ASX Spotlight

ow in its 6th N year

ASX Spotlight Hong Kong Island Shangri-La, Hong Kong – 31 October 2013 A unique opportunity to hear the latest business strategies and outlooks from a selection of emerging market leaders in the Australian market.

SUPPORTED BY

FOUNDATION PARTNER PLATINUM SPONSOR SPONSORS Welcome

Welcome to ‘ASX Spotlight, an event that showcases some of Australia’s leading companies and at the same time provide a valuable snapshot of the significant investment opportunities in the Australian Equity Market.

The ASX Spotlight conference is a global series hosted in Hong Kong, London, New York and Singapore every year. This event is the twenty seventh in the series and the ninth of its kind in Hong Kong.

ASX Spotlight is the result of co-operation between the Australian Securities Exchange, the supporting brokers and investment banks, and a selected group of listed companies. It continues to attract strong support from the broking and investment community in Hong Kong demonstrating confidence in the considerable investment fundamentals of the Australian market.

The companies involved in the event, with capitalisations generally below A$1 billion, represent an important segment of the Australian market that does not always get the international exposure it deserves. Importantly, from the Hong Kong investor perspective, the event is an opportunity to meet a broad representation of companies from a variety of sectors at one single venue.

During the course of the day, it will become clear that investment in the Australian Equity Market provides excellent exposure to the ongoing and projected growth of emerging economies in the Asia-Pacific region – exposure that is provided within a stable and reputable market environment.

We would like to welcome you to today’s event and thank you, our event supporters and participating ASX listed companies, for helping to make it such a great success.

We look forward to seeing you again in May 2014.

Elmer Funke Kupper Managing Director and CEO ASX Limited Agenda

Thursday October 31 8.30am REGISTRATION 8.50am WELCOME ADDRESS – ASX 8.55am BBY Ltd 9.00am New Guinea Energy Ltd (NGE) 9.25am Strata-X Energy Ltd (SXA) 9.50am Buccaneer Energy Ltd (BCC) 10.15am Donaco International Ltd (DNA) 10.40am MORNING BREAK 11.00am FlexiGroup Ltd (FXL) 11.25am Freedom Foods Group Ltd (FNP) 11.50am Ingenia Communities Group Ltd (INA) 12.15pm Programmed Maintenance Services Ltd (PRG) 12.40pm LUNCH 1.30pm Troy Resources Ltd (TRY) 1.55pm Swick Mining Services Ltd (SWK) 2.20pm Dart Energy International Ltd (DTE) 2.45pm Unity Mining Ltd (UML) 3.10pm AFTERNOON TEA 3.30pm IMF (Australia) Ltd (IMF) 3.55pm Silex Systems Ltd (SLX) 4.20pm Regeneus Ltd (RGS) DRINKS RECEPTION 8.00am-5.45pm ONE ON ONE MEETINGS General Information

Venue details ASX contact details Island Shangri-La Victoria Thurston Pacific Place, Supreme Court Road, Central, Hong Kong Events Manager, ASX Tel: (852) 2877 3838 +61 419 349 964 or [email protected] Fax: (852) 2521 8742 Andrew Musgrave The welcome address and presentations by the ASX listed Business Development Manager, Asia companies are being held in the Atrium Room, level 39, of +61 414 392 905 or [email protected] the Island Shangri-La Hotel. ASX/BBY Limited Financial Markets Reception One-on-one meetings Thursday 31 October 2013, 5.30pm – 7.30pm One-on-one meetings between investors and ASX listed The ASX Financial Markets reception will be held companies are being held on level 39. For each meeting immediately following the conference at: scheduled you will be informed of the room name via our online booking agenda. To book or make changes to any Sevva one-on-one meetings, report to Victoria Thurston on level Prince's Building 25th Floor 39. Victoria will check availability and schedule a meeting 10 Chater Rd for you. Central, Hong Kong

Name badges The reception will provide a further networking opportunity You should have been issued with a name badge on for all investors, event supporters and ASX Listed registration. If you have not received one, report to the Companies. Registration Desk.

Access to company presentations post-event Company presentations and videos will be made available following the conference at www.asx.com.au/asia

All content is provided by the conference supporters and listed companies; ASX takes no responsibility for the information included. Company Profiles 9.00am – New Guinea Energy Ltd ASX: NGE Market Cap* A$19.5m

Company Description Significant Contractual Arrangements New Guinea Energy Ltd (ASX: NGE) focuses on oil and PPL 268 JV NGE (50%), Talisman (30%), Mitsubishi gas exploration in Papua New Guinea. The company (20%) has 5 onshore Petroleum Prospecting Licences (PPLs) PPL 269 JV NGE (50%), Talisman (30%), Mitsubishi covering more than 29,500km² (7M Acres) and a (20%) royalty right over another 4,000km2 (1M Acres) in a PPL 277 Sale and royalty to Oil Search (50%) and PPL running parallel to the $19bn PNG LNG project. ExxonMobil (50%). NGE received $15M(US), will receive an additional $20M(US) upon a Petroleum Operations Development Licence approval, and royalty payments NGE’s strategy is to monetise its gas assets to explore on production. and develop its oil targets. NGE has joint ventures and commercial arrangements with the largest players in the Future Outlook PNG oil and gas sector, namely ExxonMobil, Oil Search, Seismic program in 4Q 2013 to further de-risk the oil Mitsubishi, and Talisman Energy. The company is also a target. 50% owner of a fit-for-purpose onshore drilling rig. Pursue farm-out of oil licence to receive a free carry for drilling the oil target. Recent Developments Potentially complete the sale of equity in one of the gas Monetisation of one gas licence was completed in licences. December 2012 leaving NGE with potential upsides Tender for drilling rig contracts to secure revenue from expansion of the PNG LNG project. In July 2013 source. NGE received a $40M offer for another of its gas licences, and earlier this year announced an exploration Contact Details target that could contain more than 20 million barrels of Suite 401, Level 4, 2 – 10 Loftus St, recoverable oil. New South Wales, 2000, Australia t + 61 2 9252 0010 Resources / Reserves Estimates e [email protected] Please refer to the company website for the latest w www.ngenergy.com.au quarterly report: www.ngenergy.com.au

* Source, Bloomberg, 16 September 2013 9.25am – Strata-X Energy Ltd ASX: SXA Market Cap* A$27.3m

Company Description Significant Contractual Arrangements Strata-X Energy Ltd. is an oil and gas exploration Maverick: Purchase Sale and Exploration Agreement company listed on the ASX and TSX-V. Based in dated August 23, 2012 between Jadela Oil (US) Denver, Colorado, USA. Strata-X Energy has a portfolio operating LLC, El Indio Investment Corp., and Gregory of petroleum projects across the US and Australia Leia. which provides diversification of high growth exploration Sleeping Giant Property: Purchase and Sale Agreement opportunities for its shareholders. and Area of Mutual Interest (as amended) dated March 31, 2011 with White Eagle Exploration Inc., Hendricks Operations & Associates Inc., Fischer Oil & Gas Inc. and Cody Oil Strata-X has just successfully completed the drilling of & Gas Corporation. our first horizontal well at Vail, with oil and gas shows indicated from two zones. Oil and gas was also seen Future Outlook in the drilling mud during the drilling of the horizontal Awaiting results from the well completion on the Vail section. We now await completion results, expected in Project in late October, plus Strata-X is planning to late October. permit two additional wells.

Recent Developments Contact Details Recently, Strata-X successfully set a liner through the Level 5, 10 Market Street, Brisbane 1,824 foot laterally drilled oil zone on the Vail project. Queensland, 4000, Australia Next, Strata-X will conduct a breakdown and pressure t +1 855-463-2400 test. This pressure data, together with rock mechanics e [email protected] data derived from the core, will be used to finalize the w www.strata-x.com design of the stimulation stage.

Resources / Reserves Estimates Please refer to the company website for the latest quarterly report: www.strata-x.com

* Source, Bloomberg, 16 September 2013 9.50am – Buccaneer Energy Ltd ASX: BCC Market Cap* A$167.9m

Company Description Recent Developments Buccaneer Energy Limited (BCC) is focused on The Companies most recent developments have been developing its 100% owned oil and gas assets in as follows: Alaska. The Company's flagship projects are a series • Executed a farm-out agreement with Los Angeles of onshore and offshore developmental and exploration based E&P company EOS-Petro, Inc. where EOS- prospects in Alaska’s Cook Inlet. The Company’s Petro will spend up to US$200 Million to earn a onshore and offshore Cook Inlet projects have an 50% working interest in 3 offshore projects and independently assessed total of 154.2 MMBOE 1 onshore project. Buccaneer will retain a 50% in 2P Reserves, 2C Contingent Resources & P50 working interest and will Operate all projects; Prospective Resources. • In July 2013 successfully completed a $35.0 M Since 2007 the Alaskan government (AAA rated) rights issue; provides rebates to oil and gas operators in the form of • Drilled its first offshore well (Cosmo # 1 well) in cash incentives to explore and develop within Alaska. the Cook Inlet at the 25.0% owned Cosmopolitan Buccaneer is entitled to the following cash rebates: Project where the Company is Operator; • 65.0% of exploration expenditure; • Cosmo # 1 well intersected 18 gas zones and 8 • 45.0% of development expenditure. oil zones that were considered exploratory prior to In the last 18 months Buccaneer has received drilling; approximately $31.0 million in cash rebates from the • Executed a farm-in agreement with ConocoPhillips State of Alaska. to earn a 100% working interest in the deep oil rights at the North Cook Inlet project located in Operations the Cook Inlet. Netherland, Sewell & Associates The Company has a three-pronged strategy: estimated 38.5 MMBOE in 2P Reserves with a 1. Developing the 100 % owned Kenai Loop onshore PV10 of US$732.0 Million; gas project with independently assessed 22.3 BCF • Commenced drilling its second offshore well at the (3.7 MMBOE) in 2P Reserves. The Kenai Loop Southern Cross Unit where it is Operator; project is producing 9.5 - 10.0 million cubic feet per • Successfully drilled its 4th well at the 100% owned day and being sold to ENSTAR the largest local gas Kenai Loop project unitised the 100% owned utility at an US$6.50 / MCF generating ~US$18.0 M onshore West Eagle project; and in free cash flow at the wellhead for the Company; • Commenced drilling its first well at the West Eagle 2. Operating the offshore jack-up rig Endeavour in the Unit. Cook Inlet; and 3. Developing its offshore Cook Inlet projects that Resources / Reserves Estimates have independently assessed 69.9 MMBOE in Please refer to the company website for the latest 2P Reserves, 23.9 MMBOE in 2C Contingent quarterly report: www.buccaneerenergy.com Resources & 60.6 MMBOE in P50 Prospective Resources using the acquired jack-up rig.

* Source, Bloomberg, 16 September 2013 Buccaneer Energy Ltd continued

Significant Contractual Arrangements • The Company has a joint venture with the Alaskan Industrial Development and Export Authority (AIDEA) who has invested $23.6 million to support the acquisition of the Endeavour jack-up rig. The other joint venture partner in that acquisition is Singapore based Ezion Holdings Limited; and • Farm-out agreement with EOS-Petro, Inc. a Los Angeles based E&P company where EOS-Petro will spend up to US$200 Million to earn a 50% working interest in 3 offshore projects and 1 onshore project. Buccaneer will retain a 50% working interest and will Operate all projects.

Future Outlook The Company anticipates drilling the following projects during 2013 / 2014: • Kenai Loop (onshore) – 3 to 6 wells • West Eagle (onshore) – 1 well • Cosmopolitan (offshore) – 2 to 3 wells • North Cook Inlet Unit Deep Oil Rights – 1 well • North West Cook Inlet Unit (offshore) – 1 well • Southern Cross Unit (offshore) – 1 well With additional successful drilling the Company anticipates doubling production at Kenai Loop.

Contact Details Level 9, 25 Bligh Street, Sydney New South Wales, 2000, Australia t + 61 416 220 007 e [email protected] w www.buccaneerenergy.com 10.15am – Donaco International Ltd ASX: DNA Market Cap* A$204.4m

Company Description Intellectual Property/Products/Product Donaco International Limited operates leisure, Development Programs entertainment and associated technology businesses Lao Cai sits on the border of Vietnam and Yunnan across the Asia Pacific region. Province, China, which has a population of ~46m and DNA holds a 75% stake in the Lao Cai International hence the casino’s customer base is predominantly Hotel JV, which owns and operates a successful hotel Chinese, with a skew to high rollers. The casino and casino in Vietnam. The business was founded operation has been benefiting from increased by the late Tan Sri Lim Goh Tong in 2002, who was dealings with junket operators as well as infrastructure also the founder of the Genting Group of Companies. improvements in China, which has reduced travel times Ownership has passed to his two grandsons, who to the casino significantly. This is evident in recent currently own 76% of the equity. patron figures with a 36% increase in patron numbers for the 4 months ending 31 December 2012. This Operations bodes well for the new casino given its greater capacity. DNA’s flagship business is the Lao Cai International Hotel, a successful boutique casino in northern Vietnam, Significant Contractual Arrangements on the border with Yunnan Province, China. The Lao DNA operates the Lao Cai International Hotel and owns Cai International Hotel was established in 2002, and was a 75% interest, in a joint venture with the Government of the first fully licensed table gaming business in Vietnam. Vietnam. The remaining 25% is owned by Sapa Petrol DNA also owns and operates the TAB Active TV Tourism Joint Stock Company, an entity controlled by wagering service in Australia, in partnership with all the Government of Vietnam. major TAB operators (Tabcorp Holdings Limited, Tatts DNA also has partnerships for its wagering Limited and Racing and Wagering WA). We also own technology products with all of the largest TABs and and operate the Way2Bet online and mobile wagering largest corporate bookmakers in Australia. portal, whose customers include all major corporate bookmakers in Australia. Future Outlook DNA’s strategy is to leverage the experience of the Recent Developments management and Board in the gaming sector and to The Lao Cai International Hotel is currently being take advantage of the growth in gaming in other Asian expanded from a 3-star 34 room hotel, to a brand new markets over time. This will complement the growth in resort complex with 428 hotel rooms and significantly the existing casino and provide for diversification. expanded gaming capacity. DNA has recently successfully completed a A$25 Contact Details million capital raising to fund the expansion of the Suite 2.05, 55 Miller Street, Pyrmont casino. New South Wales, 2009, Australia DNA has recently acquired a successful mobile t +61 2 9017 7000 services and technology business with operations e [email protected] across South East Asia, together with rights to online w www.donacointernational.com gaming licences in Australia.

* Source, Bloomberg, 16 September 2013 11.00am – FlexiGroup Ltd ASX: FXL Market Cap* A$1,265.1m

Company Description Bing Lee, Noel Leeming, Apple Resellers, Flight Centre. FlexiGroup is a diversified financial services group Blink – Mobile Broadband products and plans available providing “no interest ever”, leasing, vendor finance from major national retail chains and many independent programs, interest free and visa cards, mobile outlets. Launched in 2009 and operating on the latest broadband, lay-by and other payment solutions to Optus dual band network Blink, is a natural inclusion when consumers and businesses. Flexirenting a notebook. Through its network of 11,000 merchant, vendor Paymate - Sellers can receive online and mobile credit and retail partners the Group has extensive access to card payments without an expensive merchant facility four key markets: Business to Consumer, Business to issued by a bank, a secure website or gateway processor Business, Retail to Consumers (and small business service. Paymate is recommended as a safer payment customers) and online. method by eBay and is fully integrated in the eBay.com.au Performance has been characterised by solid checkout. profitable growth as the company has expanded FlexiCommercial – Lease (typically commercial and larger and diversified its business through organic growth, sized transactions). Offered via Vendor Programs and acquisition and product innovation. This diversification direct to medium and large businesses. Key Partners: M2, strategy has been extended to the large, high growth Kodak, Fuji Xerox, Low Carbon Australia, Comscentre. online market with the 2012 acquisition of Paymate (an Lombard Finance – Credit Card and Interest Free finance. online payment processing business) and to the credit Key Partners: IKEA, Fantastic Furniture and Beaurepaires. card and $5b interest free market with the acquisition of Once Credit - Card and Interest free finance. Key partners: Lombard and Once. Kitchen Group, King Furniture and Solarhart. FlexiGroup operates in Australia, New Zealand and Ireland within a diverse range industries including: home Recent Developments improvement, solar energy, fitness, IT, electrical appliance, With the arrival of Tarek Robbiati in January 2013 and a navigation systems, equipment and point of sale customer centric operating model supported by a leaner systems. Services are offered through four business corporate centre, Flexi is well positioned to deliver full- units: Certegy (no interest ever & lay-by), Flexirent (lease), service financing solutions to Retailers & SME. FlexiCommercial (vendor leasing programs) and Lombard / Once (credit card and interest free). Future Outlook Flexi continues to keep diversification and innovation at Operations its core, driving growth in volume and shareholder value. Certegy – Interest Free (No interest ever and take home lay-by plan ) and cheque guarantee services offered Contact Details through diverse merchants. Key Partners: Modern Group, Level 8, 201 Pacific Highway, St Leonards Midas, Michael Hill Jewellers and Freedom furniture. New South Wales, 2065, Australia Flexirent – Leases & Loans (consumer and commercial), t +61 2 8905 2156 includes valuable services such as Protect and Loaner. e [email protected] Products offered via Computer, Electrical and other w www.flexigroup.com.au retailers. Key Partners: Harvey Norman, The Good Guys,

* Source, Bloomberg, 16 September 2013 11.25am – Freedom Foods Group Ltd ASX: FNP Market Cap* A$288.1m

Company Description Intellectual Property/Products/Product Freedom Foods Group Limited is an ASX Listed Development Programs Company providing for specialised needs in the Global Freedom Foods manufacturing facility at Leeton Food Industry. in Riverina in regional NSW is the only integrated Freedom Foods Group Limited has a broad range large scale manufacturing capability in Australia (and of Australian institutional shareholders and a major overseas) producing cereals and snacks “free from” shareholder, the Perich Group, a Sydney based family key allergens such as gluten, nuts and dairy to the owned group involved in dairy farming, agriculture and lowest detectable standards. All key grains utilised in property development. the manufacturing process are also certified non GMO (genetic modified). Operations Pactum’s newly established dairy UHT facility at Its operating activities comprise: Shepparton in regional Victoria is focussed on the • Freedom Foods, an integrated leading brand supply of high quality UHT dairy milk for export markets manufacturer of allergen free cereals and snacks; to proprietary and private label customers in South East • Pactum Group, a leading provider of UHT (Long Asia, including China. The new facility will be the lowest Life) Packaging solutions in food and beverages cost UHT dairy facility in Australia providing Pactum with (including dairy) for branded and private label the opportunity to meet growing international demand customers; and for high quality (value added) UHT dairy milk, while • Speciality seafood brands operating in the canned providing additional capacity for value added beverages sardines and salmon markets and food at its Sydney facility. The Company is the largest single shareholder A2 Corporation (a2C) of which the Company is the (18.04%) in A2 Corporation (NZX: ATM), which markets largest single shareholder, owns and commercialises A2 branded dairy milk and infant formula in Australia, unique and comprehensive intellectual property rights UK and China. relating to a2™ brand milk and related dairy products in international markets. Recent Developments The Company has a strong market presence in Significant Contractual Arrangements Australia and New Zealand, with an increasing export The Company recently announced the following key focus to North America (for Freedom) and China and initiatives: SE Asia (for Pactum through supply of high quality • Pactum and A2 Corporation have agreed the key UHT dairy milk products of branded and private label terms of an agreement for the exclusive supply of a2 customers). UHT milk for Australian and Asian markets utilising Pactum’s capabilities at its Sydney and soon to be completed Shepparton facility. The agreement will provide for an initial term of 5 years, with renewal options

* Source, Bloomberg, 16 September 2013 Freedom Foods Group Ltd continued

• As part of its strategy to develop long term value added supply relationships into China and SE Asia, Freedom Foods and Pactum have agreed to enter into a licence and supply agreement with Shenzhen JLL Group (JLL) in China. JLL will work with Freedom to take dairy products into the China market under long standing brands. JLL will invest in brand marketing and distribution. JLL is owned by parties associated with the development of significant consumer beverage brands in the China market

Future Outlook The Company has continued the positive trend in the development of its unique business platforms in specialised areas of the food market, with two key growth domestic and export related opportunities in Freedom Foods and Pactum Australia, a stable business base in Specialty Seafood and a strategic opportunity in A2C. Overall the Company anticipates growth in sales, operating profitability and improving return on funds employed in FY 14.

Contact Details 80 Box Road, Taren Point New South Wales, 2229, Australia t +61 2 9526 2555 e [email protected] w www.ffgl.com.au 11.50am – Ingenia Communities Group Ltd ASX: INA Market Cap* A$220.6m

Company Description Future Outlook Ingenia Communities, an ASX 300 property trust, is a Ingenia aims to continue to grow organically with leading owner, operator and developer of a diversified its significant development pipeline, drive earnings portfolio of seniors housing communities in Australia. At growth within its existing high yielding portfolios, and September 2013, Ingenia’s market capitalisation was aim to acquire and develop a market leading position approximately A$200 million. within the Manufactured Home Estates market in Ingenia was recognised as a leader in the New South Wales. The Group reaffirms its intention to BDO A-REIT Survey 2012 for achieving 74% total increase distributions over the near term to maximise securityholder returns in the calendar year. Ingenia pays securityholder returns. half yearly distributions, with current distribution yield of circa 2.5% pa. based on the closing price of A$0.395 Contact Details on 8 September 2013. Management aims to grow Level 5, 151 Castlereagh Street, Sydney distributions in the near term. New South Wales, 2000, Australia t +61 2 8263 0507 Operations e [email protected] INA currently has 44 seniors living communities across w www.ingeniacommunities.com.au Australia, comprising over 3,200 units across QLD, NSW, VIC, WA and TAS. These include 29 Garden Villages (Rental) – 1,520 units, 9 Settlers Lifestyle (DMF) – 950 units, and 6 Active Lifestyle Estates (Manufactured Home Estates) – 787 sites. The Group also has 3 student accommodation properties in Wellington, New Zealand. Ingenia employs over 150 staff, with its head office in Sydney and its service office based in Brisbane.

Recent Developments Ingenia has completed two successful capital raisings since June 2013 to accelerate its growth in the Manufactured Home Estates (MHE) market. In June it completed a significantly oversubscribed institutional placement of $21.2 million to fund 5 MHE acquisitions. In September, it announced a $60 million Rights Issue to acquire a further 9 accretive MHEs.

* Source, Bloomberg, 16 September 2013 12.15pm – Programmed Maintenance Services Ltd ASX: PRG Market Cap* A$315.7m Company Description The Resources division provides construction, Programmed Maintenance Services Ltd (‘Programmed”) maintenance and operation services to the resources is a leading provider of staffing, maintenance and facility sector, predominantly the offshore oil and gas sector. management services. Services include marine manning, vessel management, We employ directly more than 11,000 people catering, maintenance and construction support. across a broad range of government and private sector These services are provided to many oil, gas and businesses in the resources, infrastructure, education, mining companies both offshore and onshore across manufacturing, logistics, commercial/retail and tourism/ Australia and New Zealand. recreation sectors. Our ability to recruit and deploy staff The Integrated Workforce division provides is supported by an active database of some 60,000 recruitment and labour hire services to a range of people. industries including mining and construction, industrial, We provide services to over 7,000 customers, often manufacturing, transport and logistics. The services are under long-term contracts. We deliver these services tailored to suit customer needs, from the provision of a through our network of over 200 branches throughout single staff member to complete workforce and contract Australia and New Zealand. labour management. The division operates through a Our business model is built around our ability to network of more than 40 branches across Australia and recruit, retain and deploy a large directly-employed New Zealand and is supported by extensive health, workforce of professional, skilled and semi-skilled staff safety and environmental management systems, with a wide range of capabilities. industrial relations and payroll services.

Operations Recent Developments Programmed is a leading provider of staffing, Over the past 12 months the company has been maintenance and facility management services managed conservatively. Revenue has grown, net profit operating in three divisions: Property & Infrastructure, has been maintained, debt has been reduced and Resources and Integrated Workforce. dividends have increased. The Property & Infrastructure division provides The company recently updated its strategy to grow, building, maintenance and operation services to focused in four areas; the property and infrastructure sector. Services – further marketing and customer development across include painting, grounds management, corporate the group (many opportunities remain to sell more imaging and signage, building repairs, electrical services to our customers) and lighting installation and repair, audio visual data – building of scale (have a strong workforce / HR and communication installation & repairs, facility platform that is readily scalable) management and complete maintenance services. – expansion in resources (many new assets have These services are provided to over 5,000 customers been built that need ongoing operations and across all industries, often under long term contracts maintenance support) and preventative maintenance programmes. – expansion in public infrastructure (aging assets and increasing population will drive growth in operations and maintenance expenditures)

* Source, Bloomberg, 16 September 2013 Programmed Maintenance Services Ltd continued

Intellectual Property/Products/Product Future Outlook Development Programs Programmed believes that maintenance of net profit in Our business is built around the provision of people. FY13, along with a reduction in debt and an increase in Customers contract our staffing service, a task-based dividend, represents a good result for shareholders in service or a complete management or maintenance challenging market conditions. Activity in some of our solution, often under a long-term contract. sectors remains subdued, while we have good visibility No matter what the service, we want our customers of future work from both the oil and gas and public to value the “Programmed Difference”. These are the infrastructure sectors. Our business model providing things that make us different from the many firms that staffing, maintenance and facility management offer one of our services, often only in one location: services across all industry sectors, gives Programmed – our ability to recruit and develop people; considerable strength and we will continue to manage – our ability to deploy the right person with the right the group conservatively, while taking advantage of competency to each job; growth opportunities that arise. – our ability to get safety right on the ground; – our ability to manage industrial relations in an Contact Details increasingly difficult environment; 47 Burswood Road, Burswood – our ability to manage human resources (training, Western Australia, 6100, Australia payroll, awards, superannuation, diversity, t +61 8 9216 2123 apprenticeships, and career development) in an e [email protected] increasingly regulated environment; w www.programmed.com.au – our ability to deliver operational improvements, flexibility and high levels of satisfaction to our customers.

Significant Contractual Arrangements One of Programmed’s key strengths is its diversity of customers and industry sectors, as it reduces the risk of being over exposed to one sector or one customer. There is no contract that represents a material component of revenue (ie more than 5%). 1.30pm – Troy Resources Ltd ASX: TRY Market Cap* A$249.8m

Company Description Recent Developments Troy is a successful gold and silver producer with • Group annual gold equivalent production of a track record of low cost mine development and 127,060oz production. The Company is unique amongst its peers • High grade intercepts at both Casposo and having paid 13 fully franked cash dividends over the last Andorinhas 13 years. • Takeover offer for Azimuth Resources Limited by Troy has been operating in South America since Troy moved to compulsory acquisition in mid-July 2002 and, following development of the Casposo resulting in Troy having the largest land package in project in Argentina, the Company’s annual gold Guyana (~8,000km2) over the Guiana Shield production is now above 100,000oz of gold per • West Omai Project in Guyana Inferred Resources of annum. 1.6Moz @ 3.1g/t including 1.0Moz at 5.0 g/t Troy’s gold and silver production is unhedged; allowing its shareholders access to the full benefit of Resources / Reserves Estimates current and future gold price upside. Please refer to the company website for the latest Troy is a responsible corporate citizen, committed quarterly report: www.troyres.com.au to the best practice of health and safety, environmental stewardship and social responsibility. Significant Contractual Arrangements • A$40 million loan facility with Investec Bank Operations (Australia) Limited FY2013 annual gold equivalent production 127,060oz at a cash cost of US$818/oz Au_Eq. Future Outlook Argentina, Casposo Guyana, West Omai Project • FY2013 gold equivalent production of 93,372oz • Stage 2 Infill drilling to convert from Inferred to • Record financial year silver production of Indicated Resource status by the end of the 1,361,133oz up 45% on FY2012 December quarter 2013 • Installed second mill • Pre-feasibility study to be completed by end of • Transitioning from open cut to underground March quarter 2014 production • Ongoing exploration of West Omai targets • Moved from contract-miner to owner-miner in the Argentina, Casposo underground • Exploration drilling to recommence in June quarter Brazil, Andorinhas 2014 • FY2013 gold production of 33,688oz Contact Details Unit 12, 1st Floor, 11 Ventnor Avenue, West Western Australia, 6005, Australia t +61 8 9481 1277 e [email protected] w www.troyres.com.au

* Source, Bloomberg, 16 September 2013 1.55pm – Swick Mining Services Ltd ASX: SWK Market Cap* A$72.6m

Company Description Intellectual Property/Products/Product Swick Mining Services (ASX:SWK) is one of Australia's Development Programs largest mineral drilling contractors, providing high quality, The Company specialises in Underground Diamond high value underground and surface drilling services to drilling, and has a reputation for pioneering innovative a diverse group of mining houses in precious and base rig designs that deliver improvements in productivity, metals, and bulk commodities. safety, versatility and value. Swick's competitive Swick also has operations in Canada, the USA, and advantage is underpinned by its strong engineering more recently, Portugal. acumen and dedicated R&D focus.

Operations Significant Contractual Arrangements The Company specialises in Underground Diamond In addition to the recently awarded and renewed drilling, and has a reputation for providing high quality contracts, Swick has provided drilling services to many mineral drilling services and for pioneering innovative of the world's largest mining companies, including BHP rig designs that deliver improvements in productivity, Billiton, Rio Tinto, Xstrata, Glencore, Newmont, Barrick, safety, versatility and value. Swick's competitive Vale, Gold Fields, Newcrest, Goldcorp and Agnico- advantage is underpinned by its strong engineering Eagle Mines. acumen and dedicated R&D focus. Future Outlook Recent Developments Since the end of the financial year 2013, global financial Swick’s world leading underground diamond drilling and commodity markets continue to see volatility, with division has recently been awarded new contracts and some mining companies showing reluctance to commit successfully renewed contracts already in place. to ongoing programs. New Contracts The Drilling Services market particularly has seen a 1. Somincor, Neves-Corvo Mine, Portugal. 4 to 5 rigs, reduction in demand which has also fuelled increased two years with a one year option. competition between market participants. 2. North-West Queensland, Queensland, Australia. 2 Although confident of our business model delivering a to 3 rigs, three years. Selected as the successful safe, efficient and productive low unit cost solution, due tenderer for the underground diamond drilling at a to current market volatility and uncertainty, the Company world class Silver/Lead Mine. has chosen to refrain from providing specific market 3. Independence Group, Lightning Nickel, Long Nickel guidance until the first quarter of FY14 is complete. Given Operations, Kambalda, WA. 3 rigs, one year. existing market activity an overall reduction of activity of Renewals approximately 15% could be expected in FY14. 1. Newmont Asia Pacific (Jundee and Granites Mines)– 13 rigs 3 year contract Contact Details 2. Sandfire Resources (Degrussa Copper Mine) – 2 PO Box 74, Guildford rigs 2 year term with a one year option; Western Australia, 6935, Australia 3. Inova Resources ( Osborne and Kulthar Operations) t +61 (0) 417 960 974 – 1 rig 1 year contract e [email protected] 4. La Mancha Resources (Frogs Leg Mine) -1 rig 1 w www.swickmining.com year contract

* Source, Bloomberg, 16 September 2013 2.20pm – Dart Energy International Ltd ASX: DTE Market Cap* A$126.3m

Company Description Contact Details Dart Energy is an unconventional gas company with #19-03/04, The Gateway East, extensive shale gas potential in the UK and certain 152 Beach Road, Singapore 189721 other CBM and shale gas assets in Australia and Asia. t +65 6508 9840 e [email protected] Operations w www.dartgas.com Dart Energy has up to 110 Tcf shale gas potential (independently assessed) in Bowland Shale in England. In addition, Dart Energy has a supply agreement in place with with UK utility SSE and subject to gaining approvals, expects gas sales from the end of 2013. The eight year gas contract could generate revenues in excess of US$500million.

Recent Developments • Completed corporate restructure in line with its UK strategic focus • Completed institutional placement to raise A$11.9 million and has a fully underwritten entitlement offer underway to raise a further A$8.8 million • Completed sale of a CBM asset in China (Liulin project) for US$20.88 million

Resources / Reserves Estimates Please refer to the company website for the latest quarterly report: www.dartgas.com

Future Outlook Dart Energy is focussed on progressing activity across its shale prospects in the UK and subject to planning permissions, progress the Airth CBM project into development and production and expects to commence commercial gas sales during 2015.

* Source, Bloomberg, 16 September 2013 UNITY Mining Limited 2.45pm – Unity Mining Ltd ASX: UML Market Cap* A$54.1m

Company Description Resources / Reserves Estimates Unity Mining Limited (ASX:UML) is an Australian gold Please refer to the company website for the latest explorer, developer and producer which owns and quarterly report: www.unitymining.com.au operates the Henty Gold Mine in Tasmania and is developing the Dargues Gold Mine in Southern New Future Outlook South Wales. Unity is also involved in gold exploration The Company's goal is to be a profitable mid-tier in West Africa through its investment in GoldStone gold mining company, operating multiple mines in a Resources Limited. Unity holds tenure over the Bendigo responsible manner and achieving strong financial Goldfield in Victoria. returns. Our strategy is to discover, operate and acquire quality gold assets to transform the Company Operations into a mid-tier gold producer. With cashflow, no debt, Henty Gold Mine no hedging, a robust balance sheet and growing • Production of 43,851 oz in FY13 production profile, Unity has a strong platform for future • 1.3 million ounces of underground gold production growth. from 1996 to date • Historic production has averaged c.80,000 oz/y at Contact Details 11 g/t gold Level 10, 350 Collins Street, • The high-grade Read Zone continues to evolve Victoria, 3000, Australia as a resource and the zone remains open as an t +61 3 8622 2300 extensive exploration target e [email protected] Dargues Gold Mine w www.unitymining.com.au • Targeting 50,000 oz/year gold production, with an initial 5 year mine life, exploration upside • Strong exploration upside on highly prospective tenements

Recent Developments • Production from the Henty Gold Mine in FY13 was 43,851 ounces of gold at an average cash operating cost of $1114/oz • Successful conclusion to merger with Cortona Resources in January 2013 • Commencement of pre-construction earthworks at Dargues Gold Mine in February 2013. First gold expected in the first half of FY15

* Source, Bloomberg, 16 September 2013 3.30pm – IMF (Australia) Ltd ASX: IMF Market Cap* A$237.8m

Company Description IMF is the largest litigation funder in Australia and has been listed on the ASX since 2001. IMF’s principal activities are the investigation, management and funding of litigation in Australia and other jurisdictions. Bentham IMF is IMF’s wholly owned subsidiary in the United States.

Operations IMF employs a large team of professional investment managers with diverse legal and investigative experience and expertise. In Australia, IMF has offices in Sydney, Perth, Melbourne, Brisbane and . Bentham IMF has offices in New York and Los Angeles.

Recent Developments Last year, IMF successfully funded clients in a claim against Standard & Poor’s and others for its ratings of Constant Proportion Debt Obligation (CPDO). We have funded similar cases in Australia and in the Netherlands. We are looking at other cases against rating agencies in the United Kingdom and Europe.

Future Outlook IMF is in a strong financial position moving forward and is capable of capitalising on opportunities to fund cases with larger potential returns. IMF currently has an investment portfolio of $1.635B. We aim to increase our investment portfolio to $2B in the short term.

Contact Details Level 10, 39 Martin Place, Sydney New South Wales, 2000, Australia t +61 2 8223 3567 e [email protected] w www.imf.com.au

* Source, Bloomberg, 16 September 2013 3.55pm – Silex Systems Ltd ASX: SLX Market Cap* A$422.2m

Company Description Intellectual Property/Products/Product Silex Systems Limited (ASX: SLX) (OTCQX: SILXY) Development Programs is a world leader in research, development and Silex has an extensive intellectual property portfolio commercialisation of leading edge technologies in key providing extensive coverage and protection for all strategic markets, including nuclear power, solar power, of its proprietary technologies. The SILEX process is semiconductor materials and instrumentation. Silex is a a classified technology and is protected by nuclear member of the S&P/ASX 300 index and also listed on safeguards legislation covering matters of Australian the OTCQX. and US national interest. Our products include ‘Dense Array’ CPV dish systems for utility scale solar power Operations station deployment, novel semiconductor materials and Silex’s two main divisions focus on: test and measurement instrumentation solutions. • ‘SILEX’ laser-based uranium enrichment technology which has been licenced to GE- Hitachi Global Significant Contractual Arrangements Laser Enrichment (GLE), a business venture • Silex has licensed its ‘SILEX’ laser-based uranium comprising GE (51%), Hitachi (25%) and Cameco enrichment technology to Global Laser Enrichment (24%) for potential commercial deployment in the (GLE), a business venture comprising GE (51%), USA Hitachi (25%) and Cameco (24%). • Deployment of unique ‘Dense Array’ Concentrating • Solar Systems has a power off-take agreement Photovoltaic (CPV) utility scale solar power stations in place with Diamond Energy for its 1.5 MW in key global markets by 100% owned subsidiary, demonstration facility at Mildura, Victoria and also for Solar Systems Pty Ltd its 600kW Test and Reliability facility at Bridgewater, Victoria. Recent Developments • SILEX uranium enrichment technology completed Future Outlook Phase I of a two phase commercialisation In accordance with the license agreement with GLE, program. Phase I involved advanced technology Silex may receive a perpetual revenue royalty of between demonstration. This followed receipt of approval 7 – 12% (based on the capital cost per unit of capacity from the US Nuclear Regulatory Commission in deployed). In addition, business and project development September 2012 for a combined construction activities are underway for Solar Systems unique CPV and operating license for the first commercial plant solar dish systems. Opportunities for commercial planned for Wilmington, North Carolina deployment of the company’s novel semiconductor • Solar Systems’ 1.5 MW CPV solar demonstration materials and instrumentation are also being considered. facility was commissioned and connected to the national grid under a power off-take agreement with Contact Details Diamond Energy PO Box 364, Sydney New South Wales, 2001, Australia t +61 2 9704 8888 e [email protected] w www.silex.com.au

* Source, Bloomberg, 16 September 2013 4.20pm – Regeneus Ltd ASX: RGS Market Cap* A$36.6m

Company Description CryoShot US Clinical Trial Regeneus is a Sydney-based regenerative medicine In July 2013, Regeneus announced the successful company. Founded in 2007, Regeneus develops and submission of an Investigational New Animal Drug commercialises proprietary cell-based technologies Application (INADA) to the Centre for Veterinary for the creation and manufacture of innovative cell Medicine (CVM) with the Food and Drug Administration treatments for humans and animals. (FDA) in the United States for CryoShot® Canine. This Regeneus' cell technologies enable the application of is an important step towards product registration in the the regenerative capacities of adipose-derived cells US. (cells derived from fat) including mesenchymal stem cells, for the treatment of musculoskeletal and other Intellectual Property/Products/Product inflammatory conditions. Development Programs Regeneus has filed 9 families of patent applications Operations that if granted substantially as claimed cover the current Regeneus has successfully developed and has products including HiQCell, CryoShot and a range commercialised an autologous (using a patient's own of future products. The 9 patent families have been cells) "point-of-care" cell therapy for the treatment of developed and are owned by Regeneus. Regeneus musculoskeletal conditions in humans (HiQCell®). has licensed from Northern Sydney Local District HiQCell is currently available through a network of exclusive rights to commercialise IP rights relating to specialist medical practitioners in Australia. In FY13, technology developed at the Kolling Institute of Medical over 335 patients and over 700 joints were treated with Research for vaccines for the treatment of prevention of HiQCell in Sydney. Clinical data from these treatments cancer in animals and humans. is included in Australia’s largest ethics approved cell therapy joint registry. Significant Contractual Arrangements Regeneus has also developed and manufactures • Macquarie University R&D Collaboration Agreement an allogeneic (using donor cells) "off-the-shelf" product – on projects undertaken by Dr Herbert relating to for canine and equine musculoskeletal conditions the use and measurement of stem cells for clinical (CryoShot®). Since early 2012, CryoShot has been applications in humans and animals trialed by over 70 equine and canine veterinarians in • Kolling Institute of Medical Research Collaboration Australia. Agreement – agreement investigating a combined vaccine and adipose-derived cell therapy to treat Recent Developments cancer with exclusive commercial rights to the HiQCell Commercialisation autologous cancer vaccine for the animal market Regeneus is dedicated to expanding the commercial and first rights for the human market roll-out of HiQCell processing laboratories in hospitals • Regeneus has commercial licences with all Medical and day surgeries in Australia. In September 2013, Practitioners and Licenced Facilities for the use of HiQCell treatments commenced at John Flynn Private HiQCell Hospital in the Gold Coast.

* Source, Bloomberg, 19 September 2013 Regeneus Ltd continued

Future Outlook The below outlines the key business initiatives that Regeneus plans to pursue over the next 2 years with the funds raised under the Offer: 1. Expand HiQCell footprint to capital cities and major population centres in Australia 2. Expand HiQCell to other indications by leveraging existing treatment networks, including neuropathic pain, other immune-mediated conditions and cancer 3. Broaden market usage of CryoShot and finalise CryoShot specification for registration 4. Commence FDA approved CryoShot trial in USA for canine osteoarthritis 5. Launch HiQCell in UK and Singapore for musculoskeletal conditions 6. Proof of principle and safety study of human CryoShot

Contact Details 77 Ridge Street, Gordon New South Wales, 2072, Australia t +61 450 253 059 e [email protected] w www.regeneus.com.au Supporter Profiles Supporter Profiles

BBY is Australia and New Zealand’s largest non-bank Fortbridge is an independent media and investor relations owned stockbroker. With an extensive global reach, BBY’s consultancy that specialises in representing listed mining, mission is to service the local and international needs energy and mining services companies. We work with clients of Australian and New Zealand high growth companies, to build corporate reputation and promote shareholder value institutional investors, broker dealers and private investors. in key investment centres around the world. BBY is located in Adelaide, , Gold Coast, London, Melbourne, New York, Perth, Sydney (Head Our investor communications programs target a range of Office) and Wellington. Our clients benefit from our local stakeholders including shareholders, institutional investors, knowledge and global distribution. funds and the financial media in the markets in which our clients operate. We also work with clients to target strategic BBY’s research capabilities include money making calls and industrial investors in India, China and Russia. which have delivered significant value to our clients. Some of these calls include; With up-to-date research and investor contact information • Fortescue Metals Group (FMG, + 1,580%) in all major financial centers, Fortbridge targets relevant • Buru Energy Limited (BRU, +420%) institutional investors and funds to engage their support for • Linc Energy Ltd (LNC, +380%) our clients’ IPOs, institutional placements, capital raisings, • Orica Limited (ORI, +280%) SPPs and on-market . • G8 Education Limited (GEM, 230%) Fortbridge consultants have a track-record of working Moreover, with three recent additions to our research with clients to enhance shareholder value and grow team, BBY continues to extend its knowledge across their businesses; to communicate the value of new diverse sectors of the market in order to better service our developments and to manage significant issues that clients. impact reputation.

Glenn Rosewall Bill Kemmery Executive Chairman Managing Director BBY Limited Fortbridge Consulting Level 17, 60 Margaret Street Suite 1402, Level 14 Sydney, NSW 2000, Australia East Sydney NSW 2010, Australia t +61 2 9226 0032 t +61 2 9003 0477 e [email protected] e [email protected] w www.bby.com.au w www.fortbridge.com

Christine Wootliff Investor Relations Consultant – Hong Kong Fortbridge Consulting e [email protected] t +852 9087 2327 w www.fortbridge.com bby.com.au

Australian Institutional Research, Sales & Trading

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BBY delivers knowledgeable insights and money making  Economics and Strategy Research ideas on Australian Securities Exchange (ASX) listed  Futures Execution (24hr) companies. Clients of BBY benefit from our local market  Foreign Exchange Conversion (24hr) knowledge and global distribution with offices located in  Award Winning ASX Company Research Australia, New Zealand, New York and London.  Prudent Marketing of BBY’s Ideas.

With an extensive global reach, BBY’s mission is to service the local Money Making Ideas and international needs of our investors. BBY’s ASX equities turnover is over $2.1 billion per month. In 2012, BBY is devoted to generating valuable ideas for clients for example; BBY was ranked Australia’s 4th Best Equity Capital Markets Bank and  BBY is proud to have backed 7 ASX listed companies from less than 10th Best Investment Bank. A$200 million market cap through to their significant achievements of over A$1 billion. BBY’s Billion Dollar club has seen 7 join in the Why do Leading Institutional Clients use BBY? last few years including Fortescue Metals Group (FMG), Karoon Gas Australia (KAR), Linc Energy (LNC) and Extract Resources (EXT). BBY holds a unique place in the Australian and New Zealand securities  markets and has been operating since 1987. BBY has invested in On FMG for example, BBY was the first broker to recommend leading-edge technology to ensure we have a scalable business. the company in 2005, where we were instrumental in multiple transactions returning over 1,300% for many investors. FMG is BBY understands that choosing the right investment partner is not now the fourth largest Iron ore producer in the world and with always easy. It is our goal to ensure that clients are beyond satisfied the help of a strong US share register introduced by BBY, FMG working with a persistent, determined and knowledgeable team. reached its high watermark of A$41 billion in 2008. BBY strives to make certain that we are our client’s partner of choice  Since recommending child care service provider G8 Education for the long-term and we are 100% committed to achieving our clients’ (GEM) in October 2011 at A$0.50, their market cap has grown investment objectives. from A$160 million to A$900 million and the company’s share price has increased by more than 560%. Based on a target price What Does BBY Offer? of A$4.30 versus a share price of A$3.30, GEM is expected to be the next member of BBY’s Billion Dollar club. With a strong sales presence in Australia, New Zealand, UK, US and  Speak to a BBY advisor about our High Conviction (HC) Portfolio, Asia, our teams are well positioned to service the local and global capital which is based on inputs from our Research Team where a stock information needs of our clients. Our Research, Sales and Trading teams has a strong enough conviction to be included. The portfolio currently generate value and money making opportunities for our clients via; holds 52 stocks and will consist of between 50 to 75 stocks when BBY expands its coverage to 150 stocks by November 2013. BBY’s  ASX Block trades HC Portfolio has returned 21.3% annualised over the past 5 financial  ASX Portfolio execution years versus an ASX300 return of 2.8% since 2009.  Best Execution including Direct Market Access (DMA) to the ASX  Clearing and Settlement through ABN AMRO Glenn Rosewall Executive Chairman +61 438 685 003  ASX Conferences and Roadshows International Client Sales +61 2 9226 0030  Corporate Finance Products Australian Client Sales +61 2 9226 0065

This document has been prepared by BBY Limited (ACN 006 707 777) (Australian Financial Services Licence No 238 095) a participant of ASX and SmarTrader (ACN 115 752 102) (Australian Financial Services Licence No 295 337) (part of the BBY Group)

All material contained in this document is general advice only and does not take into account any individual’s personal financial situation, needs or objectives. Please note that BBY makes important disclosures of its interests at www.bby.com.au/Disclaimer Research. Target. Engage.

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Global Index Performance 2000-2013*

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Index Level 100

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S&P/ASX 200 Hang Seng Dow Jones FTSE 100 Nasdaq Nikkei

* January 2013 Source: Bloomberg

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