Investor forum presentations

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• Investor forum presentations
• Perth - 12th October 2007
• Melbourne -17th October 2007
• Sydney - 18th October 2007

Validus Group Pty Ltd
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IMPORTANT INFORMATION

• The information contained in this document and
  disclosed by Greencap Limited (ABN 24 006 631
  769), (Greencap or the Company) has been
  disclosed to the market per an ASX release 12
  October 2007.
• Disclaimer Greencap directors makes no
  recommendation as to whether anyone should
  participate in buying or selling Greencap shares
  nor do they make any recommendation or warranty
  concerning the accuracy, reliability or
  completeness of the information provided or the
  performance of the Company. This document is
  intended to provide background information only
  and does not purport to make any recommendation
  upon which you may reasonably rely without taking
  further and more specific advice.
• This document contains "forward looking
  statements" including estimates of future
  revenues, capital and funding requirements. Such
  forward looking statements are made in good faith
  and are believed to have a reasonable basis.
  However, such forward looking statements are
  subject to risks, uncertainties and other factors
  which could cause the actual results to differ
  materially from the future results expressed,
  projected or implied by the forward looking
  statements.

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Greencap highlights the first 3 months

• Successful company transition
• July 07 - 15 million underwritten capital
  raising completed
• Capital raising taken up by ten institutions all
  with follow on funding potential
• July 07 shareholders meeting approves new
  direction and name change to Greencap
• July 07 settled acquisitions of NAA ENV
• Aug 07 ENV project wins EARTH award
• Sept 07 ECC agreement signed
• October 07 ECC acquisition settled

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Highlights (continued)

• Oct 07 Validus Group Pty Ltd acquisition
  completed
• Oct 07 final FY07 vendor top ups made
• Oct 07 NAA enters the Japan asbestos market
• Greencap business model receiving overwhelming
  interest from SMEs

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Greencaps mission

• To bring together highly regarded, well
  established, profitable SMEs in the Risk
  Management (RM) arena
• Acquired companies continue their own brand,
  culture and operational autonomy
• Being part of a diversified RM delivery platform
  enables each group member to expand their own
  sphere of influence clients and enables joint
  tendering, expanded technical resource pool,
  greater staff mobility, enhanced career prospects
  / security greater group synergy and revenue

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Greencaps mission (continued)

• Greencap currently has a market cap of 35
  million with FY08 NPAT forecast of 3.75 million
• Greencap board objectives includes growing NPAT
  (by internal growth acquisition) to 10 million
  pa and market cap of 100 million within two
  years
• Greencap board currently looking at eligible
  companies that could add 5 million to NPAT
• Acquisitions must be strategic, growth orientated
  and EPS accretive

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Final acquisition metrics NAA / ENV
Final FY07 position Supplem prospectus original prospectus
Revenue NAA / ENV 31.467M 31.0M 29.6M
EBIT NAA / ENV 5.504M 4.97M 4.5M
Consideration (NAA/ENV) 33.039 32.250 26.775
Paid as to - shares () 11.435 11.380 8.029
- cash 20.125 19.491 17.134
- c-note 1.479 1.379 1.612
Consideration shares issued to vendors 57,177,047 56,896,875 40,147,500
Note the above shares are subject to escrow
released in 4 tranches over 30 months In addition
the vendors have taken GCG scrip re
pre-settlement div entitlement Original
prospectus column was base consideration subject
to final top up
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Greencap final share position / EPS
Pro Forma basis FY08 Est Pro Forma basis Final FY07
000 000
Revenue 35,182 31,467
EBITDA 6,602 5,768
Depreciation (300) (264)
Operational EBIT 6,302 5,504
Interest (512) (531)
Integration / HO Overheads (430) (430)
Net Profit before Tax 5,360 4,543
Assumed tax 30 (1,605) (1,363)
NPAT 3,755 3,180

Shares on issue 158,266,125 156,016,125
EPS cents per share 2.37 cents 2.04 cents
DPS (50 x NPAT) cents per share 1.18 cents 1.02 cents
PE (times) on issue price 8.4 X 9.8 X
Div yield on issue price 5.9 5.1
EBIT margin 17.9 17.5
Interest cover 12.3 X 10.4 X
Debt to equity 25.6 26
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Shares on issue

• number
  
• Issued per prospectus
  75,000,000 47
• NAA / ENV vendors (refer previous slide)
  57,177,047 36
• ECC issue plus NAA / ENV DRP 9,500,000
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• Other (spread over 1300 shareholders)
  16,589,078 11
• Total
  158,266,125 100
• At current share price of 22 cents
• Equates market cap of 35 million
• Our objective is to
• Create enhanced depth of liquidity in the shares
• Assess best way of compacting share register as
  many shareholders (800) have holdings below
  marketable parcels
• Fund acquisitions by new share issues and pay a
  prudent dividend from July 08
• Enhance currency of our shares to sway new
  vendors to take at least 50 in shares

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Greencap Proforma Balance Sheet June 2007
Assets 30 June 2007 000s Supplementary Prospectus (as at 28 Feb 2007) 000s
Cash 4,560 3,396
Other Current Assets 8,001 6,918
Non Current Assets 1,528 938
Intangibles 33,091 32,381
TOTAL ASSETS 47,180 43,633

Liabilities
Trade Creditors/ Provisions 11,999 8,338
Term Debt 5,815 6,256
Convertible Loan Notes 1,478 1,379
TOTAL LIABILITIES 19,292 15,973

NET ASSETS 27,888 27,660

EQUITY
Issued Capital 27,479 27,032
Reserves 409 628
NET EQUITY 27,888 27,660
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Greencaps acquisition strategy

• Risk management sector specialised or broad
  based the RM envelope is wide and Greencap has
  the potential to bring together an exciting
  expanded service delivery group in this growth
  sector
• Continued strong earnings growth brand identity
  and passion to keep driving business growth
  acquired businesses have operational / brand
  autonomy to achieve their targets
• Proven management / professional service
  capabilities, with a quality client / revenue
  base
• Complementary cross selling / leverage
  opportunities from existing businesses within
  Greencap group
• - Geographic reach extended for all group
  companies
• - expanded pool of technical expertise with
  greater mobility of staff and joint initiatives
• - group companies ideal springboards for
  identification of future acquisitions within that
  area of specialisation
• Established brand names / reputation, which will
  be maintained and enhanced
• Continuity of key fee earners / business managers
  all key executives are 100 committed
• Acquisitions to be EPS accretive to Greencap
  great businesses at reasonable prices
• Investment parameters
• - EBIT multiples circa 3x to 5x gt Scrip /
  cash targets ideally 5050 gt Scrip escrow up to
  24 months
• Senior executives driven to attain year on year
  growth motivation / reward within Executive
  Share Plan

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Initial Acquisitions Risk Management Sector
The acquisitions of NAA and ENV were completed on
19th July 2007. Greencap acquired ECC and
Validus Group during October 2007.
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PROFILE NOEL ARNOLD AND ASSOCIATES (NAA)

• Noel Arnold Associates commenced business in
  Melbourne in August 1984, and grown to current
  revenues of 26 million / 180 staff. Offices in
  Sydney, Melbourne, Brisbane and Canberra.
• Demand for services driven by ongoing legislative
  compliance and governance demands.
• Key service delivery areas include
• Asbestos risk management
  Occupational health and safety
• Emergency management
  Web based compliance Rm3
• Fire safety and engineering
  Environmental services
• Business risk services
  Risk management systems / software
  solutions
• NAA has attained steady, and continuous
  revenue growth

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REVENUE PROFILE NOEL ARNOLD AND ASSOCIATES

• Services provided to in excess of 1,000 clients
  each year
• No single key client dependencies - top 20
  clients account for 35 of revenues.
• In excess of 60 of revenue arises from repeat
  work from existing clients, covering a broad
  range of industry sectors.
• Revenue estimates for FY08 - approximately 20
  secured against existing term contracts and
  client commitments.

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PROFILE ENV

• Environmental management consultancy established
  in April 2000, by Scott Bird, with support from a
  number of passive investors.
• Gross revenues of 7.5 million FY08 and 40 staff.
• Growth driven by continuing legislative
  requirements, governance pressures, property
  market

• Revenue growth achieved through increased number
  of clients, increased revenue per client, and
  repeat work from client base.
• ENV services both public and private sectors,
  across a range of sectors (63 private sector /
  37 public sector)

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ECC PTY LTD (www.eccptyltd.com)

• Greencap acquired ECC for 0.9m (circa NPBT
  250k), with top up of up to 0.1m based on ECC
  performance
• ECC established in 1999 by Wayne Dettmann,
  particular interest in managing Legionella risks,
  cooling towers etc
• The business has added other areas of capability,
  its service offering covering 4 main areas
• - Risk management - Water management
• - Asset management - Energy management
• Excellent growth opportunities offered by ECCs
  specialist product capability leveraged off the
  infrastructure of NAA ENV
• Areas of opportunity and near term growth include
• - Legislative requirements eg the recent
  Queensland Water Act Legislation which mandates
  the preparation of water efficiency management
  plans where water use exceeds 10 mega litres per
  year has created excellent opportunities for
  ECC
• - Geographic expansion ECC can grow very
  rapidly on the infrastructure of NAA ENV
• - Range of services to be extended ECC
  undertakes non-destructive testing (NDT) and
  corrosion monitoring/Videoscope inspection
  work. Opportunities work in refineries,
  wastewater treatment plants and other
  industrial sites
• Being a member of a larger established risk
  management group will boost significantly ECCs
  growth in tandem with NAAs and ENVs own growth
  re added service delivery

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Validus Group Pty Ltd

• Validus specialises in rare fauna monitoring and
  management, short range endemic fauna studies,
  subterranean fauna surveys and venomous snake
  awareness and relocation training for
  occupational health and safety
• refer www.validusgroup.com.au
• Validus will have a small core technical team and
  leverage off the group companies for staff
  deployments and geographic coverage.
• Much of the intellectual property and strategic
  expansion processes have been originated by Dr
  Ladyman (Validus MD) in conjunction with ENV.

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Conclusion

• Acquired businesses continuing to perform well
  and tracking to expectations
• Substantial acquisition opportunities
• Companys profile continues to grow with
  increasing direct interest in our business model
  from SMEs and the investment community
• With five group businesses , 35 million revenue,
  5.36 million NPBT, 250 staff over five offices,
  we are well on our way to achieving our corporate
  and business objective s

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Contact

• For further information regarding this
  presentation please contact
• Jeffrey Broun, Managing Director on 1300 782 841
• or jbroun_at_greencap.com.au
• or mobile [phone]