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WDS LIMITEDASIA INVESTOR ROADSHOW

HONG KONG 31 MARCH - 1 APRIL 2014

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Strong balance sheet, local understanding of the licence to operate, robust risk management framework, specialised fleet of equipment and personnel

WDS is a provider of world class services to the Energy and Mining sectorswhich allow our clients to focus on their core business

WDS values Safety & Environment, Integrity, Working Together, Excellence & Accountability

WDS has 1000 Skilled people, extensive Fleet of Specialised Equipment underpinned by strong management systems

SectorsEnergyUnderground Mining

CustomersBlue chip corporatesGovernmentGas producers Emerging miners

ServicesFeasibilityDesignEngineeringManufacturing & constructionMaintenance

STRATEGIC FRAMEWORKF

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END TO END SERVICES F

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MAJOR CLIENT BASEF

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WDS: Demonstrated capability across

upstream works with activity levels increasing

Direct contractual relationships with all CSG proponents

Facilities, personnel and equipment strategically located in Queensland

Maintenance opportunities identified as CSG upstream developments move to operational status.

MARKET ANALYSIS – CSG/LNG

Long term capital spend forecast in the petroleum industry to exceed $30b per annum Recurring spend in Queensland to increase to $10b per annum Significant opportunities Australia wide - NSW trending positively Looming east coast gas supply shortage

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Sectors Oil & Gas Water

Services Oil & Gas Field Development

including Seismic Services CSG Gathering Systems

Installation and Maintenance Gas Compression & Processing CSG Production Drilling and Coal

Mine Gas Drainage Pipelines Mechanical & Electrical Installation Specialist Fabrication Remote Site Logistics

ENERGY SECTORS AND SERVICESF

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WDS GAS GATHERING

Well Completion ConnectionTrenching along the Right of Way (ROW) for Gathering System Installations

Installation of Gathering System HDPE piping system utilising the Fast Fusion machine

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Gas Commercialisation

Gas Compression Steel Trunkline Installation

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“Uniformly degas ahead of mining from the surface”

SURFACE TO IN-SEAM DRILLING (SIS)

KWL 700 Drilling In Seam Well Hole

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INTEGRATED GAS SERVICES

Engineering StudyGas Flow Modeling

Pilot Well Drilling

Well Monitoring History Matching

Life of Project FullyBudgeting Degassing Plan

Implemented Life of Project Degassing Plan

Introduction and Project Scope Data Collection

Coal Degassing Lifecycle

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ENERGY FACILITIES & EQUIPMENT

Equipment Fleet: 2 x Mobile camps (264 beds) 4 x HDPE Fast Fusion Welders 4 X HDPE Poly Welders 4 X Tractstar Poly Welders 3 x Bucket Wheel Trenchers (40t) 7 x Rock saws (45t) 3 x Padding machines 32 x Excavators 16 x Side Booms 25 Dozers, Graders, Loaders and Backhoes 9 x Prime Movers 5 x Cranes 6 x Drilling Rigs (Lateral & Vertical) 1 X Vietz VFT900 Welder 2 x Challenger Tractors 1 X 53 Seater Bus 2 X 4x4 32 Seater Buses 3 X Compactor Rollers 1 X Pneumatic Forklift 2 X Articulated Dump Trucks 2 X Quad-Axle Low Loaders 3 X Tri-Axle Extendable Trailers

Facilities: 15,000sqm equipment support facility at

Dalby, QLD - positioned to service CSG 7,000sqm equipment support facility at Roma,

QLD Fabrication Facility & Workshops - Yatala,

Rocklea, QLD

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Increased metallurgical coal pricing from the current lows Long term demand for metallurgical coal forecast to rise Marginal open cut mines likely to move to underground Previous cyclical events have resulted in increased contractor demand as mines return to full

production, due to cost and efficiency factors from use of a flexible workforce

MARKET ANALYSIS - MINING

Marketable Black Coal Production (By Mine Status) & Exports

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Sectors Underground Mining Services

– Coal– Hard Rock

Services Mine Construction – Portals, Arches,

Drifts Contract Mining Services – Outbye

Support, Conveyor and Long Wall relocation

Equipment Engineering & Maintenance Mechanical & Electrical Installations Mine Development & Planning Shotcreting & Specialist Strata Support Fabrication of Specialist Mine

Equipment Ventilation Systems Materials Handling Systems Civil Tunnelling Mining Consulting

MINING SECTORS AND SERVICESF

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EXPERIENCE

Mine Entries/Drift

Main HeadingsDevelopment

GateroadDevelopment

Outbye Support

Conveyor Installation and Relocation

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MINING EQUIPMENT / FACILITIES

Production Fleet 7 x Continuous Miners 7 x Roadheaders 10 x Shuttle Cars 5 x Feeder Breakers

Support Fleet 20 x LHDs 3 x Shotcrete Rigs – including 1 flameproof rig 11 x personnel transporters

Engineering & Fabrication Workshops Cameron Park - Engineering Plant Management Illawarra Fabrication - Specialist in VCD Mudgee - Engineering and fabrication

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HY14 EARNINGS SUMMARY

Increased revenue in Energy almost offset the slowdown in Mining

EBITDA margin improvement driven by Energy Division

Interest reduced due to net cash position

Tax rate 29.4%

NPAT margin at 4.2% -significant improvement on pcp

Group Earnings Summary

1 Includes tax from equity accounted investees

$m HY14 HY13 Change

Operating Revenue 175.44 188.83 -7.1%

EBITDA 18.03 13.45 34.1%

EBITDA Margin 10.3% 7.1%

Depreciation & Amortisation (7.23) (7.78) -7.1%

Interest (Net) (0.29) (0.93) -68.8%

Tax1 (3.12) (1.25) 149.6%

NPAT 7.39 3.49 111.7%

NPAT Margin 4.2% 1.8%

EPS (cents) 5.11 2.41 112.0%

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Revenue of $144.22m an increase of 19.4% on pcp

EBITDA of $18.44m, a 105.8% increase on pcp

EBITDA margin ahead of expectations at 12.8% on the back of:– Favourable construction

environment– Strong project delivery - projects

completed ahead of schedule– Projects reaching stage of

completion required under internal policy for margin recognition

– High labour retention– Improved equipment utilisation– Margins to moderate in the second

half to 9.0-9.5%

Investment in plant and equipment in the period of $4.8m ($3m funded by operating lease)

ENERGY

Energy Division Financials$m HY14 HY13 Change

Revenue 144.22 120.78 19.4%

EBITDA 18.44 8.96 105.8%


Depreciation (3.22) (3.50) -8.0%

EBIT 15.22 5.46 178.8%

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Challenging conditions in Mining continue to impact revenue

Reacted decisively to the downturn to minimise the impact of excess overheads, labour and equipment

EBITDA impacted by:– Reduced revenue– Redundancy and rationalisation

costs of $0.9m– Declining equipment utilisation

Capital expenditure of $3.9m in the period primarily for Eagle Downs early works

MINING

Mining Division Financials$m HY14 HY13 Change

Revenue 30.95 68.91 -55.1%

EBITDA 1.69 6.27 -73.0%


Depreciation (3.89) (4.17) -6.7%

EBIT (2.20) 2.10 -204.8%

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Cash flow from operations of $71.2m

EBITDA conversion of 398.84%

Positive cash flow driven by:– Disciplined commercial practices– Contract close-out payments

received in July 2013– Early receipt of January 2014

payment claims

Capital expenditure funded in the half year of $5.7m

Dividends paid in the half of $10.1m

Strong net cash position maintained at 31 January 2014 of $27.1m

CASH FLOW

Cash Flow From Operations

$m HY14 HY13

EBITDA 18.03 13.45

Cash Flow from Operations 71.21 1.17

Add - Net Interest paid 0.29 0.93

Net Tax Paid 0.41 1.36

Adjusted Cash Flow from Operations 71.91 3.46

EBITDA Conversion 398.84% 25.72%

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FY14 Dividends– Quarterly dividends commenced– First fully franked quarterly dividend of

1.0 cps paid in December 2013 – Second fully franked quarterly dividend of

2.0 cps paid on 27 March 2014

Dividends declared for HY14 of 3.0 cps an increase of 100% on HY13 (1.5 cps)

Total Shareholder Return for the 6 months to 31 December of 178.3%* (16.7% All Ordinaries Accumulation Index)

Dividend Summary

DIVIDENDS

* Assumes re-investment of Dividends

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Recognised by industry as winner of 2013 APIA Environment Award;

Driving a culture of continual improvement & employee engagement through:

- Celebration of inaugural Chairman’s Health, Safety and Environment (HSE) Innovation Awards (directly linked to support of charities and local community groups);

- Expansion of triple certification program to Drilling & Completions business unit;

LTIFR maintained at zero- No lost time injury for over 3 ½ years

TRIFR of 6.7 sustained at low levels and decline in injury severity

SUSTAINABILITY

WDS Chairman, Ross Rolfe and HSECC Chairman John Pegler with winners of the 2013 Chairman’s HSE Innovation Awards

Supported Charities Selected By Winners Of Chairman’s HSE Awards

1. Qld Mines & Quarries Safety Performance & Health Report 2012 - 20132. NSW Mine Safety Performance Report 2012 - 20133. Office of the Federal Safety Commissioner - Biannual Data Analysis of Accredited Contractors

(Civil Projects) Jul 12 - Dec 12 4. APPEA Health, Safety & Environmental Report 2012 - 2013

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http://www.google.com.au/url?sa=t&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&ved=0CAQQjRw&url=http://www.inspiredadventures.com.au/CFFmarathon/&ei=vH7xUoepLYWfkQXXvYDIDA&usg=AFQjCNEb1-YAtc2_q_4W5_hQJ7DF22kS2g

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Order book of $375.97m up 33.6% on FY13:

– Mining - $153.89m– Energy - $222.08m

Major contracts totalling in excess of $200m won in the period including:

– Eagle Downs– APLNG additional scope– GLNG contract roll over– Origin Fairy Meadow Road– Vale Carborough Downs Drilling Contract– QGC Facilities Fabrication

Mining Division orders characterised by short term purchase orders which are not recognised in the order book

Tenders submitted of circa $300m across both divisions

Solid opportunity pipeline of circa $1b

Subsequent to 31/12/13 awarded 2 year Master Services Agreement with Shell Arrow $40-80M contract in JV with China Petroleum Engineering & Construction (Australia)

ORDER BOOK AT 31 DECEMBER 2013

Order Book

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UNIQUE INVESTMENT OPPORTUNITY

Operating in growth market

Energy CSG activity strong- Direct relationship with all CSG proponents- Strong opportunity pipeline- Emerging maintenance opportunities -

approved acquisition of 2 well workover rigs

Mining order book providing a solid foundation for return to profitability− Increased enquiry level− Previous cyclical events have resulted in an

increased contractor demand as mines return to full production, due to cost and efficiency

− Capability maintained with ability to mobilise quickly as opportunities arise

Strong balance sheet and capacity to generate cash- Capacity to capture value accretive

opportunities- Supports increased sustainable returns to

shareholders in excess of 80%

Strong first half underpins improved FY14 NPAT guidance of $12 - $14m

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DISCLAIMER

The material in this presentation comprises general background information about the Company’s activities current at the date of thepresentations, as at 30 March 2014. It is information given in summary form and does not purport to be complete. It is not intended to be reliedupon as advice to investors or potential investors and does not take into account the investment objectives financial situation or needs of anyparticular investor. These should be considered, with or without professional advice, when deciding if an investment is appropriate.

This document may contain certain "forward looking statements". Forward looking statements can generally be identified by the use of forwardlooking words such as "anticipate", "believe", "expect", "project", "forecast", "estimate", "likely", "intend", "should", “will”, "could", "may", "target","plan" and other similar expressions within the meaning of securities laws of applicable jurisdictions. Indications of, and guidance or outlook onfuture earnings, distributions or financial position, business opportunities or performance are also forward looking statements. Any forwardlooking statements contained in this document involve known and unknown risks and uncertainties and other factors, many of which are beyondthe control of WDS, and may involve significant elements of subjective judgement and assumptions as to future events which may or may notbe correct. There can be no assurance that actual outcomes will not differ materially from these forward looking statements.

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GLOSSARY

Metalliferous - containing a high concentration of metallicelements: a metalliferous ore

Outbye - a section nearer to the shaft, and hence fartherfrom the working face. Toward the mine entrance.

Longwall Mining - a form of underground coal miningwhere a long wall of coal is mined in a single slice .

Shotcreting - a method to spray concrete (or sometimesmortar) through a hose and pneumatically projected athigh velocity onto a surface.

Drift - a horizontal passage underground. A drift followsthe vein, as distinguished from a crosscut that intersectsit, or a level or gallery, which may do either.

Gate Roads - roads driven to the back of each panelbefore longwall mining begins. The gate road along oneside of the block is called the maingate or headgate; theroad on the other side is called the tailgate.

Continuous Miners - a machine with a large rotatingsteel drum equipped with tungsten carbide teeth thatscrape coal from the seam.

Roadheaders - excavating equipment consisting of aboom-mounted cutting head, a loading device usuallyinvolving a conveyor, and a crawler travelling track tomove the entire machine forward into the rock face.

Shuttle Cars - equipment used to efficiently remove thecut material from the working face.

Feeder Breakers - equipment used in underground coalmining to link the mobile and stationary equipment in thesection. It evens the flow of coal onto the conveyor beltand breaks the coal down to a manageable size.

Load Haul Dumps (LHDs) - equipment used to scoopextracted ore, such as coal, with a bucket, load it into thecart, and dump it in the bottom of the mine to undergoprimary crushing before being hoisted to the surface outof the mine.

Flameproof Rig - a rig that has been converted for usewithin potentially hazardous areas such as underground.

CSG - Coal Seam Gas LNG - Liquefied Natural Gas LTI - Lost Time Injury - A work-related injury or illness

that results in a person being totally unfit for work for at least one complete shift or day.

LTIFR - Lost Time Injury Frequency Rate - Number of LTIs per million hours worked in a rolling 12 month period

TRI - Total Recordable Injuries - The total number of work-related injuries resulting in either:

– Lost time;– Medical treatment; or– Prescription of suitable duties.

TFIFR - Total Recordable Injury Frequency Rate -Number of total recordable injuries per million hours worked in a rolling 12 month period

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