With the probable spend by governments on infrastructure & construction projects to stimulate economies as a result of the financial impact of the COVID 19 pandemic, LCC Asia Pacific anticipates that the Environmental Engineering and Environmental Services Sector will be set for a significant level of growth in the period to 2025. A sample of a detailed research report into this likely scenario is posted with the full report available on request

1. Confidential Discussion Document 1
Environmental Engineering, Technology & Services
Prepared for general discussion purposes only
8 April 2020
April 2020
Analysis On Anticipated Commercial Activity & Deal Activity In A Post COVID 19 Australia

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Environmental Engineering & Services Sector
Contents
8 April 2020
1 COVID 19 Stimulus & the Infrastructure / Construction Sectors
2
Trends in Contaminated Soil & Asbestos
3
Trends in Air
4
Trends In Water Treatment & Water Infrastructure
Trends in PFAS
5
LCC Asia Pacific forecasts that the
Environmental Engineering &
Services Sector in Australia Will
Undergo Substantial Growth In The
Periods to 2025 & 2030
A large part of this will be as a result
of COVID 19 Infrastructure Project &
Construction spend by Federal &
State Governments
6
5 Key Environmental Sub Sectors
Complexity & Barriers To Entry
7
Trends in Specialist Assets & Infrastructure10
International M & A Activity11
12 Observations on Corporate Value Drivers & Sector Valuations
Trends in Environmental Sector Technologies9
Trends in Demolition9
Trends in Offshore Decommissioning8

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Increased Infrastructure & Construction Sector spend will drive increased Environmental Engineering & Services activity
Environmental Engineering & Services Sector
COVID 19 Stimulus & the Infrastructure / Construction Sectors
8 April 2020 Source : LCC Research, ABS
“We are fast tracking assessments to keep people in jobs, boost the construction pipeline and keep our economy moving”
Rob Stokes, NSW Planning & Public Spaces Minister. April 6th 2020
“In the past six months alone, the New South Wales Government has approved projects and rezonings worth more than $15
billion and created more than 24,000 jobs across the state – that trend must continue as we move through this crisis”
Dominic Perrottet, NSW Treasurer. April 6th 2020
• Australian jobs are heavily skewed towards the Construction, Engineering & Resources Sectors and all governments are concerned by
the impact of COVID 19 on overall labour data. JobKeeper & JobSeeker stimulus unprecedented in Australia’s history
• As at November 2019 ABS data confirms 1,190,500 persons – or 9.2% of the workforce – was employed in the Construction sector
alone. Mining & other “near sectors” account for a further 500,000 jobs (approx.)
• Victoria, Qld, NSW & SA Governments all already referring to fresh infrastructure programmes, which will add to state & federal projects
already on the drawing board (including Inland Rail)
Private Construction Value Work Done - Sept 86 to Dec19 Public Construction Value Work Done - Sept 86 to Dec19 Comparison
Post GFC

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Almost all players have business models including a cross section of skillsets and service offerings
Environmental Engineering & Services Sector
5 Key Environmental Sub Sectors
8 April 2020 Source : LCC Research
• LCC Asia Pacific anticipates that there will be differing growth rates across each of these Sub Sectors – but the “tide will
come in” for all as Infrastructure spend ramps up across 2020 and 2021
• Niche players with deep expertise in specific verticals will become highly attractive as M & A targets as bigger players
look to rapidly build expertise
Areas where “add
on services” are
commonly observed
Typical business models in
Environmental Engineering
& Services Companies
combine core services with
“ad hoc” ad ons that make
sense operationally – but
can have an impact on
corporate value (lower
margin / more
commoditized)
“Complexity” of offering
that can be risk managed
well will be in strong
demand in the near to
medium term from a wide
cross section of Australian
industries

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• The major driver in environmental services has been in the contaminated soils and
materials containing asbestos. The market growth has been centred on NSW, QLD &
Victoria – with NSW volumes of asbestos materials growing 70.4% between 2016-17 and
2017-18. One possible explanation of this growth is the inclusion of PFAS data tracking
• LCC anticipates ongoing growth in this sector as a function of accelerated and increased
infrastructure and construction spend that will result from COVID 19 economic stimulus
• We also anticipate that with this rapid growth strain will soon appear in parts of the
ecosystem, including a rising risk of non compliance for hazardous waste managers and
increasing pricing as existing facilities/technologists increase utilisation rates
• LCC anticipates that niche opportunities will grow in monitoring, testing, consulting and
lab services as a result of this trend
Increasing volumes in contaminated soils & asbestos – Strong East Coast Bias
Environmental Engineering & Services Sector
Trends In Contaminated Soil & Asbestos
8 April 2020
Contaminated Soil Volumes 2003 to 2018 Asbestos Containing Materials Volumes 2003 to 2018
NSW a major contributor to growth
YoY growth of 70.4%
Growth of 93.2%
from 2014-15
period
Source: Department Energy & Environment, blue environment, Ascend, ABS, LCC research

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A subsector of virtually uncapped potential in Australia today
Environmental Engineering & Services Sector
Trends In PFAS
8 April 2020
As PFAS chemicals are highly soluble it is likely that contaminated
sites will require extensive treatment for both soil and water – often
with remediation, removal and treatment to minimize the potential
for “PFAS Soups” arising (including in long established landfills)
o LCC Asia Pacific believes Australia is only
just starting to understand the impact that
PFAS will have on the environment with a
large part of this being due to the physical
construction of PFOS & PFAS constituents
including
• highly unusual leaching
characteristics
• very slow to degrade / break down
• high transportability in water / liquids
o The use of PFAS over many decades in
Australia including:
• households (non stick cookware)
• certain fire fighting Aqueous Fil
Forming Foams [AFFF]
• fabric & furniture stain protection
applications
• certain industrial processes including
metal plating & plastics etching
• aviation hydraulic fluids
• certain food packaging
o There is also a very high potential for
ecological impact through various
ecosystems (fish + birds / animals higher
in that food chain) as these chemicals
tend to accumulate in the body
Aviation rescue fire fighting locations
LCC Asia Pacific presents Australian airports as a simple
case study on the potential extent of contamination. These
facilities have been used for major hazard & fire services
training locations for decades
PFAS in AFFF firefighting foams has run off into soils and
seeped into groundwaters – causing widespread
contamination. Airports are only one area of historic
hazard training – with others including military bases, oil
refineries and large scale public infrastructure (including
deserted buildings)
No robust estimate of the total quantity of PFAS
contaminated soil present in Australia has been made –
although “guesstimates” are being made
Key National PFAS contaminated soil sites
“Applying this nominal 10 year clean up
period indicates an annual arising
estimate for PFAS-contaminated soil in
Australia of approximately 800,000
tonnes per year. This estimate is highly
uncertain, and is potentially at the low
end of a plausible range of estimates”^
Source: Department Energy & Environment, blue environment, Ascend, ABS, Air Services Australia LCC research

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