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					                  Adelaide Brighton Ltd
                      Annual General Meeting
                          19 May 2010




                               Adelaide Brighton Ltd




          Adelaide Brighton at a glance
Leading Australian construction materials
and lime producing group
Market shares                                          Sales by geographical
                                                           segmentation
 »   No. 1 Lime
                                                                                   WA
 »   No. 1 Concrete Products
                                                                                   VIC
 »   No. 2 Cement
                                                                                   NSW
 »   No. 4 Concrete and Aggregates
                                                                                   QLD
1,600 employees Australia wide (inc JV’S)
Market capitalisation $1.8 billion                                                 SA

S&P/ASX 150 company                                                                NT

TSR of 28% per annum over last 10 years                                            TAS

Strong balance sheet –
gearing 19% at end 2009


                                                                               2




        Adelaide Brighton Ltd – Annual General Meeting 19 May 2010
                          Performance
Year ended 31 December                   200               2008        Change
                                         $m                 $m           %
Revenue                                 987.2            1,022.4       (3.4)
EBITA                                   242.1              245.9       (1.5)
EBIT                                    185.3              189.1       (2.0)
PBT                                     168.6              155.3        8.6
NPAT attributable to members            123.1              120.8        2.0
                                         Cents             Cents
EPS                                      20.4               22.2       (8.2)
Final dividend                            8.0                8.5
Full year dividend                       13.5               15.0




                                                                          3




                     Shareholder returns
                                                     Payout ratio consistent
                                                     with prior guidance
                                                     EPS decline due to equity
                                                     raising



        Cents                                    %




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         Adelaide Brighton Ltd – Annual General Meeting 19 May 2010
              Total shareholder returns
A decade long transformation into
national construction materials                        S&P/ASX 200 Index TSR ranking
supplier and the leading supplier of                  1 July 2001 to 31 December 2009
lime to the resources sector                 Newcrest Mining
Returns underpinned by the                  Adelaide Brighton
                                                Origin Energy
rationalisation of capacity,
                                                  David Jones
reinvestment in cement and lime
                                            Leighton Holdings
manufacturing and measured
downstream growth                                       Boral
Improved cost structure and                              CSR
competitive position have supported              James Hardie
consistent growth in shareholder
returns                                       Source: eQuant. Includes ASX top 5 & industry peers




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              Leading market positions
   A leading construction materials and                                • No. 1 lime producer for
   lime producer for the construction and
   minerals processing industries
                                                      #1                 the mineral processing
                                                                         industry

   Number 1 lime manufacturer positioned                               • No. 2 cement and clinker
   in key resources markets
   A leading cement supplier with access to
                                                      #2                 supplier to the Australian
                                                                         construction industry

   major construction markets; healthy                                 • No. 1 cement and clinker
   regional presence                                  #1                 importer with unmatched
                                                                         route to market
   Number 1 cement importer with
   unmatched supply network
   Strategic aggregates and premixed                   #4              • No. 4 market share in
                                                                         concrete and aggregates

   concrete position
   Number 1 national market share in
   concrete products
                                                       #1              • No. 1 national market
                                                                         share in concrete products




                                                                                            6




       Adelaide Brighton Ltd – Annual General Meeting 19 May 2010
                            Cement
2009 Australian cement and concrete
market declined 15%
ABL cement sales down11%
Cement price increases recover
inflationary cost pressures
Increased demand from mining an
resources
Import Parity Pricing – constrains
potential for price increases
2010 production expected to continue at
capacity
Management of increased energy costs



                                                                      7




                                Lime
Lime sales volumes level in 2009
through continued growth in alumina
and gold sectors
Lime kilns at Munster, Angaston and
Mataranka operated at full capacity
Flexibility and cost structure of our
leadership position in lime is a
competitive advantage
Lime price increases recover
inflationary cost pressures




                                                                  8




     Adelaide Brighton Ltd – Annual General Meeting 19 May 2010
           Accolade II – Klein Point SA
      Risk management plans implemented
      Successful management of alternate limestone supply – no loss in output
      Financial impact minimised by insurance cover




                                                                        by




             Concrete and Aggregates
Demand for concrete in 2009 was down about 15%
Weaker sales across all of Hy-Tec’s markets in South East Queensland,
Sydney and Melbourne
Average prices for concrete
increased in line with inflation
Aggregate prices were,
on average, better than inflation
Ongoing management of
mix costs and asset utilisation
Continued growth in aggregates volumes assisted by road works in Blue
Mountains and Port Macquarie regions




                                                                         10




       Adelaide Brighton Ltd – Annual General Meeting 19 May 2010
                 Concrete Products

Successful merger of C&M Brick and
Hanson Building Products under the
Adbri Masonry brand
Strength in Victoria, Tasmania and
South Australia markets
Weakness in New South Wales and
Queensland
$4.4 million EBIT in second half 2009
shifts to match market demand




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                     Joint ventures
Combined $27.6 million net profit
contribution
Weaker cement demand in Queensland
Pricing pressure from new entrant in
Queensland
ICL maintained earnings despite lower
demand in Victoria and New South Wales
Mawsons increased earnings through
demand from mining and infrastructure
sectors in northern Victoria




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    Adelaide Brighton Ltd – Annual General Meeting 19 May 2010
       Consistent long term strategy
Focused and relevant vertical integration
 » Continued selective expansion of downstream to underpin cement asset
   utilisation and drive returns through the value chain
 » Fully vertically integrated position in New South Wales
Evaluating lime capacity expansion to meet resource sector demand
 » Re-evaluating lime capacity expansion and $30 million phased investment in
   Munster assets over next two years – improve plant throughput
 » Plans for $40 million expansion Mataranka NT assets – additional 50 kt per
   annum to service growing resource sector demand
Cost reduction and operational improvement
 » Continued focus on improved operating efficiency, returns and sustainability




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                               Outlook
Debt facilities total $520 million – $310 million matures 30 June 2010 and
$210 million matures 30 June 2011. Debt refinancing well progressed
Strong A$ positive impact on import profitability, but may constrain price
increases
Threat of small scale opportunistic lime imports in Western Australia
Cost pressures continue, particularly in energy
Changes to tax system created element uncertainly to long term outlook in
resources
Emissions Trading Scheme postponed – climate change remains key focus
for Adelaide Brighton
Focus on energy use efficiency




                                                                           14




      Adelaide Brighton Ltd – Annual General Meeting 19 May 2010
                              Outlook

 Resource and infrastructure projects providing strong demand in Adelaide
 Brighton’s key markets of South Australia and Western Australia
 Cement demand stronger compared to 2009
 Anticipate concrete demand to be similar to 2009
 2010 lime volume demand is predicted to be level to marginally to be
 higher than 2009
 On this basis Adelaide Brighton expects 2010 net profit after tax
 to be higher than 2009




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Major construction materials producer
Concrete & Aggregates          Cement & Lime              Concrete Products




    Joint Ventures              Joint Ventures              Joint Ventures




    Revenue 16%                 Revenue 72%                 Revenue 12%



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       Adelaide Brighton Ltd – Annual General Meeting 19 May 2010
                        Resolution 2

Re-election of GF Pettigrew
                                                     %
FOR                                                63.37

OPEN                                               36.47


AGAINST                                             0.16




               Adelaide Brighton Ltd
                   Annual General Meeting
                       19 May 2010




                           Adelaide Brighton Ltd




       Adelaide Brighton Ltd – Annual General Meeting 19 May 2010
                                Resolution 3
Non-executive Director Remuneration
                                                               % (1)
FOR                                                            97.62


OPEN                                                             0.88

AGAINST                                                          1.50
(1)   Excludes votes unable to be cast by Directors and their associates pursuant to
      ASX Listing Rules




                     Adelaide Brighton Ltd
                          Annual General Meeting
                              19 May 2010




                                    Adelaide Brighton Ltd




           Adelaide Brighton Ltd – Annual General Meeting 19 May 2010
                        Resolution 4

Issue of Awards to the Managing Director
                                                     %
FOR                                                61.01

OPEN                                               36.51


AGAINST                                             2.48




               Adelaide Brighton Ltd
                   Annual General Meeting
                       19 May 2010




                           Adelaide Brighton Ltd




       Adelaide Brighton Ltd – Annual General Meeting 19 May 2010
                        Resolution 5

Adoption of Remuneration Report
                                                     %
FOR                                                59.68

OPEN                                               36.55


AGAINST                                             3.77




               Adelaide Brighton Ltd
                   Annual General Meeting
                       19 May 2010




                           Adelaide Brighton Ltd




       Adelaide Brighton Ltd – Annual General Meeting 19 May 2010

				
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