BOOM LOGISTICS LIMITED — AGM Information 2009

Nov 26, 2009

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Annual General Meeting 27 November 2009

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Chairman’s Address

Mr John Robinson

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Impact of Global Financial Crisis

Fleet utilisation and revenue per day has been impacted by the economic downturn

CRANE UTILISATION

GROUP REVENUE PER DAY

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84%
79%
72% 72%
65%
1H FY08 2H FY08 1H FY09 2H FY09 Q1 FY10
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$1,216k
$1,142k
$1,100k
$971k
$897k
1H FY08 2H FY08 1H FY09 2H FY09 Q1 FY10
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FY09 rou results g p

$m	FY08	1H09	2H09	FY091
Revenue	409.9	223.5	173.5	397.0
EBITDA	89.7	47.8	21.5	69.3
EBITDA margin	22%	21%	12%	17%
Depreciation	(38.1)	(17.0)	(17.2)	(34.2)
EBITA	51.5	30.8	4.7	35.5
EBITA margin	13%	14%	3%	9%
Amortisation	(4.4)	(1.1)	(1.0)	(2.1)
EBIT	47.1	29.7	3.7	33.4
Net Interest2	(19.3)	(10.0)	(6.5)	(16.5)
Profit before tax	27.9	19.7	(2.8)	16.9
Tax	(9.2)	(5.9)	1.0	(4.9)
NPAT	18.6	13.8	(1.8)	12.0

1. FY09 trading result excludes one off impairment and restructure costs of $39.5m incurred in 2H09.

2. Net Interest includes interest income of $1.1m (bank interest and tax refund interest).

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Summar of FY09 one off items y

$ million	Gross impact	Tax impact	Net impact
Trading NPAT	16.9	(4.9)	12.0
Intangible asset impairments
James Equipment goodwill1	(18.8)	–	(18.8)
Tangible asset impairments
Property, plant and equipment(including assets held for sale)2	(18.3)	5.5	(12.8)
James Equipment Crane inventory and Stock3	(2.6)	0.8	(1.8)
Total tangible asset impairments	(20.9)	6.3	(14.6)
Restructure4	(3.1)	0.9	(2.2)
Tax adjustment5	–	(3.9)	(3.9)
Reported NPAT	(25.9)	(1.6)	(27.5)

1. Assessed using a value in use calculation

2. Operational assets assessed and adjusted as necessary for value in use, residual value and useful life calculations. Operational assets identified as ready for sale, valued based on prevailing market conditions for used equipment

3. James Equipment crane inventory valued based on prevailing market conditions for used equipment. Stock relates to James Equipment and GM Baden workshop stock and consumables. 4. Costs associated with 2H09 restructure activity

4. Relates to tax adjustments claimed for the financial years ended 30 June 2002 to 30 June 2004. Whilst these periods are considered “closed” to claims, Boom Management have made a formal request to the Commissioner asking that he exercise his discretion to allow a claim for this period to proceed. Should Boom’s request be granted, this tax charge will be reversed in FY10.

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Banking arrangements

• Syndicated facility until September 2011 with nabCapital, BankWest and GE Capital

• Working capital facility with BankWest and nabCapital

• Amortising asset based lease arrangements with several financiers

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Gross debt position Trade Finance
Asset Based Finance
$300.0m Syndicated Facility
$259.7m
$250.0m
$216.0m
$200.0m
$150.0m
$100.0m
$50.0m
$0.0m
Sep 2008. Oct 2009.
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Equity raising overview

	•Accelerated pro-rata 1 for 1 non-renounceable entitlement offer raising c. $52m
	−Institutional component of c. $13m
$67M EQUITY RAISING	−Retail component of c. $39m. Eligible retail shareholders may also apply for
	additional New Shares in excess of their entitlement
	•Institutional placement of c. $15m
	•Offer price for the Entitlement Offer and Placement of $0.30 per New Share
OFFER PRICE	−36.2% discount to last close of $0.47(1)
	−38.9% discount to 5 day VWAP of $0.49(2)
	−19.8% discount to the TERP of $0.37(3)
UNDERWRITING	•Entitlement Offer and Placement fully underwritten by RBS
SHARE PURCHASE	•Non-underwritten SPP of up to $20m at $0.30 per New Share
PLAN	−To be undertaken after the close of the retail offer period
RANKING	•New Shares will rank equally with existing BOOM shares

1 BOOM’s last closing price on 16 November 2009 (the last trading day before the commencement of the trading halt on 17 November 2009).

2 BOOM’s 5 business day volume weighted average price before the commencement of the trading halt on 17 November 2009.

3 The theoretical ex-rights price (“TERP”) is the theoretical price at which BOOM shares should trade immediately after the ex-date for the Entitlement Offer and takes into account the number of New Shares to be issued in the placement. The theoretical ex-rights price is a theoretical calculation only and the actual price at which BOOM shares trade immediately after the ex-date for the Entitlement Offer will depend on many factors and may not equal TERP.

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Indicative equity raising timetable

Event	Date
Retail Entitlement Offer opens	Friday 27 November 2009
Retail Entitlement Offer booklet and Entitlement and Acceptance Form dispatched to eligible retail shareholders	Friday 27 November 2009
Settlement of Institutional Entitlement Offer and Placement	Tuesday 1 December 2009
Issue of New Shares under the Institutional Entitlement Offer and Placement, and normal trading of these shares expected to commence on ASX	Wednesday 2 December 2009
Retail Entitlement Offer period closes	5.00pm (AEDT) Tuesday 15 December 2009
Settlement of Retail Entitlement Offer	Wednesday 23 December 2009
Issue of New Shares under the Retail Entitlement Offer	Thursday 24 December 2009
Normal trading of New Shares issued under the Retail Entitlement Offer expected to commence on ASX	Tuesday 29 December 2009
Dispatch of holding statements	Tuesday 29 December 2009
SPP Offer	January 2010

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Improved net debt position

PRO FORMA NET DEBT POSITION ($M)

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235.4 23.2
212.2 9.9
63.7
138.6 19.8
118.8
Net debt as at 30 Year to date debt Net debt as at 31 Tax refunds (by 31 Equity raising net Pro forma net debt Maximum SPP (non- Pro forma net debt
(1)
June 2009 reduction to 31 October 2009 December 2009) proceeds post equity raising underwritten) post equity raising
October 2009 and $20m SPP
PRO FORMA DEBT METRICS
Gearing [(2)] 45% 36%
PRO FORMA BASED ON FY10 GUIDANCE [(3)]
Pro forma net debt / EBITDA 2.5x 2.2x
EBITDA / net interest [(4)] 5.5x 6.4x
EBIT / net interest [(4)] 2.1x 2.4x
PRO FORMA BASED ON FY09 ACTUALS [(5)]
Pro forma net debt / EBITDA 1.9x 1.7x
EBITDA / net interest [(4)] 7.1x 8.3x
EBIT / net interest [(4)] 3.5x 4.1x
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1 Tax refunds of $5m received on 11 November 2009, and a further $5m expected prior to 31 December 2009.

2 Defined as net debt / book equity. Pro forma book equity as at 31 October 2009, adjusted for equity raising.

3 Based on FY10 EBITDA of $55m (mid-point of guidance announced to the ASX on 4 November 2009) and FY10 EBIT guidance of $21m (mid-point), see page 22.

4 Net interest based on a weighted average interest rate of 7.2%; excludes interest impact of tax refunds.

5 Based on FY09 actual EBITDA of $71.4m and EBIT of $35.1m, pre one-off restructuring costs and impairment charges.

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Improved covenant position

Following the equity raising, BOOM will have significant headroom on each of its banking covenants

BOOM’s banks have agreed, conditional upon an equity raising, to amend its ELR covenant, providing significant headroom[(1)]

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BOOM’S ELR [(1)] REVISED ELR COVENANT
3.9x
31 Dec 30 Jun 31 Dec 30 Jun
2009 2010 2010 2011
2.5x
2.2x
5.2x 4.5x 3.4x 2.5x
31 October 2009 Pro forma net debt as at Pro forma net debt as at
31 October 2009 post 31 October 2009 post
equity raising equity raising and $20m
SPP
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BOOM’s other covenants all have significant headroom throughout FY10

• Debt Service Cover Ratio

• Balance Sheet Gearing

• Asset Leverage

1 Based on FY10 EBITDA of $55m (mid-point of guidance announced to the ASX on 4 November 2009).

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Unsolicited and highly conditional proposal

On 17 November 2009, BOOM entered a trading halt pending an announcement on the equity raising

After this trading halt was in place and after strong support from investors for the equity raising, BOOM received an incomplete, unsolicited, and highly conditional proposal from McAleese Investments (its 12.2% shareholder) an associate of Harbrew Group

• This proposal follows a previous, unsolicited merger approach in July 2009 from Harbrew whereby BOOM would acquire Harbrew’s business. That proposal did not meet BOOM’s investment criteria

The proposal:

• McAleese to acquire 100% of BOOM at $0.60 per share in cash through a Scheme of Arrangement

• Highly conditional, including being subject to unspecified due diligence, finalisation of funding with McAleese financiers, BOOM not proceeding with its proposed capital raising and requires shareholder and court approvals

• BOOM to grant exclusivity with a 1% break fee in favour of McAleese

The proposal represents:

• discount of 32% to BOOM’s Net Tangible Assets of $0.89 as at 30 June 2009

• 8% premium to the three month VWAP of $0.56 prior to the approach

• 6% premium to the one month VWAP of $0.57 prior to the approach

The Board has REJECTED the proposal:

• It is highly conditional and incomplete compared to the certainty of an underwritten equity raising

• Proceeding only with their proposal would prevent BOOM from raising much needed equity to deleverage its balance sheet and deal with bank covenant issues

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Positioned for recovery

• [•][ Australia’s largest crane hire company, over twice the size of nearest competitor ]

• Market leader in Travel Tower hire, over six times the size of nearest competitor

UNIQUE MARKET POSITION

• A leading Access Equipment hire business

• National footprint

• Established relationships with blue-chip customers across a diverse range of sectors

• [•][ Over $350m of plant and equipment][(1)]

• Diversified and well maintained but under-utilised fleet

STRONG LEVERAGE TO ECONOMIC RECOVERY

• Focused capital investment in the last 18 months

• Fixed cost leverage to deliver margin improvement and cash generation

• Growth strategy to benefit from cycle up-turn

FAVOURABLE MARKET OUTLOOK

• [•][ Australia has over $180bn in major projects anticipated over the next 3 years which ] will require crane and lifting solutions

• Strong pipeline and tender activity

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1 As at 30 June 2009.

Improving pipeline

CRANE TENDER PIPELINE ACTIVITY

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$14m represents
$14m tenders won within
current tender
pipeline
$78m
$68m
$25m
March 2009 July 2009 November 2009
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BOOM has achieved a >40% success rate on projects it has tendered for

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Managing Director’s Address

Mr Brenden Mitchell

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Boom’s FY09 challenges

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120.0
$45
100.0 $40
Yen
$35
80.0 $30
Euro $25
60.0
$20
40.0 $15
$10
20.0
$5
$-
- Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09
Jan 08 Feb 08 M ar 08 Apr 08 May 08 Jun 08 Jul 08 Aug 08 Sep 08 Oct 08 Nov 08 Dec 08 Jan 09 Feb 09 Mar 09 Apr 09 M ay 09 Jun 09
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Currency decline

Inventory build

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90%
85%
80%
75%
70%
65%
60%
55%
50%
1H08 2H08 1H09 2H09
Wet Hire Crane Utilisation decline
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Management actions position BOOM for upturn: Completed initiatives

MANAGEMENT	INITIATIVE	OUTCOME
	• Strengthening of management structure and team • Key General Manager appointments made in business units • Highly skilled and experienced team now in place – significant experience in industrial services
FINANCIAL DISCIPLINE
	• Debt facilities restructured and simplified • Legacy accounting and tax issues identified and addressed • Established a framework for making investment decisions • Strong emphasis on cash management • 3 year syndicated debt facility established in September 2008; now with revised ELR covenant (post equity raising) • Tax refunds of $23.5m identified and $19.6m refunds already received • More efficient allocation of capital across and within business units • Debtor days and inventory levels reduced
OPERATIONS AND BUSINESS DEVELOPMENT
	• Restructuring commenced during 4Q FY09 • New strategic approach to relationship management • Customer interface system overhauled and roll out commenced • National procurement function established • 130 headcount reduction achieved by August 2009 • Consolidated major contracts, re-established relationships and won new long-term contracts • Developed key alliances in resources, LNG, renewable energy and infrastructure sectors • Improved customer service and reduced revenue leakage • Procurement expected to provide further savings in FY10
SAFETY AND TRAINING
	• Heightened safety focus – including establishing a Safety Leadership Team • Training and development needs of depot management and supervisors identified • Strong safety disciplines aligned with customer expectations • Training advisors engaged and program established to enhance skill levels across the workforce • Appointment of high quality National Safety Manager

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Management actions position BOOM for upturn: Near term priorities

OPERATIONAL IMPROVEMENTS	INITIATIVE	OUTCOME
	•Reduce total costs and increase variable relative to fixed costs •Additional operational improvement projects underway − Maintenance and workshops − Transport
SECTOR SPECIFIC OPPORTUNITIES
	•Renewable energy •LNG •Resources •Schools building program •Other government infrastructure •Telecoms and utilities •Renewable energy – relationships established with significant incremental revenue opportunities emerging •LNG – alliances in place and business positioned for major projects •Resources – contracts and relationships in place; positioned for project expansion •Schools building program – particularly relevant for BOOM Sherrin •Other government infrastructure – significant opportunities for Crane Hire •Telecoms and utilities – Travel Tower opportunities for line maintenance and mobile tower rollouts
ASSET BASE
	•Improve margins •Strategic review of fleet to re-weight fleet towards high capacity, high margin cranes and Travel Towers •Cranes identified for sale – progress will be market dependent
SAFETY AND TRAINING
	•Stronger alignment of safety culture with customers •Become an employer of choice •Completion of training program for sales, supervisors and Branch Managers in safety, finance and sales

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Working capital improvements

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DEBTORS DAYS INVENTORY
70 $ 45m
$ 40m
60
$ 35m
50
$ 30m
40 $ 25m
$ 20m
30
$ 15m
20
$ 10m
10 $ 5m
0 $ 0m
Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09
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Improving pipeline evidences upturn

The internal tender pipeline for BOOM’s crane business has increased from $25m in March 2009 to $92m as at 13 November 2009

CRANE TENDER PIPELINE ACTIVITY

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$14m represents
$14m
tenders won within
current tender
pipeline
$78m
$68m
$25m
March 2009 July 2009 November 2009
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This is as a consequence of

• An increase in tendering activity in the market place

• A focused approach to the sales pipeline and tendering management by BOOM

BOOM has achieved a >40% success rate on projects it has tendered for

BOOM’s focused investment will support expected pipeline

• 750 tonne Liebherr Crawler Crane expected to arrive in December 2009 – the first to acquire a 750 tonne Crawler Crane for the Australian market

• 400 tonne Liebherr Mobile Crane and 450 tonne Grove mobile crane

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Well positioned to capitalise on major project pipeline

Over $180bn in major projects anticipated over the next 3 years in Australia BOOM has strong relationships with all major contractors for these projects Crane and lifting solutions required for all projects

• Long-term revenue opportunities beyond the project life through shut down and ongoing maintenance work

• BOOM’s nationwide network of depots ideally positions it to service these projects

MAJOR PROJECTS IN AUSTRALIA BOOM’S NATIONWIDE NETWORK

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Gorgon LNG Project
Clermont Open Cut
Mine
BHP RGP 4, 5 & 6
Santos, GLNG
Pluto Gas Field Citic Pacific, Sino Iron Facility
Hamersley Iron Brockman QGC/BG, LNG Plant Gladstone LNG Ltd
& Pipeline
Aust Pacific LNG
Kestrel Rio Tinto
Altona Resources,
Coal to Liquid and
Oakajee Gindalbie, Power Project Northern Link
Port & Rail Karara Iron Ore
Facilities Mine and Pellet
Plant Collgar Xstrata Coal
Wind Farm 3 Destroyers Silverton Mangoola
Wind Farm
Southern
Desal Project Newcastle Port
Sydney Desal Plant
Adelaide Metro Stage 1 M4 East Extension
Desal Plant East West Rail
Monash Energy,
$90bn Oil & Gas Coal to Gas & Diesel BOOM Crane hire (23)
Penola Pulp Mill
Melbourne BHP/Esso/Santos,
$23bn Infrastructure Desal Plant Kipper Gas Project BOOM Sherrin (24)
$20bn Utilities $15bn Building & Education James Group (5)
Gunns,
Pulp Mill
$30bn Resources & Mining $5bn Telecommunications
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Strong industry growth is forecast across BOOM’s key markets

AUSTRALIAN IRON ORE EXPORTS

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500 Mt
450 Mt
400 Mt
350 Mt
300 Mt
250 Mt
200 Mt
150 Mt
100 Mt
na
50 Mt
0 Mt
2007 2008 2009E 2010F 2011F 2012F 2013F
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AUSTRALIAN COKING COAL VOLUMES
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225 Mt
200 Mt
175 Mt
150 Mt
125 Mt
100 Mt
75 Mt
50 Mt
25 Mt
0 Mt
2007 2008 2009E 2010F 2011F 2012F 2013F
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VALUE OF MINING & HEAVY INDUSTRY WORK

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$25bn
$20bn
$15bn
$10bn
$5bn
$0bn
2007 2008 2009E 2010F 2011F 2012F 2013F
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VALUE OF TRANSPORT & CONSTRUCTION WORK

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$18bn
$15bn
$12bn
$9bn
$6bn
$3bn
$0bn
2007 2008 2009E 2010F 2011F 2012F 2013F
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Source: BIS Shrapnel, Macquarie Research and Wood McKenzie.

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Established presence in key market segments……

Crane revenue aligned to the key growth markets Well established in the resources and mining sector Significant opportunity in construction segment (e.g. LNG)

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AUSTRALIAN CRANE HIRE MARKET (BY VALUE OF WORK)[(1) ]

BOOM FY09 REVENUE BY SEGMENT[(1) ]

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Other
Utilities Resources &
3%
7% Mining
20%
Non-Residential
Construction
30%
Industrial &
Maintenance
30%
Infrastructure &
Roads
10%
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Non- Utilities Other
Residential 7% 1%
Construction
9%
Resources &
Mining
35%
Infrastructure
& Roads
17%
Industrial &
Maintenance
31%
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1 Source: BIS Shrapnel/BOOM analysis.

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…with strong leverage to upside

CRANE UTILISATION

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84%
79%
72% 72%
65%
1H FY08 2H FY08 1H FY09 2H FY09 Q1 FY10
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Increasing utilisation by 5 percentage points in the crane hire business (with a proportional revenue increase in the BOOM Sherrin business) and no price growth, should deliver an additional $13m EBITDA:

EBITDA[(1)]

Utilisation: 70%	Utilisation: 75%	Utilisation: 80%	Utilisation: 85%
$63m	$76m	$89m	$101m = c. +$13m for each 5 percentage points

= c. +$13m for each 5 percentage points increase in utilisation

BOOM’s target for average crane utilisation is greater than 80%

1 EBITDA sensitivity based on BOOM’s existing fixed and variable cost profile, incrementally adding back the 2H FY09 restructuring cost savings based on increased utilisation.

2 Return on Capital Employed (ROCE) will be determined with reference to gross capital employed.

3 Weighted Average Cost of Capital (WACC) will be determined using the 10 year bond rate as the risk free rate and using data sourced from Bloomberg to determine the average Beta in BOOM’s industry sector.

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Business model delivers a strong value proposition

REQUIREMENT		BOOM’S STRENGTHS
GEOGRAPHIC	�	Diverse national footprint, further underpinned by the mobile nature of the
COVERAGE		majority of BOOM’s fleet
INFRASTRUCTURE	�	Established business infrastructure, built up over many years
	�	Total solution: lifting equipment and access equipment, rigging services and
EQUIPMENT		heavy haulage
	�	Diversity and nature of mobile equipment enables maximum fleet availability
EXPERTISE & EXPERIENCE	� �	Technical expertise includes engineering services to develop ideal methods of lifting for customers National training programme to build expertise across the group
	�	Long-term relationships with major blue-chip customers
PEOPLE &	�	Improved customer interface system for optimal speed and quality of operational
RELATIONSHIPS		mobilisation
	�	Personnel, supervisors and managers directly employed by BOOM
	�	Safety first focus with goal of zero harm
SAFETY	�	Recognised safety culture with dedicated leadership team
	�	Safety and quality system accredited

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FY10 guidance

FY10 EBITDA guidance of $50m - $60m announced to the ASX on 4 November 2009 maintained

Guidance based on:

• Year to date operating performance, with conditions consistent with those experienced in the first four months of FY10

• Specific operational improvements relating to maintenance, transport and procurement

• FY10 capital expenditure of c. $26m (primarily in Crane Hire)

• New equipment on its way, for which projects already identified

• 750 tonne Crawler Crane

• 450 tonne Mobile Crane

• 400 tonne Mobile Crane

FY10 EBIT guidance is provided at $16m - $26m

• Depreciation associated with the $50m - $60m EBITDA of $33m

• Depreciation is based on the existing asset base, adjusted for the c. $26m of capital additions and planned disposals

• Amortisation of $1m associated with contractual rights

On the basis of this guidance, BOOM does not anticipate paying a distribution for FY10

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Resolutions
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Item 1

Financial Statements and Reports

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Item 2

Adopt Remuneration Report

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Item 2 – Adopt Remuneration Report (non binding resolution)

	Number of Shares	%
For	41,684,698	80.58
Against	9,306,127	17.99
**Discretionary ***	741,590	1.43
		100%

The number of the Chairman’s discretionary proxy votes are 568,838 (1.10%).

Note: These figures relate to the proxies lodged 48 hours prior to the meeting.

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Item 3A

Re-election of Director Rodney J. Robinson

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Item 3A – That Rodney J. Robinson be re-elected as a director of the Company

	Number of Shares	%
For	44,570,721	85.15
Against	6,974,369	13.33
**Discretionary ***	797,105	1.52
		100%

The number of the Chairman’s discretionary proxy votes are 616,053 (1.18%).

Note: These figures relate to the proxies lodged 48 hours prior to the meeting.

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Item 3B

Re-election of Director Huw G. Davies

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Item 3B – That Huw G. Davies be re-elected as a director of the Company

	Number of Shares	%
For	42,320,036	80.85
Against	9,220,054	17.61
**Discretionary ***	804,605	1.54
		100%

The number of the Chairman’s discretionary proxy votes are 623,553 (1.19%).

Note: These figures relate to the proxies lodged 48 hours prior to the meeting.

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Item 4

Granting of share units to the Managing Director

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Item 4 – That approval be given for the purposes of ASX Listing Rule 10.14 and all other purposes for the grant of Share Units to the Managing Director, Brenden Mitchell, in accordance with the terms of the Boom logistics Limited Long Term Incentive Plan and on the terms summarised in the Explanatory Notes.

	Number of Shares	%
For	40,790,422	81.40
Against	8,493,000	16.95
**Discretionary ***	829,761	1.65
		100%

The number of the Chairman’s discretionary proxy votes are 654,709 (1.31%).

Note: These figures relate to the proxies lodged 48 hours prior to the meeting.

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