegisterShare Register

FPO Shares: 251 million Share Price History:Market Cap: $388 million 12 Month High: $2.16P/E Ratio: 9.77* 12 Month Low: $0.32 Sector P/E ratio: 12.99* Last (19/03/10): $1.545

* Source Commsec

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Key Clients Key Clients –– Civil & MiningCivil & Mining

Customer Mix (Mining) Customer Mix (Civil)

OM Holdings34%

FMG26%

Rio Tinto36%

Other4% Rio Tinto

21%

Citic Pacific53%

BHP23%

Other3%

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Business Overview 1Business Overview 1stst Half FY2010Half FY2010

CIVIL: Business Mix

Bulk Earthworks54%

Port Infrastructure4%

Rail33%

Roads9%

NT12%

WA83%

International5%

Managanese35%

Iron Ore65%

Business Mix (Mining) Business Mix (Civil)

Revenue Contribution Geographical Spread

Bulk Earthworks54%

Port Infrastructure4%

Rail33%

Roads9%

Civil62%

Mining32%

Action4%

Promac2%

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SafetySafety

At Feb 2010 NRW employs a workforce of 1600 personnel comprising direct staff and sub contractors.

Safety performance is an important fundamental factor in retaining key clients and the awarding of new contracts.

NRW has world class safety systems and procedures.

Performance

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500000

1000000

1500000

2000000

2500000

3000000

FY 2005 FY 2006 FY 2007 FY 2008  FY2009  YTD 2010

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35

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Man hoursTRIFR (Total Recordable Injury Frequency Rate)LTIFR (Lost Time Injury Frequency Rate)

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Human ResourcesHuman Resources

Ongoing extensive Safety Training programmes attended by all staff

Indigenous Cultural Awareness workshops attended by all staff.

Accredited Cert.2 in Metaliferous Mining attended by 700 staff to date.

Diploma of Management for all Supervisors and site managers – attended by 150 staff

Power Up programme providing indigenous groups extensive training to enter the mining sector

Commitment to Dept. of Employment for intake of 100 indigenous employees each year.

Jeff McGlinn – Chief Executive OfficerJulian Pemberton – Chief Operating OfficerWillie Rooney – MD Civil & MiningMark Wallace – Chief Financial OfficerMal Stewart – GM Civil OperationsSimon Ridley – GM Mining OperationsBob McNair – GM HSE & TrainingKeith Bounsell – GM Action Mining ServicesKeith Bassett – GM Human Resources

Training & Development Initiatives

Employee Retention and Mix

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Key Management

Dec 09 Dec 08Total Staff 830 585Indigenous Staff 11% 10%Project Staff 90% 90%Retention Rates 90% 90%Sub Contractors 800 600

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Operation OverviewOperation Overview

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Civil Division Civil Division –– Key ProjectsKey Projects

Rail duplication - 54km of the southern section from Cowra siding to Yandi mine

Contract includes: Rail formations, drill and blast, track and signals and a 300 man camp

JV with Laing O’Rourke & John Holland

Chichester Deviation contract awarded by variation in Jan 2010 for $120m

RGP5 (South) - BHPBIO

Cape Preston – CP Mining

Port infrastructure and mine site earthworks.

6 million cubic meters of drill and blast rock

Contract includes: 3.7km breakwater construction, plant site and bulk earthworks

JV with VDM Group

Peak workforce in excess of 400

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Civil Division Civil Division –– Key ProjectsKey Projects

Contract includes: All preliminary construction works including site drains, roads, retention ponds and all-weather airstrip

40,000 cubic metres of concrete for concentrator base 400-500 NRW personnel on site Project value: $120 million

Karara Concrete Works – Gindalbie Metals

Christmas Creek Rail - FMG

Recommencement of Cloudbreak to Christmas Creek Mine Rail Spur Contract.

Port Haven - BHPBIO

Camp earthworks, drainage and minor concrete works for a new camp adjacent to the Port Hedland airport

Area H – Variation awarded November 2009For

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Mining Services Mining Services –– Key ProjectsKey Projects

Drill and blast, excavation, haulage and waste dump management services

In-pit works including pre-development pit establishment, waste pre-stripping, waste cutback and remnant ore mining

Hope Downs Mining – Rio Tinto

Drill & Blast, excavation of mine overburden, load and haul

Significant mine expansion proposed

Christmas Creek - FMG

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Mining Services Mining Services –– Key ProjectsKey Projects

Drill and blast, excavation, haulage waste dump management services and crusher feed

3 + 2 year contract term

Bootu Creek – OM Holdings

Renegotiated contract extension through to December 2010 plus one year option

NRW onsite since July 2007

Simandou Project – Rio Tinto

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Promac / Action MiningPromac / Action Mining

Product sales only business in FY2010

Lighting towers and Gensets demand strong in mining sector

Quotations increasing on service and water trucks as activity inresource sector picks up.

Promac

Action Mining Services

Slow to recover but ahead of expectations to Dec 09

Repairs and Maintenance business now increasing output

Contracts secured for quarantine cleaning works associated with Gorgon Project.

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Revenue and Order Book OutlookRevenue and Order Book Outlook

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Revenue OutlookRevenue OutlookF

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Revenue & EBIT MarginRevenue & EBIT Margin

Consistent industry leading marginsConsistent industry leading margins

186.2

76.7

277.6

471.2

509.6

12%11%

12%

8%

13%

2005 2006 2007 2008 2009

Revenue ($m) Margin (%)

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Order Book: Civil & MiningOrder Book: Civil & Mining

Strongest order book in NRWStrongest order book in NRW’’s historys history

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Jun-05 Jun-06 Jun-07 Jun-08 Jun-09 Feb 2010

$m's

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Order Book Run OffOrder Book Run Off

FY 10 revenue secured and building FY11 and beyondFY 10 revenue secured and building FY11 and beyond

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FY09 FY10 FY11 FY12 +

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Tender BreakTender Break--upup

Tender Pipeline ($bn's)

$1.4

$3.3

Civil Mining

Tender Pipeline Mining

45%

55%

Coal Iron Ore

Tender Pipeline Civil

92%

5% 3%

Bulk Earthworks Rail Road

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Capital ExpenseCapital Expense

NRW has invested in equipment during the 1HY10 in order to capitalize on the upward demand for commodities.

Strategic purchases made at reduced cost. New assets immediately deployed on Bootu Creek and Western Turner Syncline projects.

Total expenditure to 31 Dec 2009 is $33.79m

Future capex driven by new project awards.

4.4 8.0 6.2 7.4

26.419.7

51.0

36.4

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30

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60

70

FY 07 FY 08 FY09 1H 10

$m

Maintenance Growth

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Strategy & OutlookStrategy & Outlook

Mining

Civil

• Continued involvement in WA iron ore expansion projects.

• East Coast expansion into coal.

• International expansion building on current African presence.

• Focus on long term revenue contracts

• Opportunities in oil & gas infrastructure projects.

• Road, rail and bridge construction with increased capital expense in resource sector.

• Develop opportunities in government and utilities sector including WA and QLD Roads. Prequalification's in place.

The expected NPAT range for FY10 is $33 - $38m with legacy of contracts awarded during GFC running off during the current financial year.

As world wide demand for commodities continues to improve the outlook is very positive for the Group and the mining services sector.

Action & Promac• International sales opportunities for Promac’s Lighting plants and Gensets

• Develop the fabrication arm of Action MiningFor

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Strategy & OutlookStrategy & Outlook

New BusinessDivisions

• Internal establishment of a concrete division undertaking significant project works at Gindalbie

• Establishment of Drill & Blast division to service internal mining and civil projects. Future opportunity to offer drill andblast services externally

Grow revenue at a compounding rate of 20% per annum.

Target double digit EBIT margins.

Grow earnings per share.

Grow order book to $2bn.

Continue to provide, involve and integrate indigenous groups through training, employment and JV initiatives.

Maintain conservative net Debt/Equity levels in order to sustain a strong balance sheet.

Reinstate dividend policy to 40 – 60% payout of net profit.For

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Appendices Appendices

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Appendix: Balance SheetAppendix: Balance Sheet

44.7%22.0%29.3%Net debt / (Net debt + equity)

8.4x7.2x6.2xEBIT / net interest

Debt / Balance Sheet Metrics

117.2 142.3 156.8 Shareholders equity

117.2 142.3 156.8 Net assets

311.7 311.8 347.3 Total Assets

185.0 165.3 187.1Other Assets

123.4 125.9 145.8PPE

3.3 20.6 14.5Cash

200820091HY10$m unless stated

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Appendix: Profit & LossAppendix: Profit & Loss

4.0 cents1.0 cents3.0 centsDPS

5.7 cents8.0 cents6.1 centsEPS

$13.7$19.8$15.3Net profit after tax

$22.7$32.9$25.8EBIT

$30.2$43.1$38.0EBITDA

$253.5$269.6$275.6Total Revenue

1HY 081HY 091HY 10$ millions

NRW has a strong track record of growing revenue and delivering profits through safe working practices, efficiency, production and service.

The growth trend of NPAT was interrupted by GFC, however the outlook is positive.

NRW’s strong balance sheet and earnings protected the company from having to raise equity and dilute earnings during the GFC.

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