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Clough Annual General Meeting18 October 2011

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Presentation Overview

Chairman’s Address

Formal Business

Resolutions

Questions

Other Business

CEO Presentation

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Chairman’s Address

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Formal Business

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Resolutions

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Resolution 1

Adopt the Remuneration Report

For Against Open Abstain

Proxy votes 633,569,507 29,458,750 306,065 0

Percentage of valid votes 95.51 4.44 0.05 0

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Resolution 2a

Elect David Crawford as Director


Proxy votes 666,653,990 190,062 797,757 0


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Resolution 2b

Elect Henry Laas as Director


Proxy votes 666,598,212 245,840 797,757 0


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Resolution 2c

Elect Cobus Bester as Director


Proxy votes 649,500,535 17,343,517 797,757 0


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Resolution 2d

Elect Kevin Gallagher as Director


Proxy votes 666,639,586 196,762 805,461 0


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Resolution 3

Re-elect Keith Spence as a Director


Proxy votes 666,640,312 177,003 858,144 0


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Resolution 4

Adopt Amended Long Term Incentive Plan


Proxy votes 617,923,467 45,431,466 858,875 0


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Resolution 5

Approve Grant of Options to Neil Siford – CFO and Executive Director


Proxy votes 632,976,167 30,508,137 843,444 0


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Resolution 6a

Approve Issue of Shares to Kevin Gallagher –Proposed CEO and Managing Director


Proxy votes 647,890,897 18,503,233 830,444 0


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Resolution 6b

Approve Grant of Options to Kevin Gallagher –Proposed CEO and Managing Director


Proxy votes 621,401,094 42,064,090 830,444 0

Percentage of valid votes

93.54 6.33 0.13 0

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Questions

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Other Business

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CEO Presentation

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Presentation Overview

Full Year Results 2010/11

Appendices

Strategy and Business Outlook

Business Line Results

Safety and People

Marine Construction Sale

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Full Year Results 2010/11

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FY Salients

Solid operational performance Improved safety performance – 4 LTIs

on 19 million manhours Conditional Sale and Purchase

agreement on Marine Construction business signed 8 August – Estimated Complete Dec 2011

New Contract Awards:– BHP – Macedon Pipeline– CSBP – NAAN3 ECI– INPEX – Ichthys Project

Management Services– Roy Hill – Package 3 ECI– Santos Fluor GLNG K128

Record high tendering activity.

2010/11 Salients(AUDm)

Total operations

Continuing operations

Total Revenue 1008.5 931.3

Underlying Earnings from Operations

47.2 54.7

Statutory NPAT 33.3 49.6

Order Book 1551 1250

Cash 90.4 64.6

Net Cash 49.9

Dividend 2.2¢

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Year ended 30 June 2011Total RevenueFY 10/11 ($M)

FY 10/11Actual ($M)

Total RevenueFY 09/10 ($M)

FY 09/10Actual ($M)

Underlying revenue from continuing operations (3) 931.3 611.0

Underlying earnings from continuing operations(1)(2)(3) 54.7 39.5

Marine Construction – discontinued 77.2 (7.5) 194.0 24.1

Underlying revenue from operations 1,008.5 805.0

Underlying earnings from operations (1) 47.2 63.6

Interest, taxation and adjusting items (8.0) (12.5)Net profit after tax including Marine Construction 39.2 51.1

Adjustment: Transfer Marine Construction to discontinued operations 10.4 (21.1)

Statutory – Statement of comprehensive incomeNet profit after tax from continuing operations (3) 49.6 30.0(Loss)/Profit from discontinued operations and minority interests (16.3) 20.1

Net profit after interest and taxation attributable to members 33.3 50.1Basic earnings per share from continuing operations 6.44 cents 4.13 cents

Basic earnings per share attributable to the ordinary equity holders 4.33 cents 6.90 cents

Cash and cash equivalents (including Marine Construction) 90.4 107.0

Net cash (including Marine Construction) 49.9 51.6

Dividend per share 2.2 cents 2.2 cents

Net assets 310.6 304.7

Order book – Total 1,551 1,352

Order book - Continuing operations(3) 1,250 1,343

Financial Summary

Note (1): Before adjusting items: the impact of businesses disposed of and acquired, the amortisation of intangible assets arising on the acquisition of Forge and revaluation of Forge options.Note (2): Includes 33.4% of Forge profit before taxation and amortisation.Note (3): Excludes Marine Construction, a discontinued operation at 30 June 2011. Further detail provided in the Appendix to this presentation.

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Balance Sheet Development (AUD $m)

-300.0

-200.0

-100.0

0.0

100.0

200.0

300.0

400.0

500.0

600.0

Forge Investment (at cost)

Receivables, WIP and other assets

Marine Construction and Property assets held for sale

Property, Plant and Equipment

Total Cash

Payables, provisions and other liabilities

Marine Construction and Property liabilities assoc. with assets held for sale

Total Debt (1)Liabilities $m

at 30/06/2011 Proforma Balance SheetMC disposed at 30/06/2011

Net Assets $304.7m

Net Assets $310.6m

Net Assets $325.6m

at 30/06/2010

Assets $m

Note (1) Debt of $39.3m associated with Marine Construction is included in liabilities directly associated with a disposal group at 30 June 2011.

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Safety & People

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Accountability for Safety

Zero Harm Philosophy - All injuries and incidents deemed unacceptable.

4 Lost Time Injuries on 19 million manhours FY 10/11.

7 million manhours LTI free in PNG as a result of:

– 19,581 Tool Box talks– 105,888 Job Hazard Analysis– 2,316 Hazard Observations– 65,015 Observation &

Improvements Completed

0.75 0.840.51 0.36 0.21

4.78

3.41

4.053.58

3.90

00.5

11.5

22.5

33.5

44.5

5

2006/2007 2007/2008 2008/2009 2009/2010 2010/2011

Freq

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r 1,0

00,0

00

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LTIF

TRIF

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Capacity to Deliver

June 11 June 10

Direct Clough Workforce 1687 1184

Employed by JV 1949 2059Total Clough Workforce 3636 3243

Staff Retention 85% 86%

Graduate Numbers 35 43

Development Initiatives:

Succession planning and high potential candidate scheme

Management Development Programme in partnership with AIM

Success Through People continues, 400 candidates trained

Cadetships in para professional project services disciplines

Women@Clough launched

CEO handover 3 November 2011, Kevin Gallagher

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Business Line Results

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June 10 June 11 June 10 June 11June 10 June 11

Highlights Chevron Dom Gas contract awarded, successful kick off CNOOC / Helix Normand Clough Charter CACT Huizhou Engineering & Construction, Normand Clough Sale & Purchase agreement with SapuraCrest signed 8 August

2011 Estimated complete December 2011

24.1

24.1

-7.5

EBIT ($m)

194.0

77.2

Revenue ($m)

50

355

Order Intake ($m)

Marine Construction – discontinued operationF

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Prospects Woodside Karratha Gas Plant, Pluto and Offshore

Facilities

New LNG Facilities:

59.9

47.6

Revenue ($m)

June 10 June 11 Since 30 June 2011June 10 June 11 June 10 June 11

Highlights ConocoPhillips Bayu-Undan successful shutdown Maersk (Woodside) Ngujima-Yin FPSO major refit Oil Search Kumul Terminal upgrade, awarded and

kicked off New Zealand JV with Beca kicked off and first

award ConocoPhillips Bayu-Undan – 2 years plus 2 year

options renewal – October 2011

4.5

2.5

EBIT ($m)

4541 50

Order Intake ($m)

Asset Support

– Woodside Pluto– ExxonMobil PNG LNG – Chevron Gorgon

– QGC– Santos GLNG

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Asset Support Projects

Woodside Offshore Maintenance Services Contract – North Rankin A

Bayu-Undan Operations and Maintenance Contract / Shutdown

Maersk (Woodside): Ngujima-Yin FPSODebottlenecking and Repair Oil Search Kumul Terminal

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Prospects Record high tendering activity, $1.5bn under

evaluation Near term opportunities:

– Chevron Wheatstone near shore marine– Chevron Wheatstone hook up and

commissioning– INPEX Ichthys near shore marine– QGC upstream construction

Existing contract growth C1/Gorgon

Highlights Excellent operational performance Exxon PNG LNG C1: 7 million manhours LTI free Gorgon Clough workforce 450+ Exxon PNG LNG EPC4 construction commenced Exxon PNG LNG Export Jetty progress on schedule, 25% complete New projects kicked off:

– BHP Macedon Project– INPEX Ichthys Project Management– CSBP NAAN3 ECI– Roy Hill Package 3 ECI– Santos Fluor GLNG upstream construction

June 10 June 11

Capital Projects

June 10 June 11

1351

655450

Order Intake ($m)

34.2 38.7

EBIT ($m)

517.7

733.6

Revenue ($m)

June 10 June 11 Since 30 June 2011

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Capital Projects - Gorgon

Aerial view of the plant siteAerial view of the MOF and PMOF

Aerial view of HDD site

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Kikori River Bridge

Mubi River BridgeHighlands Hwy

Lae

Capital Projects - PNG LNG Upstream Infrastructure

GobeKantobo

Hides

Kopi

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PNG LNG Jetty

Cantilever Bridge Piling Works

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Client: INPEXValue: $250 million Offshore Integrated Project

Management Support Services (IPMS) Contract

Executed by Clough DORIS JV Engineering team mobilised to assist

client in London prior to FID (Q4 2011)

New Wins – Ichthys IPMSF

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Client: BHP Billiton Petroleum

Value: $43 million 13000t linepipe unloaded at

Dampier Mobilisation complete, pipelay

work commenced HDD rig to commence drilling

October 2011 Clough Streicher JV (50/50%)

New Wins – Macedon Gas Project, Onshore PipelinesF

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http://csg/projects/08359/Project Images/Construction Pictures/IMG_0271.jpg�

New Wins – Roy Hill Iron Ore Project

Client: Hancock ProspectingValue: $1.5 million First contract for Clough Forge JV ECI for Package 3, Portside Materials

Handling Facilities Involves detailed review of preliminary

and Bankable Feasibility Study (BFS) documentation to deliver Package 3 EPC phase price

Positions Clough Forge for EPCPhase worth $500m +

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Client: CSBPValue: $4 million ECI contract Involves detailed review

of engineering and procurement documentation to develop execution plan for EPC

Positions Downer Clough for EPC contract worth ~ $200m

New Wins – NAAN3F

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New Wins – Santos/Fluor GLNG (K128)

Client: Fluor AustraliaValue: circa $600m Scope: 425km Pipelines, 2 hub

compression stations, 6 water storage dams, two 400 man camps

Civil, pipeline, structural, mechanical, piping, electrical and instrumentation

Mobilisation begins October 2011 Completion end 2013 Clough Downer JV (50/50%)

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Forge Group

Highlights: Continued strong growth and solid operational performance.

Closing order book $325m with record high tendering activity.

FMG Solomon Hub Award, September - $200m.

Clough Forge JV established, first award Roy Hill Package 3.

Second Clough Director appointed, plus second independent.

Management transition plan in action.

40.4 56.8

Profit Before Tax- Total ($m)

247.2424.7

Revenue - Total ($m)

FY 10 /11 Total

FY 10 /11-CloughShare

Profit Before Tax 56.8 18.9

Tax (17.9) (5.9)

Net Profit After Tax 38.9 13.0

Amortisation Net of Tax (2.8)

Net Contribution 10.2

June 10 June 11 June 10 June 11

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Forge Projects

MCC Mining Sino Iron Ore Project

Ravensthorpe Nickel Project

Lynas Corp Mt Weld Rare Earths Project

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Terms:

Includes Java Constructor, charter of Normand Clough, other marine equipment, shareholding in Peritus, OFI and Clough Helix

Contracts to be novated, including Chevron DomGas

Gross Proceeds $127m Estimated profit on sale $8m All debt repaid, cash increase

circa $50m Estimated complete Dec 2011

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Strategy and Business Outlook

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Australian Energy & Resource Opportunities

Committed 2011

Uncommitted Named Projects

Uncommitted Named Projects

Committed 2010/11

Wheatstone Committed September 2011

Clough Strategy compiled data: 10 10 2011 † Named projects with FEED or Feasibility Study complete, but not currently under construction

Energy(A$130bn )

Resources(A$129bn)

Likely Investment – Named Projects

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Australian Gas on the World Stage

LNG Project Pipeline: Santos GLNG (CSG) - Committed

BG QGC (CSG) - Committed

Browse LNG Wheatstone LNG - Committed

AP LNG (CSG)

Arrow LNG (CSG)

Ichthys LNG Scarborough LNG Prelude LNG (FLNG)

Sunrise LNG (FLNG)

Gorgon (Trains 4 & 5) Pluto (2 & 3)

+ boutique, small and

mid-scale LNG potential

0

50

100

150

200

250

300

350

400

450

500

2010 2020

mtp

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LNG Supply Outlook

Rest of the World

Rest of the World

Australia Existing

Committed

Potential

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Australian Minerals – Planned Investment

Australian Minerals Projects Black Coal (71) Iron Ore (40) Gold (24) Nickel (19) Lead-Zinc-Silver (18) Copper (15) Uranium (12) Mineral Sands (7) Alumina (4) Bauxite (4) Tin (3)

ABARE Figures April 2010

Notes:• Figures are for projects identified, but not yet committed• Forecast covers projects with potential start ups between

2010 and 2016

Black Coal 37%

Iron Ore33%

Nickel 11%

Other19%

Potential Resource Investment - A$122b (% spend share)

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Australian Iron Ore on the World Stage (Mtpa)

0

200

400

600

800

1000

1200

1400

2010 2015

Rest of the World

Australia Australian Existing Exports (@2010)

Australian Growth Exports * (@2010)

Rest of the World

Source: Australian Bureau of Agriculture and Resource Economics and Sciences

* Includes only BHP & Rio Tinto forecasts

39% 43%

mtp

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Strategy

Tier one participant in Capex and Opex phases of gas to LNG and minerals processing projects.

Engineering led EPC service delivered discrete or bundled

Medium term focus on Australian opportunities

Internationalise over time

Use strong balance sheet for growth

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Operating ModelCloughCapital Projects EPC, discrete or bundled, alone or in project specific JVs

Clough Seam GasWholly owned subsidiary, focused on Upstream CSG to LNG EPC

BAM CloughPermanent 50/50 JV, near shore Marine Facilities EPC, Gas and Minerals projects

Clough ForgePermanent 50/50 JV, Large EPCProjects, targets opted in, Australasia

Clough AMECPermanent 50/50 JV, EPC for maintenance and modification of operating oil and gas facilities, Australasia

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Order Book Analysis at 30 June 2011

Order Book – Comparison($m)

850

500400

2011/2012 2012/2013 2013/2014 & Beyond

Continuing Operations: By Year of Delivery

($m)*

Post 30 June awards:

INPEX Ichthys IPMS CSBP NAAN3 ECI Roy Hill ECI ConocoPhillips Bayu-Undan Santos Fluor GLNG

Near Term Opportunities: Chevron Wheatstone near

shore marine Chevron Wheatstone hook-up

and commissioning INPEX Ichthys nearshore

marine Existing contract growth – C1

and Gorgon

= Marine Construction

* Excludes Forge, further forecast ExxonMobil PNG LNG Work Orders and Marine Construction business

** June 2010 order book restated for estimate of KJV Gorgon labour

205

1,343 1,250

1,560

197

275

Jun 09 Jun 10 Jun 11 As at 18 Oct 2011

1,5511352

402

*

9 301

1,835

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Summary & Outlook

Solid operational performance

Recent awards and record tendering activity to augment existing order book

Continued focus on recruitment, retention and training

Marine construction sale equips for growth

Re-orientation of strategic direction: Engineering led EPC, Australian gas and minerals projects.F

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Disclaimer

The information in this presentation:

Is not an offer or recommendation to purchase or subscribe for securities in Clough Limited or to retain any securities currently held.

Does not take into account the potential and current individual investment objectives or the financial situation of investors.

Was prepared with due care and attention and is current at the date of the presentation.

Actual results may materially vary from any forecasts (where applicable) in this presentation.

Before making or varying any investment in securities in Clough Limited, all investors should consider the appropriateness of that investment in light of their individual investment objectives and financial situation and should seek their own independent professional advice.

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Appendices

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Full Year Financial SummaryFY 2010/11 FY 2010/11 FY 2010/11 FY 2009/10 FY 2009/10 FY 2009/10Revenue Margin Revenue Margin

$M $M % $M $M %

Asset Support 47.6 2.5 5.3% 59.9 4.5 7.4%Capital Projects 733.6 38.7 5.3% 517.7 34.2 6.6%Other - includes Fabrication 8.4 (5.4) 11.0 (2.3)Forge (1) 141.6 18.9 13.4% 22.4 3.1 14.0%Total Continuing 931.3 54.7 * 611.0 39.5 *

Marine Construction - discontinued (2) 77.2 (7.5) (9.7)% 194.0 24.1 12.4%

Total Underlying Revenue 1,008.5 805.0Earnings from operations (3) 47.2 63.6

Net interest (4) 2.3 * 1.1 *Adjusting Items (5) (0.5) * (9.5) *Forge and other EAE taxation (4.7) *Taxation - Clough (2.2) (1.1)

Interest, tax and adjusting items - Marine Construction (2) (2.9) (3.0)39.2 51.1

Reclassify Marine Construction to discontinued (2) 10.4 (21.1)

Statutory - Statement of Comprehensive Income

Net profit after taxation continued operations - Statutory 49.6 30.0

Discontinued operations and non controlling interests (16.3) 20.1

Net profit attributable to Clough shareholders - Statutory 33.3 50.1

Profit before tax from continuing operations - Statutory 51.8 * 31.1 *

(1) Clough's 33.4% share of Forge's profit before tax and amortisation.(2) Marine Construction was classified as a discontinued operation at 30 June 2011. Prior year financial summary has also been restated to reflect Marine Construction as a discontinued operation.(3) Before adjusting items.(4) Includes net interest from equity accounted entities.(5) Adjusting items comprise the impact of businesses disposed of and acquired, the amortisation of intangible assets arising on the acquisition of Forge and revaluation of Forge options, and in the

prior year a reduced allocation of overheads to Marine Construction, on a direct rather than a revenue basis, as required on classification as a discontinued operation.

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Questions

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