1 Share Traded, page-3

A number of reasons:

1. The market factored in the value of the contract prior to actual execution of the contract. We saw big movements in the share price prior to the announcement of preferred contractor status, which is now subject to an ASIC investigation, and then again after announcement of preferred contractor status. Usually, preferred status does lead to contract award, so, the value was factored in back then.

2. A big contract has big risks, so, lots of revenue doesn't mean lots of profit. It is public knowledge that NRW / Salini underbid the two rivals by circa $300M and that the government has declined to reduce the project build correspondingly - that tells me the government sees risk in the execution of the project.