Cardno Limited J. P. Morgan Emerging Companies Conference April 2013 - Melbourne Presenter: Andrew Buckley, Managing Director

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Cardno Overview and Highlights

Financial Review

Strategy and Acquisitions

Outlook

Cardno Limited – J.P. Morgan Emerging Companies Conference Slide 2

“Cardno’s vision is to be a world leader in the provision of professional services to improve

the physical and social environment”

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Cardno Overview Cardno (ASX:CDD) is a professional infrastructure and

environmental services company, with specialist expertise in the development and improvement of physical and social infrastructure for communities around the world. Cardno’s team includes leading professionals who plan, design, manage and deliver sustainable projects and community programs.

Cardno is an ASX200 company and has 141.6m shares on issue and a market capitalisation of around $1b.

Cardno was founded in 1945 in Brisbane, Australia and has grown to have nearly 8000 staff in over 290 offices working on projects in 85 countries.

Since listing Cardno has delivered 8 consecutive years of record NPAT.

20

40

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80

2006 2007 2008 2009 2010 2011 2012 2013

NET PROFIT AFTER TAX A$ Millions

Full Year

Half Year

200

400

600

800

1,000

1,200

2006 2007 2008 2009 2010 2011 2012 2013

GROUP REVENUE A$ Millions

Full Year

Half Year

Cardno Limited – J.P. Morgan Emerging Companies Conference Slide 3

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The Cardno Business Model

Appraise Select Define Execute Operate Decommission

Cardno delivers high quality professional infrastructure and environment services to both Public and Private sector clients at every stage of a project or operations life cycle.

Our global reach and breadth of professional expertise allows Cardno to deliver a full range of services wherever our clients operate.

We have chosen to grow both organically and by acquisition seeking out and expanding our services and global footprint into complementary markets.

We have chosen to maintain our focus on small projects as well as major projects, and regional offices as well as capital cities which sets us apart from the competition.

Our diversity of clients, professional services, projects and geography strengthens Cardno’s ability to deliver consistent performance across a range of economic outturns.

Cardno Limited – J.P. Morgan Emerging Companies Conference Slide 4

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Cardno Limited – J.P. Morgan Emerging Companies Conference Slide 5

Global Coverage

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Core Business Segments (Revenue YTD 31 December 2012)

Australia & NZ Revenue: $214m

• Buildings

• Land

• Coastal and Ocean

• Environment

• Emerging Markets

• Management Services

• Resources, Mining and Energy

• Transportation

• Water

• Defence

Americas & Software Revenue: $303m

International Development Assistance

Revenue: $82m

• Emerging Market Services

• Health & HIV/Aids

• Law and Justice

• Education

• Natural Resource Management

• Financial Sector

• Tourism Sector

• Buildings

• Land

• Coastal and Ocean

• Environment

• Emerging Markets

• Management Services

• Resources, Mining and Energy

• Transportation

• Water

• Defence

Cardno Limited – J.P. Morgan Emerging Companies Conference Slide 6

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Diversified revenue stream

Australia & NZ

41%

America's & Software

51%

International Development

Assistance 8%

FEE REVENUE BY OPERATING SEGMENT (PROFORMA) HY13

Australia & NZ

41%

Asia Pacific 5%

America's 53%

UK & Africa 1%

FEE REVENUE BY GEOGRAPHIC REGION (PROFORMA) HY13

Cardno Limited – J.P. Morgan Emerging Companies Conference Slide 7

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Diversified revenue stream (cont’d)

5.8%

13.1%

8.0%

0.7% 6.8%

7.6% 6.9%

21.7%

29.3%

FEE REVENUE BY CLIENT (PROFORMA) HY13

Aid agency

Contractor/Service provider

Developer

Government owned corporation

Government - Federal

Government - Local

Government - State

Other clients

Resources, mining & energy

7.6% 1.2%

41.0%

8.1% 2.1%

10.6%

15.1%

10.4%

3.9%

FEE REVENUE BY MARKET SECTOR (PROFORMA) HY13

Buildings

Coastal & Ocean

Environment

Emerging Markets

Management Services

Resources, Mining and Energy

Transportation

Land

Water

Cardno Limited – J.P. Morgan Emerging Companies Conference Slide 8

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Cardno’s underlying dynamics

Strong geographic and sector diversification lowers risk and maximises growth

Consistent growth of profits over eight years since listing in 2004

Successful cross-selling and organic growth

Consistently strong dividend payout

Strong critical mass of professional IP world-wide

Successful Mergers and Acquisition strategy

Robust forward project pipeline (WIH) $655m as at December 2012

Cardno Limited – J.P. Morgan Emerging Companies Conference Slide 9

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Safety discipline remains strong

Cardno has made significant progress in developing a strong “Zero Harm” culture across the company and we will continue to focus on driving our safety metrics down to zero.

Cardno Lost Time Injury Frequency Rate (LTIFR) at the end of the December:

1.31 per million man-hours

0.26 per two hundred thousand person-hours - US equivalent

Cardno Limited – J.P. Morgan Emerging Companies Conference Slide 10

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Financial Review – HY13

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Half Year Highlights Record first half profit of $40.1m up by 11.1% on previous corresponding

period (pcp).

Record EBITDA of $69.6m up 11.3% on pcp.

Earnings per share 28.9 cents.

Dividend maintained at 18 cents, 70% franked.

Strong operating cash flow of $40.0 million.

Strong balance sheet - net debt / equity: 25%

Increased first half profit in difficult market conditions:

contribution from new merger partners

organic revenue growth of existing businesses

Cardno Limited – J.P. Morgan Emerging Companies Conference Slide 12

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Half Year Highlights (cont’d)

Organic revenue growth for the half year is 7.6% on pcp after normalising for the additional week in December HY12.

Diversification via acquisitions has continued in FY13:

Mining and energy sector in the USA (Cardno MM&A)

Environmental sector in the USA (Cardno EM-Assist & Cardno ChemRisk)

Surveying practice in Australia (Cardno Hard & Forester)

Infrastructure engineering in South America (Cardno Caminosca)

Construction materials testing in Western Australia (Cardno Geotech)

Cardno Limited – J.P. Morgan Emerging Companies Conference Slide 13

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Half Year Financial Results As at 31 December 2012 HY13

$000's HY12 $000's Change Comment

Revenue from operations 599,923 445,526 34.7% Strong increase, 7.6% organic plus acquisitions Fee revenue 446,710 323,383 38.1%

EBITDA 69,555 62,520 11.3% Margins down due to difficult markets and one-off impacts EBITDA margin (%) 15.6% 19.3%

Net profit before tax 55,857 52,067 7.3%

Net profit after tax 40,143 36,120 11.1%

Basic earnings per share (cents) 28.87 32.74 -11.8% EPS impacted by capital raising,

lower margins

Net operating cash flow 40,034 47,276 -15.3% Strong cash flow but down on pcp

Cardno Limited – J.P. Morgan Emerging Companies Conference Slide 14

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Operating Segment Performance Commentary Organic growth strong particularly in

CMT and electrical engineering businesses

Margins down due to soft markets and restructuring costs, but still strong

Australia & NZ HY13 HY12 Fee revenue ($000's) 186,790 156,288 Recoverable expenses ($000's) 27,299 21,967

Total revenue ($000's) 214,089 178,255

EBIT ($000's) 29,862 27,889 Fee revenue margin 16.0% 17.8%

Commentary Revenue up due to acquisitions and

organic growth, although the US Federal elections and the impact of the oil spill, as well as Hurricane Sandy impacted organic growth

Margins were down due to addition of Cardno ATC, weather & US elections

Americas & Software HY13 HY12 Fee revenue ($000's) 222,846 130,279 Recoverable expenses ($000's) 79,811 66,734

Total revenue ($000's) 302,657 197,013

EBIT ($000's) 31,007 25,330 Fee revenue margin 13.9% 19.4%

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Operating Segment Performance

Commentary Revenue flat Project pipeline remains strong Europe is weak but expected to

improve

IDA HY13 HY12 Fee revenue ($000's) 37,074 38,141 Recoverable expenses ($000's) 45,362 30,341

Total revenue ($000's) 82,436 68,482

EBIT ($000's) 2,241 2,846 Fee revenue margin 6.0% 7.5%

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Performance History

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2006 2007 2008 2009 2010 2011 2012 2013

GROUP REVENUE ($A millions)

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2006 2007 2008 2009 2010 2011 2012 2013

NET PROFIT AFTER TAX ($A millions)

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Half Year

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EARNINGS PER SHARE (Diluted)

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A$ Cents per share

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OPERATING CASH FLOW ($A millions)

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Half Year

Cardno Limited – J.P. Morgan Emerging Companies Conference Slide 17

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Strategy and Acquisitions

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Cardno Strategy 2010 – 2015 Strategic theme is : “One Cardno, One Vision”

Cardno uses a 5 year Strategic Planning cycle

Focus of the plan is to:

Grow Cardno significantly through to 2015

Increase benefits from ongoing integration

Foster cross selling

Optimise overhead costs

Aim for audacious growth targets

Increase our global profile

Cardno Limited – J.P. Morgan Emerging Companies Conference Slide 19

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Key Strategic Elements

Cross Selling

Underpins organic growth

Selling to clients who need our services

Based on complementary nature of M&A partners and existing businesses

M&A Strategy

Strategic fit

Price discipline

Transitional integration

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Key Strategic Elements

Line Management Structure

Clear responsibility and accountability

Transparent P&L management

Easy introduction of M&A partners

Geographic and Market Sector Diversity

Pick the growth markets

No reliance on single cyclical markets

Shift focus when some markets are better than others

Cardno Limited – J.P. Morgan Emerging Companies Conference Slide 21

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Cardno Limited – J.P. Morgan Emerging Companies Conference Slide 22

Line Management Structure F

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Cross Selling Examples – Australia & New Zealand Ichthys Project

Cardno’s Water and Environment team working on this project were able to utilise services from Cardno BEC (high level data management), Cardno ENTRIX (high level statistical analysis, major environmental project monitoring and delivery), and Cardno Spectrum Survey (laser scanning of sediments).

By utilising this broad range of our services, Cardno was able to deliver better outcomes to our client.

The Defence Base Engineering Assessment Project (BEAP) Cardno has been awarded a significant component of the Base Engineering

Assessment Program for the Department of Defence involving the assessment of engineering services at seven bases in NSW, Victoria and Tasmania.

Winning this project has combined the expertise of several Cardno divisions including Queensland & NT, Victoria & New Zealand, NSW and Cardno BEC.

Cardno Limited – J.P. Morgan Emerging Companies Conference Slide 23

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Cross Selling Examples – Australia & New Zealand Burrup Tan Project

Cardno Bowler is providing geotechnical engineering interpretation of Plate Bearing tests done by Cardno Geotech WA for the Burrup Tan Project in the Pilbara. This cross sell started on day 1 of the merger and will go on for 14 months.

Cardno Limited – J.P. Morgan Emerging Companies Conference Slide 24

CBRE – Government Facility Measurements CB Richard Ellis (who is acting as managing agent) awarded Cardno ATC a project

to provide building measurements (for space and utilization calculations) for the US Federal Government .

This project involves 12 locations in 10 states and will utilise the architectural expertise of Cardno TEC in interpreting facility CAD drawings.

Cross Selling Examples – Americas & Software

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Cross Selling Examples – Americas & Software Clark County Water Reclamation District

Cardno WRG holds an on-call contract with the Clark County Water Reclamation District (CCWRD) in Nevada. CCWRD recently awarded Cardno a project to complete designation, potholing, and survey services for 80,000 feet of electrical and gas lines.

Cardno WRG, Cardno ENTRIX and Cardno TBE all combined to secure this project, made easier due to the co-location of these divisions in one office in Las Vegas.

Guam Field Services Project Based on a strong US relationship, Cardno ERI recently secured a new Master

Service agreement with ExxonMobil to expand our relationship into the Australia and Asia Pacific region. ExxonMobil sought Cardno’s services for projects in Guam.

Cardno ERI, Cardno AUS and Cardno TEC personnel all combined to secure this project to assist the client with environmental monitoring and remediation in Guam.

Cardno Limited – J.P. Morgan Emerging Companies Conference Slide 25

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Business Unit & Division Structure – competitive advantage to attract merger partners

Brand Integration Accounting and job cost integration Focus on knowledge sharing and cross sell Successful track record Potential cost synergies Operating systems

Complementary businesses with new geographical and/or skills coverage and good cultural fit Minimal overlap with existing businesses Focus on retention of staff Effective acquisition process with robust due diligence Focus on adding value through cross selling and organic growth

Growth and Diversification Objective

Continuous Integration of New Partners

Merger & Acquisition Strategy

Cardno Limited – J.P. Morgan Emerging Companies Conference Slide 26

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Recent Acquisitions Cardno MM&A (July 2012) Cardno MM&A is a 180 person mining, energy and environmental consulting firm headquartered in Bluefield, Virginia USA.

Cardno EM-Assist (July 2012) Cardno EM-Assist is a 150 person environmental services and compliance management firm, headquartered near Sacramento, California, USA.

Cardno BTO (October 2012) Cardno BTO is a 20 person water and wastewater design business based in Wellington, New Zealand.

Cardno Hard & Forester (October 2012) Cardno Hard & Forester is a 50 person survey firm based in Sydney, NSW.

Cardno Limited – J.P. Morgan Emerging Companies Conference Slide 27

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Acquisition of ChemRisk, LLC

Cardno ChemRisk (December 2012)

A 95 person human health & environmental risk consulting firm headquartered in San Francisco, California, USA.

Specialises in understanding the hazards posed by chemicals in foods, soil, sediment, air, water and medical devices.

Focus on occupational health and safety, product sustainability, consumer product safety, and contaminated site evaluations.

Highly complementary to our environmental services in the US.

Cardno Limited – J.P. Morgan Emerging Companies Conference Slide 28

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Acquisitions of Geotech Materials Testing Services

Cardno Geotech (February 2013)

A 200 person construction materials testing (CMT) firm based in Western Australia.

Specialises in providing CMT services throughout Western Australia.

Strong client base on major mining projects, LNG projects, and government infrastructure projects.

Strengthens the Cardno Bowler Division and expands Cardno’s CMT offering into WA.

Highly strategic partner for Cardno in high growth market.

Cardno Limited – J.P. Morgan Emerging Companies Conference Slide 29

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Acquisition of Caminosca S.A.

Cardno Caminosca

A 400 person engineering consulting firm headquartered in Quito, Ecuador.

One minor regulatory approval still being finalised, control has been exercised since December 2012.

Specialises in engineering for hydropower, oil & gas, mining, roads, water supply and sewerage, urban development, airports and stormwater.

Highly strategic partner for Cardno in high growth market in South America.

Cardno Limited – J.P. Morgan Emerging Companies Conference Slide 30

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Outlook

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2013 Outlook

Market conditions remain difficult in Australia, with continued growth in our services to the resource sector offset by flat conditions in the other sectors of the economy

US outlook is brighter, with economic growth forecast to improve, environmental sector is still strong and there are some signs of improvement in the residential development sector

Mining and gas projects remain active and are yielding strong returns for Cardno

Overall improving market in the Americas, offsets broadly flat conditions in Australia

Strong balance sheet and M&A pipeline support Cardno growth aspirations

Cardno Limited – J.P. Morgan Emerging Companies Conference Slide 32

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Disclaimer

Cardno Limited – J.P. Morgan Emerging Companies Conference Slide 33

This presentation contains certain statements and projections provided by or on behalf of Cardno Limited with respect to the anticipated future undertakings. Any forward-looking statements reflect various assumptions by or on behalf of Cardno. Accordingly, these statements are subject to significant business, economic and competitive uncertainties and contingencies associated with the business of Cardno which may be beyond the control of Cardno which could cause actual results or trends to differ materially, including but not limited to competition, industry downturns, inability to enforce contractual and other arrangements, legislative and regulatory changes, sovereign and political risks, ability to meet funding requirements, dependence on key personnel and other market and economic factors. Accordingly, there can be no assurance that any such statements and projections will be realised. Cardno makes no representations as to the accuracy or completeness of any such statement of projections or that any projections will be achieved and there can be no assurance that any projections are attainable or will be realised. Additionally, Cardno makes no representation or warranty, express or implied, in relation to, and no responsibility or liability (whether for negligence, under statute or otherwise) is or will be accepted by Cardno or by any of their respective officers, directors, shareholders, partners, employees, or advisers (Relevant Parties) as to or in relation to the accuracy or completeness of the information, statements, opinions or matters (express or implied) arising out of, contained in or derived from this presentation or any omission from this presentation or of any other written or oral information or opinions provided now or in the future to any interested party or its advisers. In furnishing this presentation, Cardno undertakes no obligation to provide any additional or updated information whether as a result of new information, future events or results or otherwise. Except to the extent prohibited by law, the Relevant Parties disclaim all liability that may otherwise arise due to any of this information being inaccurate or incomplete. By obtaining this document, the recipient releases the Relevant Parties from liability to the recipient for any loss or damage which any of them may suffer or incur arising directly or indirectly out of or in connection with any use of or reliance on any of this information, whether such liability arises in contract, tort (including negligence) or otherwise. This document does not constitute, and should not be construed as, either an offer to sell or a solicitation of an offer to buy or sell securities. It does not include all available information and should not be used in isolation as a basis to invest in Cardno.

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