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Clough Investor Update Macquarie Australia Conference May 2012

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Performance Focus

Clough will deliver superior value to shareholders by focusing on:

Delivery - excellence in execution and contract delivery

Contract and portfolio mix – diversification of earnings and improvement of blended margins

Cost efficiency - reduction of cost base to improve profitability

Growth – organic growth of business to meet market demand and opportunities to expand existing services and to increase EPC and EPCM exposure to mining and mineral resources projects

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Business Update

Record order book $2.5 billion (end March). Approximately $1 billion secured revenue for FY13, ex Forge.

No change to FY12 earnings guidance.

– Loss making contract closed out – Re-negotiation of fee structure for two

major contracts continues to progress as planned.

Improved FY13 outlook: Minimum 5% EBIT margin, ex Forge.

Longer term target: 7% EBIT margin, ex Forge.

Forge: Continued strong performance. New CEO appointed.

Murray & Roberts: Successful rights issue completed.

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(1) Excludes Forge

(2) Includes contract growth – existing contracts

(3) Includes PNG LNG work orders, Wheatstone HUC, Wheatstone Jetty, Ichthys MOF, Ichthys Jetty

(4) Clough Share

(5) Adjusted for Q3 FY12/13 results

Order Book

1,270 1,330

2,490

Dec 2009 Dec 2010 March 2012

Order Book Over Time ($m)(1)

270

950 770

500

2011/12 to go

2012/13 2013/14 2014/15 onwards

Revenue By Year of Delivery ($m)(1)(2)(3)

(2)

Near Term Opportunities

Approximately $10 billion of work on the radar over the next five years.

Key near term opportunities include:

– INPEX Ichthys Offshore Commissioning - $200m (Clough Doris JV)

– QGC Queensland Curtis LNG Wolleebee Creek - $550m (Transfield Clough JV)

– Rio Tinto Alcan Weipa Bauxite Jetty - $180m (BAM Clough)

– Morobe Mining JV Waifi Goldpu Earthworks and Camp PNG - $100m (Clough self performed)

– ExxonMobil PNG LNG Asset Support - $150m (Clough AMEC)

– Hancock Prospecting Roy Hill Package 3 (Clough Forge)

(2)(3)(5)

(5)(1)

(1)

(1)

(1)

4

Clough’s order book is at record levels, with nearly $1 billion of revenue already secured for FY13

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New contracts Clough has been awarded over $900 million worth of new contracts since January 2012.

JETTIES & NEAR SHORE MARINE

INPEX Ichthys Jetty Client: JGC, Kellogg, Chiyoda JV Clough Value: $185 million JV: BAM Clough Duration: 3 years

INPEX Ichthys MOF Client: JGC, Kellogg, Chiyoda JV Clough Value: $70 million JV: BAM Clough Duration: 2 years

Chevron Wheatstone Jetty Client: Bechtel Clough Value: $200 million JV: BAM Clough Duration: 5 years

CAPITAL PROJECTS

Hancock Prospecting Roy Hill Package 3 Port Facilities ECI Client: Hancock Prospecting Clough Value: $15 million JV: Clough Forge Duration: TBC

ExxonMobil PNG LNG Upstream Infrastructure Work Order Client: ExxonMobil Clough Value: $95 million JV: Clough Curtain JV Duration: 4 years

ENGINEERING

Engineering Wins Client: Various Clough Value: $9 million Duration: ongoing

COMMISSIONING & ASSET SUPPORT

Chevron Wheatstone ORM Client: Chevron Australia Clough Value: $15 million JV: Clough AMEC Duration: 3.5 years

Chevron Wheatstone HUC Client: Chevron Australia Clough Value: $350 million Duration: 40 months

ENI Black Tip Client: ENI Australia JV: Clough AMEC Duration: 3 years

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Competitive advantage through quality services, exceptional systems and performance, and world class services across four business lines

Servicing customers in Energy & Chemical, Mining & Minerals and Water Distribution & Treatment markets in Western Australia, Queensland and Papua New Guinea.

Strategy – Superior Value for Shareholders

Mining & Minerals Energy & Chemicals

Upstream, downstream, offshore, onshore, oil, gas and LNG and petrochemicals markets

Iron ore, coal, precious and other metals markets

Foundation Market Sectors

Engineering Capital Projects Jetties and Near

Shore Marine

Commissioning and Asset Support

Projects

Business Lines

WA QLD PNG Regions

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Strategic Focus

Clough will deliver on its strategy for long term growth by focusing on 5 strategic imperatives:

Engineering

Capital Projects

Jetties and Near Shore Marine

Commissioning and Asset Support

People and Systems

Grow our Engineering and EPCM business.

Differentiate from our competitors as an Australian EPC contractor with a reputation for quality and excellence in project delivery.

Build on our current reputation for quality, exceptional project delivery systems and world class cost and schedule performance.

Develop and grow our Commissioning and Asset Support business.

Develop our capability as a clear enabler for our business lines to position Clough as having the reputation for the best people and systems in the markets in which we operate.

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Business Line Services and Contracts

Concept and Feasibility Studies

Front End Engineering Design (FEED)

Detailed Design Engineering Procurement and

Construction Project Management Services (EPCM)

ENGINEERING CAPITAL PROJECTS ASSET SUPPORT & COMMISSIONING

JETTIES & NEAR SHORE MARINE

Project Management Engineering Procurement Fabrication Construction

Approach Jetties LNG and Mineral Loading

Platforms Dolphin Berthing Structures Roadways Piping Structures Ports

Onshore and Of fshore Pre-commissioning and Commissioning

Brownf ield Engineering Operations and Maintenance Shutdowns and Campaign

Management Supply Chain Management Decommissioning

Key Contracts Exxon Mobil PNG LNG Jetty Chevron Wheatstone Jetty INPEX Ichthys MOF INPEX Ichthys Jetty

Key Contracts Chevron Wheatstone Of fshore

Hook Up & Commissioning ConocoPhillips Bayu-Undan

Operations & Maintenance Oil Search Kumul Terminal

Rejuvenation Wheatstone ORM ENI Blacktip

Key Contracts Exxon Mobil PNG LNG EPC4

and Upstream Inf rastructure CSBP NAAN3 EPC Santos/Fluor Gladstone LNG

K128

Key Contracts Chevron Gorgon Downstream

EPCM INPEX Ichthys Of fshore IPMS Engineering Service

Agreements - Woodside, Chevron, QGC

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Organisation Development

Organisation restructure to result in:

– Over $10m in sustainable savings per year – Improved corporate governance – Improved succession planning – P&L focus with a single point of accountability

Methodical and phased approach to transition – finalised 1 July 2012.

Recruitment ongoing for EVP Projects; internal and external candidates considered.

CEO

Corporate Centre

HR & Organisation Development

Strategy & Business

Acquisition

Group Functions &

Systems Engineering Projects Commissioning

& Asset Support

Capital Projects Jetties & Near Shore Marine

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Max Bergomi Executive Vice President Strategy and Business Acquisitions and Executive Vice President Commissioning & Asset Support Joined Clough in February 2008, 15

years international oil and gas experience

Responsible for strategic planning, tendering, business development, and commissioning and asset support

Gary Bowtell Executive Vice President, Engineering Joined Clough in July 2010, 25 years

international experience in oil and gas Responsible for Clough’s engineering

and EPCM efforts

Barry Howard Senior Vice President, Group Functions and Systems Joined Clough in June 2009, 25

years of international oil and gas experience

Responsible for Functions and Systems group

Rajiv Ratneser Senior Vice President Corporate Centre and General Counsel Joined Clough in 2004, 15 years

of legal experience Responsible for Corporate Centre

operations

Neil Siford Chief Financial Officer and Executive Director Joined Clough in 2006, 25 years

of business and financial management experience

Responsible for all finance, tax and treasury affairs for the business

Kevin Gallagher Chief Executive Officer and Managing Director Joined Clough in November 2011, 20 years international oil and gas

experience

Acting Project Excom Members

Clough Excom

Andrew Gordon General Manager - EPC Projects West Coast

Mark Delmonte General Manager - East Coast and PNG

Joined Clough in 1992 20 years experience in oil and

gas and mineral project delivery

Responsible for West Coast project delivery

Joined Clough in 1996 30 years experience in senior

financial and management roles.

Responsible for east coast and PNG operations F

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Summary

Improved outlook for FY13: Minimum 5% EBIT margin (ex Forge)

Organisation restructure: Over $10m in sustainable savings identified for FY13.

Performance focus on excellence in project execution and delivery

Contract and portfolio mix to improve blended margins. Longer term target 7% EBIT margin (ex Forge)

Organic growth in existing business and opportunities to expand

Building high value people capabilities and capacity to support growth

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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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