Fundamental Equity Analysis - Australia S&P/ASX 200 Components

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27.02.2013

BHP Billiton Limited is an international resources company. The Company's

principal business lines are mineral exploration and production, including coal,

iron ore, gold, titanium, ferroalloys, nickel and copper concentrate, as well as

petroleum exploration, production, and refining. Dually-listed company with

BLT LN.

Latest Fiscal Year: 06/2012

LTM as of: 01/yy

52-Week High (20.02.2013) 39.34

52-Week Low (12.07.2012) 30.09

Daily Volume

36.69

52-Week High % Change -6.74% Dividend Yield 3.05

52-Week Low % Change 21.93% Beta 1.19

% 52 Week Price Range High/Low 67.68% Equity Float 3'193.77

Shares Out 30.06.2012 3'211.7 Short Int -

182'807.81 1 Yr Total Return 4.24%

Total Debt 28'330.00 YTD Return -1.11%

Preferred Stock 0.0 Adjusted BETA 1.190

Minority Interest 1'215.0 Analyst Recs 19

Cash and Equivalents 4'781.00 Consensus Rating 3.842

Enterprise Value 217'850.03

Average Volume 5 Day 12'325'000

BHP AT EQUITY YTD Change - Average Volume 30 Day 8'111'171

BHP AT EQUITY YTD % CHANGE - Average Volume 3 Month 7'972'941

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

59'473.0 50'211.0 52'798.0 71'739.0 72'226.0 - - 68'522.1 75'406.9 - -

3.93x 2.99x 3.44x 3.56x 2.70x - - 3.14x 2.82x - -

27'892.0 17'311.0 24'106.0 38'030.0 33'421.0 - - 29'030.4 34'724.0 - -

8.39x 8.67x 7.53x 6.71x 5.84x - - 7.50x 6.27x - -

15'390.0 5'877.0 13'034.0 23'648.0 15'417.0 - - 13'408.5 16'808.3 - -

15.19x 26.55x 13.95x 10.93x 11.12x - - 14.60x 12.00x - -

EBITDA 33'421.00 Long-Term Rating Date 15.11.2010

EBIT 27'013.00 Long-Term Rating A+

Operating Margin 37.40% Long-Term Outlook STABLE

Pretax Margin 31.87% Short-Term Rating Date 06.02.2008

Return on Assets 7.60% Short-Term Rating A-1

Return on Common Equity 14.89%

Return on Capital 10.48% EBITDA/Interest Exp. 44.27

Asset Turnover 0.52% (EBITDA-Capex)/Interest Exp. 18.79

Net Debt/EBITDA 1.37

Gross Margin - Total Debt/EBITDA 1.60

EBITDA Margin 33.2%

EBIT Margin 23.2% Total Debt/Equity 43.0%

Net Income Margin 21.3% Total Debt/Capital 29.7%

Asset Turnover 0.52

Current Ratio 0.93 Net Fixed Asset Turnover 0.72

Quick Ratio 0.43 Accounts receivable turnover-days 43.13

Debt to Assets 21.91% Inventory Days -

Tot Debt to Common Equity 43.01% Accounts Payable Turnover Day -

Accounts Receivable Turnover 8.49 Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

BHP Billiton LtdPrice/Volume

Valuation Analysis

8'741'304.00

Current Price (2/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

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10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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27.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

BLACKROCK n/a ULT-AGG 156'919'245 4.89 - 25.02.2013 Investment Advisor

NORGES BANK n/a EXCH 63'635'068 1.98 - 05.02.2013 Government

VANGUARD GROUP INC Multiple Portfolios MF-AGG 57'591'844 1.79 1'165'265 31.12.2012 Investment Advisor

AMP LIFE LTD n/a 20F 28'294'856 0.88 - 24.08.2012 Investment Advisor

VANGUARD INVESTMENTS Multiple Portfolios MF-AGG 17'009'446 0.53 379'792 30.09.2012 Mutual Fund Manager

AUSTRALIAN FOUNDATIO n/a 20F 13'990'941 0.44 - 24.08.2012 Investment Advisor

MACQUARIE GROUP LTD n/a ULT-AGG 10'617'239 0.33 874'883 31.12.2012 Investment Advisor

ARGO INVESTMENTS LTD n/a 20F 8'024'309 0.25 - 24.08.2012 Investment Advisor

PERPETUAL TRUSTEE CO n/a 20F 7'569'447 0.24 - 24.08.2012 Corporation

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 7'057'193 0.22 (1'110'028) 31.12.2012 Investment Advisor

FMR LLC n/a ULT-AGG 6'995'213 0.22 (596'155) 31.12.2012 Investment Advisor

QUEENSLAND INVESTMEN n/a 20F 6'532'033 0.2 - 24.08.2012 Investment Advisor

NAVIGATOR AUSTRALIA n/a 20F 5'536'830 0.17 - 24.08.2012 Corporation

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 5'046'713 0.16 65'063 28.12.2012 Mutual Fund Manager

CI INVESTMENTS INC Multiple Portfolios MF-AGG 5'000'000 0.16 - 30.06.2012 Investment Advisor

INVESCO LTD Multiple Portfolios MF-AGG 4'617'865 0.14 (930'416) 26.02.2013 Investment Advisor

CI INVESTMENTS INC Multiple Portfolios MF-AGG 4'171'450 0.13 (350'650) 30.06.2012 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 4'126'849 0.13 (1'011'479) 31.12.2012 Investment Advisor

DJERRIWARRH INVESTME n/a Co File 2'303'000 0.07 - 30.06.2011 Investment Advisor

SJUNDE AP FONDEN Multiple Portfolios MF-AGG 2'044'017 0.06 171'652 31.12.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Sanford C. Bernstein & Co PAUL GAIT outperform 5 M 38 12 month 26.02.2013

Commonwealth Bank ANDREW HINES neutral 3 M 41 12 month 22.02.2013

Deutsche Bank PAUL-D YOUNG buy 5 M 43 12 month 21.02.2013

Nomura DAVID RADCLYFFE buy 5 M 41 Not Provided 21.02.2013

Morgan Stanley BRENDAN FITZPATRICK Overwt/In-Line 5 M 40 12 month 20.02.2013

Investec TIM GERRARD hold 3 M 37 12 month 20.02.2013

Credit Suisse PAUL MCTAGGART neutral 3 M 40 Not Provided 20.02.2013

JPMorgan LYNDON FAGAN neutral 3 M 40 9 month 20.02.2013

CIMB PHILLIP CHIPPINDALE neutral 3 M 37 12 month 20.02.2013

RBC Capital Markets DES KILALEA outperform 5 M 34 12 month 14.02.2013

HSBC ANDREW KEEN neutral 3 M 39 Not Provided 08.02.2013

Macquarie ADRIAN WOOD neutral 3 M 39 12 month 23.01.2013

Goldman Sachs CRAIG SAINSBURY buy/attractive 5 M 42 12 month 16.01.2013

Barclays EPHREM RAVI overweight 5 M 45 Not Provided 15.01.2013

EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 15.01.2013

BMO Capital Markets TONY ROBSON outperform 5 M 42 Not Provided 23.02.2010

Wise-owl.com JOSH TERLICH long-term buy 5 N #N/A N/A Not Provided 28.11.2008

Holdings By:

BHP Billiton Ltd ee


27.02.2013

Commonwealth Bank of Australia provides banking, life insurance and related

services for individuals, small businesses and medium sized commercial

enterprises. The Bank provides corporate and general banking, international

financing, institutional banking and stock broking and funds management such as

superannuation product.


LTM as of: 01/yy

52-Week High (15.02.2013) 67.74

52-Week Low (08.03.2012) 47.50

Daily Volume

66.01





106'222.03 1 Yr Total Return 41.68%

Total Debt 168'660.00 YTD Return 8.81%


Minority Interest 531.0 Analyst Recs 17


Enterprise Value -


CBA AT EQUITY YTD Change - Average Volume 30 Day 4'880'606

CBA AT EQUITY YTD % CHANGE - Average Volume 3 Month 4'334'893


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

35'969.0 37'721.0 39'647.0 44'286.0 45'481.0 - - 21'476.5 22'213.8 - -

- - - - - - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

4'791.0 4'723.0 5'664.0 6'394.0 7'090.0 - - 7'445.9 7'752.9 - -

11.07x 11.85x 13.22x 12.72x 11.83x - - 14.44x 13.92x - -

EBITDA - Long-Term Rating Date 01.12.2011

EBIT - Long-Term Rating AA-



Return on Assets 1.00% Short-Term Rating A-1+


Return on Capital 3.51% EBITDA/Interest Exp. -

Asset Turnover 0.06% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin - Total Debt/Equity 411.0%


Asset Turnover 0.06

Current Ratio - Net Fixed Asset Turnover 17.47

Quick Ratio - Accounts receivable turnover-days -



Accounts Receivable Turnover - Cash Conversion Cycle -



Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Commonwealth Bank of AustraliaPrice/Volume

Valuation Analysis

2'175'774.00


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5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

45'000.0

50'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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27.02.2013


COMMONWEALTH BANK OF n/a EXCH 41'822'942 2.6 - 24.08.2012 Bank

VANGUARD GROUP INC Multiple Portfolios MF-AGG 27'733'995 1.72 60'280 31.12.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 18'526'606 1.15 84'696 25.02.2013 Investment Advisor

AMP LIFE LTD n/a Co File 13'795'362 0.86 895'434 03.08.2012 Investment Advisor



AUSTRALIAN FOUNDATIO n/a Co File 8'527'900 0.53 - 03.08.2012 Investment Advisor


FRANKLIN RESOURCES n/a ULT-AGG 3'878'234 0.24 2'847'414 31.12.2012 Investment Advisor

AUSTRALIAN REWARD IN n/a Co File 3'619'024 0.22 - 05.08.2011 Investment Advisor

MILTON CORP LTD n/a Co File 3'013'225 0.19 - 03.08.2012 Investment Advisor

QUEENSLAND INVESTMEN n/a Co File 2'998'879 0.19 - 03.08.2012 Investment Advisor

ARGO INVESTMENTS LTD n/a Co File 2'777'895 0.17 70'000 03.08.2012 Investment Advisor

NAVIGATOR AUSTRALIA n/a Co File 2'647'807 0.16 - 03.08.2012 Corporation


PERPETUAL TRUSTEE CO n/a Co File 2'453'418 0.15 - 05.08.2011 Corporation

QUESTOR FINANCIAL SE n/a Co File 2'200'705 0.14 - 03.08.2012 Private Equity

SUNCORP CUSTODIAN SE n/a Co File 1'969'648 0.12 - 05.08.2011 Holding Company

DJERRIWARRH INVESTME Multiple Portfolios MF-AGG 1'247'000 0.08 - 30.06.2011 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 1'034'187 0.06 (30'418) 31.10.2012 Investment Advisor


Nomura VICTOR GERMAN neutral 3 U 63 Not Provided 27.02.2013

Evans & Partners Pty Ltd GEORGE GABRIEL negative 2 D #N/A N/A Not Provided 21.02.2013

EVA Dimensions AUSTIN BURKETT underweight 1 D #N/A N/A Not Provided 18.02.2013

Morgan Stanley RICHARD E WILES Equalwt/In-Line 3 M 61 12 month 14.02.2013

Macquarie MICHAEL WIBLIN neutral 3 M 64 12 month 14.02.2013

Deutsche Bank JAMES FREEMAN hold 3 M 66 12 month 13.02.2013

Goldman Sachs BENJAMIN KOO Sell/Neutral 1 M 52 12 month 13.02.2013

Credit Suisse JARROD MARTIN underperform 1 M 60 Not Provided 13.02.2013

JPMorgan SCOTT MANNING underweight 1 M 59 3 month 13.02.2013

CIMB JOHN BUONACCORSI underperform 1 D 57 12 month 13.02.2013

BBY Limited BRETT LE MESURIER buy 5 M 70 12 month 13.02.2013

Bell Potter T S LIM buy 5 M 70 12 month 13.02.2013

Shaw Stockbroking TIM BUCKLEY accumulate 4 M #N/A N/A Not Provided 18.01.2010

Holdings By:

Commonwealth Bank of Australia ee


27.02.2013

Westpac Banking Corporation offers general and savings banking services. The

Company provides investment portfolio management and advice, insurance services,

consumer finance, and money market services among other services. Westpac

Banking Corp. serves individuals, businesses, and corporations worldwide.


LTM as of: 01/yy

52-Week High (20.02.2013) 30.72

52-Week Low (04.06.2012) 20.00

Daily Volume

30.2





93'732.62 1 Yr Total Return 56.29%





Enterprise Value -


WBC AT EQUITY YTD Change - Average Volume 30 Day 6'573'229

WBC AT EQUITY YTD % CHANGE - Average Volume 3 Month 6'004'784


30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 01/yy 01/yy 09/13 Y 09/14 Y - -

33'007.0 35'313.0 39'173.0 42'969.0 42'308.0 - - 18'772.0 19'489.5 - -

- - - - - - - 3.73x 3.54x - -

- - - - - - - - - - -

- - - - - - - - - - -

3'859.0 3'446.0 6'346.0 6'991.0 5'970.0 - - 6'850.6 7'159.5 - -

10.43x 20.95x 10.85x 8.73x 12.69x - - 13.96x 13.49x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.06








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Westpac Banking CorpPrice/Volume

Valuation Analysis

3'833'221.00


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5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

45'000.0

50'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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27.02.2013


NATIONAL AUSTRALIA B n/a ULT-AGG 97'603'344 3.14 (81'301'352) 18.05.2012 Bank

WESTPAC BANKING CORP n/a EXCH 60'312'493 1.94 4'631'708 22.11.2012 Bank



AUSTRALIAN FOUNDATIO Multiple Portfolios MF-AGG 18'476'000 0.6 - 29.06.2012 Investment Advisor


CAPITAL GROUP COMPAN n/a ULT-AGG 10'176'077 0.33 - 31.12.2012 Investment Advisor

ARGO INVESTMENTS LTD Multiple Portfolios MF-AGG 9'146'851 0.29 - 30.06.2011 Investment Advisor


MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 5'656'759 0.18 (118'442) 31.12.2012 Investment Advisor





SJUNDE AP FONDEN Multiple Portfolios MF-AGG 1'993'229 0.06 160'498 31.12.2012 Investment Advisor

UBS n/a ULT-AGG 1'920'044 0.06 (97'327) 28.12.2012 Unclassified

STATE STREET n/a ULT-AGG 1'808'901 0.06 - 26.02.2013 Investment Advisor

JOHN HANCOCK INVESTM Multiple Portfolios MF-AGG 1'613'023 0.05 174'952 31.12.2012 Mutual Fund Manager

KELLY GAIL PATRICIA n/a EXCH 1'589'971 0.05 - 24.12.2012 n/a

NOMURA n/a ULT-AGG 1'533'082 0.05 (14'600) 12.09.2012 Unclassified


Nomura VICTOR GERMAN neutral 3 M 28 Not Provided 27.02.2013

Goldman Sachs BENJAMIN KOO Sell/Neutral 1 M 24 12 month 26.02.2013


Commonwealth Bank ROSS CURRAN overweight 5 M 30 12 month 25.02.2013

Credit Suisse JARROD MARTIN neutral 3 M 30 Not Provided 15.02.2013


JPMorgan SCOTT MANNING underweight 1 M 26 3 month 05.02.2013

Macquarie MICHAEL WIBLIN underperform 1 M 27 12 month 04.02.2013

Morgan Stanley RICHARD E WILES Overwt/In-Line 5 M 27 12 month 21.01.2013

CIMB JOHN BUONACCORSI neutral 3 M 26 12 month 21.01.2013

EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 15.01.2013

Bell Potter T S LIM buy 5 U 27 12 month 05.11.2012

Evans & Partners Pty Ltd GEORGE GABRIEL neutral 3 D #N/A N/A Not Provided 18.08.2011

Holdings By:

Westpac Banking Corp ee


27.02.2013

Australia and New Zealand Banking Group Limited is an international bank with

activities in general banking, mortgage and installment lending, life insurance,

leasing, hire purchase and general finance. ANZ also provides international and

investment banking, investment and portfolio management and advisory services,

nominee and custodian services, stock broking and executor and trustee services.


LTM as of: 06/yy

52-Week High (21.02.2013) 28.83

52-Week Low (25.05.2012) 20.26

Daily Volume

28.28





77'589.22 1 Yr Total Return 36.17%





Enterprise Value -


ANZ AT EQUITY YTD Change - Average Volume 30 Day 6'108'037

ANZ AT EQUITY YTD % CHANGE - Average Volume 3 Month 5'687'383


30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 06/yy 06/yy 09/13 Y 09/14 Y 03/13 Q2 06/13 Q3

36'622.0 29'836.0 31'324.0 35'602.0 35'968.0 0.0 0.0 18'113.3 19'046.4 - -

- - - - - #DIV/0! #DIV/0! 1.13x 0.82x - -

- - - - - 0.0 0.0 - - - -

- - - - - 0.00x 0.00x - - - -

3'319.0 2'943.0 4'501.0 5'355.0 5'661.0 1'416.8 0.0 6'277.9 6'652.9 - -

11.00x 18.62x 13.24x 9.38x 11.60x 0.00x 0.00x 12.56x 12.03x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.06







Fiscal Year Ended

Australia & New Zealand Banking Group LtdPrice/Volume

Valuation Analysis

5'162'468.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

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5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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27.02.2013




BLACKROCK n/a ULT-AGG 33'382'219 1.22 (448'296) 25.02.2013 Investment Advisor


AMP LIFE LTD n/a Co File 26'021'302 0.95 - 12.10.2012 Investment Advisor

AUSTRALIA & NEW ZEAL n/a EXCH 22'272'100 0.81 240'948 14.02.2013 Bank

ANZEST PTY LTD n/a Co File 17'899'078 0.65 - 12.10.2012 Other

RANCHLAND HOLDINGS P n/a EXCH 17'051'442 0.62 - 31.01.2013 Holding Company



BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 7'992'412 0.29 (114'910) 25.02.2013 Investment Advisor

ARGO INVESTMENTS LTD n/a Co File 7'902'915 0.29 - 12.10.2012 Investment Advisor

BLUEKNIGHT CORP PTY n/a EXCH 7'000'000 0.26 - 29.01.2013 Unclassified



T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 6'287'331 0.23 1'670 31.12.2012 Investment Advisor



SCHRODER INVESTMENT Multiple Portfolios MF-AGG 4'251'603 0.15 816'803 31.12.2012 Investment Advisor

JP MORGAN n/a ULT-AGG 3'584'755 0.13 (356'616) 31.12.2012 Unclassified



Deutsche Bank JAMES FREEMAN buy 5 M 31 12 month 15.02.2013

Morgan Stanley RICHARD E WILES Underwt/In-Line 1 M 23 12 month 15.02.2013

Goldman Sachs BENJAMIN KOO neutral/neutral 3 M 26 12 month 15.02.2013

Credit Suisse JARROD MARTIN outperform 5 M 31 Not Provided 15.02.2013

JPMorgan SCOTT MANNING neutral 3 M 26 3 month 15.02.2013

Macquarie MICHAEL WIBLIN outperform 5 M 31 12 month 15.02.2013



Commonwealth Bank ROSS CURRAN neutral 3 M 28 12 month 15.02.2013

Bell Potter T S LIM hold 3 D 29 12 month 15.02.2013

EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 15.01.2013


Paterson Securities TONY FARNHAM hold 3 M #N/A N/A Not Provided 08.11.2011

Shaw Stockbroking TIM BUCKLEY hold 3 M #N/A N/A Not Provided 05.03.2010

Holdings By:

Australia & New Zealand Banking Group Ltd ee


27.02.2013

National Australia Bank Limited is an international banking group which operates

in Australia, New Zealand, Europe, Asia and the United States. The Group offers

banking services, credit and access card facilities, leasing, housing and

general finance, international and investment banking, wealth and funds

management, life insurance and custodian, trustee and nominee services.


LTM as of: 06/yy

52-Week High (20.02.2013) 30.80

52-Week Low (04.06.2012) 21.95

Daily Volume

30.03





70'338.06 1 Yr Total Return 37.99%


Preferred Stock 4'914.0 Adjusted BETA 1.165



Enterprise Value -


NAB AT EQUITY YTD Change - Average Volume 30 Day 6'792'626

NAB AT EQUITY YTD % CHANGE - Average Volume 3 Month 6'213'740


30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 06/yy 06/yy 09/13 Y 09/14 Y 12/12 Q1 03/13 Q2

41'424.0 35'749.0 34'005.0 38'154.0 38'797.0 0.0 0.0 18'826.5 19'575.4 - 4'700.0

- - - - - #DIV/0! #DIV/0! 0.30x 0.15x - -

- - - - - 0.0 0.0 - - - -

- - - - - 0.00x 0.00x - - - -

4'536.0 2'589.0 4'224.0 5'219.0 4'082.0 0.0 0.0 5'793.5 6'289.9 - 1'500.0

9.23x 24.93x 13.21x 9.58x 14.54x 0.00x 0.00x 12.09x 11.40x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.05








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

National Australia Bank LtdPrice/Volume

Valuation Analysis

4'582'078.00


-

2

.-

.2

/-

/2

0-

02

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

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/-&- 9

/2&- 9

0-&- 9

02&- 9

1-&- 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

45'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

2&--

.-&--

.2&--

/-&--

/2&--

0-&--

02&--

1-&--

12&--

-/&.-&/--6 -/&-1&/-.- -/&.-&/-.- -/&-1&/-.. -/&.-&/-.. -/&-1&/-./ -/&.-&/-./



27.02.2013





AMP GROUP n/a Co File 17'565'667 0.75 - 31.10.2012 Other







EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 4'517'157 0.19 - 14.09.2012 Investment Advisor




ALLIANCE BERNSTEIN n/a ULT-AGG 3'171'323 0.14 (76'331) 31.12.2012 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 2'968'791 0.13 - 31.07.2012 Investment Advisor


UCA FUNDS MANAGEMENT Multiple Portfolios MF-AGG 1'850'494 0.08 (313) 31.01.2013 Mutual Fund Manager




Nomura VICTOR GERMAN buy 5 M 33 Not Provided 27.02.2013


Deutsche Bank JAMES FREEMAN buy 5 M 32 12 month 07.02.2013


Credit Suisse JARROD MARTIN neutral 3 M 29 Not Provided 07.02.2013



CIMB JOHN BUONACCORSI outperform 5 M 31 12 month 07.02.2013

Commonwealth Bank ROSS CURRAN neutral 3 M 28 12 month 07.02.2013


Evans & Partners Pty Ltd GEORGE GABRIEL Positive 4 U #N/A N/A Not Provided 07.02.2013



Holdings By:

National Australia Bank Ltd ee


27.02.2013

Telstra Corporation Limited is a full service domestic and international

telecommunications provider for Australia. The Company provides telephone

exchange lines to homes and businesses, supplying local, long distance and

international telephone calls and supplying mobile telecommunications services.

Telstra also provides data, internet, on-line services and directory services.


LTM as of: 01/yy

52-Week High (04.02.2013) 4.69

52-Week Low (20.03.2012) 3.18

Daily Volume

4.61





57'362.57 1 Yr Total Return 52.66%







TLS AT EQUITY YTD Change - Average Volume 30 Day 44'471'940

TLS AT EQUITY YTD % CHANGE - Average Volume 3 Month 35'740'540


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

24'657.0 25'371.0 24'813.0 24'983.0 25'232.0 - - 25'536.3 25'859.5 - -

2.73x 2.30x 2.16x 1.91x 2.28x - - 2.76x 2.71x - -

10'299.0 10'744.0 10'913.0 10'555.0 10'216.0 - - 10'610.5 10'749.3 - -

6.54x 5.43x 4.92x 4.52x 5.62x - - 6.55x 6.46x - -

3'692.0 4'073.0 3'883.0 3'231.0 3'405.0 - - 3'758.2 3'825.4 - -

14.18x 10.30x 10.35x 11.07x 13.42x - - 15.26x 14.97x - -


EBIT 5'804.00 Long-Term Rating A








Gross Margin 75.5% Total Debt/EBITDA 1.40

EBITDA Margin 40.7%



Asset Turnover 0.66



Debt to Assets 38.62% Inventory Days 23.88

Tot Debt to Common Equity 132.96% Accounts Payable Turnover Day 220.70

Accounts Receivable Turnover 5.48 Cash Conversion Cycle -2.98

Inventory Turnover 15.33

Fiscal Year Ended

Telstra Corp LtdPrice/Volume

Valuation Analysis

18'776'264.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-..//001122

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

2-&- 9

.--&- 9

.2-&- 9

/--&- 9

/2-&- 9

0--&- 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

.&--

/&--

0&--

1&--

2&--

3&--

4&--

5&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013


CAPITAL GROUP COMPAN n/a ULT-AGG 141'796'500 1.14 (7'688'500) 31.12.2012 Investment Advisor


FMR LLC n/a ULT-AGG 77'777'789 0.63 (19'970'223) 31.12.2012 Investment Advisor

VANGUARD INVESTMENTS Multiple Portfolios MF-AGG 77'650'846 0.62 3'160'627 30.09.2012 Mutual Fund Manager


BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 75'137'400 0.6 10'827'905 25.02.2013 Investment Advisor


THORNBURG INVESTMENT Multiple Portfolios MF-AGG 70'094'263 0.56 - 31.12.2012 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 68'594'956 0.55 270 31.12.2012 Investment Advisor


WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 45'817'154 0.37 (366'418) 31.12.2012 Investment Advisor

MACQUARIE GROUP LTD n/a ULT-AGG 34'570'271 0.28 13'272'436 31.12.2012 Investment Advisor

CI INVESTMENTS INC Multiple Portfolios MF-AGG 29'495'484 0.24 56'900 30.06.2012 Investment Advisor

TELSTRA GROWTHSHARE n/a Co File 29'272'227 0.24 - 06.08.2012 n/a


EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 26'102'389 0.21 6'680'452 14.09.2012 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 26'017'431 0.21 2'530'823 31.12.2012 Investment Advisor



INVESCO LTD Multiple Portfolios MF-AGG 25'005'756 0.2 11'540'168 26.02.2013 Investment Advisor


Nomura DANIEL BLAIR neutral 3 M 4 Not Provided 27.02.2013

Macquarie ANDREW LEVY neutral 3 M 4 12 month 08.02.2013

CIMB FRASER MCLEISH underperform 1 M 4 12 month 08.02.2013

Morgan Stanley MARK GOODRIDGE Equalwt/In-Line 3 M 4 12 month 07.02.2013

Credit Suisse BRADLEY CLIBBORN neutral 3 M 5 Not Provided 07.02.2013

JPMorgan PAUL BRUNKER neutral 3 M 4 9 month 07.02.2013

HSBC NEALE ANDERSON neutral 3 M 5 Not Provided 07.02.2013

BBY Limited MARK MCDONNELL buy 5 M 5 12 month 07.02.2013

Commonwealth Bank ALICE BENNETT underweight 1 M 4 12 month 07.02.2013

Deutsche Bank VIKAS GOUR hold 3 M 4 12 month 31.01.2013

Goldman Sachs RAYMOND TONG neutral/neutral 3 M 4 12 month 30.01.2013

EVA Dimensions ANDREW S ZAMFOTIS buy 5 M #N/A N/A Not Provided 15.01.2013

Evans & Partners Pty Ltd TONY WILSON neutral 3 U #N/A N/A Not Provided 07.10.2010

Holdings By:

Telstra Corp Ltd ee


27.02.2013

Wesfarmers Ltd. owns retail chains, operates mines, writes insurance,

manufactures and distributes industrial products, manufactures fertilizers and

chemicals, and distributes liquefied petroleum gas and medical and industrial

gases.


LTM as of: 01/yy

52-Week High (27.02.2013) 40.78

52-Week Low (12.03.2012) 28.25

Daily Volume

40.52





46'947.19 1 Yr Total Return 45.85%







WES AT EQUITY YTD Change - Average Volume 30 Day 2'588'618

WES AT EQUITY YTD % CHANGE - Average Volume 3 Month 2'192'192


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

33'301.0 50'641.0 51'485.0 54'513.0 57'685.0 - - 59'651.9 62'896.0 - -

1.36x 0.51x 0.70x 0.72x 0.65x - - 0.87x 0.82x - -

2'714.0 3'854.0 3'474.0 3'793.0 4'427.0 - - 4'798.7 5'222.5 - -

16.73x 6.70x 10.30x 10.36x 8.42x - - 10.37x 9.53x - -

1'063.0 1'535.0 1'565.0 1'922.0 2'126.0 - - 2'321.6 2'587.4 - -

21.41x 14.16x 21.11x 19.11x 16.23x - - 20.23x 18.19x - -


EBIT 3'432.00 Long-Term Rating A-









EBITDA Margin 7.5%



Asset Turnover 1.37







Fiscal Year Ended

Wesfarmers LtdPrice/Volume

Valuation Analysis

1'770'391.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-2

.-

.2/-/20-021-12

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

/&- 9

1&- 9

3&- 9

5&- 9

.-&- 9

./&- 9

.1&- 9

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

/&--

1&--

3&--

5&--

.-&--

./&--

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-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013






COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 4'932'575 0.49 (504'754) 31.10.2012 Bank



BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 3'472'112 0.34 - 25.02.2013 Investment Advisor






UNION INVESTMENT GMB Multiple Portfolios MF-AGG 1'090'800 0.11 (13'300) 28.09.2012 Investment Advisor

GOYDER RICHARD J B n/a EXCH 1'043'229 0.1 19'833 19.12.2012 n/a

AMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 919'730 0.09 61'553 31.12.2012 Investment Advisor

SKANDIA GLOBAL FUNDS Multiple Portfolios MF-AGG 864'908 0.09 (228'998) 31.12.2012 Mutual Fund Manager

GRAHAM JAMES PHILIP n/a EXCH 807'317 0.08 (150'395) 15.11.2011 n/a

CREDIT SUISSE SECURI n/a Co File 760'000 0.08 - 18.09.2012 Unclassified

HEXAVEST INC HEXAVEST INC 13F 721'882 0.07 67'814 31.12.2012 Investment Advisor


JPMorgan SHAUN COUSINS underweight 1 M 36 12 month 15.02.2013

Macquarie GREG DRING neutral 3 M 36 12 month 15.02.2013

Deutsche Bank MICHAEL SIMOTAS hold 3 M 38 12 month 14.02.2013

Morgan Stanley THOMAS KIERATH Overwt/In-Line 5 M 42 12 month 14.02.2013

Goldman Sachs PHILLIP KIMBER Buy/Neutral 5 M 44 12 month 14.02.2013

Credit Suisse GRANT SALIGARI underperform 1 M 36 Not Provided 14.02.2013

CIMB DANIEL BROEREN neutral 3 M 35 12 month 14.02.2013

Commonwealth Bank ANDREW MCLENNAN overweight 5 M 40 12 month 14.02.2013

Nomura DAVID COOKE neutral 3 M 38 Not Provided 14.02.2013

EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 17.01.2013

Evans & Partners Pty Ltd TONY WILSON neutral 3 D #N/A N/A Not Provided 17.08.2012

Holdings By:

Wesfarmers Ltd ee


27.02.2013

Woolworths Limited operates supermarkets, specialty and discount department

stores, liquor and electronics stores throughout Australia. Woolworths also

manufactures processed foods, exports and wholesales food and offers petrol

retailing. The Company also operates hotels which includes pubs, food,

accommodation, and gaming operations.


LTM as of: 01/yy

52-Week High (25.02.2013) 35.08

52-Week Low (20.03.2012) 24.53

Daily Volume

34.01





42'264.00 1 Yr Total Return 43.86%




Cash and Equivalents 833.40 Consensus Rating 2.867



WOW AT EQUITY YTD Change - Average Volume 30 Day 2'362'212

WOW AT EQUITY YTD % CHANGE - Average Volume 3 Month 2'331'227


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y 03/12 Q3 06/12 Q4

47'034.8 49'594.8 51'694.3 52'609.1 55'129.8 - - 58'940.5 61'166.2 - 12'685.5

0.68x 0.70x 0.71x 0.70x 0.66x - - 0.79x 0.76x - -

3'108.0 3'517.5 3'845.7 4'071.1 4'345.8 - - 4'554.8 4'796.0 - -

10.25x 9.88x 9.54x 9.00x 8.42x - - 10.20x 9.68x - -

1'626.8 1'835.7 2'020.8 2'124.0 1'816.7 - - 2'339.8 2'468.2 - -

18.13x 17.49x 16.71x 15.73x 14.77x - - 17.93x 17.02x - -











EBITDA Margin 7.9%



Asset Turnover 2.60








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Woolworths LtdPrice/Volume

Valuation Analysis

3'101'282.00


-

2

.-

.2

/-

/2

0-

02

1-

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

/&- 9

1&- 9

3&- 9

5&- 9

.-&- 9

./&- 9

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

/&--

1&--

3&--

5&--

.-&--

./&--

.1&--

.3&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013


VANGUARD GROUP INC Multiple Portfolios MF-AGG 21'525'596 1.73 (2'787'464) 31.12.2012 Investment Advisor


ABERDEEN n/a ULT-AGG 10'352'834 0.83 146'478 31.01.2013 Unclassified









MACQUARIE GROUP LTD n/a ULT-AGG 2'692'463 0.22 (81'300) 31.12.2012 Investment Advisor



QIC LTD n/a Co File 2'502'013 0.2 - 18.09.2012 Investment Advisor

FMR LLC n/a ULT-AGG 2'421'818 0.19 86'348 31.12.2012 Investment Advisor


BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 1'779'902 0.14 (456) 25.02.2013 Investment Advisor


UMB BANK N A Multiple Portfolios MF-AGG 1'529'182 0.12 67'965 31.12.2012 Investment Advisor



Nomura DAVID COOKE buy 5 M 36 Not Provided 06.02.2013

JPMorgan SHAUN COUSINS overweight 5 M 32 6 month 04.02.2013

Deutsche Bank MICHAEL SIMOTAS buy 5 M 34 12 month 31.01.2013

Morgan Stanley THOMAS KIERATH Underwt/In-Line 1 M 26 12 month 31.01.2013

Goldman Sachs PHILLIP KIMBER neutral/neutral 3 M 28 12 month 31.01.2013


Commonwealth Bank ANDREW MCLENNAN neutral 3 M 30 12 month 31.01.2013

EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 17.01.2013

Erste Bank STEPHAN LINGNAU hold 3 N #N/A N/A Not Provided 16.12.2012

Macquarie GREG DRING outperform 5 M 33 12 month 04.10.2012

Evans & Partners Pty Ltd TONY WILSON Positive 4 M #N/A N/A Not Provided 23.08.2010

Holdings By:

Woolworths Ltd ee


27.02.2013

CSL Limited develops, manufactures and markets human pharmaceutical and

diagnostic products derived from human plasma. The Company's products include

pediatric and adult vaccines, infection and pain medicine, skin disorder

remedies, antivenoms, anticoagulants and immunoglobulins.


LTM as of: 01/yy

52-Week High (27.02.2013) 59.25

52-Week Low (09.03.2012) 32.12

Daily Volume

58.85



% 52 Week Price Range High/Low 96.78% Equity Float 493.75

Shares Out 12.02.2013 498.2 Short Int -

29'319.03 1 Yr Total Return 85.40%







CSL AT EQUITY YTD Change - Average Volume 30 Day 1'476'626

CSL AT EQUITY YTD % CHANGE - Average Volume 3 Month 1'468'727


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y 09/11 Q1 12/11 Q2

3'187.8 3'454.8 3'931.2 4'145.7 4'575.4 - - 5'114.6 5'579.6 - -

5.60x 3.78x 3.90x 4.12x 4.53x - - 5.94x 5.42x - -

983.1 1'100.0 1'408.2 1'414.6 1'519.0 - - 1'745.7 1'920.8 - -

18.14x 11.86x 10.88x 12.09x 13.66x - - 17.32x 15.74x - -

629.0 856.5 928.9 931.2 1'014.1 - - 1'247.0 1'384.8 - -

27.98x 16.70x 17.54x 19.00x 20.83x - - 24.13x 21.13x - -

EBITDA 1'519.01 Long-Term Rating Date -

EBIT 1'342.01 Long-Term Rating -

Operating Margin 29.33% Long-Term Outlook -

Pretax Margin 27.45% Short-Term Rating Date -

Return on Assets 19.36% Short-Term Rating -






EBITDA Margin 35.5%



Asset Turnover 0.81





Accounts Receivable Turnover 5.63 Cash Conversion Cycle 252.95



Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

CSL LtdPrice/Volume

Valuation Analysis

1'155'289.00


-

.-

/-

0-

1-

2-

3-

4-

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

.&- 9

/&- 9

0&- 9

1&- 9

2&- 9

3&- 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

4'500.0

5'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

2&--

.-&--

.2&--

/-&--

/2&--

0-&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013


BLACKROCK n/a ULT-AGG 31'003'196 6.22 (2'201'811) 25.02.2013 Investment Advisor

COMMONWEALTH BANK OF n/a Co File 27'559'359 5.53 - 30.06.2012 Bank






UMB BANK N A Multiple Portfolios MF-AGG 2'164'323 0.43 96'194 31.12.2012 Investment Advisor

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 2'026'300 0.41 (295'400) 30.12.2012 Investment Advisor

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 1'963'957 0.39 1'963'957 31.12.2012 Investment Advisor


MATTHEWS INTERNATION Multiple Portfolios MF-AGG 1'895'577 0.38 - 28.09.2012 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 1'876'468 0.38 (135'855) 31.12.2012 Investment Advisor


BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 1'365'238 0.27 (374) 25.02.2013 Investment Advisor



SARASIN n/a ULT-AGG 1'082'381 0.22 10'791 28.12.2012 Unclassified


NAVIGATOR AUSTRALIA n/a Co File 928'139 0.19 - 30.06.2012 Corporation


Wilson HTM Investment Group SHANE STOREY hold 3 M 56 Not Provided 21.02.2013

Nomura DAVID STANTON buy 5 M 65 Not Provided 15.02.2013

Macquarie CRAIG COLLIE outperform 5 M 64 12 month 14.02.2013

CIMB DEREK JELLINEK neutral 3 M 49 12 month 14.02.2013

Deutsche Bank DAVID A LOW hold 3 M 53 12 month 13.02.2013

Morgan Stanley SEAN LAAMAN Equalwt/In-Line 3 M 49 12 month 13.02.2013

Goldman Sachs IAN ABBOTT neutral/neutral 3 M 55 12 month 13.02.2013

Credit Suisse SAUL HADASSIN outperform 5 M 61 Not Provided 13.02.2013

JPMorgan STEVEN D WHEEN overweight 5 M 56 9 month 13.02.2013

Commonwealth Bank BRUCE DU neutral 3 M 56 12 month 13.02.2013

Bell Potter STUART ROBERTS buy 5 U 65 12 month 13.02.2013

EVA Dimensions ANDREW S ZAMFOTIS overweight 5 M #N/A N/A Not Provided 15.01.2013

Holdings By:

CSL Ltd ee


27.02.2013

Rio Tinto Limited is an international mining company. The Company has interests

in mining for aluminum, borax, coal, copper, gold, iron ore, lead, silver, tin,

uranium, zinc, titanium dioxide feedstock, diamonds, talc and zircon.

Dually-listed company with RIO LN.


LTM as of: 03/yy

52-Week High (14.02.2013) 72.30

52-Week Low (30.08.2012) 48.37

Daily Volume

66.01





101'517.59 1 Yr Total Return 0.39%







RIO AT EQUITY YTD Change - Average Volume 30 Day 2'923'304

RIO AT EQUITY YTD % CHANGE - Average Volume 3 Month 2'720'502


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/12 Q2 09/12 Q3

54'264.0 41'825.0 55'171.0 60'537.0 50'967.0 0.0 9'191.0 58'856.0 62'661.4 - -

1.28x 3.46x 3.33x 2.22x 3.08x #DIV/0! 0.00x 2.27x 2.09x - -

18'964.0 10'920.0 22'458.0 26'304.0 15'902.0 0.0 0.0 22'112.5 24'211.3 - -

3.67x 13.25x 8.18x 5.11x 9.87x 0.00x 0.00x 6.05x 5.53x - -

3'676.0 4'872.0 14'238.0 5'826.0 (2'990.0) 0.0 1'604.0 11'217.1 12'317.4 - -

7.63x 22.29x 11.96x 20.37x - 0.00x 0.00x 11.07x 9.85x - -



Operating Margin 22.49% Long-Term Outlook NEG

Pretax Margin -5.04% Short-Term Rating Date 08.07.2009

Return on Assets -2.52% Short-Term Rating A-2

Return on Common Equity -6.02%


Asset Turnover 0.43% (EBITDA-Capex)/Interest Exp. -2.25



EBITDA Margin 30.4%


Net Income Margin -5.9% Total Debt/Capital 31.6%

Asset Turnover 0.43







Fiscal Year Ended

Rio Tinto LtdPrice/Volume

Valuation Analysis

2'923'754.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

.-

/-

0-

1-

2-

3-

4-

5-

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

/&- 9

1&- 9

3&- 9

5&- 9

.-&- 9

./&- 9

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

/&--

1&--

3&--

5&--

.-&--

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-.&-.&/-.- -.&-4&/-.- -.&-.&/-.. -.&-4&/-.. -.&-.&/-./ -.&-4&/-./ -.&-.&/-.0



27.02.2013










MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 1'062'005 0.24 11'751 31.12.2012 Investment Advisor


T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 915'029 0.21 (8'260) 31.12.2012 Investment Advisor

JP MORGAN n/a ULT-AGG 748'053 0.17 (10'341) 31.12.2012 Unclassified

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 697'809 0.16 6'251 28.12.2012 Mutual Fund Manager

INVESCO LTD Multiple Portfolios MF-AGG 672'840 0.15 (115'591) 26.02.2013 Investment Advisor

PRINCIPAL FINANCIAL n/a ULT-AGG 584'735 0.13 (21) 31.01.2013 Investment Advisor

COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 464'685 0.11 27'067 31.10.2012 Bank

NATIXIS INTERNATIONA Multiple Portfolios MF-AGG 442'091 0.1 (14'540) 31.12.2012 Investment Advisor

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 415'431 0.1 (199) 31.12.2012 Investment Advisor

PRUDENTIAL FINANCIAL n/a ULT-AGG 400'826 0.09 (5'720) 31.12.2012 Investment Advisor

ROYAL BANK OF CANADA n/a ULT-AGG 395'400 0.09 21'000 28.09.2012 Bank



Credit Suisse PAUL MCTAGGART outperform 5 M 75 Not Provided 19.02.2013

Commonwealth Bank ANDREW HINES overweight 5 M 83 12 month 18.02.2013


Morgan Stanley BRENDAN FITZPATRICK Equalwt/In-Line 3 M 70 12 month 14.02.2013

Investec TIM GERRARD buy 5 M 74 12 month 14.02.2013

JPMorgan LYNDON FAGAN overweight 5 M 79 9 month 14.02.2013

CIMB PHILLIP CHIPPINDALE outperform 5 M 81 12 month 14.02.2013

Macquarie ADRIAN WOOD neutral 3 M 75 12 month 12.02.2013

HSBC ANDREW KEEN overweight 5 M 78 Not Provided 08.02.2013

RBC Capital Markets DES KILALEA outperform 5 M #N/A N/A Not Provided 07.02.2013

Goldman Sachs CRAIG SAINSBURY neutral/attractive 3 M 70 12 month 16.01.2013


Holdings By:

Rio Tinto Ltd ee


27.02.2013

Westfield Group is a property trust that invests in, leases and manages over

retail shopping centers in Australia, New Zealand, the United States and the

United Kingdom. The Group's operations also include funds and asset management

and property development and construction.


LTM as of: 01/yy

52-Week High (06.02.2013) 11.40

52-Week Low (27.02.2012) 8.57

Daily Volume

11.14





24'824.41 1 Yr Total Return 35.85%







WDC AT EQUITY YTD Change - Average Volume 30 Day 5'720'011

WDC AT EQUITY YTD % CHANGE - Average Volume 3 Month 5'442'616


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y 03/12 Q1 06/12 Q2

4'351.2 4'123.0 3'625.6 4'006.0 2'277.8 - - 3'221.5 3'385.5 - -

10.63x 10.91x 9.89x 7.98x 14.92x - - 11.21x 10.91x - -

2'231.1 2'432.1 2'284.1 1'356.8 1'239.2 - - 1'962.9 2'058.1 - -

20.73x 18.50x 15.70x 23.55x 27.42x - - 18.00x 17.17x - -

(2'196.6) (457.8) 1'114.0 1'452.9 1'718.1 - - 1'435.0 1'513.0 - -

- - 19.80x 12.38x 13.93x - - 16.55x 15.62x - -











EBITDA Margin 54.4%



Asset Turnover 0.06

Current Ratio - Net Fixed Asset Turnover -






Fiscal Year Ended

Westfield GroupPrice/Volume

Valuation Analysis

7'640'312.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

/

1

3

5

.-

./

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

2&- 9

.-&- 9

.2&- 9

/-&- 9

/2&- 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

4'500.0

5'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

/&--

1&--

3&--

5&--

.-&--

./&--

.1&--

.3&--

.5&--

-.&-.&/-.- -.&-4&/-.- -.&-.&/-.. -.&-4&/-.. -.&-.&/-./ -.&-4&/-./ -.&-.&/-.0



27.02.2013



WESTFIELD C FUND PTY n/a Co File 179'598'386 8.06 - 14.03.2012 Unclassified

VANGUARD INVESTMENTS n/a Co File 140'169'212 6.29 - 31.12.2011 Mutual Fund Manager

AMP LTD n/a EXCH 110'310'826 4.95 (2'427'517) 18.09.2012 Insurance Company

CAPITAL GROUP COMPAN n/a ULT-AGG 82'830'563 3.72 (537'775) 31.12.2012 Investment Advisor


LASALLE INVESTMENT M Multiple Portfolios MF-AGG 29'652'238 1.33 (955'076) 21.08.2012 Investment Advisor


MORGAN STANLEY n/a ULT-AGG 26'303'663 1.18 27'497 31.12.2012 Investment Advisor

FMR LLC n/a ULT-AGG 26'057'631 1.17 2'122'934 31.12.2012 Investment Advisor

COHEN & STEERS CAPIT Multiple Portfolios MF-AGG 25'481'438 1.14 (3'971'911) 25.02.2013 Investment Advisor


ING INVESTMENT MANAG Multiple Portfolios MF-AGG 17'002'787 0.76 (402'217) 31.12.2012 Investment Advisor

ABN AMRO ASSET MGMT Multiple Portfolios MF-AGG 16'383'012 0.74 (1'400'622) 17.07.2012 Investment Advisor

CBRE CLARION SECURIT Multiple Portfolios MF-AGG 11'302'243 0.51 958'800 31.10.2012 Investment Advisor

DIAM n/a ULT-AGG 9'091'048 0.41 (12'000) 31.12.2012 Unclassified

CI INVESTMENTS INC Multiple Portfolios MF-AGG 9'021'211 0.4 (3'141'640) 30.06.2012 Investment Advisor

NIKKO ASSET MANAGEME n/a ULT-AGG 8'383'112 0.38 (2'443'981) 01.02.2013 Unclassified

NOMURA n/a ULT-AGG 6'879'241 0.31 (712'430) 06.09.2012 Unclassified

PRINCIPAL FINANCIAL n/a ULT-AGG 6'617'924 0.3 (583'922) 31.01.2013 Investment Advisor


Morgan Stanley LOURENS PIRENC Overwt/In-Line 5 M 11 12 month 27.02.2013

Commonwealth Bank DAVID LLOYD overweight 5 M 11 12 month 26.02.2013

Macquarie PAUL CHECCHIN underperform 1 M 11 12 month 19.02.2013

JPMorgan ROB STANTON neutral 3 M 11 9 month 05.02.2013

Credit Suisse STEPHEN RICH neutral 3 M 11 Not Provided 16.01.2013


Evercore Partners BENJAMIN YANG equalweight 3 M 11 12 month 09.01.2013

Moelis & Company SIMON SCOTT buy 5 M 11 12 month 06.11.2012

Deutsche Bank IAN RANDALL buy 5 M 12 12 month 31.10.2012

Goldman Sachs SIMON WHEATLEY Sell/Neutral 1 M 9 12 month 15.08.2012

Holdings By:

Westfield Group ee


27.02.2013

Woodside Petroleum Limited explores for and produces oil and gas from offshore

and onshore facilities located in Western Australia and Northern Territory. The

Company operates numerous oil and gas fields and pipelines throughout Australia,

United States and Mauritania and its products include liquefied natural gas,

domestic gas, condensate, crude oil and liquefied petroleum gas.


LTM as of: 01/yy

52-Week High (20.02.2013) 39.21

52-Week Low (11.07.2012) 30.09

Daily Volume

36.2





29'825.57 1 Yr Total Return 0.87%







WPL AT EQUITY YTD Change - Average Volume 30 Day 2'494'135

WPL AT EQUITY YTD % CHANGE - Average Volume 3 Month 2'061'580


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y 09/12 Q3 12/12 Q4

5'103.3 3'487.0 4'193.0 4'802.0 6'348.0 - - 6'360.1 6'979.5 - -

4.75x 10.26x 9.20x 6.44x 4.97x - - 5.15x 4.50x - -

3'818.5 2'482.0 2'887.0 2'755.0 4'323.0 - - 4'424.5 5'008.8 - -

6.35x 14.42x 13.37x 11.23x 7.30x - - 7.45x 6.58x - -

1'521.6 1'474.0 1'575.0 1'507.0 2'983.0 - - 2'043.2 2'318.8 - -

14.06x 20.18x 21.34x 16.53x 9.61x - - 15.07x 13.11x - -


EBIT 3'106.00 Long-Term Rating BBB+



Return on Assets 12.42% Short-Term Rating NR


Return on Capital - EBITDA/Interest Exp. 166.27




EBITDA Margin 68.1%



Asset Turnover 0.26








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Woodside Petroleum LtdPrice/Volume

Valuation Analysis

3'388'626.00


-2

.-

.2/-/20-021-12

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9.&- 9/&- 90&- 91&- 92&- 93&- 94&- 95&- 96&- 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

2&--

.-&--

.2&--

/-&--

/2&--

-.&-.&/-.- -.&-4&/-.- -.&-.&/-.. -.&-4&/-.. -.&-.&/-./ -.&-4&/-./ -.&-.&/-.0



27.02.2013


SHELL ENERGY HOLDING n/a EXCH 190'119'364 23.08 - 04.04.2012 Corporation

VANGUARD GROUP INC Multiple Portfolios MF-AGG 14'265'568 1.73 (123'785) 31.12.2012 Investment Advisor


DEUTSCHE BANK AG Multiple Portfolios MF-AGG 5'709'250 0.69 (1'531) 31.12.2012 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 5'055'486 0.61 94'000 25.02.2013 Investment Advisor

ONTARIO TEACHERS PEN n/a Research 3'400'000 0.41 - 31.12.2011 Pension Fund (ERISA)






STATE FARM MUTUAL AU STATE FARM MUTUAL AU Sch-D 2'580'656 0.31 - 30.09.2012 Insurance Company




MELLON GLOBAL MANAGE Multiple Portfolios MF-AGG 963'300 0.12 113'300 31.12.2012 Mutual Fund Manager

DJERRIWARRH INVESTME Multiple Portfolios MF-AGG 948'000 0.12 - 30.06.2011 Investment Advisor

INVESCO LTD Multiple Portfolios MF-AGG 870'545 0.11 4'596 26.02.2013 Investment Advisor

DWS INVESTMENT SA Multiple Portfolios MF-AGG 632'446 0.08 1'871 28.12.2012 Mutual Fund Manager

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 596'332 0.07 (16'269) 31.10.2012 Investment Advisor


EVA Dimensions CRAIG STERLING buy 5 U #N/A N/A Not Provided 26.02.2013

Sanford C. Bernstein & Co NEIL BEVERIDGE outperform 5 M 42 12 month 21.02.2013

Macquarie ADRIAN WOOD underperform 1 D 40 12 month 21.02.2013

Deutsche Bank JOHN HIRJEE buy 5 M 41 12 month 20.02.2013

Morgan Stanley STUART BAKER Equalwt/Attractive 3 D 42 12 month 20.02.2013

Goldman Sachs MARK WISEMAN neutral/neutral 3 M 41 12 month 20.02.2013

RBC Capital Markets ANDREW WILLIAMS sector perform 3 M 40 12 month 20.02.2013


JPMorgan BENJAMIN X. WILSON overweight 5 M 45 9 month 20.02.2013

Commonwealth Bank LUKE SMITH underweight 1 M 39 12 month 20.02.2013

Bell Potter JOHAN HEDSTROM buy 5 M 43 12 month 03.12.2012

Nomura RICHARD J JOHNSON suspended coverage #N/A N/A M #N/A N/A Not Provided 29.04.2012

Hartleys DAVID WALL buy 5 M 55 12 month 23.03.2012

Intersuisse Ltd NICK WIRUBOV buy 5 N 51 Not Provided 10.11.2010

Holdings By:

Woodside Petroleum Ltd ee


27.02.2013

Newcrest Mining Limited is a gold mining, exploration and production company.

The Company's exploration projects include Telfer and Boddington which are

located in Western Australia. The Company also is developing and exploring at

the Cadia Hill and Ridgeway projects in New South Wales and the Gosowong project

in Indonesia.


LTM as of: 06/yy

52-Week High (27.02.2012) 33.98

52-Week Low (23.07.2012) 20.89

Daily Volume

22.58





17'294.18 1 Yr Total Return -31.79%







NCM AT EQUITY YTD Change - Average Volume 30 Day 3'990'749

NCM AT EQUITY YTD % CHANGE - Average Volume 3 Month 3'722'064


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 06/yy 06/yy 06/13 Y 06/14 Y 09/12 Q1 12/12 Q2

2'363.1 2'530.8 2'802.0 4'102.0 4'416.0 0.0 0.0 4'078.3 5'318.1 1'101.0 1'101.0

5.76x 5.88x 6.00x 7.20x 4.43x #DIV/0! #DIV/0! 5.02x 3.80x 17.69x 17.69x

1'041.4 1'032.6 1'432.0 2'069.0 2'150.0 0.0 0.0 1'978.3 2'895.6 545.0 545.0

13.06x 14.40x 11.74x 14.28x 9.10x 0.00x 0.00x 10.39x 7.10x - -

134.3 248.1 557.0 908.0 1'117.0 0.0 0.0 871.3 1'382.3 250.0 250.0

94.52x 57.57x 30.47x 29.83x 15.49x 0.00x 0.00x 19.69x 12.52x 13.85x 12.27x











EBITDA Margin 44.2%



Asset Turnover 0.19







Fiscal Year Ended

Newcrest Mining LtdPrice/Volume

Valuation Analysis

3'832'946.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

2

.-

.2

/-

/2

0-

02

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

/&- 9

1&- 9

3&- 9

5&- 9

.-&- 9

./&- 9

.1&- 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

4'500.0

5'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

2&--

.-&--

.2&--

/-&--

/2&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013



COMMONWEALTH BANK OF n/a EXCH 60'396'213 7.89 8'223'213 29.01.2013 Bank


FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 25'078'635 3.27 749'362 30.09.2012 Hedge Fund Manager



FRANKLIN RESOURCES n/a ULT-AGG 7'910'782 1.03 (165'400) 31.12.2012 Investment Advisor



RUFFER LLP Multiple Portfolios MF-AGG 4'656'589 0.61 - 28.09.2012 Hedge Fund Manager


UNITED SERVICES AUTO Multiple Portfolios MF-AGG 3'979'189 0.52 (101'011) 30.11.2012 Investment Advisor

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 3'567'826 0.47 - 30.12.2012 Investment Advisor

WELLS FARGO FUNDS MA Multiple Portfolios MF-AGG 2'961'552 0.39 (40'000) 31.12.2012 Investment Advisor


GAMCO n/a ULT-AGG 2'509'504 0.33 (16'600) 28.09.2012 Unclassified

NEW JERSEY DIVISION Multiple Portfolios MF-AGG 2'250'000 0.29 750'000 30.06.2012 Pension Fund (ERISA)


MELLON GLOBAL MANAGE Multiple Portfolios MF-AGG 2'201'893 0.29 54'959 31.12.2012 Mutual Fund Manager

TROY ASSET MANAGEMEN Multiple Portfolios MF-AGG 2'095'000 0.27 - 28.09.2012 Investment Advisor


Nomura DAVID COTTERELL buy 5 M 35 Not Provided 27.02.2013

Goldman Sachs IAN PRESTON neutral/attractive 3 M 23 12 month 26.02.2013

BMO Capital Markets DAVID HAUGHTON outperform 5 M 32 Not Provided 25.02.2013

Deutsche Bank BRETT MCKAY hold 3 M 25 12 month 08.02.2013

Morgan Stanley BRENDAN FITZPATRICK Overwt/Attractive 5 M 31 12 month 08.02.2013

RBC Capital Markets GEOFF BREEN outperform 5 M 30 12 month 08.02.2013

Credit Suisse MICHAEL SLIFIRSKI outperform 5 M 29 Not Provided 08.02.2013

JPMorgan JOSEPH KIM neutral 3 M 27 9 month 08.02.2013

Macquarie MITCH RYAN outperform 5 M 30 12 month 08.02.2013

Commonwealth Bank ANDREW KNUCKEY neutral 3 M 27 12 month 08.02.2013

CIMB JAMES STEWART outperform 5 M 28 12 month 01.02.2013

EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 17.01.2013

DJ Carmichael Pty Ltd PAUL ADAMS not rated #N/A N/A M #N/A N/A Not Provided 14.08.2012

Evans & Partners Pty Ltd CATHY MOISES negative 2 D #N/A N/A Not Provided 02.04.2012

Holdings By:

Newcrest Mining Ltd ee


27.02.2013

AMP Limited provides life insurance, superannuation, asset management products,

pensions, retirement planning and other diversified financial services

throughout Australia and New Zealand. The Company services individual

customers, small businesses, corporations and associated superannuation funds.


LTM as of: 01/yy

52-Week High (20.02.2013) 5.59

52-Week Low (26.06.2012) 3.71

Daily Volume

5.37





15'736.37 1 Yr Total Return 36.78%







AMP AT EQUITY YTD Change - Average Volume 30 Day 10'528'980

AMP AT EQUITY YTD % CHANGE - Average Volume 3 Month 9'106'636


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

(11'190.0) 10'742.0 7'462.0 5'436.0 - - - 13'454.0 16'298.0 - -

- 2.21x 2.52x 3.54x - - - 1.79x 1.45x - -

- - - - - - - - - - -

- - - - - - - - - - -

580.0 739.0 775.0 688.0 704.0 - - 970.8 1'086.7 - -

24.52x 18.45x 13.96x 15.48x 19.47x - - 16.42x 14.79x - -

EBITDA - Long-Term Rating Date -

EBIT - Long-Term Rating -







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.08








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

AMP LtdPrice/Volume

Valuation Analysis

7'376'388.00


-

.

/

0

1

2

3

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

2&- 9

.-&- 9

.2&- 9

/-&- 9

/2&- 9

0-&- 9

02&- 9

-15'000.0

-10'000.0

-5'000.0

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

.&--

/&--

0&--

1&--

2&--

3&--

4&--

-.&-.&/-.- -.&-4&/-.- -.&-.&/-.. -.&-4&/-.. -.&-.&/-./ -.&-4&/-./ -.&-.&/-.0



27.02.2013














CI INVESTMENTS INC Multiple Portfolios MF-AGG 6'852'582 0.23 1'686'100 30.06.2012 Investment Advisor

MORGAN STANLEY n/a ULT-AGG 6'660'101 0.23 (2'048'030) 31.12.2012 Investment Advisor


ABERDEEN n/a ULT-AGG 5'435'023 0.19 (2'477) 31.01.2013 Unclassified

UBS n/a ULT-AGG 5'170'092 0.18 - 31.10.2012 Unclassified





JPMorgan SIDDHARTH PARAMESWARAN neutral 3 M 5 3 month 22.02.2013

Macquarie TIM LAWSON neutral 3 M 5 12 month 22.02.2013

Nomura TOBY LANGLEY neutral 3 M 5 Not Provided 22.02.2013

Deutsche Bank KIEREN CHIDGEY buy 5 M 6 12 month 21.02.2013

Morgan Stanley DANIEL TOOHEY Equalwt/Attractive 3 M 6 12 month 21.02.2013

Goldman Sachs RYAN FISHER neutral/neutral 3 M 5 12 month 21.02.2013

Credit Suisse ANDREW ADAMS neutral 3 M 6 Not Provided 21.02.2013

CIMB RICHARD COLES neutral 3 M 5 12 month 21.02.2013

BBY Limited BRETT LE MESURIER underperform 1 M 5 12 month 21.02.2013

Commonwealth Bank ROSS CURRAN underweight 1 M 5 12 month 21.02.2013

Bell Potter LAFITANI SOTIRIOU buy 5 M 7 12 month 21.02.2013


Holdings By:

AMP Ltd ee


27.02.2013

QBE Insurance Group Limited is an insurance company which underwrites most forms

of commercial and industrial insurance policies, as well as individual policies.

QBE also manages Lloyds syndicates and provides investment management services.

The Company provides its services both domestically and internationally.


LTM as of: 01/yy

52-Week High (04.04.2012) 14.71

52-Week Low (05.12.2012) 10.02

Daily Volume

13.18





15'773.13 1 Yr Total Return 20.59%







QBE AT EQUITY YTD Change - Average Volume 30 Day 5'580'509

QBE AT EQUITY YTD % CHANGE - Average Volume 3 Month 5'176'937


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

10'603.6 10'933.1 12'021.0 16'135.0 17'011.0 - - 17'907.9 18'410.7 - -

2.12x 2.00x 1.76x 1.12x 0.97x - - 1.19x 1.15x - -

- - - - - - - - - - -

- - - - - - - - - - -

1'583.8 1'562.5 1'278.0 704.0 761.0 - - 1'368.3 1'512.6 - -

12.36x 13.03x 15.01x 20.46x 17.38x - - 13.06x 11.41x - -


EBIT - Long-Term Rating A







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.35








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

QBE Insurance Group LtdPrice/Volume

Valuation Analysis

8'349'924.00


-

/

1

3

5

.-

./

.1

.3

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

.-&- 9

/-&- 9

0-&- 9

1-&- 9

2-&- 9

3-&- 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

18'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

/&--

1&--

3&--

5&--

.-&--

./&--

.1&--

.3&--

-.&-.&/-.- -.&-4&/-.- -.&-.&/-.. -.&-4&/-.. -.&-.&/-./ -.&-4&/-./ -.&-.&/-.0



27.02.2013


ABERDEEN n/a ULT-AGG 169'005'891 14.12 22'462'268 08.01.2013 Unclassified

CREDIT SUISSE AG n/a EXCH 125'774'584 10.51 (12'756'433) 18.03.2011 Investment Advisor




FRANKLIN RESOURCES n/a ULT-AGG 17'776'192 1.49 991'300 31.12.2012 Investment Advisor








EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 2'610'967 0.22 (2'088'890) 14.09.2012 Investment Advisor

UNITED SERVICES AUTO Multiple Portfolios MF-AGG 2'577'880 0.22 67'133 30.11.2012 Investment Advisor

GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 2'265'624 0.19 (15'523) 31.05.2012 Investment Advisor

TAUBE HODSON STONEX Multiple Portfolios MF-AGG 2'116'882 0.18 (107'370) 30.11.2012 Investment Advisor



ALLIANZ ASSET MANAGE n/a ULT-AGG 1'716'057 0.14 20'996 31.12.2012 Investment Advisor


JPMorgan SIDDHARTH PARAMESWARAN neutral 3 M 14 12 month 27.02.2013


Deutsche Bank KIEREN CHIDGEY buy 5 U 14 12 month 26.02.2013



Credit Suisse ANDREW ADAMS outperform 5 M 13 Not Provided 26.02.2013




Nomura TOBY LANGLEY buy 5 M 15 Not Provided 26.02.2013


Shaw Stockbroking TIM BUCKLEY buy 5 U #N/A N/A Not Provided 10.03.2010

Holdings By:

QBE Insurance Group Ltd ee


27.02.2013

Suncorp Group Ltd. offers retail and business banking, life and general

insurance, superannuation and funds management services. The Company's

services include personal banking and loans, personal insurance products,

credit cards, pension savings accounts, term deposits, property development

finance, commercial lending, investments and lease financing.


LTM as of: 01/yy

52-Week High (22.02.2013) 11.98

52-Week Low (04.06.2012) 7.33

Daily Volume

11.17





14'371.33 1 Yr Total Return 45.57%







SUN AT EQUITY YTD Change - Average Volume 30 Day 5'543'147

SUN AT EQUITY YTD % CHANGE - Average Volume 3 Month 4'497'475


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y 09/11 Q1 12/11 Q2

11'345.0 12'199.0 13'122.0 13'242.0 15'088.0 - - 8'368.5 8'827.0 - -

5.36x 4.79x 4.52x 4.84x 4.36x - - 2.95x 2.76x - -

- - - - - - - - - - -

- - - - - - - - - - -

583.0 348.0 780.0 453.0 724.0 - - 1'068.6 1'201.1 - -

21.65x 21.19x 13.01x 22.89x 14.27x - - 13.71x 12.23x - -


EBIT - Long-Term Rating A







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.17








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Suncorp Group LtdPrice/Volume

Valuation Analysis

6'517'692.00


-

/

1

3

5

.-

./

.1

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

/&- 9

1&- 9

3&- 9

5&- 9

.-&- 9

./&- 9

.1&- 9

.3&- 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

/&--

1&--

3&--

5&--

.-&--

./&--

.1&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013






CPU SHARE PLANS PTY n/a Co File 9'606'366 0.75 1'653'897 17.08.2012 n/a





T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 6'233'489 0.48 406 31.12.2012 Investment Advisor

ALLIANCE BERNSTEIN n/a ULT-AGG 4'238'276 0.33 42'200 31.12.2012 Investment Advisor

ARGO INVESTMENTS LTD n/a EXCH 3'510'894 0.27 - 06.02.2013 Investment Advisor

UBS n/a ULT-AGG 3'004'284 0.23 192'796 28.12.2012 Unclassified




UNION INVESTMENT GMB Multiple Portfolios MF-AGG 1'988'500 0.15 - 28.09.2012 Investment Advisor

SANFORD C BERNSTEIN Multiple Portfolios MF-AGG 1'988'146 0.15 - 30.11.2012 Investment Advisor




EVA Dimensions AUSTIN BURKETT buy 5 U #N/A N/A Not Provided 26.02.2013

Nomura TOBY LANGLEY buy 5 M 13 Not Provided 22.02.2013

JPMorgan SIDDHARTH PARAMESWARAN overweight 5 M 13 12 month 21.02.2013

Macquarie TIM LAWSON underperform 1 M 10 12 month 21.02.2013



Goldman Sachs RYAN FISHER Buy/Neutral 5 M 11 12 month 20.02.2013


CIMB RICHARD COLES outperform 5 M 12 12 month 20.02.2013


Commonwealth Bank ROSS CURRAN neutral 3 D 11 12 month 20.02.2013


Holdings By:

Suncorp Group Ltd ee


27.02.2013

Brambles Limited is a global support services group which provides pallet and

plastic container pooling services and information management services.


LTM as of: 01/yy

52-Week High (22.02.2013) 8.78

52-Week Low (12.07.2012) 6.04

Daily Volume

8.57





13'340.62 1 Yr Total Return 24.88%







BXB AT EQUITY YTD Change - Average Volume 30 Day 3'877'304

BXB AT EQUITY YTD % CHANGE - Average Volume 3 Month 3'726'528


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

4'358.6 4'018.6 4'146.8 4'672.2 5'625.0 - - 5'975.0 6'397.9 - -

3.21x 2.21x 2.01x 3.09x 2.20x - - 2.74x 2.54x - -

1'356.5 1'147.9 1'143.9 1'089.5 1'532.4 - - 1'655.9 1'830.8 - -

10.31x 7.75x 7.29x 13.25x 8.08x - - 9.82x 8.88x - -

648.7 452.6 448.8 247.0 576.3 - - 703.1 795.6 - -

18.20x 15.38x 14.68x 23.72x 16.25x - - 19.44x 17.25x - -


EBIT 980.20 Long-Term Rating BBB+









EBITDA Margin 29.1%



Asset Turnover 0.78







Fiscal Year Ended

Brambles LtdPrice/Volume

Valuation Analysis

4'334'330.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-./0123456

.-

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

/&- 9

1&- 9

3&- 9

5&- 9

.-&- 9

./&- 9

.1&- 9

.3&- 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

/&--

1&--

3&--

5&--

.-&--

./&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013


BAILLIE GIFFORD AND n/a Co File 92'229'027 5.92 - 07.08.2012 Investment Advisor


SCHRODER INVESTMENT n/a EXCH 78'187'751 5.02 - 19.09.2012 Investment Advisor



INVESCO LTD Multiple Portfolios MF-AGG 19'210'836 1.23 260'626 26.02.2013 Investment Advisor








AMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 4'529'077 0.29 (61'498) 31.12.2012 Investment Advisor

GENERAL ELECTRIC COM Multiple Portfolios MF-AGG 3'900'712 0.25 (620'326) 31.12.2012 Corporation


FRANKLIN RESOURCES n/a ULT-AGG 3'059'333 0.2 - 31.10.2012 Investment Advisor





JPMorgan SCOTT CARROLL overweight 5 M 9 9 month 22.02.2013

Macquarie RUSSELL SHAW outperform 5 M 9 12 month 22.02.2013

Deutsche Bank CAMERON MCDONALD buy 5 M 9 12 month 21.02.2013

Morgan Stanley SCOTT KELLY Equalwt/In-Line 3 M 8 12 month 21.02.2013

Goldman Sachs ANDREW GIBSON neutral/neutral 3 M 9 12 month 21.02.2013

Credit Suisse NICHOLAS MARKIEWICZ outperform 5 M 10 Not Provided 21.02.2013

CIMB MARK WILLIAMS underperform 1 M 8 12 month 21.02.2013

Commonwealth Bank MATT CROWE neutral 3 M 9 12 month 21.02.2013

Nomura DAVID FRASER neutral 3 M 8 Not Provided 21.02.2013


Evans & Partners Pty Ltd PAUL RYAN neutral 3 D #N/A N/A Not Provided 17.08.2012

Holdings By:

Brambles Ltd ee


27.02.2013

Origin Energy Limited is an integrated energy company. The Company focuses on

gas and oil exploration and production, electricity and renewable power

generation and energy retailing. Origin also invests in renewable energy

technologies, including geothermal, wind, hydro and solar.


LTM as of: 01/yy

52-Week High (27.02.2012) 14.15

52-Week Low (16.11.2012) 9.84

Daily Volume

11.9





13'018.97 1 Yr Total Return -9.01%







ORG AT EQUITY YTD Change - Average Volume 30 Day 3'847'562

ORG AT EQUITY YTD % CHANGE - Average Volume 3 Month 3'151'657


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

8'275.0 8'042.0 8'534.0 10'344.0 12'935.0 - - 14'445.8 14'773.9 - -

2.25x 1.70x 1.99x 2.14x 1.56x - - 1.45x 1.52x - -

1'260.0 1'144.0 1'209.0 1'443.0 2'067.0 - - 2'234.7 2'448.5 - -

14.75x 11.95x 14.06x 15.34x 9.76x - - 8.90x 8.12x - -

517.0 6'941.0 612.0 186.0 980.0 - - 781.2 884.1 - -

37.93x 1.85x 21.43x 80.56x 13.47x - - 16.64x 14.86x - -


EBIT 1'453.00 Long-Term Rating BBB









EBITDA Margin 16.0%



Asset Turnover 0.47







Fiscal Year Ended

Origin Energy LtdPrice/Volume

Valuation Analysis

4'623'392.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

/

1

3

5

.-

./

.1

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9/&- 91&- 93&- 95&- 9.-&- 9./&- 9.1&- 9.3&- 9.5&- 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

/&--

1&--

3&--

5&--

.-&--

./&--

.1&--

.3&--

.5&--

/-&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013







BOND STREET CUSTODIA n/a Co File 7'919'254 0.72 - 22.08.2012 Other








INVIA CUSTODIAN PTY n/a Co File 3'759'261 0.34 - 22.08.2012 Investment Advisor

BT PORTFOLIO SERVICE n/a Co File 3'015'651 0.28 - 22.08.2012 Corporation


BNP PARIBAS n/a Co File 2'934'059 0.27 - 22.08.2012 Investment Advisor

PUTNAM INVESTMENT MA Multiple Portfolios MF-AGG 2'329'702 0.21 266'079 31.12.2012 Investment Advisor




JPMorgan JASON HARLEY STEED overweight 5 M 14 9 month 22.02.2013

Commonwealth Bank WILLIAM ALLOTT overweight 5 M 15 12 month 22.02.2013

Deutsche Bank JOHN HIRJEE hold 3 M 14 12 month 21.02.2013

Morgan Stanley STUART BAKER Underwt/In-Line 1 M 10 12 month 21.02.2013


RBC Capital Markets PAUL A JOHNSTON sector perform 3 M 12 12 month 21.02.2013

Credit Suisse BENJAMIN MCVICAR neutral 3 M 12 Not Provided 21.02.2013

Macquarie ADRIAN WOOD outperform 5 M 15 12 month 21.02.2013

EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 15.01.2013


Holdings By:

Origin Energy Ltd ee


27.02.2013

Macquarie Group Ltd. offers banking, financial advisory, investment and funds

management services. The Company offers financial advice, cash management,

wealth management and private banking, life insurance, securities brokerage,

corporate debt financing, real estate funds management, real estate development

financing, investment funds management, and foreign exchange services.


LTM as of: 01/yy

52-Week High (20.02.2013) 39.80

52-Week Low (25.07.2012) 23.56

Daily Volume

37.53





12'804.00 1 Yr Total Return 46.25%





Enterprise Value -


MQG AT EQUITY YTD Change - Average Volume 30 Day 1'522'233

MQG AT EQUITY YTD % CHANGE - Average Volume 3 Month 1'398'893


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 01/yy 01/yy 03/13 Y 03/14 Y - -

13'796.0 12'533.0 9'863.0 11'585.0 10'992.0 - - 6'597.4 7'237.8 - -

- - - - - - - -0.79x -0.82x - -

- - - - - - - - - - -

- - - - - - - - - - -

1'803.0 871.0 1'050.0 956.0 730.0 - - 821.3 1'051.0 - -

7.88x 8.74x 14.76x 12.96x 13.84x - - 16.15x 12.47x - -


EBIT - Long-Term Rating BBB







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.06








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Macquarie Group LtdPrice/Volume

Valuation Analysis

1'130'828.00


-2

.-

.2/-/20-021-12

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

.&- 9

/&- 9

0&- 9

1&- 9

2&- 9

3&- 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

.&--

/&--

0&--

1&--

2&--

3&--

-0&-1&/--6 -0&.-&/--6 -0&-1&/-.- -0&.-&/-.- -0&-1&/-.. -0&.-&/-.. -0&-1&/-./ -0&.-&/-./



27.02.2013


MACQUARIE GROUP LTD n/a ULT-AGG 34'192'115 10.08 - 11.10.2012 Investment Advisor




BLACKROCK n/a ULT-AGG 3'542'784 1.04 847 25.02.2013 Investment Advisor

EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 2'208'895 0.65 (257'958) 14.09.2012 Investment Advisor




MOORE NICHOLAS WILLI n/a EXCH 1'304'884 0.38 - 01.11.2012 n/a

SANFORD C BERNSTEIN Multiple Portfolios MF-AGG 1'095'907 0.32 (52'500) 30.11.2012 Investment Advisor

FMR LLC n/a ULT-AGG 823'071 0.24 (318'732) 31.12.2012 Investment Advisor


DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 667'845 0.2 - 31.07.2012 Investment Advisor

PUTNAM INVESTMENT MA Multiple Portfolios MF-AGG 575'605 0.17 (30'381) 31.12.2012 Investment Advisor



AMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 404'490 0.12 (11'813) 31.12.2012 Investment Advisor

GUARDIAN CAPITAL INC Multiple Portfolios MF-AGG 354'629 0.1 - 30.09.2012 Mutual Fund Manager

FIDELITY INVESTMENTS Multiple Portfolios MF-AGG 310'295 0.09 - 31.12.2010 Mutual Fund Manager





Credit Suisse JAMES ELLIS outperform 5 M 42 Not Provided 05.02.2013





Bell Potter T S LIM hold 3 M 38 12 month 05.02.2013



Holdings By:

Macquarie Group Ltd ee


27.02.2013

Santos Limited explores for and produces natural gas, crude oil, condensate,

naphtha and liquid petroleum gas. The Company conducts major onshore and

offshore petroleum exploration activities at oil and gas fields in Australia

(Cooper/Eromanga Basins), the United States (Gulf of Mexico), Indonesia and

Papua New Guinea. The Company also transports crude oil by pipeline.


LTM as of: 01/yy

52-Week High (14.03.2012) 14.63

52-Week Low (18.07.2012) 10.04

Daily Volume

13.13





12'621.32 1 Yr Total Return -5.01%



Minority Interest (4.0) Analyst Recs 14




STO AT EQUITY YTD Change - Average Volume 30 Day 3'721'978

STO AT EQUITY YTD % CHANGE - Average Volume 3 Month 3'745'311


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

2'761.8 2'181.0 2'228.0 2'530.0 3'220.0 - - 3'483.8 3'751.9 - -

3.69x 5.15x 4.64x 4.54x - - - 4.81x 4.75x - -

1'737.8 1'151.0 1'194.0 1'406.0 - - - 1'850.4 2'052.2 - -

5.86x 9.76x 8.66x 8.17x - - - 7.15x 6.45x - -

1'650.1 434.0 500.0 753.0 519.0 - - 570.3 617.0 - -

5.45x 27.04x 21.99x 14.43x 20.40x - - 22.22x 20.87x - -











EBITDA Margin 49.5%



Asset Turnover 0.19







Fiscal Year Ended

Santos LtdPrice/Volume

Valuation Analysis

5'407'745.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

/

1

3

5

.-

./

.1

.3

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

/&- 9

1&- 9

3&- 9

5&- 9

.-&- 9

./&- 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

/&--

1&--

3&--

5&--

.-&--

./&--

-.&-.&/-.- -.&-4&/-.- -.&-.&/-.. -.&-4&/-.. -.&-.&/-./ -.&-4&/-./ -.&-.&/-.0



27.02.2013


EM INDUSTRIES INCORP n/a EXCH 28'425'292 2.96 - 02.03.2012 Unclassified





T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 6'416'291 0.67 3'592'304 31.12.2012 Investment Advisor





MACQUARIE GROUP LTD n/a ULT-AGG 3'338'808 0.35 (1'382'426) 31.12.2012 Investment Advisor

NEW JERSEY DIVISION Multiple Portfolios MF-AGG 2'200'000 0.23 (2'172'657) 30.06.2012 Pension Fund (ERISA)

MELLON GLOBAL MANAGE Multiple Portfolios MF-AGG 1'889'364 0.2 (45'000) 31.12.2012 Mutual Fund Manager



DAIWA SB INVESTMENTS Multiple Portfolios MF-AGG 1'458'700 0.15 - 24.07.2012 Investment Advisor



ROYAL BANK OF CANADA n/a ULT-AGG 800'000 0.08 5'000 28.09.2012 Bank

AMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 785'393 0.08 - 31.12.2012 Investment Advisor


EVA Dimensions CRAIG STERLING underweight 1 U #N/A N/A Not Provided 26.02.2013

Morgan Stanley STUART BAKER Overwt/Attractive 5 M 15 12 month 24.02.2013



Goldman Sachs MARK WISEMAN Buy/Neutral 5 M 15 12 month 22.02.2013

RBC Capital Markets ANDREW WILLIAMS underperform 1 M 14 12 month 22.02.2013

Credit Suisse PAUL MCTAGGART neutral 3 D 13 Not Provided 22.02.2013


Sanford C. Bernstein & Co NEIL BEVERIDGE market perform 3 M 13 12 month 22.02.2013

Commonwealth Bank LUKE SMITH overweight 5 M 14 12 month 22.02.2013




Holdings By:

Santos Ltd ee


27.02.2013

Insurance Australia Group Limited (IAG) is an Australian-based international

general insurance group, with operations in Australia, New Zealand, the United

Kingdom and Asia. The Group provides a range of personal and commercial

insurance products, primarily motor vehicle and home insurance.


LTM as of: 01/yy

52-Week High (27.02.2013) 5.80

52-Week Low (02.03.2012) 3.13

Daily Volume

5.75





11'954.45 1 Yr Total Return 83.23%







IAG AT EQUITY YTD Change - Average Volume 30 Day 6'168'485

IAG AT EQUITY YTD % CHANGE - Average Volume 3 Month 5'667'230


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y 09/11 Q1 12/11 Q2

8'174.0 8'409.0 7'999.0 8'180.0 9'120.0 - - 9'271.1 9'749.6 - -

0.83x 0.96x 1.03x 0.99x 0.88x - - 1.11x 1.04x - -

- - - - - - - - - - -

- - - - - - - - - - -

(261.0) 181.0 91.0 250.0 207.0 - - 1'025.7 878.0 - -

- 37.66x 77.68x 28.15x 34.77x - - 12.23x 13.76x - -


EBIT - Long-Term Rating A+







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.37








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Insurance Australia Group LtdPrice/Volume

Valuation Analysis

12'687'237.00


-

.

/

0

1

2

3

4

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

2&- 9

.-&- 9

.2&- 9

/-&- 9

/2&- 9

0-&- 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

9'000.0

10'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

/&--

1&--

3&--

5&--

.-&--

./&--

.1&--

.3&--

.5&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013


PERPETUAL LTD n/a EXCH 126'098'642 6.07 (21'512'767) 17.09.2012 Investment Advisor







COLUMBIA WANGER ASSE Multiple Portfolios MF-AGG 9'176'866 0.44 - 31.12.2012 Investment Advisor

NMRA TREASURY LTD n/a Co File 9'000'000 0.43 - 02.08.2012 n/a









ROYAL BANK OF CANADA n/a ULT-AGG 2'315'000 0.11 (414'084) 28.09.2012 Bank


LEGAL & GENERAL n/a ULT-AGG 1'996'312 0.1 (9'156) 31.01.2013 Unclassified


JPMorgan SIDDHARTH PARAMESWARAN overweight 5 M 6 9 month 22.02.2013


Nomura TOBY LANGLEY neutral 3 M 6 Not Provided 22.02.2013

Deutsche Bank KIEREN CHIDGEY hold 3 M 5 12 month 21.02.2013

Morgan Stanley DANIEL TOOHEY Overwt/Attractive 5 M 6 12 month 21.02.2013








E.L. & C. Baillieu NICK CALEY buy 5 M 4 12 month 03.08.2012

Holdings By:

Insurance Australia Group Ltd ee


27.02.2013

Amcor Limited is an international integrated packaging company offering

packaging and related services. Amcor primarily produces a wide range of

packaging products which include corrugated boxes, cartons, aluminum and steel

cans, flexible plastic packaging, PET plastic bottles and jars, and multi-wall

sacks.


LTM as of: 01/yy

52-Week High (20.02.2013) 9.67

52-Week Low (07.03.2012) 6.72

Daily Volume

9.24





11'149.77 1 Yr Total Return 40.86%







AMC AT EQUITY YTD Change - Average Volume 30 Day 3'706'895

AMC AT EQUITY YTD % CHANGE - Average Volume 3 Month 3'044'409


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

9'234.9 9'535.4 9'849.5 12'412.3 12'192.9 - - 12'528.5 13'323.8 - -

0.71x 0.73x 1.11x 0.98x 1.01x - - 1.18x 1.09x - -

998.2 1'037.8 1'132.1 1'299.2 1'443.5 - - 1'624.5 1'760.9 - -

6.54x 6.68x 9.64x 9.33x 8.54x - - 9.24x 8.52x - -

258.8 211.7 183.0 356.7 412.6 - - 684.0 760.1 - -

18.77x 19.65x 40.38x 24.74x 20.85x - - 16.44x 14.71x - -


EBIT 948.00 Long-Term Rating BBB









EBITDA Margin 11.6%



Asset Turnover 1.10








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Amcor Ltd/AustraliaPrice/Volume

Valuation Analysis

2'660'870.00


-./0123456

.-

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

/&- 9

1&- 9

3&- 9

5&- 9

.-&- 9

./&- 9

.1&- 9

.3&- 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

/&--

1&--

3&--

5&--

.-&--

./&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013




HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 22'384'900 1.86 (4'303'100) 31.12.2012 Investment Advisor










EATON VANCE MANAGEME Multiple Portfolios MF-AGG 2'863'528 0.24 401 31.12.2012 Investment Advisor

THE SENIOR MASTER OF n/a Co File 2'769'033 0.23 - 07.08.2012 Other


CPU SHARE PLANS PTY n/a Co File 2'500'000 0.21 - 07.08.2012 n/a

PACIFIC LIFE INSURAN Multiple Portfolios MF-AGG 2'499'508 0.21 184'738 31.01.2013 Insurance Company

ING INVESTMENT MANAG Multiple Portfolios MF-AGG 2'401'734 0.2 35'006 31.12.2012 Investment Advisor

MACKENZIE KENNETH NO n/a EXCH 2'278'381 0.19 - 30.11.2012 n/a

ALPINE WOODS CAPITAL Multiple Portfolios MF-AGG 2'053'400 0.17 - 31.10.2012 Investment Advisor


EVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 22.02.2013

JPMorgan STUART JACKSON underweight 1 M 9 9 month 20.02.2013

Nomura RICHARD J JOHNSON reduce 2 D 9 Not Provided 20.02.2013

Macquarie JOHN PURTELL outperform 5 M 10 12 month 19.02.2013

Deutsche Bank MARK WILSON buy 5 M 9 12 month 18.02.2013

Goldman Sachs JAMES HANNAM neutral/neutral 3 M 9 12 month 18.02.2013

Credit Suisse LARRY GANDLER outperform 5 U 10 Not Provided 18.02.2013

CIMB ANDREW G SCOTT outperform 5 M 10 12 month 18.02.2013

Commonwealth Bank MICHAEL WARD underweight 1 M 9 12 month 18.02.2013

Goldman Sachs ANDREW GIBSON hold 3 M 8 Not Provided 12.01.2012

Holdings By:

Amcor Ltd/Australia ee


27.02.2013

Orica Limited is a diversified manufacturing company. The Company produces

industrial and specialty chemicals, polyethylene, surface coatings for vehicles,

food and beverage flavoring and fragrances, packaging and appliances. The

Company also supplies explosive and blasting services to the mining, quarrying

and construction industries.


LTM as of: 01/yy

52-Week High (02.04.2012) 28.27

52-Week Low (06.12.2012) 22.86

Daily Volume

26.73





9'803.72 1 Yr Total Return 4.80%







ORI AT EQUITY YTD Change - Average Volume 30 Day 1'168'692

ORI AT EQUITY YTD % CHANGE - Average Volume 3 Month 1'283'215


30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 01/yy 01/yy 09/13 Y 09/14 Y - -

6'544.1 6'470.9 5'812.1 6'182.3 6'674.1 - - 6'932.7 7'401.4 - -

1.40x 1.57x 1.89x 1.71x 1.73x - - 1.78x 1.67x - -

1'105.6 1'278.7 1'802.4 1'128.4 1'170.5 - - 1'402.0 1'520.9 - -

8.26x 7.94x 6.08x 9.36x 9.84x - - 8.72x 8.04x - -

539.6 541.8 1'318.7 642.3 402.8 - - 717.4 790.3 - -

13.11x 18.91x 20.23x 13.53x 22.77x - - 13.56x 12.33x - -











EBITDA Margin 17.5%



Asset Turnover 0.88







Fiscal Year Ended

Orica LtdPrice/Volume

Valuation Analysis

1'198'574.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

2

.-

.2

/-

/2

0-

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

&2 9

.&- 9

.&2 9

/&- 9

/&2 9

0&- 9

0&2 9

1&- 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

/&--

1&--

3&--

5&--

.-&--

./&--

.1&--

.3&--

.5&--

/-&--

-/&.-&/--6 -/&-1&/-.- -/&.-&/-.- -/&-1&/-.. -/&.-&/-.. -/&-1&/-./ -/&.-&/-./



27.02.2013


PERPETUAL LTD n/a EXCH 27'848'787 7.59 3'736'860 11.12.2012 Investment Advisor


HARRIS ASSOCIATES LP n/a EXCH 18'376'361 5.01 - 29.01.2013 Investment Advisor





EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 2'627'710 0.72 842'100 14.09.2012 Investment Advisor


TRIMARK INVESTMENT M Multiple Portfolios MF-AGG 2'257'932 0.62 - 30.09.2012 Unclassified



LIEBELT GRAEME RICHA n/a EXCH 1'671'429 0.46 - 27.02.2012 n/a



OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 694'377 0.19 15'377 30.12.2012 Investment Advisor

DAIWA SB INVESTMENTS Multiple Portfolios MF-AGG 676'600 0.18 - 09.07.2012 Investment Advisor

UCA FUNDS MANAGEMENT Multiple Portfolios MF-AGG 627'432 0.17 (106) 31.01.2013 Mutual Fund Manager

SMITH IAN n/a EXCH 598'382 0.16 293'080 07.02.2013 n/a




JPMorgan STUART JACKSON overweight 5 M 29 9 month 06.02.2013

Octa Phillip Securities Ltd PAUL JENSZ buy 5 U 32 Not Provided 01.02.2013


Commonwealth Bank MICHAEL WARD overweight 5 M 27 12 month 22.01.2013

EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 15.01.2013

Goldman Sachs MATTHEW MCNEE Buy/Neutral 5 M 30 12 month 21.12.2012

Morgan Stanley NICHOLAS ROBISON Underwt/In-Line 1 M 21 12 month 03.12.2012

BBY Limited DENNIS HULME buy 5 M 27 12 month 13.11.2012

Paterson Securities GEORGE GALANOPOULOS buy 5 U 28 12 month 13.11.2012

Credit Suisse LARRY GANDLER outperform 5 M 27 Not Provided 12.11.2012


Nomura RICHARD J JOHNSON neutral 3 M 24 Not Provided 12.11.2012

Holdings By:

Orica Ltd ee


27.02.2013

Westfield Retail Trust is a real estate investment trust. The Trust owns and

manages a portfolio of shopping malls in Australia and New Zealand.


LTM as of: 01/yy

52-Week High (29.01.2013) 3.26

52-Week Low (27.02.2012) 2.43

Daily Volume

3.19

52-Week High % Change -2.15% Dividend Yield -




9'742.79 1 Yr Total Return 37.78%







WRT AT EQUITY YTD Change - Average Volume 30 Day 10'077'130

WRT AT EQUITY YTD % CHANGE - Average Volume 3 Month 9'949'683


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

379.3 374.6 - 468.8 - - - 945.0 942.3 - -

- - - 20.97x - - - 13.47x 13.75x - -

269.6 276.0 - 307.9 - - - 776.7 804.5 - -

- - - 31.93x - - - 16.26x 15.70x - -

610.3 645.5 - 851.7 830.8 - - 587.8 607.5 - -

- - - 8.93x 11.10x - - 16.53x 16.03x - -

EBITDA 307.90 Long-Term Rating Date 03.04.2011

EBIT 144.00 Long-Term Rating A+



Return on Assets - Short-Term Rating A-1

Return on Common Equity -


Asset Turnover - (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover -







Fiscal Year Ended

Westfield Retail TrustPrice/Volume

Valuation Analysis

6'019'968.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

.

.

/

/

0

0

1

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

2&- 9

.-&- 9

.2&- 9

/-&- 9

/2&- 9

0-&- 9

02&- 9

1-&- 9

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

500.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012-&--

-&/-

-&1-

-&3-

-&5-

.&--

.&/-



27.02.2013


ING GROEP NV n/a EXCH 223'753'285 7.33 - 04.01.2011 Investment Advisor

LOWY STEVEN M n/a Co File 214'799'637 7.03 - 31.12.2011 n/a


VANGUARD GROUP INC n/a Co File 176'041'877 5.76 - 01.03.2012 Investment Advisor

AMP LTD n/a EXCH 154'097'168 5.05 - 23.10.2012 Insurance Company

CORDERA HOLDINGS PTY n/a EXCH 154'004'347 5.04 - 12.08.2010 Unclassified

CBRE CLARION SECURIT n/a EXCH 153'998'792 5.04 3'097'791 14.08.2012 Investment Advisor

COMMONWEALTH BANK OF n/a EXCH 152'264'861 4.99 (2'666'801) 24.06.2011 Bank


MORGAN STANLEY n/a ULT-AGG 48'424'544 1.59 (340'900) 31.12.2012 Investment Advisor

LASALLE INVESTMENT M Multiple Portfolios MF-AGG 40'449'277 1.32 (4'000'191) 21.08.2012 Investment Advisor





STATE STREET n/a ULT-AGG 30'357'434 0.99 (201'929) 26.02.2013 Investment Advisor

FRANLEY HOLDINGS PTY n/a EXCH 20'988'539 0.69 - 12.08.2010 Other

ABN AMRO ASSET MGMT Multiple Portfolios MF-AGG 19'208'783 0.63 8'201'785 17.07.2012 Investment Advisor

NOMURA n/a ULT-AGG 16'583'765 0.54 (1'578'250) 06.09.2012 Unclassified



JPMorgan RICHARD JONES overweight 5 M 3 9 month 27.02.2013

Commonwealth Bank JAMES DRUCE neutral 3 M 3 12 month 26.02.2013

Macquarie PAUL CHECCHIN outperform 5 M 3 12 month 14.02.2013

Credit Suisse STEPHEN RICH outperform 5 U 3 Not Provided 04.02.2013



Deutsche Bank IAN RANDALL buy 5 U 4 12 month 31.10.2012

Goldman Sachs SIMON WHEATLEY Buy/Neutral 5 M 3 12 month 25.10.2012

Morgan Stanley LOURENS PIRENC Underwt/In-Line 1 M 3 12 month 30.08.2012

Holdings By:

Westfield Retail Trust ee


27.02.2013

Transurban Group is involved in the operation of the Melbourne City Link and the

Hills Motorway M2 toll roads. The Group is also involved in developing and

operatings electronic toll systems.


LTM as of: 01/yy

52-Week High (12.12.2012) 6.39

52-Week Low (20.03.2012) 5.47

Daily Volume

6.12





9'067.36 1 Yr Total Return 15.68%







TCL AT EQUITY YTD Change - Average Volume 30 Day 3'952'882

TCL AT EQUITY YTD % CHANGE - Average Volume 3 Month 3'526'591


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y 03/12 Q3 06/12 Q4

764.9 829.9 816.4 1'035.5 1'152.0 - - 963.3 1'031.4 - -

11.62x 11.48x 11.83x 11.25x 10.83x - - 13.96x 12.99x - -

368.8 479.4 527.5 603.9 636.9 - - 691.1 751.0 - -

24.09x 19.87x 18.31x 19.30x 19.59x - - 19.54x 17.99x - -

(109.7) (24.6) 59.4 112.5 54.9 - - 169.8 187.6 - -

- - 92.17x 67.05x 149.74x - - 46.36x 40.80x - -

EBITDA 636.94 Long-Term Rating Date -

EBIT 335.29 Long-Term Rating -


Pretax Margin -1.10% Short-Term Rating Date -







EBITDA Margin 56.7%



Asset Turnover 0.12








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Transurban GroupPrice/Volume

Valuation Analysis

3'093'686.00


-

.

/

0

1

2

3

4

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

/-&- 9

1-&- 9

3-&- 9

5-&- 9

.--&- 9

./-&- 9

.1-&- 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

2&--

.-&--

.2&--

/-&--

/2&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013



TREASURY GROUP LTD n/a EXCH 123'924'947 8.36 48'771'627 19.03.2012 Corporation

RARE INFRASTRUCTURE n/a EXCH 102'126'158 6.89 (17'001'208) 20.07.2012 Other

FUTURE FUND n/a EXCH 98'867'357 6.67 - 20.03.2012 Government

UNISUPER n/a EXCH 74'293'549 5.01 - 05.10.2012 Other












FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 7'144'371 0.48 (721'782) 31.05.2012 Investment Advisor



GCIC LTD/CANADA Multiple Portfolios MF-AGG 4'215'000 0.28 420'000 30.06.2012 Investment Advisor


Macquarie IAN MYLES neutral 3 M 6 12 month 06.02.2013

Deutsche Bank CAMERON MCDONALD hold 3 M 6 12 month 05.02.2013

Morgan Stanley SCOTT KELLY Equalwt/Cautious 3 M 6 12 month 05.02.2013


JPMorgan CAROLYN HOLMES overweight 5 M 6 9 month 05.02.2013

CIMB MICHAEL NEWBOLD outperform 5 M 7 12 month 05.02.2013

Commonwealth Bank ANDRE FROMYHR overweight 5 M 6 12 month 05.02.2013


Goldman Sachs ANDREW MCCUSKER Buy/Neutral 5 M 6 12 month 18.01.2013


E.L. & C. Baillieu MATHAN SOMASUNDARAM buy 5 M 6 12 month 10.12.2012


Holdings By:

Transurban Group ee


27.02.2013

AGL Energy Limited sells and distributes gas and electricity. The Company

retails and wholesales energy and fuel products to customers throughout

Australia.


LTM as of: 01/yy

52-Week High (27.07.2012) 16.01

52-Week Low (01.03.2012) 13.03

Daily Volume

15.87





8'731.18 1 Yr Total Return 23.89%







AGK AT EQUITY YTD Change - Average Volume 30 Day 1'904'568

AGK AT EQUITY YTD % CHANGE - Average Volume 3 Month 1'643'959


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

5'424.0 5'953.9 6'609.9 7'071.8 7'454.0 - - 9'502.4 10'009.6 - -

1.54x 1.09x 1.06x 1.01x 1.42x - - 1.20x 1.13x - -

439.3 (1'368.1) 544.5 1'008.5 576.5 - - 1'404.4 1'484.4 - -

19.07x - 12.92x 7.12x 18.32x - - 8.00x 7.57x - -

229.0 1'596.1 356.1 558.7 114.9 - - 625.0 680.0 - -

19.70x 8.35x 18.54x 11.97x 62.06x - - 13.93x 12.91x - -











EBITDA Margin 7.7%



Asset Turnover 0.61








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

AGL Energy LtdPrice/Volume

Valuation Analysis

2'850'292.00


-/135

.-

./

.1

.3

.5

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

.&- 9

/&- 9

0&- 9

1&- 9

2&- 9

3&- 9

4&- 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

.-&--

/-&--

0-&--

1-&--

2-&--

3-&--

4-&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013









BT PORTFOLIO SERVICE n/a Co File 2'942'949 0.53 - 15.08.2012 Corporation



CUSTODIAL SERVICES L n/a Co File 2'783'102 0.51 - 15.08.2012 Other



Avanteos Investments n/a Co File 1'716'552 0.31 - 15.08.2012 Unclassified




Gwynvill Investments n/a Co File 1'263'150 0.23 - 15.08.2012 Unclassified


HEXAVEST INC HEXAVEST INC 13F 1'002'689 0.18 157'732 31.12.2012 Investment Advisor



RBC Capital Markets PAUL A JOHNSTON outperform 5 M 17 12 month 26.02.2013



Morgan Stanley PHILIP BARE Overwt/In-Line 5 M 17 12 month 12.02.2013


EVA Dimensions AUSTIN BURKETT underweight 1 U #N/A N/A Not Provided 12.02.2013





Holdings By:

AGL Energy Ltd ee


27.02.2013

News Corporation is a diversified global media company. The Company's

operations include the production and distribution of motion pictures and

television programming. The Company provides television, direct satellite, and

cable broadcasting and the publication of newspapers, magazines, books and

promotional inserts.


LTM as of: 12/yy

52-Week High (18.02.2013) 28.88

52-Week Low (07.03.2012) 18.36

Daily Volume

28.06



% 52 Week Price Range High/Low 88.97% Equity Float -


65'721.52 1 Yr Total Return 50.91%


Preferred Stock - Adjusted BETA 0.794



Enterprise Value -


NWS AT EQUITY YTD Change - Average Volume 30 Day 1'282'092

NWS AT EQUITY YTD % CHANGE - Average Volume 3 Month 1'114'685


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 12/yy 12/yy 06/13 Y 06/14 Y 03/13 Q3 06/13 Q4

32'996.0 30'423.0 32'778.0 33'405.0 33'706.0 34'152.0 34'333.0 35'673.7 37'903.2 8'879.8 8'998.4

1.49x 1.06x 1.12x 1.50x 1.78x 5.75x 7.24x 2.14x 1.98x - -

6'668.0 4'472.0 5'228.0 6'133.0 6'646.0 6'648.0 6'754.0 7'359.1 8'122.8 1'823.3 1'873.2

7.36x 7.23x 7.02x 8.17x 9.04x 7.73x 10.53x - - - -

5'387.0 (3'378.0) 2'539.0 2'739.0 1'179.0 3'117.0 3'998.0 3'863.0 4'312.3 921.8 994.6

- - - - - 0.00x 0.00x 17.00x 14.65x - -











EBITDA Margin 19.7%



Asset Turnover 0.56







Fiscal Year Ended

News CorpPrice/Volume

Valuation Analysis

727'625.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

2

.-

.2

/-

/2

0-

02

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

/&- 9

1&- 9

3&- 9

5&- 9

.-&- 9

./&- 9

.1&- 9

.3&- 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012-&--

-&/-

-&1-

-&3-

-&5-

.&--

.&/-



27.02.2013




FIDELITY INVESTMENTS Multiple Portfolios MF-AGG 600'735 0.08 - 31.12.2010 Mutual Fund Manager

VANGUARD GROUP INC Multiple Portfolios MF-AGG 480'513 0.06 480'513 31.12.2012 Investment Advisor

DEXIA ASSET MANAGEME Multiple Portfolios MF-AGG 290'347 0.04 - 31.12.2012 Investment Advisor

LANDESBANK BERLIN IN Multiple Portfolios MF-AGG 285'445 0.04 - 31.01.2013 Mutual Fund Manager

INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 174'874 0.02 (10'400) 31.12.2012 Investment Advisor

PARVEST INVESTMENT M Multiple Portfolios MF-AGG 140'833 0.02 (28'006) 30.09.2012 Investment Advisor

IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 57'676 0.01 - 28.09.2012 Investment Advisor

ING INVESTMENT MANAG Multiple Portfolios MF-AGG 49'127 0.01 (4'235) 31.12.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 39'040 0 - 25.02.2013 Investment Advisor

INVESCO LTD INVESCO LTD 13F 35'636 0 4'367 31.12.2012 Investment Advisor

COLONIAL FIRST STATE Multiple Portfolios MF-AGG 22'630 0 - 15.02.2012 Investment Advisor

WILSON HTM INVESTMEN Multiple Portfolios MF-AGG 17'000 0 - 31.12.2012 Investment Advisor

INKA-INTERNATIONALE Multiple Portfolios MF-AGG 6'227 0 (1'997) 31.01.2013 Mutual Fund Manager

KBC GROUP NV Multiple Portfolios MF-AGG 5'138 0 - 31.01.2011 Investment Advisor

HEXAVEST INC HEXAVEST INC 13F 3'851 0 - 31.12.2012 Investment Advisor

MFS FINANCIAL SERVIC Multiple Portfolios MF-AGG 3'332 0 910 31.12.2012 Investment Advisor

CASA 4 FUNDS LUX EUR Multiple Portfolios MF-AGG 2'900 0 - 31.07.2012 Mutual Fund Manager

EATON VANCE MANAGEME Multiple Portfolios MF-AGG 1'084 0 - 31.12.2012 Investment Advisor


Commonwealth Bank ALICE BENNETT overweight 5 M 30 12 month 19.02.2013

Credit Suisse SAMANTHA CARLETON neutral 3 M 27 Not Provided 15.02.2013

Macquarie ANDREW LEVY outperform 5 M 30 12 month 13.02.2013

Evans & Partners Pty Ltd PETER STAMOULIS Positive 4 M #N/A N/A Not Provided 08.02.2013

CIMB FRASER MCLEISH neutral 3 M 25 12 month 07.02.2013

BBY Limited MARK MCDONNELL underperform 1 D 27 12 month 07.02.2013

Deutsche Bank VIKAS GOUR buy 5 M 31 12 month 04.02.2013

Goldman Sachs ADAM ALEXANDER not rated #N/A N/A M #N/A N/A Not Provided 28.06.2012

Holdings By:

News Corp ee


27.02.2013

Oil Search Limited explores for and produces gas and oil through operations in

Papua New Guinea. The Company's activities are located in the Papuan Highlands

which include the Kutubu, Hides, and Gobe oil and gas projects.


LTM as of: 01/yy

52-Week High (17.09.2012) 7.91

52-Week Low (25.06.2012) 6.21

Daily Volume

7.52





10'037.37 1 Yr Total Return 8.77%







OSH AT EQUITY YTD Change - Average Volume 30 Day 4'350'947

OSH AT EQUITY YTD % CHANGE - Average Volume 3 Month 3'490'084


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

814.3 512.2 583.6 732.9 724.6 - - 720.0 1'032.2 - -

3.85x 11.45x 15.63x 12.54x - - - 19.76x 14.12x - -

572.7 281.7 281.2 526.1 - - - 419.6 649.6 - -

5.47x 20.81x 32.45x 17.47x - - - 27.93x 18.04x - -

313.4 133.7 185.6 202.5 175.8 - - 165.1 325.7 - -

11.71x 47.73x 50.72x 41.75x 55.14x - - 64.37x 31.01x - -







Return on Capital - EBITDA/Interest Exp. -




EBITDA Margin 66.6%



Asset Turnover 0.13








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Oil Search LtdPrice/Volume

Valuation Analysis

6'147'969.00


-./0123456

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9/&- 91&- 93&- 95&- 9.-&- 9./&- 9.1&- 9.3&- 9.5&- 9/-&- 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

2&--

.-&--

.2&--

/-&--

/2&--

0-&--

02&--

1-&--

-.&-.&/-.- -.&-4&/-.- -.&-.&/-.. -.&-4&/-.. -.&-.&/-./ -.&-4&/-./ -.&-.&/-.0



27.02.2013


INDEPENDENT PUBLIC B n/a Co File 196'604'177 14.73 - 29.02.2012 Other




RS INVESTMENT MANAGE Multiple Portfolios MF-AGG 19'228'122 1.44 43'684 31.12.2012 Investment Advisor



WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 8'068'302 0.6 485'154 31.12.2012 Investment Advisor







JENNISON ASSOCIATES Multiple Portfolios MF-AGG 3'567'701 0.27 - 31.12.2012 Investment Advisor

FIDELITY INVESTMENTS Multiple Portfolios MF-AGG 2'550'852 0.19 - 31.12.2010 Mutual Fund Manager

JF ASSET MANAGEMENT Multiple Portfolios MF-AGG 2'179'812 0.16 1'441'038 30.09.2011 Mutual Fund Manager

BARING ASSET MANAGEM Multiple Portfolios MF-AGG 2'140'147 0.16 (43'554) 31.10.2012 Unclassified

MELLON GLOBAL MANAGE Multiple Portfolios MF-AGG 2'000'000 0.15 - 31.12.2012 Mutual Fund Manager




Octa Phillip Securities Ltd LAWRENCE GRECH buy 5 M 9 Not Provided 27.02.2013



RBC Capital Markets ANDREW WILLIAMS outperform 5 M 9 12 month 26.02.2013

Credit Suisse PAUL MCTAGGART outperform 5 U 9 Not Provided 26.02.2013

JPMorgan BENJAMIN X. WILSON neutral 3 M 9 9 month 26.02.2013

Sanford C. Bernstein & Co NEIL BEVERIDGE outperform 5 M 9 12 month 26.02.2013






Holdings By:

Oil Search Ltd ee


27.02.2013

Stockland is a diversified Australian property group. The Group develops and

manages Retail centers, Residential Communities and Retirement Living assets

with a focus on regional centers and outer metropolitan. Stockland also owns a

portfolio of Office and Industrial assets.


LTM as of: 01/yy

52-Week High (21.02.2013) 3.79

52-Week Low (11.04.2012) 2.90

Daily Volume

3.7





8'149.83 1 Yr Total Return 28.09%







SGP AT EQUITY YTD Change - Average Volume 30 Day 11'890'290

SGP AT EQUITY YTD % CHANGE - Average Volume 3 Month 9'764'574


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

2'134.0 1'847.4 2'060.1 2'363.2 2'029.7 - - 1'734.0 1'943.9 - -

5.30x 5.13x 5.23x 4.37x 4.69x - - 6.37x 5.77x - -

669.3 567.8 593.2 616.3 634.4 - - 536.7 647.3 - -

16.90x 16.68x 18.16x 16.77x 15.00x - - 20.49x 16.99x - -

705.2 (1'802.8) 478.4 754.6 487.0 - - 526.8 573.1 - -

11.14x - 18.51x 10.76x 14.60x - - 15.81x 14.62x - -


EBIT 613.50 Long-Term Rating A-









EBITDA Margin 29.5%



Asset Turnover 0.13







Fiscal Year Ended

StocklandPrice/Volume

Valuation Analysis

12'149'871.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

.

.

/

/

0

0

1

1

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

.-&- 9

/-&- 9

0-&- 9

1-&- 9

2-&- 9

3-&- 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

2&--

.-&--

.2&--

/-&--

/2&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013


VANGUARD GROUP INC n/a EXCH 169'936'759 7.72 24'019'255 31.08.2011 Investment Advisor

ING GROEP NV n/a EXCH 146'983'278 6.67 24'996'475 31.01.2011 Investment Advisor


COHEN & STEERS CAPIT n/a EXCH 120'564'679 5.47 - 07.01.2011 Investment Advisor

AMP LTD n/a EXCH 119'116'942 5.41 (57'917) 21.09.2011 Insurance Company

WESTPAC BANKING CORP n/a EXCH 116'324'895 5.28 (4'577'428) 14.02.2011 Bank



EUROPEAN INVESTORS I n/a Research 40'560'020 1.84 1'243'937 31.12.2012 Investment Advisor



COLONIAL FIRST STATE Multiple Portfolios MF-AGG 14'853'862 0.67 (2'311'138) 08.05.2012 Investment Advisor




CBRE CLARION SECURIT Multiple Portfolios MF-AGG 10'524'693 0.48 (700) 17.07.2012 Investment Advisor







Credit Suisse JOHN RICHMOND underperform 1 M 3 Not Provided 14.02.2013

Deutsche Bank IAN RANDALL hold 3 D 4 12 month 13.02.2013

Morgan Stanley JOHN MEREDITH Overwt/In-Line 5 M 4 12 month 13.02.2013

Goldman Sachs PETER ZUK neutral/neutral 3 M 4 12 month 13.02.2013

JPMorgan RICHARD JONES overweight 5 M 4 9 month 13.02.2013

Commonwealth Bank DAVID LLOYD underweight 1 M 3 12 month 13.02.2013



Holdings By:

Stockland ee


27.02.2013

Fortescue Metals Group Ltd. explores for and produces iron ore. The Company

conducts business worldwide.


LTM as of: 01/yy

52-Week High (22.03.2012) 6.18

52-Week Low (06.09.2012) 2.81

Daily Volume

4.6





14'323.47 1 Yr Total Return -13.36%







FMG AT EQUITY YTD Change - Average Volume 30 Day 15'514'120

FMG AT EQUITY YTD % CHANGE - Average Volume 3 Month 15'185'490


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y 09/11 Q1 12/11 Q2

139.3 1'828.6 3'220.1 5'442.0 6'681.0 - - 8'267.2 11'734.6 - -

248.66x 6.22x 3.91x 4.30x 3.26x - - 3.04x 2.08x - -

(1'038.4) 532.1 1'223.0 2'771.0 2'830.0 - - 3'084.7 4'427.8 - -

- 21.37x 10.30x 8.44x 7.69x - - 8.21x 5.72x - -

(771.8) 508.0 580.9 1'019.0 1'559.0 - - 1'438.9 2'173.7 - -

- 17.22x 18.51x 20.70x 10.02x - - 9.80x 6.68x - -


EBIT 2'563.00 Long-Term Rating BB-









EBITDA Margin 35.4%



Asset Turnover 0.43







Fiscal Year Ended

Fortescue Metals Group LtdPrice/Volume

Valuation Analysis

10'063'831.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

.

/

0

1

2

3

4

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

.-&- 9

/-&- 9

0-&- 9

1-&- 9

2-&- 9

3-&- 9

4-&- 9

5-&- 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

2&--

.-&--

.2&--

/-&--

/2&--

0-&--

02&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013


FORREST ANDREW JOHN n/a Co File 1'020'690'915 32.78 - 13.09.2012 n/a

HUNAN VALIN IRON & S n/a Co File 458'405'492 14.72 - 13.09.2012 Corporation

EMICHROME PTY LTD n/a Co File 94'685'358 3.04 - 13.09.2012 Unclassified



JANUS CAPITAL MANAGE n/a ULT-AGG 53'736'238 1.73 23'192'002 31.12.2012 Investment Advisor

MEURS PETER n/a EXCH 25'924'523 0.83 - 22.02.2013 n/a




ROWLEY WILLIAM GRAEM n/a Co File 11'644'951 0.37 (6'500'000) 13.09.2012 n/a

JP MORGAN INVESTMENT Multiple Portfolios MF-AGG 10'532'700 0.34 - 30.06.2012 Mutual Fund Manager

LEAPING JOEY PTY LTD n/a Co File 9'674'500 0.31 - 13.09.2012 n/a


INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 6'856'547 0.22 (20'900) 31.12.2012 Investment Advisor

STATE FARM MUTUAL AU STATE FARM MUTUAL AU Sch-D 5'637'400 0.18 - 30.09.2012 Insurance Company

IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 4'972'628 0.16 - 28.09.2012 Investment Advisor

AMBRECHT KENNETH CHA n/a EXCH 4'823'030 0.15 (360'000) 23.10.2012 n/a

JOHN HANCOCK INVESTM Multiple Portfolios MF-AGG 3'721'356 0.12 1'378'324 31.12.2012 Mutual Fund Manager

GUARDIAN INVESTOR SE Multiple Portfolios MF-AGG 3'176'396 0.1 403'608 31.12.2012 Investment Advisor


Nomura DAVID RADCLYFFE neutral 3 M 5 Not Provided 27.02.2013

BMO Capital Markets TONY ROBSON market perform 3 M 4 Not Provided 26.02.2013

Paterson Securities ROB BRIERLEY hold 3 M 5 12 month 26.02.2013

Macquarie LEE BOWERS restricted #N/A N/A M #N/A N/A Not Provided 25.02.2013

BBY Limited MIKE HARROWELL buy 5 M 5 12 month 25.02.2013

Commonwealth Bank ANDREW HINES overweight 5 M 6 12 month 25.02.2013


RBC Capital Markets CHRIS DREW outperform 5 M 5 12 month 20.02.2013

Credit Suisse MATTHEW HOPE neutral 3 D 6 Not Provided 20.02.2013


Bell Potter STUART HOWE buy 5 M 6 12 month 13.02.2013

Deutsche Bank PAUL-D YOUNG sell 1 M 4 12 month 24.01.2013

CIMB MICHAEL EVANS outperform 5 M 6 12 month 24.01.2013

Goldman Sachs CRAIG SAINSBURY neutral/attractive 3 D 5 12 month 22.01.2013


Investec TIM GERRARD sell 1 D 3 12 month 16.10.2012

Holdings By:

Fortescue Metals Group Ltd ee


27.02.2013

Coca-Cola Amatil Limited manufactures, distributes and sells carbonated soft

drinks along with still and mineral waters, fruit drinks, ready-to-drink coffee

and tea and flavored milk drinks. The Company also rents and services commercial

refrigeration equipment to food/beverage manufacturers.


LTM as of: 01/yy

52-Week High (21.02.2013) 14.47

52-Week Low (08.03.2012) 11.60

Daily Volume

14.27





10'875.64 1 Yr Total Return 25.57%







CCL AT EQUITY YTD Change - Average Volume 30 Day 3'359'478

CCL AT EQUITY YTD % CHANGE - Average Volume 3 Month 2'714'755


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

4'091.4 4'436.0 4'490.3 4'801.2 5'097.4 - - 5'444.3 5'844.8 - -

2.17x 2.30x 2.18x 2.16x 2.33x - - 2.31x 2.14x - -

969.7 1'047.0 1'114.5 1'038.2 952.0 - - 1'212.1 1'308.0 - -

9.15x 9.76x 8.79x 10.00x 12.46x - - 10.30x 9.55x - -

385.6 449.0 497.3 591.8 459.9 - - 599.1 649.7 - -

17.54x 19.06x 16.45x 14.74x 22.27x - - 18.18x 16.73x - -











EBITDA Margin 18.5%



Asset Turnover 0.80








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Coca-Cola Amatil LtdPrice/Volume

Valuation Analysis

1'984'151.00


-

/

1

3

5

.-

./

.1

.3

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9.&- 9/&- 90&- 91&- 92&- 93&- 94&- 95&- 96&- 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

/&--

1&--

3&--

5&--

.-&--

./&--

.1&--

.3&--

.5&--

/-&--

-.&-.&/-.- -.&-4&/-.- -.&-.&/-.. -.&-4&/-.. -.&-.&/-./ -.&-4&/-./ -.&-.&/-.0



27.02.2013


COCA-COLA CO/THE n/a Co File 223'049'276 29.27 - 05.03.2012 Corporation




FMR LLC n/a ULT-AGG 7'647'602 1 350'965 31.12.2012 Investment Advisor









PSS BOARD n/a Co File 1'813'708 0.24 - 05.03.2012 n/a

ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 1'670'249 0.22 35'495 31.12.2012 Investment Advisor

JIKINTA INVESTMENTS n/a Co File 1'381'331 0.18 - 05.03.2012 n/a


NOMURA n/a ULT-AGG 1'373'633 0.18 - 06.09.2012 Unclassified




EVA Dimensions AUSTIN BURKETT underweight 1 U #N/A N/A Not Provided 22.02.2013



Morgan Stanley MARK A CHRISTENSEN Equalwt/In-Line 3 M 13 12 month 19.02.2013

Goldman Sachs GABRIEL WILSON-OTTO neutral/neutral 3 M 14 12 month 19.02.2013

Credit Suisse LARRY GANDLER underperform 1 M 14 Not Provided 19.02.2013

JPMorgan STUART JACKSON overweight 5 U 15 9 month 19.02.2013


Commonwealth Bank ANDREW MCLENNAN underweight 1 M 13 12 month 19.02.2013


Evans & Partners Pty Ltd PAUL RYAN negative 2 D #N/A N/A Not Provided 23.08.2012

Holdings By:

Coca-Cola Amatil Ltd ee


27.02.2013

Aurizon Holdings Ltd is a rail freight company. The Company provides coal, bulk

and general freight haulage services, operating on the Central Queensland Coal

Network (CQCN) and including specialised track maintenance and workshop support

functions.


LTM as of: 01/yy

52-Week High (19.02.2013) 4.24

52-Week Low (25.07.2012) 3.07

Daily Volume

3.99












AZJ AT EQUITY YTD Change - Average Volume 30 Day 11'215'690

AZJ AT EQUITY YTD % CHANGE - Average Volume 3 Month 7'527'401


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

2'614.0 2'402.0 2'748.1 2'970.5 3'263.8 - - 3'831.9 4'067.1 - -

- - - 3.01x 2.88x - - 2.88x 2.78x - -

493.0 417.0 702.8 588.4 929.3 - - 1'260.1 1'386.4 - -

- - - 15.18x 10.11x - - 8.69x 7.90x - -

- - (36.8) 360.9 440.9 - - 463.6 508.1 - -

- - - 21.95x 18.78x - - 19.09x 16.76x - -











EBITDA Margin 28.8%



Asset Turnover 0.35







Fiscal Year Ended

Aurizon Holdings LtdPrice/Volume

Valuation Analysis

5'410'429.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-..//00112

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9/-&- 91-&- 93-&- 95-&- 9.--&- 9./-&- 9.1-&- 9.3-&- 9.5-&- 9/--&- 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

/&--

1&--

3&--

5&--

.-&--

./&--

.1&--

.3&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013


QLD TREASURY HLDGS P n/a EXCH 389'229'499 18.21 (288'184'818) 26.11.2012 Other



CHILDREN'S INVESTMEN n/a Co File 125'051'143 5.85 - 17.08.2012 Hedge Fund Manager

TALOS CAPITAL LIMITE n/a EXCH 125'051'143 5.85 - 04.05.2012 Other

NATIONAL AUSTRALIA B n/a ULT-AGG 122'823'460 5.75 - 12.09.2012 Bank

HSBC HOLDINGS PLC n/a EXCH 109'882'901 5.14 - 04.12.2012 Investment Advisor


SCOUT CAPITAL MANAGE n/a EXCH 100'000'000 4.68 (24'000'000) 09.01.2012 Hedge Fund Manager



UNION INVESTMENT GMB Multiple Portfolios MF-AGG 12'159'600 0.57 (2'803'100) 28.09.2012 Investment Advisor



SKANDIA GLOBAL FUNDS Multiple Portfolios MF-AGG 4'933'571 0.23 (966'539) 31.12.2012 Mutual Fund Manager

VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 3'832'908 0.18 - 25.02.2013 Investment Advisor



MAPS INVESTMENT MANA Multiple Portfolios MF-AGG 1'691'451 0.08 - 28.09.2012 Mutual Fund Manager




Macquarie IAN MYLES outperform 5 M 4 12 month 21.02.2013


Morgan Stanley SCOTT KELLY Equalwt/In-Line 3 M 4 12 month 20.02.2013



JPMorgan SCOTT CARROLL neutral 3 U 4 9 month 20.02.2013

CIMB MARK WILLIAMS outperform 5 M 4 12 month 20.02.2013

BBY Limited MOIRA EILEEN DAW underperform 1 M 4 12 month 20.02.2013

Commonwealth Bank MATT CROWE overweight 5 M 4 12 month 20.02.2013


Wilson HTM Investment Group NATHAN LEAD buy 5 M 5 Not Provided 09.10.2012

Moelis & Company SIMON FITZGERALD buy 5 M 4 12 month 17.05.2012

Paterson Securities GRAEME CARSON hold 3 M 4 12 month 30.08.2011

Evans & Partners Pty Ltd PAUL RYAN Positive 4 N #N/A N/A Not Provided 01.02.2011

Holdings By:

Aurizon Holdings Ltd ee


27.02.2013

Goodman Group is an integrated industrial property group. The Group has

operations in Australia, New Zealand, UK, Asia and Europe. Goodman's activities

include property investment, funds management, property development and property

services. The Group's property portfolio includes business parks, industrial

estates, office parks and warehouse/distribution centers.


LTM as of: 01/yy

52-Week High (22.02.2013) 4.78

52-Week Low (04.06.2012) 3.22

Daily Volume

4.65





7'966.54 1 Yr Total Return 44.41%







GMG AT EQUITY YTD Change - Average Volume 30 Day 5'487'033

GMG AT EQUITY YTD % CHANGE - Average Volume 3 Month 7'490'000


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

852.5 409.4 594.6 696.4 692.9 - - 683.6 870.2 - -

10.66x 13.02x 11.07x 10.69x 11.90x - - 14.91x 11.85x - -

269.8 (7.7) 228.8 219.4 242.5 - - 586.3 653.2 - -

33.68x - 28.76x 33.94x 34.01x - - 17.61x 15.80x - -

250.7 (1'120.0) (537.0) 392.0 408.3 - - 543.5 599.3 - -

20.44x - - 11.95x 13.59x - - 14.18x 13.17x - -











EBITDA Margin 46.4%



Asset Turnover 0.09








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Goodman GroupPrice/Volume

Valuation Analysis

6'442'431.00


-..//001122

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

/-&- 9

1-&- 9

3-&- 9

5-&- 9

.--&- 9

./-&- 9

.1-&- 9

.3-&- 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

2&--

.-&--

.2&--

/-&--

/2&--

0-&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013


CHINA INVESTMENT COR n/a Research 168'466'446 9.83 - 11.12.2012 Government

LEADER INVESTMENT CO n/a EXCH 168'462'083 9.83 (116'675'592) 13.12.2012 Other

HARRIS ASSOCIATES LP n/a EXCH 119'869'947 7 (23'173'290) 11.12.2012 Investment Advisor



NATL AUSTRALIA BANK n/a EXCH 84'882'377 4.95 (1'102'909) 05.12.2012 Bank


CAMBIO INVESTMENTS P n/a EXCH 45'076'923 2.63 - 19.12.2012 Unclassified




COHEN & STEERS CAPIT Multiple Portfolios MF-AGG 12'994'596 0.76 269'674 25.02.2013 Investment Advisor


JP MORGAN n/a ULT-AGG 9'930'807 0.58 1'695'363 31.12.2012 Unclassified



PRUDENTIAL FINANCIAL n/a ULT-AGG 5'396'267 0.31 700'132 31.12.2012 Investment Advisor



MITSUBISHI UFJ FINAN n/a ULT-AGG 3'840'255 0.22 59'275 05.07.2012 Holding Company



Macquarie PAUL CHECCHIN neutral 3 D 5 12 month 22.02.2013



Credit Suisse STEPHEN RICH neutral 3 U 5 Not Provided 21.02.2013

JPMorgan RICHARD JONES neutral 3 M 5 9 month 21.02.2013


CIMB ANDREW HODGE neutral 3 N 4 12 month 07.11.2012


Moelis & Company SIMON SCOTT hold 3 D 4 12 month 16.08.2012

Holdings By:

Goodman Group ee


27.02.2013

GPT Group is an active owner and manager of a diversified portfolio of

Australian retail, office and industrial property assets. The Group's property

portfolio include the MLC Centre, Australia Square, Rouse Hill Town Centre and

Melbourne Central.


LTM as of: 01/yy

52-Week High (11.02.2013) 3.89

52-Week Low (08.03.2012) 3.07

Daily Volume

3.88





6'862.68 1 Yr Total Return 33.17%







GPT AT EQUITY YTD Change - Average Volume 30 Day 5'313'242

GPT AT EQUITY YTD % CHANGE - Average Volume 3 Month 4'928'952


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

773.1 562.0 565.4 619.5 646.1 - - 661.9 682.6 - -

10.56x 13.80x 13.91x 12.38x 13.13x - - 13.27x 12.92x - -

432.0 362.8 345.4 370.2 388.7 - - 556.6 572.9 - -

18.89x 21.38x 22.78x 20.72x 21.83x - - 15.89x 15.44x - -

(3'253.5) (1'069.1) 707.3 246.2 594.5 - - 443.9 456.9 - -

- 30.09x 12.57x 18.32x 11.43x - - 15.52x 15.04x - -




Pretax Margin - Short-Term Rating Date 26.08.2009







EBITDA Margin 60.2%



Asset Turnover 0.07







Fiscal Year Ended

GPT GroupPrice/Volume

Valuation Analysis

4'530'160.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-..//00112

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

2&- 9

.-&- 9

.2&- 9

/-&- 9

/2&- 9

0-&- 9

02&- 9

1-&- 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

/&--

1&--

3&--

5&--

.-&--

./&--

.1&--

.3&--

.5&--

-.&-.&/-.- -.&-4&/-.- -.&-.&/-.. -.&-4&/-.. -.&-.&/-./ -.&-4&/-./ -.&-.&/-.0



27.02.2013


ING GROEP NV n/a EXCH 117'899'517 6.67 (21'579'512) 28.01.2011 Investment Advisor

CBRE CLARION SEC LLC n/a EXCH 96'412'048 5.45 - 01.07.2011 n/a

COHEN & STEERS INC n/a EXCH 95'049'157 5.37 1'137'216 23.08.2011 Corporation







LASALLE INVESTMENT M Multiple Portfolios MF-AGG 28'091'898 1.59 (1'719'704) 21.08.2012 Investment Advisor



STATE STREET n/a ULT-AGG 17'680'576 1 (214'451) 26.02.2013 Investment Advisor



DIAM n/a ULT-AGG 7'374'064 0.42 - 31.12.2012 Unclassified







Macquarie ROB FREEMAN outperform 5 M 4 12 month 22.02.2013

Deutsche Bank JASON WEATE hold 3 M 4 12 month 15.02.2013

Goldman Sachs SIMON WHEATLEY neutral/neutral 3 M 4 12 month 14.02.2013

Credit Suisse STEPHEN RICH underperform 1 D 4 Not Provided 14.02.2013

JPMorgan ROB STANTON neutral 3 D 4 9 month 14.02.2013


Morgan Stanley LOURENS PIRENC restricted #N/A N/A M #N/A N/A Not Provided 10.12.2012

Moelis & Company SIMON SCOTT hold 3 M 3 12 month 17.05.2012

Holdings By:

GPT Group ee


27.02.2013

ASX Ltd is a demutualized company which operates Australia's primary national

stock exchange and equity derivatives market. The ASX operates markets for

equities, derivatives, fixed-interest securities and capital-raising for

unlisted companies using advanced computer systems for both trading and

settlement.


LTM as of: 01/yy

52-Week High (22.02.2013) 37.44

52-Week Low (07.08.2012) 27.53

Daily Volume

35.96





6'297.92 1 Yr Total Return 17.95%






Average Volume 5 Day 835'108

ASX AT EQUITY YTD Change - Average Volume 30 Day 713'156

ASX AT EQUITY YTD % CHANGE - Average Volume 3 Month 616'384


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

598.2 529.5 582.2 611.7 604.1 - - 619.2 661.2 - -

8.39x 11.51x 7.88x 7.82x 7.81x - - 6.30x 5.79x - -

481.0 400.2 452.4 478.2 460.0 - - 474.8 512.5 - -

10.44x 15.23x 10.13x 10.00x 10.25x - - 12.20x 11.30x - -

365.9 313.6 328.1 352.3 339.2 - - 348.3 376.1 - -

14.67x 20.19x 15.32x 15.10x 15.39x - - 18.08x 16.77x - -









Net Debt/EBITDA -1.08


EBITDA Margin 77.7%



Asset Turnover 0.10







Fiscal Year Ended

ASX LtdPrice/Volume

Valuation Analysis

279'631.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

2

.-

.2

/-

/2

0-

02

1-

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9&/ 9&1 9&3 9&5 9.&- 9.&/ 9.&1 9.&3 9.&5 9/&- 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

/&--

1&--

3&--

5&--

.-&--

./&--

.1&--

.3&--

.5&--

/-&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013


PERPETUAL LTD n/a Co File 10'984'437 6.27 - 01.08.2012 Investment Advisor

COMMONWEALTH BANK OF n/a Co File 8'942'796 5.11 (72'451) 24.08.2012 Bank

NATIONAL AUSTRALIA B n/a ULT-AGG 8'579'742 4.9 (279'341) 10.04.2012 Bank




ABERDEEN n/a ULT-AGG 761'193 0.43 25'343 31.01.2013 Unclassified

UNION INVESTMENT GMB Multiple Portfolios MF-AGG 584'300 0.33 - 28.09.2012 Investment Advisor

UCA FUNDS MANAGEMENT Multiple Portfolios MF-AGG 509'770 0.29 (87) 31.01.2013 Mutual Fund Manager

AUSTRALIAN FOUNDATIO Multiple Portfolios MF-AGG 365'000 0.21 - 29.06.2012 Investment Advisor


MACQUARIE GROUP LTD n/a ULT-AGG 255'800 0.15 11'119 31.08.2011 Investment Advisor

ARGO INVESTMENTS LTD Multiple Portfolios MF-AGG 244'015 0.14 - 30.06.2011 Investment Advisor



UNION INVESTMENT LUX Multiple Portfolios MF-AGG 156'258 0.09 - 28.09.2012 Investment Advisor


SJUNDE AP FONDEN Multiple Portfolios MF-AGG 124'316 0.07 19'026 31.12.2012 Investment Advisor

DIAM n/a ULT-AGG 108'041 0.06 76'491 31.12.2012 Unclassified

RUSSELL INVESTMENT M Multiple Portfolios MF-AGG 95'148 0.05 - 26.02.2013 Investment Advisor


Macquarie BRYAN RAYMOND underperform 1 M 34 12 month 22.02.2013


Morgan Stanley ARVID STREIMANN Equalwt/In-Line 3 M 34 12 month 21.02.2013

Credit Suisse DAVID BAILEY underperform 1 M 30 Not Provided 21.02.2013

JPMorgan ISMAR TUZOVIC neutral 3 M 35 9 month 21.02.2013

CIMB RICHARD COLES underperform 1 M 32 12 month 21.02.2013


Commonwealth Bank ROSS CURRAN neutral 3 U 38 12 month 21.02.2013

Nomura ANTHONY HOO neutral 3 M 34 Not Provided 21.02.2013

Bell Potter LAFITANI SOTIRIOU hold 3 M 33 12 month 21.02.2013



Evans & Partners Pty Ltd GEORGE GABRIEL Positive 4 N #N/A N/A Not Provided 11.04.2012

Holdings By:

ASX Ltd ee


27.02.2013

Lend Lease Group is a fully integrated property solutions provider. The

Company is involved in development, investment management, project and

construction management and asset and property management.


LTM as of: 01/yy

52-Week High (18.02.2013) 10.84

52-Week Low (12.04.2012) 6.87

Daily Volume

10.64





6'111.10 1 Yr Total Return 50.50%







LLC AT EQUITY YTD Change - Average Volume 30 Day 2'225'664

LLC AT EQUITY YTD % CHANGE - Average Volume 3 Month 1'795'958


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

14'374.8 14'525.8 10'359.2 8'800.4 11'471.7 - - 12'753.4 13'747.5 - -

0.26x 0.21x 0.36x 0.63x 0.37x - - 0.52x 0.51x - -

33.9 (669.6) 110.5 144.9 257.8 - - 775.7 856.1 - -

108.72x - 34.19x 38.14x 16.62x - - 9.13x 8.27x - -

254.2 (653.6) 345.6 492.8 501.4 - - 545.3 575.3 - -

13.92x - 10.05x 9.78x 7.77x - - 11.19x 10.65x - -


EBIT 180.40 Long-Term Rating BBB-









EBITDA Margin 2.1%



Asset Turnover 0.95







Fiscal Year Ended

Lend Lease GroupPrice/Volume

Valuation Analysis

1'078'185.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

/

1

3

5

.-

./

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

.&- 9

/&- 9

0&- 9

1&- 9

2&- 9

3&- 9

4&- 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

2&--

.-&--

.2&--

/-&--

/2&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013


FRANKLIN RESOURCES n/a ULT-AGG 35'096'817 6.11 (5'716'706) 27.11.2012 Investment Advisor

LL EMPLOYEE HOLDINGS n/a Co File 34'626'669 6.03 - 31.08.2012 Corporation

IOOF HOLDINGS LTD n/a EXCH 28'373'775 4.94 (855'585) 31.07.2012 Investment Advisor







ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 1'886'786 0.33 - 31.12.2012 Investment Advisor





WELLS FARGO n/a ULT-AGG 757'036 0.13 2'857 31.12.2012 Unclassified


LEGAL & GENERAL n/a ULT-AGG 666'180 0.12 (2'907) 28.12.2012 Unclassified

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 564'432 0.1 - 31.12.2012 Investment Advisor

FMR LLC n/a ULT-AGG 504'516 0.09 20'719 31.12.2012 Investment Advisor

SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 492'167 0.09 287'237 31.12.2012 Investment Advisor


EVA Dimensions AUSTIN BURKETT overweight 5 U #N/A N/A Not Provided 25.02.2013

Credit Suisse JOHN RICHMOND neutral 3 M 11 Not Provided 21.02.2013


Deutsche Bank IAN RANDALL buy 5 M 11 12 month 18.02.2013


Goldman Sachs SIMON WHEATLEY Buy/Neutral 5 M 11 12 month 18.02.2013

JPMorgan ANTHONY PASSE-DE SILVA overweight 5 M 12 9 month 18.02.2013

CIMB ANDREW HODGE outperform 5 M 11 12 month 18.02.2013

Commonwealth Bank BEN BROWNETTE underweight 1 M 9 12 month 18.02.2013

Nomura SIMON THACKRAY neutral 3 D 11 Not Provided 18.02.2013


Holdings By:

Lend Lease Group ee


27.02.2013

Mirvac Group invests in and develops real estate. The Company invests in

residential, retail, office and industrial properties, and manages hotels and

resorts in Australia and New Zealand.


LTM as of: 01/yy

52-Week High (21.02.2013) 1.67

52-Week Low (28.02.2012) 1.15

Daily Volume

1.615





5'532.32 1 Yr Total Return 47.76%







MGR AT EQUITY YTD Change - Average Volume 30 Day 9'454'034

MGR AT EQUITY YTD % CHANGE - Average Volume 3 Month 9'308'556


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y 09/11 Q1 12/11 Q2

1'666.8 1'568.1 1'412.2 1'503.8 1'477.1 - - 1'156.4 1'398.5 - -

3.34x 2.73x 3.93x 4.20x 4.12x - - 6.54x 5.46x - -

138.4 70.2 232.8 411.4 402.3 - - 427.1 525.8 - -

40.24x 61.04x 23.85x 15.37x 15.13x - - 17.17x 13.94x - -

171.8 (1'078.1) 234.7 182.3 416.1 - - 368.3 404.6 - -

19.92x - 16.54x 24.96x 11.31x - - 14.68x 13.57x - -



Operating Margin 24.60% Long-Term Outlook POS








EBITDA Margin 28.0%



Asset Turnover 0.17








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Mirvac GroupPrice/Volume

Valuation Analysis

7'868'920.00


---.....//

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 92&- 9.-&- 9.2&- 9/-&- 9/2&- 90-&- 902&- 91-&- 912&- 92-&- 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

1'800.0

2'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

2&--

.-&--

.2&--

/-&--

/2&--

0-&--

02&--

1-&--

12&--

2-&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013







MAPLE-BROWN ABBOTT L n/a EXCH 163'519'064 4.77 (7'771'125) 26.07.2011 Investment Advisor


BARCLAYS PLC n/a Co File 137'805'294 4.02 - 26.07.2012 Investment Advisor

LASALLE INVESTMENT M Multiple Portfolios MF-AGG 79'500'190 2.32 16'137'854 21.08.2012 Investment Advisor

MORGAN STANLEY n/a ULT-AGG 68'090'588 1.99 1'323'981 31.12.2012 Investment Advisor





ING INVESTMENT MANAG Multiple Portfolios MF-AGG 30'749'325 0.9 8'520'220 31.12.2012 Investment Advisor

THIRD AVENUE MANAGEM Multiple Portfolios MF-AGG 24'713'436 0.72 - 31.10.2012 Hedge Fund Manager




CBRE CLARION SECURIT Multiple Portfolios MF-AGG 14'621'437 0.43 3'466'285 31.10.2012 Investment Advisor


Commonwealth Bank DAVID LLOYD neutral 3 M 2 12 month 26.02.2013

Macquarie PAUL CHECCHIN neutral 3 M 2 12 month 18.02.2013

Deutsche Bank IAN RANDALL hold 3 M 2 12 month 14.02.2013


Goldman Sachs PETER ZUK Buy/Neutral 5 M 2 12 month 14.02.2013


JPMorgan RICHARD JONES overweight 5 U 2 9 month 14.02.2013


Moelis & Company RYAN FRANZ sell 1 M 1 12 month 06.11.2012

Holdings By:

Mirvac Group ee


27.02.2013

WorleyParsons Limited provides professional services through alliance and

integrated service contracts to the energy, resource and complex process

industries. The Company provides its services to industrial sectors such as oil

and gas refining, petrochemicals and chemicals, minerals and metals, power and

water and industrial and infrastructure.


LTM as of: 01/yy

52-Week High (26.03.2012) 30.00

52-Week Low (11.12.2012) 22.20

Daily Volume

26.3





6'392.00 1 Yr Total Return -7.11%

Total Debt 736.80 YTD Return 14.35%






WOR AT EQUITY YTD Change - Average Volume 30 Day 1'066'378

WOR AT EQUITY YTD % CHANGE - Average Volume 3 Month 982'493


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

4'607.1 5'794.7 5'059.7 5'605.1 7'389.5 - - 8'509.8 9'173.5 - -

2.12x 1.09x 1.21x 1.33x 0.90x - - 0.81x 0.74x - -

542.3 641.8 460.0 532.1 601.4 - - 686.6 764.3 - -

18.05x 9.86x 13.26x 14.04x 11.11x - - 10.09x 9.07x - -

343.9 390.5 291.1 364.2 353.2 - - 377.3 429.5 - -

26.57x 14.78x 18.74x 19.04x 17.47x - - 17.18x 15.11x - -











EBITDA Margin 7.0%



Asset Turnover 2.00








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

WorleyParsons LtdPrice/Volume

Valuation Analysis

555'367.00


-

2

.-

.2

/-

/2

0-

02

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

.&- 9

/&- 9

0&- 9

1&- 9

2&- 9

3&- 9

4&- 9

5&- 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

2&--

.-&--

.2&--

/-&--

/2&--

0-&--

02&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013


WILACI PTY LTD n/a EXCH 16'891'039 6.95 - 23.10.2012 Unclassified

COMMONWEALTH BANK OF n/a EXCH 11'730'163 4.83 (400'860) 29.03.2012 Bank


GRILL JOHN MICHAEL n/a EXCH 3'932'055 1.62 - 23.10.2012 n/a






JUHA PTY LTD n/a EXCH 1'500'000 0.62 - 23.10.2012 Other

HAJU PTY LTD n/a EXCH 1'500'000 0.62 - 23.10.2012 Other

BENKE LARRY MAX n/a EXCH 1'133'383 0.47 3'188 02.10.2012 n/a


AMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 1'081'600 0.45 (118'334) 31.12.2012 Investment Advisor

EVENROSE PTY LTD n/a EXCH 1'053'136 0.43 - 09.02.2011 Unclassified

JOHALIUS PTY LTD n/a EXCH 1'053'136 0.43 - 23.10.2012 Other

GREEN JOHN M n/a Co File 891'869 0.37 - 29.08.2012 n/a

WOOD ANDREW n/a EXCH 820'671 0.34 - 23.10.2012 n/a

MELLON GLOBAL MANAGE Multiple Portfolios MF-AGG 642'285 0.26 1'013 31.12.2012 Mutual Fund Manager

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 588'804 0.24 (8'771) 31.12.2012 Investment Advisor


Deutsche Bank CRAIG WONGPAN hold 3 M 24 12 month 21.02.2013

Credit Suisse EMMA ALCOCK neutral 3 M 28 Not Provided 21.02.2013

JPMorgan ANTHONY PASSE-DE SILVA underweight 1 M 22 9 month 21.02.2013

Macquarie JOHN PURTELL outperform 5 U 29 12 month 14.02.2013

Morgan Stanley NICHOLAS ROBISON Overwt/In-Line 5 M 29 12 month 13.02.2013

Goldman Sachs NATHAN REILLY buy/attractive 5 M 30 12 month 13.02.2013

CIMB MARK SAMTER outperform 5 M 30 12 month 13.02.2013



Paterson Securities GEORGE GALANOPOULOS buy 5 U 28 12 month 11.12.2012

Moelis & Company SIMON FITZGERALD sell 1 D 25 12 month 31.08.2012

Holdings By:

WorleyParsons Ltd ee


27.02.2013

Asciano Limited is a provider of essential transport services in the rail

and ports and stevedoring industries in Australia and New Zealand. The

Company operates container terminals, bulk export port facilities and

container and bulk rail haulage services.


LTM as of: 01/yy

52-Week High (25.02.2013) 5.67

52-Week Low (15.11.2012) 4.09

Daily Volume

5.48





5'345.11 1 Yr Total Return 14.34%







AIO AT EQUITY YTD Change - Average Volume 30 Day 4'774'718

AIO AT EQUITY YTD % CHANGE - Average Volume 3 Month 3'763'134


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

2'887.1 2'797.3 2'849.9 3'056.3 3'408.4 - - 3'758.6 4'039.2 - -

2.32x 2.04x 2.71x 2.31x 2.04x - - 2.21x 2.12x - -

626.5 634.4 1'829.2 749.9 841.8 - - 1'012.2 1'111.6 - -

10.68x 8.99x 4.22x 9.43x 8.27x - - 7.97x 7.26x - -

197.5 71.8 (788.5) 201.6 240.8 - - 363.3 409.8 - -

11.53x 14.05x - 23.77x 17.61x - - 14.61x 12.92x - -











EBITDA Margin 24.7%



Asset Turnover 0.49







Fiscal Year Ended

Asciano LtdPrice/Volume

Valuation Analysis

5'162'308.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

.

/

0

1

2

3

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

/&- 9

1&- 9

3&- 9

5&- 9

.-&- 9

./&- 9

.1&- 9

.3&- 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

/&--

1&--

3&--

5&--

.-&--

./&--

.1&--

.3&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013




BLACKROCK n/a ULT-AGG 69'976'565 7.17 3'766'772 25.02.2013 Investment Advisor



AUSBIL DEXIA LIMITED n/a EXCH 46'088'349 4.73 (5'162'080) 23.05.2011 Investment Advisor


COHEN & STEERS CAPIT Multiple Portfolios MF-AGG 6'669'800 0.68 6'482'200 31.12.2012 Investment Advisor



MACQUARIE INFRASTRUC Multiple Portfolios MF-AGG 4'252'538 0.44 67'242 31.08.2012 Investment Advisor

IVY MANAGEMENT INCOR Multiple Portfolios MF-AGG 3'390'210 0.35 (298'270) 31.12.2012 Investment Advisor

UCA FUNDS MANAGEMENT Multiple Portfolios MF-AGG 3'147'161 0.32 39'470 31.01.2013 Mutual Fund Manager


JF ASSET MANAGEMENT Multiple Portfolios MF-AGG 2'102'183 0.22 (529'732) 30.09.2011 Mutual Fund Manager



HIRTLE CALLAGHAN & C Multiple Portfolios MF-AGG 1'683'167 0.17 - 30.09.2011 Investment Advisor


MAPS INVESTMENT MANA Multiple Portfolios MF-AGG 1'588'822 0.16 - 28.09.2012 Mutual Fund Manager


EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 25.02.2013

Macquarie RUSSELL SHAW underperform 1 D 5 12 month 20.02.2013

Deutsche Bank CAMERON MCDONALD buy 5 M 6 12 month 19.02.2013

Morgan Stanley SCOTT KELLY Overwt/In-Line 5 M 6 12 month 19.02.2013

Goldman Sachs ANDREW GIBSON Buy/Neutral 5 M 6 12 month 19.02.2013


JPMorgan SCOTT CARROLL overweight 5 M 6 9 month 19.02.2013



Nomura DAVID FRASER buy 5 M 6 Not Provided 19.02.2013

Wilson HTM Investment Group NATHAN LEAD buy 5 M 5 Not Provided 30.08.2012

Evans & Partners Pty Ltd PAUL RYAN Positive 4 U #N/A N/A Not Provided 23.08.2012

Moelis & Company SIMON FITZGERALD hold 3 M 5 12 month 16.08.2012

Holdings By:

Asciano Ltd ee


27.02.2013

Dexus Property Group is a property trust that manages and invests in a portfolio

of diversified properties including office and industrial properties, retail

shopping centers and car parks. The Trust's properties are located in

Australia, New Zealand and the United States.


LTM as of: 01/yy

52-Week High (29.01.2013) 1.12

52-Week Low (09.03.2012) 0.84

Daily Volume

1.075





5'201.95 1 Yr Total Return 27.89%







DXS AT EQUITY YTD Change - Average Volume 30 Day 17'555'230

DXS AT EQUITY YTD % CHANGE - Average Volume 3 Month 17'174'730


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y 09/11 Q1 12/11 Q2

699.7 775.4 716.1 681.3 706.0 - - 593.2 616.7 - -

10.45x 7.94x 8.51x 9.69x 8.97x - - 11.97x 11.61x - -

479.1 520.1 463.0 439.7 458.2 - - 455.0 476.5 - -

15.26x 11.84x 13.16x 15.02x 13.82x - - 15.76x 15.05x - -

438.3 (1'459.1) 31.4 553.0 181.1 - - 362.5 374.8 - -

9.32x - 116.67x 7.69x 24.80x - - 13.96x 13.61x - -









Net Debt/EBITDA -


EBITDA Margin 65.9%



Asset Turnover 0.08








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Dexus Property GroupPrice/Volume

Valuation Analysis

16'905'929.00


-

-

-

.

.

.

.

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

.-&- 9

/-&- 9

0-&- 9

1-&- 9

2-&- 9

3-&- 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

2&--

.-&--

.2&--

/-&--

/2&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013


CBRE CLARION SEC LLC n/a EXCH 440'873'263 9.11 - 30.08.2012 n/a

ING GROEP NV n/a Co File 388'416'634 8.03 - 31.08.2012 Investment Advisor



SUMITOMO MITSUI TRUS n/a ULT-AGG 247'721'457 5.12 (314'868) 17.08.2012 Bank

WESTPAC BANKING CORP n/a EXCH 244'213'504 5.05 - 19.09.2012 Bank




COHEN & STEERS CAPIT n/a EXCH 236'507'265 4.89 (55'151'859) 15.09.2011 Investment Advisor

LA SALLE INV MGMT (S n/a EXCH 226'560'630 4.68 - 22.11.2010 Other


LASALLE INVESTMENT M Multiple Portfolios MF-AGG 130'108'466 2.69 20'022'997 21.08.2012 Investment Advisor

CBRE CLARION SECURIT Multiple Portfolios MF-AGG 108'451'095 2.24 6'422'144 31.10.2012 Investment Advisor








Commonwealth Bank JAMES DRUCE overweight 5 M 1 12 month 26.02.2013



Morgan Stanley TODD MCFARLANE Overwt/In-Line 5 M 1 12 month 14.02.2013


Credit Suisse STEPHEN RICH neutral 3 M 1 Not Provided 14.02.2013

JPMorgan ROB STANTON overweight 5 M 1 9 month 14.02.2013


Moelis & Company RYAN FRANZ hold 3 M 1 12 month 06.11.2012

Holdings By:

Dexus Property Group ee


27.02.2013

Sonic Healthcare Limited is a medical diagnostics company with operations in

Australia, New Zealand, and Europe. The Company provides a comprehensive range

of pathology and diagnostic imaging services to medical practitioners, hospitals

and their patients along with providing administrative services and facilities

to medical practitioners.


LTM as of: 01/yy

52-Week High (08.02.2013) 14.32

52-Week Low (07.03.2012) 11.20

Daily Volume

13.39





5'304.15 1 Yr Total Return 19.66%







SHL AT EQUITY YTD Change - Average Volume 30 Day 1'436'932

SHL AT EQUITY YTD % CHANGE - Average Volume 3 Month 1'192'580


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

2'331.4 2'964.5 2'935.9 3'058.3 3'291.3 - - 3'480.3 3'685.7 - -

2.62x 2.00x 1.89x 2.14x 1.99x - - 1.96x 1.82x - -

439.5 509.2 499.1 557.0 610.3 - - 647.5 699.1 - -

13.89x 11.65x 11.13x 11.74x 10.74x - - 10.61x 9.82x - -

245.1 171.4 293.2 294.5 316.0 - - 332.7 363.8 - -

19.40x 26.27x 13.81x 16.98x 15.66x - - 15.96x 14.65x - -











EBITDA Margin 17.7%



Asset Turnover 0.68







Fiscal Year Ended

Sonic Healthcare LtdPrice/Volume

Valuation Analysis

2'084'812.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

/

1

3

5

.-

./

.1

.3

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

.&- 9

/&- 9

0&- 9

1&- 9

2&- 9

3&- 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

/&--

1&--

3&--

5&--

.-&--

./&--

.1&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013



MANNING & NAPIER ADV n/a Co File 25'097'655 6.34 - 14.09.2012 Unclassified

VERITAS ASSET MANAGE n/a EXCH 21'913'195 5.53 - 31.01.2013 Investment Advisor

JARDVAN PTY LTD n/a Co File 15'958'704 4.03 - 14.09.2012 n/a

MANNING & NAPIER ADV Multiple Portfolios MF-AGG 15'275'580 3.86 (2'605'154) 31.12.2012 Investment Advisor








VANGUARD INVESTMENTS Multiple Portfolios MF-AGG 2'054'372 0.52 (591'955) 30.09.2012 Mutual Fund Manager

WILKS CHRISTOPHER DA n/a Co File 898'122 0.23 - 26.09.2012 n/a

GOLDSCHMIDT COLIN ST n/a Co File 730'243 0.18 - 26.09.2012 n/a

ROYAL BANK OF CANADA n/a ULT-AGG 572'000 0.14 (127'000) 28.09.2012 Bank


F&C FUND MANAGEMENT Multiple Portfolios MF-AGG 532'439 0.13 (175'374) 31.12.2012 Mutual Fund Manager

CAPITAL INTERNATIONA Multiple Portfolios MF-AGG 518'738 0.13 - 31.12.2012 Investment Advisor



Nomura DAVID STANTON neutral 3 M 13 Not Provided 25.02.2013

JPMorgan STEVEN D WHEEN neutral 3 D 14 9 month 20.02.2013

Macquarie CRAIG COLLIE outperform 5 M 14 12 month 20.02.2013



Morgan Stanley SEAN LAAMAN Equalwt/Cautious 3 M 13 12 month 19.02.2013


Credit Suisse SAUL HADASSIN neutral 3 M 14 Not Provided 19.02.2013


BBY Limited DENNIS HULME underperform 1 M 13 12 month 19.02.2013


EVA Dimensions ANDREW S ZAMFOTIS hold 3 M #N/A N/A Not Provided 17.01.2013

Evans & Partners Pty Ltd LOU CAPPARELLI Positive 4 M #N/A N/A Not Provided 09.01.2013

Holdings By:

Sonic Healthcare Ltd ee


27.02.2013

Incitec Pivot Limited is a fertilizer manufacturer and supplier, and also a

supplier for explosives products and services. The Company has operations

throughout the United States, Canada, Mexico and Australia.


LTM as of: 01/yy

52-Week High (02.05.2012) 3.37

52-Week Low (06.06.2012) 2.62

Daily Volume

3.17












IPL AT EQUITY YTD Change - Average Volume 30 Day 8'122'868

IPL AT EQUITY YTD % CHANGE - Average Volume 3 Month 6'878'997


30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 01/yy 01/yy 09/13 Y 09/14 Y - -

2'918.2 3'418.9 2'931.7 3'545.3 3'500.9 - - 3'660.7 3'832.8 - -

2.80x 1.75x 2.36x 1.84x 1.75x - - 1.73x 1.61x - -

1'022.0 1'014.7 760.5 828.6 562.3 - - 790.1 875.3 - -

8.00x 5.89x 9.09x 7.87x 10.92x - - 8.17x 7.37x - -

604.6 (221.4) 410.5 463.2 510.7 - - 379.6 442.1 - -

8.97x - 14.19x 11.51x 9.49x - - 13.61x 11.65x - -











EBITDA Margin 16.1%



Asset Turnover 0.50







Fiscal Year Ended

Incitec Pivot LtdPrice/Volume

Valuation Analysis

12'312'195.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

.

.

/

/

0

0

1

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

.-&- 9

/-&- 9

0-&- 9

1-&- 9

2-&- 9

3-&- 9

4-&- 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

/&--

1&--

3&--

5&--

.-&--

./&--

.1&--

.3&--

-/&.-&/--6 -/&-1&/-.- -/&.-&/-.- -/&-1&/-.. -/&.-&/-.. -/&-1&/-./ -/&.-&/-./



27.02.2013




SCHRODER INVESTMENT n/a Co File 85'454'643 5.25 - 12.11.2012 Investment Advisor




DWS INVESTMENT S A Multiple Portfolios MF-AGG 31'043'133 1.91 - 28.12.2012 Mutual Fund Manager








NATIXIS INTERNATIONA Multiple Portfolios MF-AGG 4'706'455 0.29 92'987 31.12.2012 Investment Advisor


CI INVESTMENTS INC Multiple Portfolios MF-AGG 4'246'216 0.26 632'358 30.06.2012 Investment Advisor


ALLIANCE BERNSTEIN n/a ULT-AGG 3'388'960 0.21 - 31.12.2012 Investment Advisor



RBS Morgans BELINDA MOORE outperform 5 N 3 12 month 18.02.2013

JPMorgan STUART JACKSON neutral 3 M 3 9 month 06.02.2013


Commonwealth Bank MICHAEL WARD neutral 3 D 3 12 month 22.01.2013


CIMB ANDREW G SCOTT neutral 3 D 3 12 month 14.01.2013

Nomura RICHARD J JOHNSON buy 5 M 4 Not Provided 10.01.2013

Goldman Sachs MATTHEW MCNEE neutral/neutral 3 D 3 12 month 21.12.2012

Morgan Stanley NICHOLAS ROBISON Overwt/In-Line 5 N 4 12 month 03.12.2012

BBY Limited DENNIS HULME buy 5 M 3 12 month 16.11.2012


Deutsche Bank MARK WILSON hold 3 M 3 12 month 17.09.2012

Holdings By:

Incitec Pivot Ltd ee


27.02.2013

Computershare Limited operates share registries and computer bureaus which

includes the administration of employee share and option plans and the provision

of software that specializes in share registry, financial and stock markets.

The Company also provides corporate trust services and acts as a trustee for

clients' debt offerings in certain markets.


LTM as of: 01/yy

52-Week High (31.01.2013) 10.47

52-Week Low (10.07.2012) 7.26

Daily Volume

10.06





5'589.98 1 Yr Total Return 36.08%







CPU AT EQUITY YTD Change - Average Volume 30 Day 2'475'113

CPU AT EQUITY YTD % CHANGE - Average Volume 3 Month 1'842'414


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

1'564.0 1'495.8 1'599.6 1'598.9 1'802.6 - - 2'032.2 2'134.6 - -

3.64x 3.23x 3.57x 3.73x 3.07x - - 3.37x 3.11x - -

456.7 416.5 482.6 515.0 500.2 - - 514.2 590.0 - -

12.47x 11.62x 11.85x 11.57x 11.07x - - 13.68x 11.92x - -

282.0 255.7 294.8 264.1 156.5 - - 304.6 349.9 - -

17.58x 15.83x 16.93x 19.99x 26.93x - - 18.70x 16.19x - -











EBITDA Margin 25.1%



Asset Turnover 0.54








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Computershare LtdPrice/Volume

Valuation Analysis

1'055'957.00


-

/

1

3

5

.-

./

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

.&- 9

/&- 9

0&- 9

1&- 9

2&- 9

3&- 9

4&- 9

5&- 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

1'800.0

2'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

/&--

1&--

3&--

5&--

.-&--

./&--

.1&--

.3&--

.5&--

/-&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013


MORRIS CHRISTOPHER J n/a EXCH 43'571'131 7.84 (1'000'000) 30.11.2012 n/a

WALES ANTHONY NORMAN n/a Co File 26'792'384 4.82 - 14.09.2012 n/a

MACLAGAN PENELOPE JA n/a EXCH 13'945'411 2.51 (333'000) 03.12.2012 n/a











MAWER INVESTMENT MAN Multiple Portfolios MF-AGG 1'795'500 0.32 - 30.11.2012 Investment Advisor


MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 1'698'676 0.31 119'952 31.03.2012 Investment Advisor

TAUBE HODSON STONEX Multiple Portfolios MF-AGG 1'180'521 0.21 (161'250) 30.11.2012 Investment Advisor

MADISON SQUARE INVES Multiple Portfolios MF-AGG 1'025'790 0.18 - 31.12.2012 Investment Advisor

CROSBY WILLIAM STUAR n/a Co File 831'272 0.15 - 24.09.2012 n/a



Morgan Stanley ARVID STREIMANN Equalwt/In-Line 3 M 10 12 month 14.02.2013

JPMorgan ISMAR TUZOVIC neutral 3 D 9 9 month 14.02.2013

Macquarie BRYAN RAYMOND outperform 5 M 11 12 month 14.02.2013



Credit Suisse DAVID BAILEY outperform 5 M 11 Not Provided 13.02.2013





Wilson HTM Investment Group IVOR RIES buy 5 M 10 Not Provided 04.02.2013



E.L. & C. Baillieu NICOLAS BURGESS hold 3 N 9 12 month 20.12.2012

Evans & Partners Pty Ltd GEORGE GABRIEL Positive 4 U #N/A N/A Not Provided 05.06.2012

Holdings By:

Computershare Ltd ee


27.02.2013

APA Group is a natural gas infrastructure company. The Company owns and or

operates gas transmission and distribution assets whose pipelines span every

state and territory in mainland Australia. APA Group also holds minority

interests in energy infrastructure enterprises.


LTM as of: 01/yy

52-Week High (22.02.2013) 6.25

52-Week Low (20.08.2012) 4.57

Daily Volume

6.06





5'013.74 1 Yr Total Return 35.04%







APA AT EQUITY YTD Change - Average Volume 30 Day 1'958'052

APA AT EQUITY YTD % CHANGE - Average Volume 3 Month 2'296'539


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

848.9 908.0 953.0 1'049.5 1'009.2 - - 1'159.3 1'243.5 - -

4.98x 4.65x 5.11x 5.12x 5.74x - - 7.80x 7.22x - -

398.4 437.1 428.7 432.6 481.0 - - 674.6 707.6 - -

10.61x 9.66x 11.35x 12.43x 12.04x - - 13.70x 13.06x - -

67.2 78.8 100.4 108.5 130.7 - - 193.3 181.8 - -

17.52x 16.98x 18.56x 20.66x 24.46x - - 24.73x 27.17x - -











EBITDA Margin 44.5%



Asset Turnover 0.17








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

APA GroupPrice/Volume

Valuation Analysis

2'409'872.00


-

.

/

0

1

2

3

4

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

/-&- 9

1-&- 9

3-&- 9

5-&- 9

.--&- 9

./-&- 9

.1-&- 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

/&--

1&--

3&--

5&--

.-&--

./&--

.1&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013


PETRONAS AUSTRALIA P n/a EXCH 111'292'297 13.45 - 01.05.2012 Holding Company







PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 6'542'469 0.79 (283'169) 30.11.2012 Investment Advisor



DUFF & PHELPS INVEST Multiple Portfolios MF-AGG 4'479'095 0.54 3'840 31.12.2012 Investment Advisor




DEUTSCHE BANK AG Multiple Portfolios MF-AGG 3'581'235 0.43 270'034 31.12.2012 Investment Advisor




FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 1'842'190 0.22 1'559'577 31.05.2012 Investment Advisor

PICTET CONSEIL EN IN Multiple Portfolios MF-AGG 1'522'573 0.18 (1'689) 30.11.2012 Investment Advisor


EVA Dimensions AUSTIN BURKETT underweight 1 D #N/A N/A Not Provided 26.02.2013





Credit Suisse BENJAMIN MCVICAR underperform 1 M 5 Not Provided 20.02.2013

JPMorgan JASON HARLEY STEED underweight 1 M 5 9 month 20.02.2013


Goldman Sachs ANDREW MCCUSKER neutral/neutral 3 M 5 12 month 12.02.2013

E.L. & C. Baillieu MATHAN SOMASUNDARAM hold 3 M 5 12 month 10.12.2012

Wilson HTM Investment Group NATHAN LEAD hold 3 M 5 Not Provided 08.10.2012

Evans & Partners Pty Ltd TONY WILSON neutral 3 M #N/A N/A Not Provided 23.08.2012

Holdings By:

APA Group ee


27.02.2013

CFS Retail Property Trust is a property trust that invests in, manages, and

develops a portfolio of retail assets throughout Australia. The Trust's

portfolio comprises a variety of retail properties such as supermarkets,

discount department stores, department stores, and specialty shops.


LTM as of: 01/yy

52-Week High (20.02.2013) 2.11

52-Week Low (16.03.2012) 1.71

Daily Volume

2.06





5'826.70 1 Yr Total Return 24.42%







CFX AT EQUITY YTD Change - Average Volume 30 Day 7'349'610

CFX AT EQUITY YTD % CHANGE - Average Volume 3 Month 6'475'358


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

547.1 560.1 622.9 704.4 739.3 - - 633.3 674.3 - -

11.22x 10.75x 11.22x 10.47x 10.39x - - 13.09x 12.56x - -

330.6 359.7 413.8 463.8 478.1 - - 501.7 535.2 - -

18.56x 16.74x 16.88x 15.90x 16.07x - - 15.99x 14.99x - -

669.1 (366.9) 315.0 532.6 409.2 - - 381.3 392.8 - -

6.25x - 14.94x 9.38x 13.45x - - 14.93x 14.82x - -


EBIT 475.90 Long-Term Rating A









EBITDA Margin 64.7%



Asset Turnover 0.09







Fiscal Year Ended

CFS Retail Property Trust GroupPrice/Volume

Valuation Analysis

9'908'693.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

.

.

/

/

0

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

2&- 9

.-&- 9

.2&- 9

/-&- 9

/2&- 9

0-&- 9

02&- 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

/&--

1&--

3&--

5&--

.-&--

./&--

.1&--

.3&--

.5&--

/-&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013


GANDEL GROUP PTY LTD n/a Co File 438'842'489 15.52 - 20.08.2012 Corporation


UNISUPER n/a Co File 210'242'365 7.43 - 20.08.2012 Other


MORGAN STANLEY n/a EXCH 137'342'033 4.86 (4'988'015) 30.09.2011 Other










SARASIN n/a ULT-AGG 17'358'048 0.61 (174'978) 28.12.2012 Unclassified



MITSUBISHI UFJ FINAN n/a ULT-AGG 11'761'452 0.42 - 05.07.2012 Holding Company




Credit Suisse JOHN RICHMOND underperform 1 M 2 Not Provided 26.02.2013

EVA Dimensions AUSTIN BURKETT hold 3 D #N/A N/A Not Provided 26.02.2013




JPMorgan ROB STANTON underweight 1 M 2 9 month 21.02.2013

Commonwealth Bank DAVID LLOYD underweight 1 M 2 12 month 21.02.2013

Deutsche Bank IAN RANDALL buy 5 U 2 12 month 31.10.2012

Moelis & Company SIMON SCOTT hold 3 D 2 12 month 17.05.2012

Holdings By:

CFS Retail Property Trust Group ee


27.02.2013

Sydney Airport operates the Sydney, Australia airport. The Company develops

and maintains the airport infrastructure and leases terminal space to airlines

and retailers.


LTM as of: 06/yy

52-Week High (20.12.2012) 3.61

52-Week Low (02.03.2012) 2.54

Daily Volume

3.2





5'955.87 1 Yr Total Return 31.14%







SYD AT EQUITY YTD Change - Average Volume 30 Day 8'319'663

SYD AT EQUITY YTD % CHANGE - Average Volume 3 Month 6'755'100


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/12 Q3 12/12 Q4

5'016.9 1'212.6 928.5 967.6 1'034.0 0.0 309.4 1'104.4 1'178.8 - -

1.78x 8.95x 11.80x 11.24x - #DIV/0! 31.21x 11.07x 10.52x - -

3'053.4 (469.1) 737.6 728.5 - 0.0 51.5 899.3 951.5 - -

2.92x - 14.85x 14.93x - 0.00x 0.00x 13.34x 12.61x - -

2'070.5 (572.7) 100.8 (239.9) 179.2 0.0 203.7 169.9 191.5 - -

1.99x - 51.79x 40.69x 35.21x 0.00x 0.00x 34.41x 31.07x - -


EBIT 422.75 Long-Term Rating NR







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.08







Fiscal Year Ended

Sydney AirportPrice/Volume

Valuation Analysis

6'241'753.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

.

.

/

/

0

0

1

1

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

.-&- 9

/-&- 9

0-&- 9

1-&- 9

2-&- 9

3-&- 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

/&--

1&--

3&--

5&--

.-&--

./&--

.1&--

-.&-.&/-.- -.&-4&/-.- -.&-.&/-.. -.&-4&/-.. -.&-.&/-./ -.&-4&/-./ -.&-.&/-.0



27.02.2013




ARTIO GLOBAL MANAGEM n/a EXCH 104'528'424 5.62 5'740'831 21.04.2011 Investment Advisor

ABU DHABI INVESTMENT n/a Co File 94'553'945 5.08 - 29.02.2012 Government

FUTURE FUND BOARD OF n/a Co File 93'094'027 5 - 29.02.2012 n/a

RARE INFRASTRUCTURE n/a EXCH 92'975'882 5 (12'152'864) 07.09.2012 Other



EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 28'128'021 1.51 (5'416'544) 14.09.2012 Investment Advisor

THORNBURG INVESTMENT Multiple Portfolios MF-AGG 20'385'909 1.1 - 31.12.2012 Investment Advisor







INVESCO LTD Multiple Portfolios MF-AGG 8'741'664 0.47 - 26.02.2013 Investment Advisor



SUMITOMO MITSUI ASSE Multiple Portfolios MF-AGG 4'651'000 0.25 - 18.07.2012 Investment Advisor



CIMB MICHAEL NEWBOLD neutral 3 M 3 12 month 27.02.2013

JPMorgan CAROLYN HOLMES underweight 1 M 3 9 month 01.02.2013





Commonwealth Bank ANDRE FROMYHR underweight 1 M 3 12 month 07.01.2013

Deutsche Bank CAMERON MCDONALD hold 3 D 3 12 month 21.12.2012


Holdings By:

Sydney Airport ee


27.02.2013

Crown Ltd. operates and manages gaming and entertainment facilities, bars,

restaurants, nightclubs, cinemas and retail outlets. The Company also develops

hotels and conference centre facilities.


LTM as of: 01/yy

52-Week High (19.02.2013) 12.12

52-Week Low (04.06.2012) 8.06

Daily Volume

11.74





8'551.35 1 Yr Total Return 48.79%







CWN AT EQUITY YTD Change - Average Volume 30 Day 2'016'857

CWN AT EQUITY YTD % CHANGE - Average Volume 3 Month 1'882'216


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

2'008.3 2'175.3 2'312.1 2'379.2 2'773.2 - - 2'928.1 3'135.8 - -

3.20x 2.78x 2.83x 3.22x 2.79x - - 3.53x 3.31x - -

(2'740.3) 713.6 684.8 633.6 774.9 - - 764.6 849.7 - -

- 8.49x 9.56x 12.09x 9.97x - - 13.46x 12.11x - -

3'546.4 (1'197.9) 292.3 335.9 513.3 - - 448.6 531.8 - -

1.81x - 20.16x 20.16x 12.17x - - 19.09x 16.10x - -











EBITDA Margin 24.5%



Asset Turnover 0.48








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Crown LtdPrice/Volume

Valuation Analysis

982'832.00


-

/

1

3

5

.-

./

.1

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9/&- 91&- 93&- 95&- 9.-&- 9./&- 9.1&- 9.3&- 9.5&- 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

2&--

.-&--

.2&--

/-&--

/2&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013


PACKER JAMES DOUGLAS n/a EXCH 364'270'253 50.01 13'958'286 19.12.2012 n/a



EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 7'187'489 0.99 101'200 14.09.2012 Investment Advisor








HENDERSON GLOBAL INV Multiple Portfolios MF-AGG 1'133'091 0.16 - 31.12.2012 Investment Advisor


LEGAL & GENERAL n/a ULT-AGG 658'736 0.09 - 28.12.2012 Unclassified


JF ASSET MANAGEMENT Multiple Portfolios MF-AGG 552'655 0.08 133'846 30.09.2011 Mutual Fund Manager



SCHRODER INVESTMENT Multiple Portfolios MF-AGG 363'034 0.05 - 30.11.2011 Investment Advisor



Morgan Stanley MARK A CHRISTENSEN Overwt/In-Line 5 M 13 12 month 24.02.2013


Credit Suisse LARRY GANDLER neutral 3 D 13 Not Provided 22.02.2013

JPMorgan MATTHEW RYAN overweight 5 M 12 3 month 22.02.2013


CIMB MICHAEL NOLAN neutral 3 M 11 12 month 22.02.2013

Commonwealth Bank BEN BROWNETTE neutral 3 M 12 12 month 22.02.2013

Nomura NICK BERRY neutral 3 M 12 Not Provided 22.02.2013

Goldman Sachs ADAM ALEXANDER Buy/Neutral 5 M 13 12 month 29.01.2013


Holdings By:

Crown Ltd ee


27.02.2013

Tatts Group Ltd. provides diversified network gambling services.


LTM as of: 01/yy

52-Week High (11.02.2013) 3.42

52-Week Low (09.03.2012) 2.31

Daily Volume

3.24





4'496.96 1 Yr Total Return 42.18%







TTS AT EQUITY YTD Change - Average Volume 30 Day 4'359'164

TTS AT EQUITY YTD % CHANGE - Average Volume 3 Month 3'996'883


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

3'067.1 3'200.4 3'288.0 3'657.0 3'879.4 - - 3'059.1 3'090.3 - -

1.17x 1.18x 1.23x 1.14x 1.18x - - 1.93x 1.88x - -

501.7 556.6 729.1 617.5 654.0 - - 512.8 541.9 - -

7.18x 6.78x 5.57x 6.76x 7.01x - - 11.34x 10.73x - -

257.6 277.4 119.4 275.4 319.1 - - 216.5 231.1 - -

11.58x 11.64x 27.32x 11.32x 11.01x - - 20.51x 19.40x - -











EBITDA Margin 16.6%



Asset Turnover 0.67







Fiscal Year Ended

Tatts Group LtdPrice/Volume

Valuation Analysis

7'792'488.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

.

.

/

/

0

0

1

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9/&- 91&- 93&- 95&- 9.-&- 9./&- 9.1&- 9.3&- 9.5&- 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

4'500.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

/&--

1&--

3&--

5&--

.-&--

./&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013



PERPETUAL LTD n/a EXCH 71'661'678 5.16 - 12.03.2012 Investment Advisor




SEYMOUR KEVIN WILL n/a Co File 14'108'306 1.02 - 23.08.2012 n/a

TASSYD PTY LIMITED n/a Co File 13'955'000 1.01 - 28.08.2012 Corporation


DAVEY ROBIN EDWARD n/a Co File 9'568'668 0.69 - 28.08.2012 n/a


WENTWORTH INVESTMENT n/a Co File 7'176'501 0.52 - 28.08.2012 Other


CREDIT SUISSE SECURI n/a Co File 4'400'000 0.32 - 28.08.2012 Unclassified




SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 3'187'713 0.23 32'620 28.12.2012 Mutual Fund Manager

AXA ROSENBERG INTL Multiple Portfolios MF-AGG 2'854'800 0.21 233'900 30.09.2012 Investment Advisor




Macquarie LACHLAN FITT underperform 1 M 3 12 month 22.02.2013

Morgan Stanley MARK A CHRISTENSEN Equalwt/In-Line 3 D 3 12 month 21.02.2013

Credit Suisse LARRY GANDLER neutral 3 M 3 Not Provided 21.02.2013

JPMorgan MATTHEW RYAN underweight 1 M 3 3 month 21.02.2013


Commonwealth Bank BEN BROWNETTE underweight 1 D 3 12 month 21.02.2013

Nomura NICK BERRY buy 5 M 4 Not Provided 21.02.2013

Goldman Sachs ADAM ALEXANDER neutral/neutral 3 M 3 12 month 29.01.2013


EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 17.01.2013

Holdings By:

Tatts Group Ltd ee


27.02.2013

Iluka Resources Limited is involved in the mining, concentration and separation

of mineral sands and titanium minerals. The Company also produces ilmenite and

other titani-ferrous concentrates, zircon, and synthetic rutile along with the

exploration of coal. Iluka's products are exported throughout the world.


LTM as of: 01/yy

52-Week High (02.04.2012) 18.40

52-Week Low (19.11.2012) 7.36

Daily Volume

10.06





4'212.13 1 Yr Total Return -35.38%







ILU AT EQUITY YTD Change - Average Volume 30 Day 3'884'798

ILU AT EQUITY YTD % CHANGE - Average Volume 3 Month 3'767'136


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

862.4 549.7 886.6 1'536.7 1'069.8 - - 865.8 1'311.5 - -

2.35x 3.41x 4.64x 4.10x - - - 4.89x 3.04x - -

199.4 62.9 295.5 1'012.6 - - - 328.6 604.3 - -

10.17x 29.80x 13.91x 6.22x - - - 13.18x 7.16x - -

77.5 (82.4) 36.1 541.8 363.2 - - 96.4 299.3 - -

33.62x - 106.28x 11.91x 10.36x - - 44.32x 13.76x - -

EBITDA 1'012.60 Long-Term Rating Date -










EBITDA Margin 75.8%



Asset Turnover 0.75








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Iluka Resources LtdPrice/Volume

Valuation Analysis

2'252'096.00


-/135

.-

./

.1

.3

.5/-

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

2&- 9

.-&- 9

.2&- 9

/-&- 9

/2&- 9

0-&- 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

1'800.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

2&--

.-&--

.2&--

/-&--

/2&--

0-&--

02&--

1-&--

-.&-.&/-.- -.&-4&/-.- -.&-.&/-.. -.&-4&/-.. -.&-.&/-./ -.&-4&/-./ -.&-.&/-.0



27.02.2013



M&G INVESTMENT MANAG n/a EXCH 42'755'825 10.21 4'898'362 24.12.2012 Investment Advisor

SCHRODER INVESTMENT n/a EXCH 27'386'364 6.54 6'270'848 28.11.2012 Investment Advisor


SUN LIFE FINANCIAL I n/a EXCH 25'446'567 6.08 4'362'575 10.09.2012 Investment Advisor

RS INVESTMENT MANAGE n/a EXCH 21'799'163 5.21 - 15.11.2012 Investment Advisor


CREDIT SUISSE HLDGS n/a EXCH 21'197'136 5.06 - 06.02.2013 Bank

VANGUARD GROUP INC n/a EXCH 20'350'000 4.86 (4'900'000) 06.10.2011 Investment Advisor

MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 15'864'338 3.79 1'049'643 31.12.2012 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 4'967'453 1.19 1'420'469 31.12.2012 Investment Advisor









ALPINE WOODS CAPITAL Multiple Portfolios MF-AGG 1'552'100 0.37 1'552'100 31.10.2012 Investment Advisor


EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 26.02.2013

Macquarie ANDREW SULLIVAN underperform 1 M 7 12 month 25.02.2013


RBC Capital Markets GEOFF BREEN sector perform 3 M 11 12 month 22.02.2013

Wilson HTM Investment Group ANDREW PEDLER hold 3 M 9 Not Provided 22.02.2013

Deutsche Bank CHRIS TERRY sell 1 M 9 12 month 21.02.2013


Goldman Sachs IAN PRESTON sell/attractive 1 M 9 12 month 21.02.2013

Credit Suisse MATTHEW HOPE neutral 3 D 11 Not Provided 21.02.2013

JPMorgan MARK BUSUTTIL overweight 5 M 13 9 month 21.02.2013

CIMB MICHAEL EVANS underperform 1 D 9 12 month 21.02.2013

Commonwealth Bank ANDREW KNUCKEY underweight 1 M 9 12 month 21.02.2013

Bell Potter FRED TRUONG buy 5 M 12 12 month 21.02.2013

Investec TIM GERRARD hold 3 D 10 12 month 17.01.2013


Holdings By:

Iluka Resources Ltd ee


27.02.2013

James Hardie Industries Plc manufactures building products, including fiber

cement siding, backerboard, and pipe.


LTM as of: 09/yy

52-Week High (31.01.2013) 10.29

52-Week Low (21.05.2012) 6.87

Daily Volume

9.5





4'188.72 1 Yr Total Return 32.96%







JHX AT EQUITY YTD Change - Average Volume 30 Day 1'023'494

JHX AT EQUITY YTD % CHANGE - Average Volume 3 Month 999'790


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 09/yy 09/yy 03/13 Y 03/14 Y 12/12 Q3 03/13 Q4

1'468.8 1'202.6 1'124.6 1'167.0 1'237.5 1'206.2 1'266.4 1'344.2 1'570.0 309.0 342.5

1.83x 1.28x 2.69x 2.40x 2.63x 9.22x 10.62x 3.11x 2.73x - -

331.0 212.6 264.9 253.4 250.8 250.1 240.2 257.2 337.5 61.5 65.5

8.14x 7.24x 11.44x 11.04x 12.96x 9.89x 16.21x 16.29x 12.41x 13.22x 12.42x

(71.6) 136.3 (84.9) (347.0) 604.3 100.2 559.4 149.3 197.9 33.5 30.7

20.39x 10.39x 51.26x 24.30x 24.90x 15.98x 29.15x 28.38x 21.99x 22.77x 21.04x











EBITDA Margin 19.0%



Asset Turnover 0.64








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

James Hardie Industries PlcPrice/Volume

Valuation Analysis

3'308'913.00


-

/

1

3

5

.-

./

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

.&- 9

/&- 9

0&- 9

1&- 9

2&- 9

3&- 9

4&- 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

1'800.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

2-&--

.--&--

.2-&--

/--&--

/2-&--

-0&-1&/--6 -0&.-&/--6 -0&-1&/-.- -0&.-&/-.- -0&-1&/-.. -0&.-&/-.. -0&-1&/-./ -0&.-&/-./



27.02.2013



LAZARD ASSET MANAGEM n/a ULT-AGG 34'651'645 7.86 4'874'178 22.02.2013 Unclassified


BAILLIE GIFFORD AND n/a EXCH 31'301'628 7.1 4'394'115 09.01.2012 Investment Advisor

SCHRODER INVESTMENT n/a EXCH 28'687'853 6.51 (4'747'346) 28.09.2012 Investment Advisor


CAPITAL GROUP COMPAN n/a ULT-AGG 27'010'612 6.13 4'989'462 15.01.2013 Investment Advisor


AUSBIL DEXIA LIMITED n/a Co File 24'980'920 5.67 - 31.05.2012 Investment Advisor



AMP LIFE LTD n/a 20F 3'750'431 0.85 - 31.05.2012 Investment Advisor

AMERICAN CENTURY COM Multiple Portfolios MF-AGG 3'131'856 0.71 72'873 31.12.2012 Investment Advisor




JP MORGAN n/a ULT-AGG 1'502'014 0.34 - 31.05.2012 Unclassified

MIRRABOOKA INVESTMEN n/a 20F 1'115'000 0.25 - 31.05.2012 Investment Advisor

BABSON CAPITAL MANAG Multiple Portfolios MF-AGG 972'977 0.22 (98'700) 30.11.2012 Investment Advisor

ARGO INVESTMENTS LTD n/a 20F 964'000 0.22 - 31.05.2012 Investment Advisor


CIMB ANDREW G SCOTT underperform 1 M 8 12 month 27.02.2013

Nomura SIMON THACKRAY neutral 3 M 8 Not Provided 26.02.2013

Credit Suisse ANDREW PEROS neutral 3 M 9 Not Provided 25.02.2013


Commonwealth Bank MICHAEL WARD neutral 3 M 9 12 month 16.01.2013

JPMorgan JASON HARLEY STEED neutral 3 U 9 9 month 15.01.2013

Deutsche Bank EMILY BEHNCKE buy 5 M 9 12 month 08.01.2013

Goldman Sachs MATTHEW MCNEE neutral/neutral 3 M 9 12 month 19.12.2012

Macquarie LIAM FARLOW neutral 3 M 9 12 month 07.12.2012

Morgan Stanley PHILIP BARE Equalwt/Cautious 3 M 8 12 month 15.11.2012

Holdings By:

James Hardie Industries Plc ee


27.02.2013

Toll Holdings Limited provides express freight transport by road, rail and sea.

The Company also provides integrated logistics and distribution systems,

including specialized warehousing, port operations, and vehicle transport and

distribution. Toll's operations cover coastal shipping, refrigerated freight

services, bulk liquid transportation, and wharf services.


LTM as of: 01/yy

52-Week High (25.02.2013) 6.15

52-Week Low (13.07.2012) 3.72

Daily Volume

6.02





4'317.15 1 Yr Total Return 12.58%







TOL AT EQUITY YTD Change - Average Volume 30 Day 4'146'549

TOL AT EQUITY YTD % CHANGE - Average Volume 3 Month 3'535'122


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

5'593.7 6'480.6 6'944.0 8'224.5 8'707.2 - - 8'891.6 9'333.9 - -

0.93x 0.73x 0.69x 0.55x 0.46x - - 0.61x 0.58x - -

684.0 583.0 595.3 639.7 659.7 - - 714.9 771.1 - -

7.62x 8.15x 8.08x 7.03x 6.08x - - 7.73x 7.17x - -

(694.7) 270.3 278.9 281.4 64.6 - - 297.6 322.9 - -

15.55x 15.19x 13.73x 12.19x 44.22x - - 14.61x 13.29x - -











EBITDA Margin 7.5%



Asset Turnover 1.44








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Toll Holdings LtdPrice/Volume

Valuation Analysis

4'737'919.00


-

.

/

0

1

2

3

4

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9/&- 91&- 93&- 95&- 9.-&- 9./&- 9.1&- 9.3&- 9.5&- 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

9'000.0

10'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

/&--

1&--

3&--

5&--

.-&--

./&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013


UBS n/a ULT-AGG 40'162'508 5.6 (1'558'888) 31.10.2012 Unclassified

LITTLE PAUL ALEXANDE n/a Co File 37'535'935 5.23 - 27.08.2012 n/a




PGA INVESTMENTS PTY n/a Co File 8'500'000 1.19 - 27.08.2012 n/a






IVY MANAGEMENT INCOR Multiple Portfolios MF-AGG 3'183'699 0.44 - 31.12.2012 Investment Advisor

UCA FUNDS MANAGEMENT Multiple Portfolios MF-AGG 3'142'161 0.44 (199'042) 31.01.2013 Mutual Fund Manager

LORD ABBETT & CO LLC Multiple Portfolios MF-AGG 2'714'563 0.38 89'371 31.12.2012 Investment Advisor






AXA ROSENBERG INTL Multiple Portfolios MF-AGG 1'508'100 0.21 1'065'500 30.09.2012 Investment Advisor


EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 26.02.2013

JPMorgan SCOTT CARROLL underweight 1 M 6 9 month 21.02.2013

Macquarie RUSSELL SHAW neutral 3 M 6 12 month 21.02.2013


Morgan Stanley SCOTT KELLY Underwt/In-Line 1 D 5 12 month 20.02.2013


Credit Suisse NICHOLAS MARKIEWICZ neutral 3 M 6 Not Provided 20.02.2013

CIMB MARK WILLIAMS underperform 1 M 6 12 month 20.02.2013

Commonwealth Bank MATT CROWE underweight 1 M 6 12 month 20.02.2013


Evans & Partners Pty Ltd PAUL RYAN neutral 3 U #N/A N/A Not Provided 12.08.2011


E.L. & C. Baillieu ROSS MACMILLAN accumulate 4 N 7 12 month 26.08.2010

Holdings By:

Toll Holdings Ltd ee


27.02.2013

Ramsay Health Care Ltd. provides health care services. The Company offers

private hospital services, including, rehabilitation, psychiatric care, day,

and complex surgery. Ramsay Health Care owns, operates, and manages health care

facilities throughout Australia, Indonesia, and Europe.


LTM as of: 01/yy

52-Week High (27.02.2013) 32.24

52-Week Low (27.02.2012) 18.03

Daily Volume

31.44





6'353.43 1 Yr Total Return 78.71%







RHC AT EQUITY YTD Change - Average Volume 30 Day 416'869

RHC AT EQUITY YTD % CHANGE - Average Volume 3 Month 379'037


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

2'651.2 3'199.9 3'374.1 3'693.0 3'919.2 - - 4'224.6 4'556.6 - -

1.14x 1.13x 1.25x 1.33x 1.45x - - 1.77x 1.63x - -

318.9 387.7 443.7 466.6 517.0 - - 635.8 702.2 - -

9.51x 9.31x 9.52x 10.52x 10.98x - - 11.79x 10.67x - -

92.2 106.5 148.3 198.4 244.1 - - 278.7 316.7 - -

19.53x 22.50x 20.25x 20.02x 20.06x - - 23.03x 20.34x - -











EBITDA Margin 13.1%



Asset Turnover 1.10







Fiscal Year Ended

Ramsay Health Care LtdPrice/Volume

Valuation Analysis

661'312.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

2

.-

.2

/-

/2

0-

02

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

&/ 9

&1 9

&3 9

&5 9

.&- 9

.&/ 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

4'500.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

/&--

1&--

3&--

5&--

.-&--

./&--

.1&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013


RAMSAY PAUL JOSEPH n/a Co File 73'149'269 36.2 - 18.09.2012 n/a


FMR LLC n/a EXCH 10'091'387 4.99 (22'014) 10.09.2012 Unclassified





VANGUARD INVESTMENTS Multiple Portfolios MF-AGG 692'637 0.34 24'380 30.09.2012 Mutual Fund Manager

REX CHRISTOPHER PA n/a EXCH 483'873 0.24 19'357 14.09.2012 n/a

MIRRABOOKA INVESTMEN Multiple Portfolios MF-AGG 270'000 0.13 - 31.12.2012 Investment Advisor

CIBC GLOBAL ASSET MA Multiple Portfolios MF-AGG 222'786 0.11 (46'940) 30.06.2012 Investment Advisor


SODEN BRUCE ROGER n/a EXCH 195'791 0.1 50'000 31.08.2012 n/a

MACQUARIE GROUP LTD n/a ULT-AGG 184'527 0.09 (805'727) 31.08.2011 Investment Advisor

MIRAE ASSET GLOBAL I Multiple Portfolios MF-AGG 162'900 0.08 (23'541) 28.09.2012 Investment Advisor

THRIVENT FINANCIAL F Multiple Portfolios MF-AGG 153'631 0.08 60'079 31.10.2012 Investment Advisor

SIDDLE MICHAEL STANL n/a Co File 152'564 0.08 - 07.09.2012 n/a


ABERDEEN n/a ULT-AGG 116'400 0.06 - 31.01.2013 Unclassified

GOLDMAN SACHS GROUP Multiple Portfolios MF-AGG 96'932 0.05 (5'761) 30.09.2012 Investment Advisor



Morgan Stanley JAMES RUTLEDGE Equalwt/Cautious 3 M 27 12 month 26.02.2013

Goldman Sachs IAN ABBOTT Buy/Neutral 5 M 31 12 month 26.02.2013


JPMorgan STEVEN D WHEEN neutral 3 M 28 9 month 26.02.2013

Macquarie CRAIG COLLIE neutral 3 M 34 12 month 26.02.2013

CIMB DEREK JELLINEK underperform 1 M 23 12 month 26.02.2013

Commonwealth Bank BRUCE DU underweight 1 M 27 12 month 26.02.2013



EVA Dimensions ANDREW S ZAMFOTIS underweight 1 M #N/A N/A Not Provided 15.01.2013

Evans & Partners Pty Ltd LOU CAPPARELLI negative 2 D #N/A N/A Not Provided 09.01.2013

Bell Potter STUART ROBERTS buy 5 N 19 12 month 01.08.2011

Moelis & Company ADAM S MICHELL hold 3 M 10 12 month 14.05.2009

Holdings By:

Ramsay Health Care Ltd ee


27.02.2013

Cochlear Limited researches, develops and markets cochlear implant systems for

hearing impaired individuals. The Company's hearing implant systems include

Nucleus and Baha and are sold both domestically and internationally.


LTM as of: 01/yy

52-Week High (29.01.2013) 82.87

52-Week Low (12.03.2012) 56.37

Daily Volume

70.73





4'034.18 1 Yr Total Return 22.06%

Total Debt 65.67 YTD Return -8.96%






COH AT EQUITY YTD Change - Average Volume 30 Day 320'978

COH AT EQUITY YTD % CHANGE - Average Volume 3 Month 229'117


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

580.4 711.8 696.2 732.2 704.6 - - 765.2 839.6 - -

4.41x 4.68x 6.19x 5.55x 5.31x - - 5.34x 4.86x - -

160.8 214.0 196.0 184.0 55.1 - - 237.9 256.7 - -

15.90x 15.58x 21.98x 22.11x 67.88x - - 17.26x 16.00x - -

115.2 130.5 155.2 180.1 56.8 - - 155.2 165.8 - -

20.98x 24.69x 26.96x 22.63x 65.84x - - 25.86x 24.36x - -









Net Debt/EBITDA -

Gross Margin 51.4% Total Debt/EBITDA -

EBITDA Margin -



Asset Turnover 1.00







Fiscal Year Ended

Cochlear LtdPrice/Volume

Valuation Analysis

393'183.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-.-/-0-1-2-3-4-5-6-

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

&/ 9

&1 9

&3 9

&5 9

.&- 9

.&/ 9

.&1 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

2&--

.-&--

.2&--

/-&--

/2&--

0-&--

02&--

1-&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013


BAILLIE GIFFORD AND n/a EXCH 6'652'068 11.66 610'900 18.11.2012 Investment Advisor

WILSON HTM INVESTMEN n/a Co File 4'344'149 7.62 - 31.07.2012 Investment Advisor

HYPERION ASSET MANAG n/a EXCH 4'235'536 7.43 649'658 16.04.2012 Investment Advisor


HARDING LOEVNER LP n/a EXCH 2'964'964 5.2 551'527 10.12.2012 Investment Advisor

CAPITAL (INSTITUTION n/a EXCH 2'795'813 4.9 (431'199) 08.02.2013 Other

COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 2'192'948 3.84 25'012 31.10.2012 Bank


ROBERTS CHRISTOPHER n/a EXCH 715'803 1.25 - 18.02.2013 n/a

BLACKROCK n/a ULT-AGG 605'859 1.06 993 25.02.2013 Investment Advisor

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 573'279 1.01 (4'755) 31.12.2012 Investment Advisor

COLUMBIA WANGER ASSE Multiple Portfolios MF-AGG 551'155 0.97 - 31.12.2012 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 303'132 0.53 - 25.02.2013 Investment Advisor


AMP LIFE LTD n/a Co File 188'108 0.33 - 31.07.2012 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 163'733 0.29 - 31.12.2012 Investment Advisor


ABERDEEN n/a ULT-AGG 151'956 0.27 (6'294) 31.01.2013 Unclassified

MIRAE ASSET GLOBAL I Multiple Portfolios MF-AGG 130'399 0.23 42'885 28.09.2012 Investment Advisor

ARGO INVESTMENTS LTD n/a Co File 128'000 0.22 - 31.07.2012 Investment Advisor



EVA Dimensions ANDREW S ZAMFOTIS underweight 1 U #N/A N/A Not Provided 13.02.2013

Credit Suisse SAUL HADASSIN underperform 1 M 72 Not Provided 11.02.2013

JPMorgan STEVEN D WHEEN underweight 1 M 62 9 month 06.02.2013

Macquarie CRAIG COLLIE underperform 1 D 64 12 month 06.02.2013

CIMB DEREK JELLINEK underperform 1 M 63 12 month 06.02.2013

Deutsche Bank DAVID A LOW sell 1 M 59 12 month 05.02.2013

Morgan Stanley SEAN LAAMAN Underwt/Cautious 1 M 62 12 month 05.02.2013

Commonwealth Bank BRUCE DU underweight 1 M 60 12 month 05.02.2013


Bell Potter STUART ROBERTS sell 1 D 63 12 month 05.02.2013


Holdings By:

Cochlear Ltd ee


27.02.2013

Bendigo and Adelaide Bank Limited offers a variety of banking and other

financial services, including first mortgage housing finance, retail and

business banking, commercial finance, funds management, treasury and foreign

exchange services, superannuation and trustee services. Bendigo also offers

internet banking.


LTM as of: 01/yy

52-Week High (20.02.2013) 10.64

52-Week Low (25.05.2012) 6.82

Daily Volume

9.92





4'043.33 1 Yr Total Return 36.55%





Enterprise Value -


BEN AT EQUITY YTD Change - Average Volume 30 Day 1'147'762

BEN AT EQUITY YTD % CHANGE - Average Volume 3 Month 914'354


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y 09/11 Q1 12/11 Q2

2'939.2 3'446.3 3'014.4 3'683.4 3'715.5 - - 1'308.7 1'372.9 - -

- - - - - - - 2.70x 2.53x - -

- - - - - - - - - - -

- - - - - - - - - - -

198.3 83.8 242.6 342.1 195.0 - - 347.1 375.1 - -

12.46x 27.15x 12.14x 9.68x 15.25x - - 12.26x 11.59x - -


EBIT - Long-Term Rating A-







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.06








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Bendigo and Adelaide Bank LtdPrice/Volume

Valuation Analysis

1'081'503.00


-

/

1

3

5

.-

./

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

&2 9

.&- 9

.&2 9

/&- 9

/&2 9

0&- 9

0&2 9

1&- 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

2&--

.-&--

.2&--

/-&--

/2&--

0-&--

02&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013








PRUDENTIAL FINANCIAL n/a ULT-AGG 1'404'516 0.34 (33'100) 31.12.2012 Investment Advisor



CARLTON HOTEL LIMITE n/a Co File 753'455 0.18 - 15.08.2012 Other

AXA ROSENBERG INTL Multiple Portfolios MF-AGG 711'400 0.17 301'300 30.09.2012 Investment Advisor

WELLS FARGO n/a ULT-AGG 708'687 0.17 5'711 31.12.2012 Unclassified

LEESVILLE EQUITY PTY n/a Co File 678'065 0.17 - 15.08.2012 Other



BKI INVESTMENT COMPA n/a Co File 610'400 0.15 - 15.08.2012 Investment Advisor


ALLIANZ ASSET MANAGE n/a ULT-AGG 541'598 0.13 (138'333) 31.01.2013 Investment Advisor

YARABIE ESTATES PTY n/a Co File 510'000 0.13 - 15.08.2012 Corporation

HIRST MICHAEL JOHN n/a EXCH 453'052 0.11 10'881 04.10.2012 n/a





Deutsche Bank ANDREW TRIGGS hold 3 M 10 12 month 18.02.2013

Morgan Stanley DAVID SHI Underwt/In-Line 1 M 9 12 month 18.02.2013

Goldman Sachs ELIZABETH ROGERS neutral/neutral 3 M 8 12 month 18.02.2013

Credit Suisse JAMES ELLIS neutral 3 M 11 Not Provided 18.02.2013


CIMB JOHN BUONACCORSI underperform 1 M 9 12 month 18.02.2013

BBY Limited BRETT LE MESURIER buy 5 U 11 12 month 18.02.2013

Commonwealth Bank JEFF CAI neutral 3 M 10 12 month 18.02.2013

Bell Potter T S LIM hold 3 M 10 12 month 18.02.2013

Evans & Partners Pty Ltd GEORGE GABRIEL neutral 3 N #N/A N/A Not Provided 23.08.2012

Holdings By:

Bendigo and Adelaide Bank Ltd ee


27.02.2013

ALS Limited is a commercial services company with national and

international operations. The Company's services include analytical and testing

services, producing industrial and commercial chemical products, and

hospitality, cleaning, and catering products.


LTM as of: 01/yy

52-Week High (02.05.2012) 13.98

52-Week Low (05.09.2012) 7.23

Daily Volume

11.51












ALQ AT EQUITY YTD Change - Average Volume 30 Day 894'422

ALQ AT EQUITY YTD % CHANGE - Average Volume 3 Month 981'603


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 01/yy 01/yy 03/13 Y 03/14 Y - -

761.0 920.4 825.5 1'108.3 1'405.6 - - 1'543.6 1'573.6 - -

1.97x 1.01x 2.43x 2.92x 3.50x - - 2.81x 2.73x - -

144.2 198.8 158.9 228.2 367.6 - - 418.9 411.1 - -

10.37x 4.69x 12.64x 14.21x 13.37x - - 10.49x 10.69x - -

76.8 106.2 75.3 132.4 222.4 - - 244.3 234.3 - -

16.91x 6.74x 22.90x 22.81x 20.40x - - 16.05x 16.88x - -











EBITDA Margin 27.4%



Asset Turnover 0.94







Fiscal Year Ended

ALS Ltd/QueenslandPrice/Volume

Valuation Analysis

884'276.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

/

1

3

5

.-

./

.1

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9.&- 9/&- 90&- 91&- 92&- 93&- 94&- 95&- 96&- 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

2&--

.-&--

.2&--

/-&--

/2&--

0-&--

02&--

1-&--

-0&-1&/--6 -0&.-&/--6 -0&-1&/-.- -0&.-&/-.- -0&-1&/-.. -0&.-&/-.. -0&-1&/-./ -0&.-&/-./



27.02.2013


BENNELONG FUNDS MANA n/a EXCH 21'231'407 6.18 3'684'315 23.11.2012 Investment Advisor

MILTON CORPORATION L #N/A N/A Co File 10'840'825 3.16 - 18.05.2012 Unclassified

FAIRCASE PTY LTD n/a Co File 6'458'705 1.88 - 18.05.2012 n/a






GARDENGLEN PTY LTD n/a Co File 2'007'675 0.58 - 18.05.2012 n/a



MCGRATH GEOFFREY JAM n/a Co File 1'489'050 0.43 - 01.08.2012 n/a

MIRRABOOKA INVESTMEN n/a Co File 1'362'655 0.4 - 18.05.2012 Investment Advisor

KILMISTER GREGORY FR n/a EXCH 871'510 0.25 - 24.10.2012 n/a

ODIN FORVALTNING AS Multiple Portfolios MF-AGG 778'341 0.23 - 31.01.2013 Mutual Fund Manager



DWS FINANZ SERVICE G Multiple Portfolios MF-AGG 466'000 0.14 - 12.12.2011 Investment Advisor


WASATCH ADVISORS INC Multiple Portfolios MF-AGG 389'714 0.11 (248'306) 31.12.2012 Investment Advisor


Macquarie RIKKI BANNAN neutral 3 U 12 12 month 08.02.2013

Moelis & Company TODD W GUYOT hold 3 M 11 12 month 07.02.2013


Nomura PAUL GRAHAM buy 5 U 13 Not Provided 23.01.2013

Goldman Sachs NATHAN REILLY sell/attractive 1 M 9 12 month 18.01.2013



BBY Limited SWAPAN PANDYA underperform 1 M 9 12 month 04.12.2012

RBS Morgans ROGER LEANING outperform 5 M 13 12 month 03.12.2012

Morgan Stanley DAVID EVANS Overwt/In-Line 5 M 11 12 month 25.11.2012

Credit Suisse BRADLEY CLIBBORN underperform 1 M 9 Not Provided 23.11.2012


Holdings By:

ALS Ltd/Queensland ee


27.02.2013

Leighton Holdings Limited offers a variety of project development and contract-

ing services to public and private sector clients in the Asia-Pacific region.

Leighton provides design management, civil engineering construction, building,

mining, process engineering, telecommunications, waste management and infra-

structure operation and maintenance and property development and management.


LTM as of: 09/yy

52-Week High (28.02.2012) 26.65

52-Week Low (11.09.2012) 14.71

Daily Volume

23.4





7'889.64 1 Yr Total Return -7.30%







LEI AT EQUITY YTD Change - Average Volume 30 Day 1'061'371

LEI AT EQUITY YTD % CHANGE - Average Volume 3 Month 891'605


30.06.2008 30.06.2009 30.06.2010 30.06.2011 31.12.2012 09/yy 09/yy 12/13 Y 12/14 Y 06/12 Q2 09/12 Q3

10'269.1 13'235.5 14'541.8 15'531.5 18'893.9 0.0 3'118.1 22'555.6 22'912.3 - -

1.49x 0.58x 0.62x 0.48x 0.37x #DIV/0! 0.00x 0.38x 0.37x - -

773.3 1'145.0 1'659.2 989.7 2'150.3 0.0 0.0 2'011.7 2'087.3 - -

19.80x 6.65x 5.43x 7.59x 3.26x 0.00x 0.00x 4.41x 4.25x - -

607.9 440.0 612.0 (408.8) 450.1 0.0 98.0 596.2 645.3 - -

23.26x 15.72x 14.15x - 13.39x 0.00x 0.00x 13.28x 12.24x - -


EBIT 1'093.80 Long-Term Rating BBB-









EBITDA Margin 9.8%



Asset Turnover 1.80








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Leighton Holdings LtdPrice/Volume

Valuation Analysis

673'789.00


-

2

.-

.2

/-

/2

0-

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

.&- 9

/&- 9

0&- 9

1&- 9

2&- 9

3&- 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

18'000.0

20'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

/&--

1&--

3&--

5&--

.-&--

./&--

.1&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013


HOCHTIEF AG n/a Co File 163'844'626 48.59 - 13.02.2012 Corporation





LORD ABBETT & CO LLC Multiple Portfolios MF-AGG 1'035'285 0.31 (62'286) 31.12.2012 Investment Advisor







BABSON CAPITAL MANAG Multiple Portfolios MF-AGG 154'660 0.05 17'300 30.11.2012 Investment Advisor

PIONEER ASSET MANAGE Multiple Portfolios MF-AGG 154'502 0.05 (2'847) 30.11.2012 Mutual Fund Manager

MAPS INVESTMENT MANA Multiple Portfolios MF-AGG 145'303 0.04 - 28.09.2012 Mutual Fund Manager

FMR LLC n/a ULT-AGG 142'891 0.04 - 31.12.2012 Investment Advisor



SANLAM ASSET MANAGEM Multiple Portfolios MF-AGG 103'372 0.03 - 31.12.2012 Investment Advisor

LEGG MASON ASSET MAN Multiple Portfolios MF-AGG 75'664 0.02 - 08.11.2011 Mutual Fund Manager


Macquarie JOHN PURTELL restricted #N/A N/A M #N/A N/A Not Provided 21.02.2013


Credit Suisse BRADLEY CLIBBORN underperform 1 M 20 Not Provided 20.02.2013

JPMorgan ANTHONY PASSE-DE SILVA neutral 3 M 22 9 month 20.02.2013

CIMB ANDREW HODGE underperform 1 M 20 12 month 20.02.2013


Commonwealth Bank BEN BROWNETTE overweight 5 M 27 12 month 14.02.2013

Morgan Stanley NICHOLAS ROBISON Underwt/In-Line 1 M 18 12 month 13.02.2013

Goldman Sachs NATHAN REILLY buy/attractive 5 U 26 12 month 13.02.2013


Moelis & Company SIMON FITZGERALD hold 3 U 19 12 month 16.08.2012

Holdings By:

Leighton Holdings Ltd ee


27.02.2013

Boral Limited is a manufacturer and supplier of building and construction

materials in Australia and internationally. Boral supplies building products to

the residential and commercial building markets, operates clay brick business in

the U.S. (for clay roof tiles and fly ash) along with the production of

plasterboard, timber products and concrete products.


LTM as of: 01/yy

52-Week High (17.01.2013) 5.14

52-Week Low (28.06.2012) 2.93

Daily Volume

4.92





3'770.55 1 Yr Total Return 16.20%







BLD AT EQUITY YTD Change - Average Volume 30 Day 5'657'546

BLD AT EQUITY YTD % CHANGE - Average Volume 3 Month 4'779'055


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

5'178.6 4'858.9 4'493.8 4'345.7 4'716.2 - - 5'367.9 5'662.8 - -

0.93x 0.81x 0.91x 0.87x 0.81x - - 1.00x 0.93x - -

627.5 435.0 520.9 432.7 420.5 - - 559.8 717.1 - -

7.69x 9.03x 7.82x 8.70x 9.11x - - 9.47x 7.40x - -

233.3 142.0 (90.5) 167.7 176.6 - - 140.5 250.9 - -

13.88x 16.89x - 17.60x 10.46x - - 26.59x 15.14x - -





Return on Assets -0.02% Short-Term Rating NR






EBITDA Margin 7.5%



Asset Turnover 0.80








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Boral LtdPrice/Volume

Valuation Analysis

5'541'752.00


-

.

/

0

1

2

3

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9/&- 91&- 93&- 95&- 9.-&- 9./&- 9.1&- 9.3&- 9.5&- 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

2&--

.-&--

.2&--

/-&--

/2&--

0-&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013



















SANFORD C BERNSTEIN Multiple Portfolios MF-AGG 1'417'662 0.18 (85'207) 30.11.2012 Investment Advisor

F&C FUND MANAGEMENT Multiple Portfolios MF-AGG 1'215'548 0.16 189'145 31.12.2012 Mutual Fund Manager






Morgan Stanley PHILIP BARE Equalwt/Cautious 3 M 5 12 month 13.02.2013


Credit Suisse ANDREW PEROS outperform 5 M 5 Not Provided 13.02.2013


CIMB ANDREW G SCOTT underperform 1 M 4 12 month 13.02.2013

Commonwealth Bank MICHAEL WARD overweight 5 M 5 12 month 13.02.2013


Evans & Partners Pty Ltd TONY WILSON negative 2 N #N/A N/A Not Provided 19.07.2012

Holdings By:

Boral Ltd ee


27.02.2013

Qantas Airways Limited provides transportation of passengers through two

airlines including Qantas (full service carrier) and Jetstar (low cost carrier),

operating international, domestic and regional services. The Company also

includes Qantas Frequent Flyer and Qantas Freight which generates diverse

revenue streams and adds value for customers and investors.


LTM as of: 01/yy

52-Week High (29.03.2012) 1.83

52-Week Low (08.06.2012) 0.96

Daily Volume

1.57





3'529.60 1 Yr Total Return -6.82%







QAN AT EQUITY YTD Change - Average Volume 30 Day 6'928'158

QAN AT EQUITY YTD % CHANGE - Average Volume 3 Month 6'999'749


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

13'668.0 12'368.0 11'759.0 12'884.0 13'278.0 - - 16'146.2 16'748.4 - -

0.54x 0.52x 0.60x 0.52x 0.42x - - 0.40x 0.36x - -

2'724.0 1'415.0 1'547.0 2'090.0 1'775.0 - - 1'886.1 2'178.9 - -

2.69x 4.58x 4.55x 3.19x 3.14x - - 3.54x 3.06x - -

969.0 117.0 112.0 250.0 (245.0) - - 174.1 362.8 - -

6.20x 35.89x 44.90x 16.73x - - - 20.13x 9.57x - -











EBITDA Margin 13.8%



Asset Turnover 0.66







Fiscal Year Ended

Qantas Airways LtdPrice/Volume

Valuation Analysis

8'423'564.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

---.....///

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9.-&- 9/-&- 90-&- 91-&- 92-&- 93-&- 94-&- 95-&- 96-&- 9.--&- 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

.&--

/&--

0&--

1&--

2&--

3&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013






BT INVESTMENT MANAGE n/a EXCH 113'798'857 5.06 - 08.11.2012 Investment Advisor



DYNAMIC SUPPLIES INV n/a Co File 15'000'000 0.67 - 27.08.2012 n/a




PACIFICA GROUP PLANS n/a Co File 13'070'334 0.58 - 27.08.2012 n/a





GCIC LTD/CANADA Multiple Portfolios MF-AGG 9'872'109 0.44 (3'266'899) 30.06.2012 Investment Advisor



JOYCE ALAN JOSEPH n/a Co File 5'334'000 0.24 2'802'812 08.11.2012 n/a



JPMorgan SCOTT CARROLL neutral 3 M 2 9 month 22.02.2013



Morgan Stanley SCOTT KELLY Overwt/In-Line 5 M 2 12 month 21.02.2013




Commonwealth Bank MATT CROWE overweight 5 M 2 12 month 21.02.2013


Holdings By:

Qantas Airways Ltd ee


27.02.2013

Federation Centres is a retail property investment and services

organization involved in the ownership, management, and development of retail

properties. The company operates shopping centers across Australia.


LTM as of: 01/yy

52-Week High (15.02.2013) 2.48

52-Week Low (17.04.2012) 1.79

Daily Volume

2.44





3'483.44 1 Yr Total Return 39.50%







FDC AT EQUITY YTD Change - Average Volume 30 Day 3'855'937

FDC AT EQUITY YTD % CHANGE - Average Volume 3 Month 5'441'884


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

92.0 111.1 23.1 21.7 - - - 389.4 394.4 - -

27.00x 17.26x 78.76x 61.40x - - - 12.58x 12.31x - -

21.8 35.4 (1.6) (16.9) - - - 313.9 315.5 - -

114.11x 54.22x - - - - - 16.58x 16.50x - -

(867.7) (2'678.3) 113.3 356.7 - - - 221.7 236.9 - -

- - 3.01x 3.02x - - - 15.44x 14.88x - -


EBIT - Long-Term Rating BBB+

Operating Margin - Long-Term Outlook STABLE

Pretax Margin - Short-Term Rating Date -

Return on Assets - Short-Term Rating -




Net Debt/EBITDA -


EBITDA Margin -


Net Income Margin - Total Debt/Capital 29.2%

Asset Turnover -







Fiscal Year Ended

Federation CentresPrice/Volume

Valuation Analysis

6'720'639.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

.

.

/

/

0

0

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

2-&- 9

.--&- 9

.2-&- 9

/--&- 9

/2-&- 9

0--&- 9

0.0

20.0

40.0

60.0

80.0

100.0

120.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

.-&--

/-&--

0-&--

1-&--

2-&--

3-&--

4-&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013




AMP LTD n/a EXCH 87'203'714 6.11 18'788'771 22.11.2012 Insurance Company


CBRE CLARION SECURIT n/a Co File 84'692'142 5.93 - 28.08.2012 Investment Advisor

ANGELO GORDON & COMP n/a EXCH 83'588'914 5.86 (17'797'006) 31.10.2012 Hedge Fund Manager

VARDE INV PARTNERS L n/a EXCH 79'207'910 5.55 - 03.01.2012 Investment Advisor



CENTRO DIRECT PROP F n/a EXCH 66'673'139 4.67 (2'000'000) 08.03.2012 n/a

BURLINGTON LOAN MGMT n/a EXCH 65'282'118 4.57 (3'603'335) 13.04.2012 Investment Advisor

TACONIC CAPITAL ADVI n/a Research 62'638'045 4.39 - 05.03.2012 Hedge Fund Manager


PALOMINO FUND LTD n/a EXCH 26'096'046 1.83 (10'557'928) 15.05.2012 n/a


ING INVESTMENT MANAG Multiple Portfolios MF-AGG 20'487'378 1.44 (3'484'992) 31.12.2012 Investment Advisor


PRINCIPAL FINANCIAL n/a ULT-AGG 13'283'909 0.93 1'313'337 31.01.2013 Investment Advisor

APPALOOSA MANAGEMENT n/a EXCH 12'746'167 0.89 (6'407'657) 22.05.2012 Hedge Fund Manager

THOR0UGHBRED FUND LP n/a EXCH 12'354'689 0.87 (9'267'623) 15.05.2012 n/a





JPMorgan RICHARD JONES underweight 1 M 2 9 month 22.02.2013



Credit Suisse STEPHEN RICH underperform 1 M 2 Not Provided 25.11.2012


Holdings By:

Federation Centres ee


27.02.2013

Metcash Limited is a marketing and distribution company operating in the food

and other consumer goods sectors. The Company operates distribution centers

serving grocery products for independent retail grocery stores, liquor

distribution centers and cash and carry warehouses which serve retailers and

businesses in the grocery, liquor, food services and convenience stores.


LTM as of: 01/yy

52-Week High (29.03.2012) 4.32

52-Week Low (06.07.2012) 3.12

Daily Volume

4.03












MTS AT EQUITY YTD Change - Average Volume 30 Day 4'900'790

MTS AT EQUITY YTD % CHANGE - Average Volume 3 Month 5'252'608


30.04.2008 30.04.2009 30.04.2010 30.04.2011 30.04.2012 01/yy 01/yy 04/13 Y 04/14 Y - -

10'199.1 11'067.5 11'517.4 12'364.0 12'255.1 - - 12'993.0 13'551.1 - -

0.36x 0.33x 0.32x 0.31x 0.33x - - 0.34x 0.32x - -

385.4 430.1 374.4 398.4 397.1 - - 506.4 535.1 - -

9.51x 8.56x 9.92x 9.72x 10.25x - - 8.46x 8.00x - -

197.5 202.5 227.6 241.4 90.0 - - 271.6 286.4 - -

16.32x 15.72x 13.65x 12.91x 26.02x - - 12.83x 12.44x - -











EBITDA Margin 3.2%



Asset Turnover 2.94








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Metcash LtdPrice/Volume

Valuation Analysis

5'014'334.00


-..//00112

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2&- 9

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/2&- 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

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0-&--

-.&-2&/--6 -.&..&/--6 -.&-2&/-.- -.&..&/-.- -.&-2&/-.. -.&..&/-.. -.&-2&/-./ -.&..&/-./



27.02.2013



DEUTSCHE BANK AG n/a EXCH 58'185'289 6.61 - 17.01.2013 Investment Advisor

UBS n/a ULT-AGG 56'737'197 6.44 9'688'873 31.01.2013 Unclassified

ALLAN GRAY AUSTRALIA n/a EXCH 44'111'321 5.01 - 05.12.2012 Investment Advisor


COMMONWEALTH BANK OF n/a EXCH 35'188'401 4 (3'228'649) 05.08.2011 Bank



DWS INVESTMENT SA Multiple Portfolios MF-AGG 7'497'706 0.85 (9'497) 28.12.2012 Mutual Fund Manager






LORD ABBETT & CO LLC Multiple Portfolios MF-AGG 3'580'264 0.41 (2'051'712) 31.12.2012 Investment Advisor

TWEEDY BROWNE COMPAN Multiple Portfolios MF-AGG 3'053'000 0.35 806'000 31.03.2012 Investment Advisor



SUMITOMO MITSUI ASSE Multiple Portfolios MF-AGG 1'792'000 0.2 (15'000) 18.07.2012 Investment Advisor

SEI INVESTMENT MANAG Multiple Portfolios MF-AGG 1'518'739 0.17 328'193 31.01.2013 Investment Advisor


Morgan Stanley THOMAS KIERATH Equalwt/In-Line 3 M 4 12 month 27.02.2013

Credit Suisse GRANT SALIGARI neutral 3 D 4 Not Provided 12.02.2013


Nomura DAVID COOKE reduce 2 M 3 Not Provided 24.01.2013

JPMorgan SHAUN COUSINS neutral 3 M 4 9 month 03.12.2012



Goldman Sachs PHILLIP KIMBER neutral/neutral 3 M 3 12 month 30.11.2012



Evans & Partners Pty Ltd TONY WILSON neutral 3 M #N/A N/A Not Provided 23.08.2010

Holdings By:

Metcash Ltd ee


27.02.2013

ResMed Inc. develops, manufactures, and markets medical equipment for the

treatment of sleep disordered breathing. The Company sells diagnostic and

treatment devices in various countries through its subsidiaries and independent

distributors.


LTM as of: 12/yy

52-Week High (29.01.2013) 4.65

52-Week Low (29.02.2012) 2.71

Daily Volume

4.24





6'084.13 1 Yr Total Return 56.15%


Preferred Stock - Adjusted BETA 0.437

Minority Interest - Analyst Recs 11


Enterprise Value -


RMD AT EQUITY YTD Change - Average Volume 30 Day 6'953'662

RMD AT EQUITY YTD % CHANGE - Average Volume 3 Month 4'609'084


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 12/yy 12/yy 06/13 Y 06/14 Y 03/13 Q3 06/13 Q4

835.4 920.7 1'092.4 1'243.1 1'368.5 1'302.7 1'437.3 1'508.9 1'678.2 384.3 403.5

3.03x 3.05x 3.88x 3.27x 2.83x 11.52x 12.68x 3.64x 3.17x - -

207.8 243.7 301.9 337.5 380.3 339.8 419.2 453.4 489.6 115.7 124.1

12.19x 11.53x 14.02x 12.03x 10.18x 9.35x 12.65x - - - -

110.3 146.4 190.1 227.0 254.9 225.2 290.7 318.6 349.4 79.7 83.3

- - - - - 0.00x 0.00x 19.54x 17.77x 3.88x 2.68x











EBITDA Margin 29.2%



Asset Turnover 0.66








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

ResMed IncPrice/Volume

Valuation Analysis

5'077'147.00


-..//001122

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0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012-&--

-&/-

-&1-

-&3-

-&5-

.&--

.&/-



27.02.2013




JCP INVESTMENT PARTN n/a EXCH 76'592'404 5.34 (1'839'494) 22.12.2011 Investment Advisor




SKANDIA GLOBAL FUNDS Multiple Portfolios MF-AGG 2'441'814 0.17 (478'379) 31.12.2012 Mutual Fund Manager


INVESCO LTD INVESCO LTD 13F 1'472'430 0.1 1'344'288 31.12.2012 Investment Advisor


NIPPON LIFE INSURANC n/a ULT-AGG 756'414 0.05 - 20.09.2011 Insurance Company

QUINN MICHAEL ANTHON n/a Form 4 706'000 0.05 - 31.01.2013 n/a




SKANDIA INVESTMENT M Multiple Portfolios MF-AGG 398'502 0.03 - 31.12.2012 Mutual Fund Manager

LION GLOBAL INVESTOR Multiple Portfolios MF-AGG 300'330 0.02 - 31.12.2010 Mutual Fund Manager


SANTANDER ASSET MANA Multiple Portfolios MF-AGG 117'385 0.01 (51'556) 31.12.2012 Investment Advisor

WILSON HTM INVESTMEN Multiple Portfolios MF-AGG 100'000 0.01 - 31.12.2012 Investment Advisor



Wilson HTM Investment Group SHANE STOREY hold 3 D 5 Not Provided 21.02.2013


Goldman Sachs IAN ABBOTT Buy/Neutral 5 M 5 12 month 01.02.2013

Macquarie CRAIG COLLIE neutral 3 M 4 12 month 01.02.2013

JPMorgan STEVEN D WHEEN overweight 5 M 5 9 month 31.01.2013


Commonwealth Bank BRUCE DU overweight 5 M 5 12 month 31.01.2013

Bell Potter STUART ROBERTS buy 5 M 5 12 month 25.01.2013

Holdings By:

ResMed Inc ee


27.02.2013

Seek Limited operates an Internet website. The Company offers online employment

advertisements and online training in Australia and New Zealand, and offers

online employment advertisements in the United Kingdom targeted at Australian

and New Zealand job seekers.


LTM as of: 01/yy

52-Week High (25.02.2013) 10.07

52-Week Low (25.07.2012) 5.87

Daily Volume

9.9





3'337.30 1 Yr Total Return 53.64%







SEK AT EQUITY YTD Change - Average Volume 30 Day 1'614'013

SEK AT EQUITY YTD % CHANGE - Average Volume 3 Month 1'352'660


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

210.2 208.3 280.7 343.1 442.3 - - 593.5 748.3 - -

6.84x 7.06x 8.62x 7.63x 6.33x - - 6.64x 5.12x - -

109.4 89.7 116.6 135.7 192.6 - - 239.0 298.7 - -

13.15x 16.39x 20.76x 19.29x 14.53x - - 16.64x 13.31x - -

76.3 55.3 89.5 97.7 131.7 - - 141.8 172.2 - -

18.80x 22.18x 26.35x 22.21x 16.21x - - 23.63x 19.37x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.44







Fiscal Year Ended

Seek LtdPrice/Volume

Valuation Analysis

2'253'568.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

/

1

3

5

.-

./

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

.&- 9

/&- 9

0&- 9

1&- 9

2&- 9

3&- 9

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

500.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

2&--

.-&--

.2&--

/-&--

/2&--

0-&--

02&--

1-&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013



HYPERION ASSET MANAG n/a EXCH 35'107'346 10.41 (4'790'302) 11.02.2013 Investment Advisor

AUSTRALIANSUPER PTY n/a EXCH 18'033'317 5.35 - 21.12.2012 Investment Advisor

BASSAT ANDREW R n/a EXCH 12'750'113 3.78 (750'000) 22.02.2013 n/a

BASSAT PAUL M n/a Co File 9'752'837 2.89 (3'430'787) 04.10.2012 n/a

WATSON ROBERT n/a EXCH 4'238'648 1.26 - 29.11.2012 n/a

DALEFORD WAY PTY LTD n/a Co File 4'238'648 1.26 - 04.10.2012 n/a

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 3'367'543 1 (90'717) 31.12.2012 Investment Advisor


BAILLIE GIFFORD AND Multiple Portfolios MF-AGG 2'968'500 0.88 - 30.11.2012 Investment Advisor





ALLEN ROGER n/a Co File 1'145'820 0.34 - 04.10.2012 n/a

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 1'079'764 0.32 - 31.12.2012 Investment Advisor


NORDINVEST FUND MANA Multiple Portfolios MF-AGG 371'562 0.11 - 30.11.2012 Mutual Fund Manager

BLACKROCK n/a ULT-AGG 335'427 0.1 - 25.02.2013 Investment Advisor

HYPERION ASSET MANAG Multiple Portfolios MF-AGG 312'283 0.09 - 30.06.2011 Investment Advisor


Morgan Stanley ANDREW MCLEOD Overwt/Cautious 5 M 10 12 month 26.02.2013

Credit Suisse SAMANTHA CARLETON underperform 1 M 8 Not Provided 22.02.2013


Wilson HTM Investment Group IVOR RIES hold 3 D 10 Not Provided 21.02.2013


Octa Phillip Securities Ltd KEN WAGNER buy 5 M 11 Not Provided 21.02.2013

Goldman Sachs CHRISTIAN GUERRA Buy/Cautious 5 M 10 12 month 20.02.2013

JPMorgan JARROD MCDONALD underweight 1 M 8 9 month 20.02.2013

CIMB FRASER MCLEISH outperform 5 M 11 12 month 20.02.2013

BBY Limited MARK MCDONNELL buy 5 U 11 12 month 20.02.2013

Commonwealth Bank ALICE BENNETT overweight 5 U 10 12 month 20.02.2013

Nomura DANIEL BLAIR neutral 3 D 9 Not Provided 20.02.2013

Deutsche Bank VIKAS GOUR hold 3 D 8 12 month 14.02.2013


Evans & Partners Pty Ltd PETER STAMOULIS neutral 3 D #N/A N/A Not Provided 14.03.2012

Shaw Stockbroking SCOTT MARSHALL buy 5 M #N/A N/A Not Provided 29.08.2011

Holdings By:

Seek Ltd ee


27.02.2013

Treasury Wine Estates was founded in 2010 and is headquartered in Southbank,

Victoria, Australia. The Company's line of business includes vineyard

operations and international marketing and distribution of wine.


LTM as of: 01/yy

52-Week High (19.10.2012) 5.60

52-Week Low (07.03.2012) 3.76

Daily Volume

4.9





3'171.41 1 Yr Total Return 25.26%







TWE AT EQUITY YTD Change - Average Volume 30 Day 3'978'071

TWE AT EQUITY YTD % CHANGE - Average Volume 3 Month 4'991'864


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

2'085.4 2'144.8 1'890.2 1'441.0 1'640.8 - - 1'676.0 1'810.9 - -

- - - 1.58x 1.74x - - 1.93x 1.79x - -

399.5 389.7 297.6 88.6 181.0 - - 291.2 342.5 - -

- - - 25.69x 15.77x - - 11.02x 9.38x - -

(424.2) (57.1) (1'080.1) 64.1 89.9 - - 139.4 172.9 - -

- - - 18.48x 31.30x - - 22.79x 18.22x - -











EBITDA Margin 11.0%



Asset Turnover 0.44








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Treasury Wine Estates LtdPrice/Volume

Valuation Analysis

5'690'327.00


-

.

/

0

1

2

3

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9.-&- 9/-&- 90-&- 91-&- 92-&- 93-&- 94-&- 95-&- 96-&- 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

2&--

.-&--

.2&--

/-&--

/2&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013



ELLERSTON CAPITAL LT n/a EXCH 39'480'854 6.1 - 01.10.2012 Corporation




IOOF HOLDINGS LTD n/a EXCH 32'230'455 4.98 (3'367'966) 17.12.2012 Investment Advisor




NEW JERSEY DIVISION Multiple Portfolios MF-AGG 4'006'871 0.62 3'006'871 30.06.2012 Pension Fund (ERISA)

AMERICAN CENTURY COM Multiple Portfolios MF-AGG 3'799'282 0.59 3'489'246 31.12.2012 Investment Advisor

NEUBERGER BERMAN LLC Multiple Portfolios MF-AGG 3'359'433 0.52 - 31.12.2012 Investment Advisor


SCOTTISH WIDOWS n/a ULT-AGG 3'082'508 0.48 1'658'776 31.10.2012 Unclassified


HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 2'371'300 0.37 (297'000) 31.12.2012 Investment Advisor












CIMB ALEXANDER BEER neutral 3 N 5 12 month 07.11.2012


Deutsche Bank MICHAEL SIMOTAS sell 1 D 4 12 month 22.10.2012


Evans & Partners Pty Ltd PAUL RYAN neutral 3 U #N/A N/A Not Provided 19.02.2012

Holdings By:

Treasury Wine Estates Ltd ee


27.02.2013

Alumina Limited is an Australian resource company that produces alumina. The

Company owns about 40% of Alcoa World Alumina and Chemicals through a joint

venture with Alcoa.


LTM as of: 01/yy

52-Week High (14.02.2013) 1.41

52-Week Low (18.07.2012) 0.63

Daily Volume

1.17





3'283.28 1 Yr Total Return -6.40%







AWC AT EQUITY YTD Change - Average Volume 30 Day 18'508'940

AWC AT EQUITY YTD % CHANGE - Average Volume 3 Month 15'062'810


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

0.0 0.0 0.0 0.0 0.1 - - 7.7 26.9 - -

- - - - 29446.90x - - 463.48x 129.06x - -

(16.3) (14.7) - - - - - 5.6 89.5 - -

- - - - - - - 712.89x 44.81x - -

143.1 (20.6) 34.6 126.6 (62.1) - - (2.4) 108.6 - -

10.78x - 181.23x 21.99x - - - - 29.06x - -


EBIT -18.90 Long-Term Rating BBB-

Operating Margin -18900.00% Long-Term Outlook STABLE






Net Debt/EBITDA -


EBITDA Margin -

EBIT Margin -18900.0% Total Debt/Equity 25.7%


Asset Turnover 0.00







Fiscal Year Ended

Alumina LtdPrice/Volume

Valuation Analysis

13'457'332.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

-

-

.

.

.

.

.

/

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9.-&- 9/-&- 90-&- 91-&- 92-&- 93-&- 94-&- 95-&- 96-&- 9

0.0

0.0

0.0

0.1

0.1

0.1

0.1

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

.-&--

/-&--

0-&--

1-&--

2-&--

3-&--

4-&--

-.&-.&/-.- -.&-4&/-.- -.&-.&/-.. -.&-4&/-.. -.&-.&/-./ -.&-4&/-./ -.&-.&/-.0



27.02.2013


ALUMINA HOLDINGS LLC n/a EXCH 366'698'702 13.07 146'411'771 15.02.2013 Other

CITIC RESOURCES AUST n/a EXCH 219'617'657 7.83 - 14.02.2013 n/a

SCHRODER INVESTMENT n/a EXCH 172'782'144 6.16 25'224'229 16.05.2012 Investment Advisor

MANNING & NAPIER ADV n/a EXCH 149'228'725 5.32 24'995'449 04.12.2012 Investment Advisor


BESTBUY OVERSEAS CO n/a EXCH 146'411'771 5.22 - 15.02.2013 n/a


LAZARD ASSET MANAGEM n/a ULT-AGG 128'636'666 4.58 - 21.08.2012 Unclassified


PARADICE INVESTMENT n/a EXCH 122'693'670 4.37 - 24.01.2013 Investment Advisor

COOPER INVESTORS PTY n/a EXCH 118'060'332 4.21 (5'056'665) 23.02.2012 Hedge Fund Manager


MANNING & NAPIER ADV Multiple Portfolios MF-AGG 96'556'850 3.44 26'143'220 31.12.2012 Investment Advisor









Octa Phillip Securities Ltd LAWRENCE GRECH sell 1 M 1 Not Provided 25.02.2013

Credit Suisse MATTHEW HOPE neutral 3 U 1 Not Provided 22.02.2013

Macquarie ANDREW SULLIVAN neutral 3 M 1 12 month 22.02.2013

BMO Capital Markets TONY ROBSON underperform 1 M 1 Not Provided 21.02.2013

Morgan Stanley BRENDAN FITZPATRICK Underwt/In-Line 1 M 1 12 month 21.02.2013








Holdings By:

Alumina Ltd ee


27.02.2013

Bank of Queensland Limited is a full service financial institution. The Bank

operates retail branches, business banking centers, and equipment finance

centers throughout Australia and New Zealand. Bank of Queensland also operates

an automated teller machine (ATM) network throughout Australia.


LTM as of: 01/yy

52-Week High (20.02.2013) 9.45

52-Week Low (18.05.2012) 6.13

Daily Volume

9.09





2'844.07 1 Yr Total Return 34.80%





Enterprise Value -


BOQ AT EQUITY YTD Change - Average Volume 30 Day 1'604'016

BOQ AT EQUITY YTD % CHANGE - Average Volume 3 Month 1'233'093


31.08.2008 31.08.2009 31.08.2010 31.08.2011 31.08.2012 01/yy 01/yy 08/13 Y 08/14 Y 11/11 Q1 02/12 Q2

2'178.5 2'182.6 2'386.9 2'852.2 2'757.5 - - 840.3 877.5 - -

- - - - - - - -5.25x -5.89x - -

- - - - - - - - - - -

- - - - - - - - - - -

138.7 141.1 181.9 158.7 (17.1) - - 238.9 267.8 - -

16.80x 15.35x 12.03x 11.15x - - - 12.14x 11.14x - -







Return on Capital -0.18% EBITDA/Interest Exp. -


Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.07







Fiscal Year Ended

Bank of Queensland LtdPrice/Volume

Valuation Analysis

1'131'407.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-./0123456

.-

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9.&- 9/&- 90&- 91&- 92&- 93&- 94&- 95&- 96&- 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

.&--

/&--

0&--

1&--

2&--

3&--

4&--

5&--

6&--

-1&-6&/--6 -1&-0&/-.- -1&-6&/-.- -1&-0&/-.. -1&-6&/-.. -1&-0&/-./ -1&-6&/-./



27.02.2013


BRED BANQUE POPULAIR n/a Co File 27'315'821 8.73 - 28.09.2012 Unclassified


DIMENSIONAL FUND ADV n/a EXCH 14'948'410 4.78 (343'651) 31.05.2012 Investment Advisor



DEUTSCHE BANK AG n/a EXCH 6'496'634 2.08 (7'189'092) 13.02.2012 Investment Advisor






WASHINGTON H SOUL PA n/a Co File 1'344'347 0.43 - 28.09.2012 Holding Company

LIDDY DAVID PAUL n/a EXCH 1'179'053 0.38 - 31.08.2011 n/a


BLACKROCK n/a ULT-AGG 930'016 0.3 402'904 25.02.2013 Investment Advisor

AVANTEOS INV LTD n/a Co File 671'556 0.21 - 28.09.2012 Other


ALLIANCE BERNSTEIN n/a ULT-AGG 459'443 0.15 - 31.12.2012 Investment Advisor

GLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 353'679 0.11 94'500 28.01.2013 Investment Advisor

AMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 159'558 0.05 5'889 31.12.2012 Investment Advisor



Credit Suisse JAMES ELLIS neutral 3 M 10 Not Provided 25.02.2013



Commonwealth Bank JEFF CAI neutral 3 U 8 12 month 31.01.2013


Deutsche Bank ANDREW TRIGGS hold 3 M 8 12 month 16.01.2013

Macquarie MICHAEL WIBLIN outperform 5 M 8 12 month 19.12.2012

CIMB JOHN BUONACCORSI outperform 5 N 9 12 month 07.11.2012

Morgan Stanley DAVID SHI Underwt/In-Line 1 M 7 12 month 18.10.2012

Goldman Sachs ELIZABETH ROGERS neutral/neutral 3 D 7 12 month 18.10.2012



Macquarie CAMERON PIERCE neutral 3 M 8 12 month 13.10.2011

Holdings By:

Bank of Queensland Ltd ee


27.02.2013

GrainCorp Limited provides grain industry related services in Australia. The

Group provides grain and bulk commodities handling and storage for growers, end

users and marketing organizations. The Group also operates grain pools,

provides transportation services for bulk commodities along with farming

products and flour milling and mixing services.


LTM as of: 01/yy

52-Week High (22.10.2012) 12.53

52-Week Low (07.03.2012) 7.53

Daily Volume

12.23





2'798.90 1 Yr Total Return 63.86%







GNC AT EQUITY YTD Change - Average Volume 30 Day 651'507

GNC AT EQUITY YTD % CHANGE - Average Volume 3 Month 1'617'870


30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 01/yy 01/yy 09/13 Y 09/14 Y - -

1'527.9 1'653.5 1'981.8 2'768.6 3'320.5 - - 3'672.7 3'478.2 - -

0.61x 0.54x 0.84x 0.63x 0.67x - - 0.92x 0.98x - -

32.0 114.0 151.1 213.5 323.9 - - 414.9 382.5 - -

29.00x 7.86x 11.05x 8.22x 6.83x - - 7.54x 8.18x - -

(19.9) 63.2 80.2 171.6 204.9 - - 181.3 156.8 - -

- 21.25x 18.15x 8.30x 8.73x - - 14.97x 17.65x - -











EBITDA Margin 9.8%



Asset Turnover 1.21







Fiscal Year Ended

GrainCorp LtdPrice/Volume

Valuation Analysis

435'347.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

/

1

3

5

.-

./

.1

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 92&- 9.-&- 9.2&- 9/-&- 9/2&- 90-&- 902&- 91-&- 912&- 92-&- 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

/&--

1&--

3&--

5&--

.-&--

./&--

.1&--

.3&--

.5&--

/-&--

-/&.-&/--6 -/&-1&/-.- -/&.-&/-.- -/&-1&/-.. -/&.-&/-.. -/&-1&/-./ -/&.-&/-./



27.02.2013


ADM AUST HOLDINGS II n/a EXCH 45'420'054 19.85 8'113'094 05.12.2012 Other




NORGES BANK n/a EXCH 11'887'086 5.19 - 15.11.2012 Government

AMP LTD n/a EXCH 11'449'659 5 - 08.11.2012 Insurance Company

MACQUARIE GROUP LTD n/a ULT-AGG 11'444'737 5 - 19.11.2012 Investment Advisor

DIMENSIONAL FUND ADV n/a Co File 10'479'249 4.58 549'001 09.10.2012 Investment Advisor

ELLERSTON CAPITAL LT n/a EXCH 9'950'968 4.35 (4'607'471) 19.10.2012 Corporation


DWS INVESTMENT S A Multiple Portfolios MF-AGG 5'888'583 2.57 (1'218'821) 28.12.2012 Mutual Fund Manager

D SEATON PTY LTD n/a Co File 5'237'738 2.29 - 09.10.2012 n/a

VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 3'374'549 1.47 (6'292) 25.02.2013 Investment Advisor


VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'286'423 1 41'863 31.12.2012 Investment Advisor

JASERAOD HLDGS PTY L n/a Co File 1'786'011 0.78 - 09.10.2012 n/a


P & G SHEARMAN HLDGS n/a Co File 1'231'393 0.54 - 09.10.2012 n/a




Credit Suisse GRANT SALIGARI restricted #N/A N/A M #N/A N/A Not Provided 29.01.2013

Commonwealth Bank JORDAN ROGERS neutral 3 M 13 12 month 25.01.2013

EVA Dimensions AUSTIN BURKETT overweight 5 U #N/A N/A Not Provided 17.01.2013

Octa Phillip Securities Ltd PAUL JENSZ sell 1 M 11 Not Provided 15.01.2013

Macquarie RIKKI BANNAN underperform 1 M 13 12 month 09.01.2013

JPMorgan STUART JACKSON overweight 5 M 13 9 month 02.01.2013

Bell Potter JONATHAN SNAPE hold 3 M 12 12 month 02.01.2013


Wilson HTM Investment Group JAMES FERRIER hold 3 U 12 Not Provided 28.11.2012

RBS Morgans BELINDA MOORE neutral 3 N 13 12 month 27.11.2012



Holdings By:

GrainCorp Ltd ee


27.02.2013

Commonwealth Property Office Fund is a property trust that invests in, manages

and develops a portfolio of office buildings and office parks located throughout

in the Central Business District and suburban markets of Australia.


LTM as of: 01/yy

52-Week High (29.01.2013) 1.15

52-Week Low (08.03.2012) 0.95

Daily Volume

1.105





2'593.44 1 Yr Total Return 21.94%







CPA AT EQUITY YTD Change - Average Volume 30 Day 10'593'060

CPA AT EQUITY YTD % CHANGE - Average Volume 3 Month 9'957'608


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

296.7 302.3 267.1 310.6 309.0 - - 296.1 316.3 - -

10.03x 7.74x 9.58x 10.40x 10.35x - - 12.01x 11.49x - -

187.8 164.9 171.6 200.8 208.8 - - 244.5 252.3 - -

15.84x 14.20x 14.91x 16.09x 15.32x - - 13.95x 13.51x - -

375.0 (543.7) 114.2 197.7 256.4 - - 195.8 198.8 - -

5.30x - 15.79x 10.77x 9.52x - - 13.00x 12.85x - -











EBITDA Margin 67.6%



Asset Turnover 0.08








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Commonwealth Property Office FundPrice/Volume

Valuation Analysis

4'853'487.00


-

-

-

.

.

.

.

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

2&- 9

.-&- 9

.2&- 9

/-&- 9

/2&- 9

0-&- 9

02&- 9

1-&- 9

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

/&--

1&--

3&--

5&--

.-&--

./&--

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.3&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013



MONDRIAN INVESTMENT n/a EXCH 190'553'607 8.12 16'260'076 13.12.2012 Hedge Fund Manager



MITSUBISHI UFJ FINAN n/a ULT-AGG 119'576'832 5.09 113'240'829 13.12.2012 Holding Company



COLUMBIA WANGER ASSE Multiple Portfolios MF-AGG 70'553'000 3.01 (992'561) 31.12.2012 Investment Advisor

COHEN & STEERS CAPIT n/a EXCH 46'394'652 1.98 (4'393'113) 15.03.2012 Investment Advisor

COLONIAL FIRST STATE n/a Co File 38'685'527 1.65 - 20.08.2012 n/a







AMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 22'128'441 0.94 1'016'411 31.12.2012 Investment Advisor


CBRE CLARION SECURIT Multiple Portfolios MF-AGG 18'592'572 0.79 - 26.12.2011 Investment Advisor

BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 14'343'083 0.61 539'424 31.10.2012 Investment Advisor




Morgan Stanley TODD MCFARLANE Underwt/In-Line 1 M 1 12 month 21.02.2013


Credit Suisse JOHN LEE neutral 3 M 1 Not Provided 21.02.2013


EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 15.01.2013

Deutsche Bank JASON WEATE hold 3 U 1 12 month 31.10.2012


Holdings By:

Commonwealth Property Office Fund ee


27.02.2013

Caltex Australia Limited purchases, refines, distributes and markets petroleum

products in Australia. The Company's products include petroleum, motor oil,

lubricants, diesel and jet fuel. Caltex also operates convenience stores, fast

food stores and service stations throughout Australia.


LTM as of: 01/yy

52-Week High (29.01.2013) 20.35

52-Week Low (18.05.2012) 12.11

Daily Volume

18.97





5'121.90 1 Yr Total Return 51.90%







CTX AT EQUITY YTD Change - Average Volume 30 Day 760'909

CTX AT EQUITY YTD % CHANGE - Average Volume 3 Month 651'144


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y 09/12 Q3 12/12 Q4

23'646.7 17'740.3 18'671.9 22'105.2 23'261.9 - - 22'965.6 23'758.8 - -

0.12x 0.17x 0.24x 0.17x - - - 0.25x 0.24x - -

549.8 539.1 597.5 773.2 - - - 863.7 900.4 - -

5.06x 5.58x 7.42x 4.92x - - - 6.85x 6.57x - -

34.3 314.1 317.0 (713.5) 56.8 - - 416.0 415.9 - -

56.61x 8.00x 12.24x - 91.48x - - 12.25x 12.09x - -











EBITDA Margin 2.6%



Asset Turnover 4.16








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Caltex Australia LtdPrice/Volume

Valuation Analysis

3'023'160.00


-

2

.-

.2

/-

/2

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

&2 9

.&- 9

.&2 9

/&- 9

/&2 9

0&- 9

0&2 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

/&--

1&--

3&--

5&--

.-&--

./&--

.1&--

-.&-.&/-.- -.&-4&/-.- -.&-.&/-.. -.&-4&/-.. -.&-.&/-./ -.&-4&/-./ -.&-.&/-.0



27.02.2013


CHEVRONTEXACO GLOBAL n/a Co File 135'000'000 50 - 29.02.2012 Corporation





LANDESBANK BERLIN IN Multiple Portfolios MF-AGG 435'632 0.16 (1'768) 31.01.2013 Mutual Fund Manager



FMR LLC n/a ULT-AGG 206'904 0.08 (1) 31.12.2012 Investment Advisor



SEGAL JULIAN n/a EXCH 166'563 0.06 - 18.10.2012 n/a

BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 154'604 0.06 - 31.10.2012 Investment Advisor

VANTAGEPOINT INVESTM Multiple Portfolios MF-AGG 151'704 0.06 - 31.12.2012 Investment Advisor

STATE STREET n/a ULT-AGG 121'237 0.04 - 26.02.2013 Investment Advisor

HSBC INVESTMENT FUND Multiple Portfolios MF-AGG 114'348 0.04 929 31.12.2012 Mutual Fund Manager

PUTNAM INVESTMENT MA Multiple Portfolios MF-AGG 107'693 0.04 107'693 31.12.2012 Investment Advisor

SEI INVESTMENT MANAG Multiple Portfolios MF-AGG 106'906 0.04 2'679 31.01.2013 Investment Advisor




Credit Suisse JAMES REDFERN outperform 5 U 22 Not Provided 26.02.2013

Macquarie KIRIT HIRA underperform 1 D 18 12 month 26.02.2013




Morgan Stanley STUART BAKER Underwt/Attractive 1 M 15 12 month 16.12.2012


Holdings By:

Caltex Australia Ltd ee


27.02.2013

Echo Entertainment Group Ltd. owns interests in casino hotels. The Company

owns and operates the Star City Casino in New South Wales, Jupiters Hotel &

Casino on the Gold Coast, Treasury Casino & Hotel in Brisbane, and Jupiters

Townsville Casino.


LTM as of: 01/yy

52-Week High (03.05.2012) 4.42

52-Week Low (21.02.2013) 3.37

Daily Volume

3.73


52-Week Low % Change 10.68% Beta -



3'079.76 1 Yr Total Return -8.03%


Preferred Stock 0.0 Adjusted BETA -





EGP AT EQUITY YTD Change - Average Volume 30 Day 3'795'791

EGP AT EQUITY YTD % CHANGE - Average Volume 3 Month 3'007'024


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y 09/12 Q1 12/12 Q2

1'365.0 1'399.0 1'451.6 1'612.8 1'615.5 - - 1'888.3 2'038.8 - -

- - - 2.35x 2.43x - - 2.02x 1.85x - -

470.0 434.0 350.4 445.2 259.6 - - 404.7 456.2 - -

- - - 8.51x 15.10x - - 9.38x 8.32x - -

365.0 361.0 193.8 226.0 42.2 - - 125.8 159.4 - -

- - - 13.09x 72.54x - - 24.54x 19.23x - -











EBITDA Margin 17.3%



Asset Turnover 0.38







Fiscal Year Ended

Echo Entertainment Group LtdPrice/Volume

Valuation Analysis

2'180'147.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-..//001122

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

.-&- 9

/-&- 9

0-&- 9

1-&- 9

2-&- 9

3-&- 9

4-&- 9

5-&- 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

1'800.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

2&--

.-&--

.2&--

/-&--

/2&--

0-&--

02&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013


PENNWIN PTY LTD n/a Co File 82'561'200 10 - 23.08.2012 n/a


CROWN LTD n/a Co File 63'302'086 7.67 - 23.08.2012 Other


GENTING HK n/a EXCH 43'110'000 5.22 - 04.10.2012 Other





JANUS CAPITAL MANAGE n/a ULT-AGG 5'121'589 0.62 536'641 31.12.2012 Investment Advisor





IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 1'439'644 0.17 (292'666) 28.09.2012 Investment Advisor




HSBC INVESTMENT FUND Multiple Portfolios MF-AGG 612'311 0.07 29'781 31.12.2012 Mutual Fund Manager




Macquarie ANDREW LEVY outperform 5 U 4 12 month 22.02.2013



JPMorgan MATTHEW RYAN neutral 3 M 4 3 month 21.02.2013

CIMB MICHAEL NOLAN underperform 1 M 4 12 month 21.02.2013

Commonwealth Bank BEN BROWNETTE neutral 3 U 3 12 month 21.02.2013




Holdings By:

Echo Entertainment Group Ltd ee


27.02.2013

TABCORP Holdings Limited is a gambling and entertainment group involved in

combination of wagering, gaming, hospitality and media activities across

Australia. The Company's main activities are operations of hotel casinos,

wagering, and gaming.


LTM as of: 01/yy

52-Week High (08.08.2012) 3.36

52-Week Low (19.11.2012) 2.61

Daily Volume

3.18





2'334.17 1 Yr Total Return 24.76%







TAH AT EQUITY YTD Change - Average Volume 30 Day 4'918'732

TAH AT EQUITY YTD % CHANGE - Average Volume 3 Month 3'729'821


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

3'957.0 4'211.3 2'865.6 2'947.5 3'033.8 - - 2'000.5 2'053.4 - -

1.83x 1.44x 1.96x 1.05x 1.06x - - 1.73x 1.65x - -

1'215.8 1'075.2 700.0 1'107.5 705.5 - - 464.2 481.7 - -

5.96x 5.65x 8.01x 2.78x 4.55x - - 7.46x 7.19x - -

(164.6) 521.7 469.5 534.8 340.0 - - 137.1 142.3 - -

- 7.68x 13.97x - 6.16x - - 17.01x 16.56x - -











EBITDA Margin 23.3%



Asset Turnover 0.77








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Tabcorp Holdings LtdPrice/Volume

Valuation Analysis

3'532'340.00


-

.

.

/

/

0

0

1

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

2&- 9

.-&- 9

.2&- 9

/-&- 9

/2&- 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

4'500.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

.&--

/&--

0&--

1&--

2&--

3&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013


NATIONAL AUSTRALIA B n/a ULT-AGG 48'057'750 6.55 10'519'488 04.10.2012 Bank

JCP INVESTMENT PARTN n/a EXCH 47'261'928 6.44 7'566'441 28.08.2012 Investment Advisor

NORTHCAPE CAPITAL PT n/a EXCH 44'577'533 6.07 - 12.11.2012 Other












AUSTRALIAN UNITED IN n/a Co File 2'000'000 0.27 - 17.08.2012 Investment Advisor



GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 1'382'979 0.19 29'493 31.05.2012 Investment Advisor






Macquarie LACHLAN FITT neutral 3 M 3 12 month 08.02.2013



Morgan Stanley MARK A CHRISTENSEN Underwt/In-Line 1 M 3 12 month 07.02.2013




Goldman Sachs ADAM ALEXANDER Sell/Neutral 1 M 3 12 month 09.08.2012

Holdings By:

Tabcorp Holdings Ltd ee


27.02.2013

BlueScope Steel Limited is a steel solutions company operating in Australia,

New Zealand, the US and Asia that serves primarily the building and

construction industry, and also other industrial segments. The Company

manufactures and distributes hot and cold rolled coil, plate, and coated

products such as pre-painted steel and zinc/aluminium alloy-coated steel.


LTM as of: 01/yy

52-Week High (19.02.2013) 4.50

52-Week Low (26.07.2012) 1.47

Daily Volume

4.44





2'478.60 1 Yr Total Return 78.31%







BSL AT EQUITY YTD Change - Average Volume 30 Day 3'300'325

BSL AT EQUITY YTD % CHANGE - Average Volume 3 Month 3'138'912


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

10'458.0 10'302.1 8'597.3 8'969.2 8'453.6 - - 7'888.1 8'528.9 - -

1.00x 0.53x 0.54x 0.38x 0.18x - - 0.33x 0.30x - -

1'410.9 429.0 497.9 168.9 37.6 - - 442.8 625.0 - -

7.38x 12.71x 9.37x 19.98x 39.52x - - 6.89x 4.88x - -

596.2 (66.4) 126.0 (1'054.2) (1'043.5) - - 33.7 161.1 - -

14.10x - 31.82x - - - - 63.43x 14.19x - -


EBIT -293.20 Long-Term Rating BB



Return on Assets -7.39% Short-Term Rating -






EBITDA Margin 4.6%



Asset Turnover 1.07








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

BlueScope Steel LtdPrice/Volume

Valuation Analysis

2'809'712.00


-..//001122

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

2&- 9

.-&- 9

.2&- 9

/-&- 9

/2&- 9

0-&- 9

02&- 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

/-&--

1-&--

3-&--

5-&--

.--&--

./-&--

.1-&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013


GOVT OF SINGAPORE IN n/a ULT-AGG 34'714'599 6.22 5'943'149 11.12.2012 Government

IOOF HOLDINGS LTD n/a EXCH 29'342'920 5.26 - 20.06.2012 Investment Advisor

COMMONWEALTH BANK OF #N/A N/A EXCH 28'837'651 5.17 - 21.02.2013 Bank



UNISUPER #N/A N/A EXCH 15'098'910 2.7 - 19.02.2013 Other


SPARINVEST n/a ULT-AGG 6'356'327 1.14 - 31.01.2013 Investment Advisor


MASON STREET ADVISOR Multiple Portfolios MF-AGG 2'865'839 0.51 - 30.06.2012 Investment Advisor





IQ RENTAL & FINANCE n/a Co File 1'500'001 0.27 - 13.08.2012 n/a

Y S CHAINS PTY LTD n/a Co File 1'316'667 0.24 - 13.08.2012 Corporation

BLUESC STEEL EMP SHA n/a Co File 1'155'934 0.21 - 13.08.2012 n/a



JOHN HANCOCK INVESTM Multiple Portfolios MF-AGG 889'358 0.16 - 31.12.2012 Mutual Fund Manager


Macquarie LIAM FARLOW outperform 5 M 5 12 month 19.02.2013


Morgan Stanley PHILIP BARE Overwt/In-Line 5 U 5 12 month 18.02.2013

Goldman Sachs ANDREW GIBSON Buy/Neutral 5 U 5 12 month 18.02.2013

Credit Suisse MICHAEL SLIFIRSKI restricted #N/A N/A M #N/A N/A Not Provided 18.02.2013

Commonwealth Bank TOMAS VASQUEZ overweight 5 U 5 12 month 18.02.2013


VTB Capital WIKTOR BIELSKI hold 3 M 19 12 month 15.10.2012

JPMorgan JASON HARLEY STEED neutral 3 M 3 Not Provided 14.08.2012

Holdings By:

BlueScope Steel Ltd ee


27.02.2013

DUET Group invests in energy utility assets located in Australia and New

Zealand. The Group's investment assets include gas pipelines and electricity

distribution networks.


LTM as of: 01/yy

52-Week High (21.01.2013) 2.27

52-Week Low (08.03.2012) 1.69

Daily Volume

2.2





2'572.49 1 Yr Total Return 35.58%







DUE AT EQUITY YTD Change - Average Volume 30 Day 4'530'980

DUE AT EQUITY YTD % CHANGE - Average Volume 3 Month 3'512'050


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y 09/11 Q1 12/11 Q2

877.3 938.2 998.6 1'079.3 1'157.0 - - 1'251.6 1'274.0 - -

7.31x 6.64x 6.85x 6.61x 6.15x - - 6.30x 6.23x - -

516.6 537.3 688.3 752.8 734.7 - - 742.6 825.6 - -

12.41x 11.59x 9.94x 9.48x 9.69x - - 10.55x 9.49x - -

18.4 (26.6) 42.0 68.8 77.4 - - 93.7 136.2 - -

84.59x - 33.09x 22.08x 25.45x - - 30.14x 21.15x - -











EBITDA Margin 63.5%



Asset Turnover 0.15







Fiscal Year Ended

DUET GroupPrice/Volume

Valuation Analysis

4'862'932.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

.

.

/

/

0

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

2&- 9

.-&- 9

.2&- 9

/-&- 9

/2&- 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

/&--

1&--

3&--

5&--

.-&--

./&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013




LAZARD ASSET MANAGEM n/a ULT-AGG 83'872'265 7.17 (9'029'106) 31.01.2013 Unclassified


SUMITOMO MITSUI TRUS n/a ULT-AGG 52'465'432 4.49 (7'830'006) 09.11.2011 Bank


PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 19'632'605 1.68 (850'089) 30.11.2012 Investment Advisor

DUFF & PHELPS INVEST Multiple Portfolios MF-AGG 19'500'000 1.67 - 31.10.2012 Investment Advisor







LAZARD GLOBAL ACTIVE Multiple Portfolios MF-AGG 6'121'944 0.52 (487'701) 31.01.2013 Investment Advisor


ROBERTS JOHN STUART n/a Co File 5'422'901 0.46 - 16.08.2012 n/a

AOTEAROA INV CO PTY n/a Co File 4'939'518 0.42 - 20.08.2012 n/a




EVA Dimensions AUSTIN BURKETT sell 1 D #N/A N/A Not Provided 20.02.2013



JPMorgan CHRIS LAYBUTT neutral 3 M 2 9 month 15.02.2013

Macquarie IAN MYLES underperform 1 M 2 12 month 15.02.2013

Commonwealth Bank WILLIAM ALLOTT neutral 3 M 2 12 month 15.02.2013

Deutsche Bank HUGH MORGAN hold 3 M 2 12 month 23.11.2012

Evans & Partners Pty Ltd TONY WILSON negative 2 D #N/A N/A Not Provided 02.08.2012

Holdings By:

DUET Group ee


27.02.2013

Primary Health Care Limited provides services to the healthcare industry in

Australia. Services are provided to general practitioners, specialists and

other health care providers who conduct their own practices and businesses at

its medical centers, licensed day surgeries, eye clinics, and specialist

clinics. The Company also provides pathology services and healthcare software.


LTM as of: 01/yy

52-Week High (27.02.2013) 4.94

52-Week Low (04.06.2012) 2.62

Daily Volume

4.86





2'444.50 1 Yr Total Return 65.41%







PRY AT EQUITY YTD Change - Average Volume 30 Day 2'544'927

PRY AT EQUITY YTD % CHANGE - Average Volume 3 Month 2'026'034


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

649.6 1'328.6 1'286.8 1'309.0 1'390.9 - - 1'461.0 1'536.5 - -

6.35x 2.62x 2.12x 2.13x 1.83x - - 2.38x 2.23x - -

148.6 339.9 321.0 305.4 349.9 - - 381.7 409.4 - -

27.76x 10.23x 8.51x 9.12x 7.28x - - 9.19x 8.57x - -

7.9 108.5 132.0 78.3 116.6 - - 153.7 174.7 - -

135.77x 17.12x 12.81x 21.71x 12.66x - - 16.15x 14.21x - -











EBITDA Margin 25.8%



Asset Turnover 0.37







Fiscal Year Ended

Primary Health Care LtdPrice/Volume

Valuation Analysis

1'365'849.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

.

/

0

1

2

3

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

/&- 9

1&- 9

3&- 9

5&- 9

.-&- 9

./&- 9

.1&- 9

.3&- 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

/&--

1&--

3&--

5&--

.-&--

./&--

.1&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013



BATEMAN EDMUND GREGO n/a EXCH 36'749'796 7.31 130'000 14.12.2012 n/a


CALEDONIA INVESTMENT n/a EXCH 33'423'489 6.65 1'908'496 22.05.2012 Investment Advisor




NIKKO ASSET MANAGEME n/a ULT-AGG 25'314'189 5.03 (699) 18.06.2012 Unclassified

PARADICE INVESTMENT n/a EXCH 25'125'874 5 - 09.10.2012 Investment Advisor

BNP PARIBAS INVESTME n/a EXCH 25'063'313 4.98 147'006 23.07.2012 Investment Advisor


IDAMENEO (NO 122) PT n/a Co File 23'656'866 4.7 - 19.09.2012 n/a





MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 3'635'706 0.72 (193'882) 30.11.2012 Investment Advisor


ABTOURK SYD 391 PTY n/a Co File 2'855'086 0.57 - 19.09.2012 n/a





Wilson HTM Investment Group SHANE STOREY hold 3 D 5 Not Provided 19.02.2013



Deutsche Bank DAVID A LOW buy 5 M 5 12 month 06.02.2013

Morgan Stanley SEAN LAAMAN Overwt/Cautious 5 M 5 12 month 06.02.2013


Macquarie CRAIG COLLIE underperform 1 M 3 12 month 06.02.2013

CIMB DEREK JELLINEK outperform 5 M 5 12 month 06.02.2013

Commonwealth Bank BRUCE DU neutral 3 D 5 12 month 06.02.2013


Evans & Partners Pty Ltd LOU CAPPARELLI Positive 4 M #N/A N/A Not Provided 14.11.2012

Bell Potter STUART ROBERTS accumulate 4 N 4 12 month 01.08.2011

Holdings By:

Primary Health Care Ltd ee


27.02.2013

Downer EDI Limited provides engineering and infrastructure management services

to the public and private rail, road, power, telecommunications, mining and

resources sectors in Australia, New Zealand, Asia and the Pacific. Downer

provides rolling stock services, drilling services for the exploration industry,

mine planning and management services and highway maintenance.


LTM as of: 01/yy

52-Week High (14.02.2013) 5.66

52-Week Low (26.07.2012) 2.89

Daily Volume

5.39





2'312.85 1 Yr Total Return 39.28%







DOW AT EQUITY YTD Change - Average Volume 30 Day 2'504'235

DOW AT EQUITY YTD % CHANGE - Average Volume 3 Month 1'797'494


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

5'434.5 5'834.7 5'779.6 6'408.9 7'903.9 - - 9'040.3 9'137.9 - -

0.47x 0.40x 0.30x 0.32x 0.21x - - 0.29x 0.28x - -

370.0 429.4 424.7 455.1 550.3 - - 676.9 706.1 - -

6.90x 5.46x 4.03x 4.47x 3.03x - - 3.97x 3.80x - -

165.8 189.4 3.0 (27.8) 112.8 - - 213.4 234.7 - -

14.34x 9.65x - - 12.52x - - 11.05x 10.00x - -











EBITDA Margin 6.9%



Asset Turnover 2.18








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Downer EDI LtdPrice/Volume

Valuation Analysis

2'164'967.00


-

.

/

0

1

2

3

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

/&- 9

1&- 9

3&- 9

5&- 9

.-&- 9

./&- 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

9'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

/&--

1&--

3&--

5&--

.-&--

./&--

.1&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013



VINVA INVESTMENT MGM n/a EXCH 22'716'006 5.29 - 21.11.2012 Investment Advisor

DIMENSIONAL FUND ADV n/a EXCH 21'637'937 5.04 686'626 12.02.2013 Investment Advisor

AXA n/a EXCH 21'492'483 5.01 - 20.09.2012 Investment Advisor

PARADICE INVESTMENT n/a EXCH 21'389'910 4.98 (563'111) 30.08.2012 Investment Advisor

















Octa Phillip Securities Ltd CONOR O'PREY buy 5 M 6 Not Provided 18.02.2013



Deutsche Bank CRAIG WONGPAN buy 5 M 6 12 month 14.02.2013

Morgan Stanley NICHOLAS ROBISON Overwt/In-Line 5 M 6 12 month 14.02.2013

Goldman Sachs NATHAN REILLY neutral/attractive 3 M 6 12 month 14.02.2013

RBC Capital Markets HEATH ANDREWS outperform 5 M 6 12 month 14.02.2013


JPMorgan ANTHONY PASSE-DE SILVA neutral 3 D 5 9 month 14.02.2013

CIMB ANDREW HODGE outperform 5 M 6 12 month 14.02.2013

Nomura SIMON THACKRAY neutral 3 D 6 Not Provided 14.02.2013


Moelis & Company SIMON FITZGERALD buy 5 U 4 12 month 16.08.2012

Holdings By:

Downer EDI Ltd ee


27.02.2013

Monadelphous Group Limited provides engineering and construction services to the

resources and petrochemical industries. The Company provides mining and

processing industry maintenance, mining equipment refurbishment, process plant

maintenance, project management and construction, labor and plant equipment

hire, mill reline services and airport ground handling services.


LTM as of: 01/yy

52-Week High (18.02.2013) 28.48

52-Week Low (21.05.2012) 18.81

Daily Volume

24.59












MND AT EQUITY YTD Change - Average Volume 30 Day 585'267

MND AT EQUITY YTD % CHANGE - Average Volume 3 Month 509'210


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

954.0 1'122.5 1'275.4 1'443.9 1'897.5 - - 2'562.7 2'622.0 - -

1.05x 0.80x 0.77x 1.03x 0.94x - - 0.81x 0.78x - -

100.8 114.0 127.2 153.1 195.2 - - 250.1 255.1 - -

9.98x 7.86x 7.70x 9.68x 9.15x - - 8.41x 8.24x - -

69.5 74.2 83.2 95.1 137.3 - - 158.4 160.1 - -

15.79x 13.60x 13.15x 16.91x 14.08x - - 14.02x 13.96x - -











EBITDA Margin 10.0%



Asset Turnover 3.32








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Monadelphous Group LtdPrice/Volume

Valuation Analysis

657'203.00


-

2

.-

.2

/-

/2

0-

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

&2 9

.&- 9

.&2 9

/&- 9

/&2 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

1'800.0

2'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

2&--

.-&--

.2&--

/-&--

/2&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013


MONDRIAN INVESTMENT n/a EXCH 5'506'240 6.07 993'327 07.09.2012 Hedge Fund Manager

VELLETRI ROBERT n/a EXCH 2'500'000 2.76 250'000 12.09.2012 n/a

THORNEY HOLDINGS PTY n/a Co File 2'115'000 2.33 - 17.09.2012 Investment Advisor

RUBINO CALOGERO GIOV n/a Co File 2'004'000 2.21 - 20.08.2012 n/a


DENVER INVESTMENT AD DENVER INVESTMENT AD 13F 1'347'836 1.49 1'347'836 31.12.2012 Investment Advisor

WILMAR ENTERPRISES P n/a Co File 1'320'000 1.46 - 20.08.2012 Other


SUMITOMO MITSUI ASSE Multiple Portfolios MF-AGG 708'950 0.78 (250) 14.08.2012 Investment Advisor


BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 604'036 0.67 142'028 31.10.2012 Investment Advisor

TOLLMAN IRWIN n/a EXCH 577'586 0.64 (90'000) 05.12.2012 n/a

FOTI DINO n/a Co File 556'816 0.61 - 30.06.2012 n/a


MELVILLE MABS n/a Co File 430'000 0.47 - 17.09.2012 n/a

ERDASH ARIF n/a Co File 405'000 0.45 - 30.06.2012 n/a

TIGA TRADING PTY LTD n/a Co File 400'000 0.44 - 17.09.2012 Venture Capital



CHARLES SCHWAB INVES Multiple Portfolios MF-AGG 346'768 0.38 329'029 26.02.2013 Investment Advisor


CIMB ANDREW HODGE outperform 5 U 28 12 month 22.02.2013

Macquarie RIKKI BANNAN neutral 3 D 25 12 month 20.02.2013

Deutsche Bank CRAIG WONGPAN sell 1 D 22 12 month 19.02.2013

Morgan Stanley NICHOLAS ROBISON Equalwt/In-Line 3 D 26 12 month 19.02.2013



Hartleys TRENT BARNETT neutral 3 M 24 12 month 19.02.2013

Nomura DANIEL PORTER reduce 2 D 22 Not Provided 19.02.2013

Bell Potter JOHN O'SHEA hold 3 M 25 12 month 19.02.2013

E.L. & C. Baillieu ROB CRAIGIE hold 3 N 25 12 month 23.01.2013


Paterson Securities DAVID GIBSON buy 5 M 26 12 month 20.11.2012


Holdings By:

Monadelphous Group Ltd ee


27.02.2013

Ansell Limited provides health and safety protection solutions. The Company

has operations in North America, Latin America, EMEA and Asia. Ansell holds

positions in the industrial and medical gloves market, as well as in the sexual

health and well being category worldwide.


LTM as of: 01/yy

52-Week High (29.01.2013) 17.49

52-Week Low (25.07.2012) 12.76

Daily Volume

15.7





2'054.13 1 Yr Total Return 12.10%







ANN AT EQUITY YTD Change - Average Volume 30 Day 921'113

ANN AT EQUITY YTD % CHANGE - Average Volume 3 Month 753'581


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

1'244.7 1'360.6 1'230.6 1'219.8 1'218.3 - - 1'361.3 1'497.3 - -

1.13x 0.98x 1.47x 1.55x 1.47x - - 1.69x 1.49x - -

164.0 177.1 164.8 155.2 158.4 - - 189.7 219.0 - -

8.59x 7.54x 10.94x 12.15x 11.32x - - 11.92x 10.33x - -

102.6 121.4 119.4 122.7 130.0 - - 134.4 154.8 - -

12.53x 9.83x 14.65x 15.32x 13.32x - - 15.44x 13.34x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.87







Fiscal Year Ended

Ansell LtdPrice/Volume

Valuation Analysis

789'179.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-/135

.-

./

.1

.3

.5

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

&2 9

.&- 9

.&2 9

/&- 9

/&2 9

0&- 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

4'500.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

2&--

.-&--

.2&--

/-&--

/2&--

0-&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013


M&G INVESTMENT MANAG n/a Co File 23'973'737 18.32 - 31.07.2012 Investment Advisor









VANGUARD INVESTMENTS Multiple Portfolios MF-AGG 705'420 0.54 (5'496) 30.09.2012 Mutual Fund Manager



MIRRABOOKA INVESTMEN n/a Co File 570'000 0.44 - 31.07.2012 Investment Advisor

AVENTEOS INVESTMENTS n/a Co File 380'748 0.29 - 31.07.2012 n/a

AMERICAN CENTURY COM Multiple Portfolios MF-AGG 282'514 0.22 43'627 31.12.2012 Investment Advisor


TRANSAMERICA INVESTM Multiple Portfolios MF-AGG 276'315 0.21 125'665 31.12.2012 Investment Advisor

JILLA RUSTOM F n/a Co File 224'957 0.17 - 30.06.2012 n/a


AMCIL LTD Multiple Portfolios MF-AGG 214'000 0.16 - 29.06.2012 Investment Advisor


Macquarie CRAIG COLLIE neutral 3 D 16 12 month 14.02.2013


Morgan Stanley JAMES RUTLEDGE Equalwt/Cautious 3 M 15 12 month 13.02.2013

Goldman Sachs IAN ABBOTT neutral/neutral 3 D 16 12 month 13.02.2013




Nomura ZARA LYONS neutral 3 M 16 Not Provided 13.02.2013


Bell Potter STUART ROBERTS buy 5 N 17 12 month 01.08.2011

Holdings By:

Ansell Ltd ee


27.02.2013

OZ Minerals Ltd. is an Australian based mining company with a focus on copper.

The Company owns and operates the Prominent Hill copper-gold mine and the

Carrapateena copper-gold project located in South Australia and has a number of

equity interests in listed resource companies.


LTM as of: 01/yy

52-Week High (27.02.2012) 11.12

52-Week Low (05.09.2012) 6.00

Daily Volume

6.49





1'969.52 1 Yr Total Return -38.34%







OZL AT EQUITY YTD Change - Average Volume 30 Day 2'271'677

OZL AT EQUITY YTD % CHANGE - Average Volume 3 Month 1'917'737


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

0.0 608.5 1'128.4 1'115.9 985.7 - - 954.6 1'016.2 - -

- 4.47x 3.75x 2.02x 1.39x - - 1.46x 1.26x - -

222.3 491.5 686.1 519.9 320.8 - - 269.3 315.8 - -

- 5.53x 6.17x 4.34x 4.28x - - 4.87x 4.15x - -

(2'501.7) (517.3) 586.9 274.5 152.0 - - 92.1 119.8 - -

- 118.00x 10.00x 12.10x 13.54x - - 21.78x 16.39x - -











EBITDA Margin 33.0%



Asset Turnover 0.32







Fiscal Year Ended

OZ Minerals LtdPrice/Volume

Valuation Analysis

3'923'958.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

/

1

3

5

.-

./

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

.&- 9

/&- 9

0&- 9

1&- 9

2&- 9

3&- 9

4&- 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

/&--

1&--

3&--

5&--

.-&--

./&--

.1&--

.3&--

.5&--

/-&--

-.&-.&/-.- -.&-4&/-.- -.&-.&/-.. -.&-4&/-.. -.&-.&/-./ -.&-4&/-./ -.&-.&/-.0



27.02.2013


M&G INVESTMENT MANAG n/a EXCH 54'627'450 18 1'912'058 02.08.2012 Investment Advisor


VANGUARD GROUP INC n/a EXCH 18'800'000 6.2 - 29.03.2012 Investment Advisor

VINVA INVESTMENT MGM n/a EXCH 15'237'715 5.02 (169'556) 15.01.2013 Investment Advisor



ROMADAK PTY LTD n/a Co File 3'066'123 1.01 - 22.03.2012 Unclassified



AMP LTD n/a Co File 1'295'888 0.43 - 22.03.2012 Insurance Company

BOND STREET CUSTODIA n/a Co File 866'467 0.29 - 22.03.2012 Other

MEDEIROS JOSE MANUEL n/a Co File 850'000 0.28 - 22.03.2012 n/a



SHIMMERING BRONZE PL n/a Co File 648'887 0.21 - 22.03.2012 Other

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 625'082 0.21 (269'141) 31.12.2012 Investment Advisor

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 473'013 0.16 - 28.12.2012 Mutual Fund Manager

FMR LLC n/a ULT-AGG 302'163 0.1 1'932 31.12.2012 Investment Advisor

FIRST TRUST n/a ULT-AGG 294'670 0.1 - 26.02.2013 Investment Advisor

SUMITOMO MITSUI TRUS n/a ULT-AGG 278'185 0.09 - 25.07.2012 Bank





BBY Limited MIKE HARROWELL strong buy 5 M 10 12 month 18.02.2013

EVA Dimensions CRAIG STERLING overweight 5 D #N/A N/A Not Provided 18.02.2013

Blackswan Equities Ltd RHYS BRADLEY hold 3 D 8 12 month 18.02.2013

Deutsche Bank BRETT MCKAY sell 1 D 7 12 month 13.02.2013


Investec TIM GERRARD hold 3 M 8 12 month 13.02.2013



JPMorgan LYNDON FAGAN overweight 5 M 8 9 month 13.02.2013


Wilson HTM Investment Group CAMERON JUDD hold 3 M 9 Not Provided 13.02.2013


Evans & Partners Pty Ltd CATHY MOISES Positive 4 U #N/A N/A Not Provided 07.02.2013

Bell Potter STUART HOWE sell 1 D 6 12 month 24.01.2013

BMO Capital Markets TEAM COVERAGE not rated #N/A N/A M #N/A N/A Not Provided 22.11.2012

E.L. & C. Baillieu ADRIAN PRENDERGAST hold 3 M 8 12 month 25.10.2012

Holdings By:

OZ Minerals Ltd ee


27.02.2013

Challenger Limited is an investment management firm The Company offers

annuities and other retirement income products as well as manages assets for

domestic and international clients.


LTM as of: 01/yy

52-Week High (29.02.2012) 4.22

52-Week Low (20.11.2012) 2.95

Daily Volume

3.62





1'944.24 1 Yr Total Return -6.94%







CGF AT EQUITY YTD Change - Average Volume 30 Day 2'316'730

CGF AT EQUITY YTD % CHANGE - Average Volume 3 Month 2'204'390


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

2'465.0 1'673.8 1'634.7 1'526.5 1'387.7 - - 548.4 565.4 - -

8.27x 10.63x 6.69x 6.55x 5.57x - - 4.12x 3.73x - -

1'718.1 1'083.8 1'016.5 873.1 677.4 - - 352.5 363.5 - -

11.86x 16.42x 10.76x 11.46x 11.41x - - 22.56x 21.88x - -

(44.2) (90.7) 282.5 261.4 148.5 - - 301.6 307.9 - -

- - 6.54x 8.97x 11.28x - - 6.41x 6.17x - -











EBITDA Margin 48.8%



Asset Turnover 0.08








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Challenger Ltd/AustraliaPrice/Volume

Valuation Analysis

2'231'555.00


-..//00112

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

/&- 9

1&- 9

3&- 9

5&- 9

.-&- 9

./&- 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

2-&--

.--&--

.2-&--

/--&--

/2-&--

0--&--

02-&--

1--&--

12-&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013



CALEDONIA INVESTMENT n/a Co File 29'131'589 5.42 - 31.07.2012 Investment Advisor




PARADICE INVESTMENT n/a EXCH 26'740'360 4.98 (6'522'311) 14.02.2013 Investment Advisor




CHALLENGER LIMITED n/a EXCH 12'323'728 2.29 - 29.11.2012 Corporation

STEVENS DOMINIC J n/a EXCH 6'867'555 1.28 - 17.02.2012 n/a




WIN TELEVISION NSW P n/a Co File 2'609'598 0.49 - 01.10.2012 Corporation



AMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 2'297'670 0.43 - 31.12.2012 Investment Advisor

BENARI BRIAN ROLAND n/a EXCH 1'944'019 0.36 350'000 30.09.2012 n/a





Macquarie TIM LAWSON outperform 5 M 4 12 month 06.02.2013





Morgan Stanley ARVID STREIMANN Overwt/In-Line 5 M 4 12 month 11.01.2013

Nomura ANTHONY HOO buy 5 M 5 Not Provided 11.01.2013



CIMB RICHARD COLES outperform 5 M 4 12 month 26.11.2012

E.L. & C. Baillieu NICK CALEY buy 5 M 6 12 month 20.08.2012

Holdings By:

Challenger Ltd/Australia ee


27.02.2013

Spark Infrastructure Group invests in utility infrastructure assets in

Australia.


LTM as of: 01/yy

52-Week High (17.01.2013) 1.80

52-Week Low (01.03.2012) 1.33

Daily Volume

1.675





2'222.28 1 Yr Total Return 28.81%







SKI AT EQUITY YTD Change - Average Volume 30 Day 5'613'631

SKI AT EQUITY YTD % CHANGE - Average Volume 3 Month 4'681'182


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

92.8 85.8 87.2 84.2 - - - 321.9 339.7 - -

32.14x 35.74x 28.28x 32.77x - - - 9.70x 9.10x - -

63.1 73.1 63.7 22.4 - - - 439.5 470.2 - -

47.22x 41.95x 38.70x 123.37x - - - 7.16x 6.69x - -

9.5 122.5 80.9 82.6 173.9 - - 201.3 221.4 - -

138.30x 11.47x 15.34x 22.11x 12.75x - - 10.47x 9.63x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.03







Fiscal Year Ended

Spark Infrastructure GroupPrice/Volume

Valuation Analysis

11'010'500.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

---.....///

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

2&- 9

.-&- 9

.2&- 9

/-&- 9

/2&- 9

0.0

20.0

40.0

60.0

80.0

100.0

120.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

/&--

1&--

3&--

5&--

.-&--

./&--

.1&--

.3&--

-.&-.&/-.- -.&-4&/-.- -.&-.&/-.. -.&-4&/-.. -.&-.&/-./ -.&-4&/-./ -.&-.&/-.0



27.02.2013



CHEUNG KONG INFRASTR n/a Co File 113'188'473 8.53 - 31.03.2012 Corporation




RARE INFRASTRUCTURE n/a EXCH 60'989'762 4.6 (9'100'000) 07.09.2012 Other

LORD ABBETT & CO LLC Multiple Portfolios MF-AGG 18'818'884 1.42 435'844 31.12.2012 Investment Advisor


QUEENSLAND INVESTMEN n/a Co File 13'297'065 1 - 31.03.2012 Investment Advisor




NUVEEN ASSET MANAGEM Multiple Portfolios MF-AGG 7'613'259 0.57 1'855'583 21.02.2013 Investment Advisor


GOLDMAN SACHS ASSET Multiple Portfolios MF-AGG 6'980'536 0.53 (1'844'499) 28.09.2012 Mutual Fund Manager

LAZARD GLOBAL ACTIVE Multiple Portfolios MF-AGG 6'891'276 0.52 343'226 31.01.2013 Investment Advisor

BROOKFIELD INVESTMEN Multiple Portfolios MF-AGG 6'881'800 0.52 (506'400) 28.09.2012 Investment Advisor





Macquarie IAN MYLES outperform 5 U 2 12 month 26.02.2013

Deutsche Bank HUGH MORGAN buy 5 M 2 12 month 25.02.2013



JPMorgan CHRIS LAYBUTT overweight 5 M 2 9 month 25.02.2013

Commonwealth Bank WILLIAM ALLOTT neutral 3 D 2 12 month 25.02.2013




Evans & Partners Pty Ltd TONY WILSON Positive 4 U #N/A N/A Not Provided 13.09.2012

Holdings By:

Spark Infrastructure Group ee


27.02.2013

carsales.com owns and operates a portfolio of automotive and related industry

websites, including an automotive classifieds website.


LTM as of: 01/yy

52-Week High (25.02.2013) 9.17

52-Week Low (08.03.2012) 4.97

Daily Volume

9.01





2'124.41 1 Yr Total Return 81.58%







CRZ AT EQUITY YTD Change - Average Volume 30 Day 966'015

CRZ AT EQUITY YTD % CHANGE - Average Volume 3 Month 1'068'902


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

71.9 95.9 120.6 152.5 184.2 - - 218.2 250.6 - -

- - 9.06x 7.01x 7.39x - - 9.49x 8.16x - -

28.4 43.5 64.6 84.0 101.3 - - 119.4 139.4 - -

- - 16.93x 12.72x 13.44x - - 17.45x 14.95x - -

18.7 30.7 43.2 58.3 71.6 - - 83.2 97.8 - -

- - 25.59x 18.80x 19.61x - - 25.31x 21.66x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 1.33








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

carsales.com LtdPrice/Volume

Valuation Analysis

307'185.00


-./0123456

.-

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9&2 9.&- 9.&2 9/&- 9/&2 90&- 90&2 91&- 91&2 92&- 9

0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0

180.0

200.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

2&--

.-&--

.2&--

/-&--

/2&--

0-&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013


HYPERION ASSET MANAG n/a EXCH 29'403'199 12.47 2'920'451 12.04.2012 Investment Advisor

WILSON HTM INVESTMEN n/a Co File 28'774'328 12.2 - 30.05.2012 Investment Advisor


PISCIOTTA WALTER n/a EXCH 15'940'262 6.76 (1'180'042) 04.10.2012 n/a

ARNHEM INVESTMENT MA n/a Co File 13'995'262 5.94 - 30.05.2012 Other

AUSTRALIA & NEW ZEAL n/a EXCH 11'903'485 5.05 - 10.04.2012 Bank

JCP INVESTMENT PARTN n/a EXCH 11'705'059 4.96 (174'364) 06.02.2013 Investment Advisor

WESTPAC BANKING CORP n/a EXCH 11'650'483 4.94 (120'487) 31.07.2012 Bank



BNP PARIBAS INVESTME n/a EXCH 11'476'795 4.87 (1'982'216) 06.09.2012 Investment Advisor


ROEBUCK GREGORY PAUL n/a EXCH 6'229'086 2.64 (280'082) 07.09.2012 n/a

DUX ROD n/a Co File 3'100'000 1.31 - 14.08.2012 n/a

KLOSS STEVEN ANTHONY n/a Co File 2'774'500 1.18 - 14.08.2012 n/a

AITKEN PETER n/a Co File 2'756'555 1.17 - 14.08.2012 n/a

GRANT TAYLOR n/a Co File 2'546'555 1.08 - 14.08.2012 n/a

ROBINSON BILL n/a Co File 2'492'000 1.06 - 14.08.2012 n/a


BRADY GEOFF n/a Co File 2'000'000 0.85 - 14.08.2012 n/a


Morgan Stanley MARK GOODRIDGE Overwt/Cautious 5 M 9 12 month 26.02.2013

Ord Minnett NICHOLAS MCGARRIGLE hold 3 M 8 Not Provided 14.02.2013

Deutsche Bank DOMINIC ROSE hold 3 M 9 12 month 13.02.2013

Credit Suisse SAMANTHA CARLETON outperform 5 M 10 Not Provided 13.02.2013


CIMB FRASER MCLEISH underperform 1 D 8 12 month 13.02.2013

BBY Limited MARK MCDONNELL underperform 1 M 9 12 month 13.02.2013

Wilson HTM Investment Group IVOR RIES hold 3 M 8 Not Provided 13.02.2013

Commonwealth Bank ALICE BENNETT neutral 3 M 9 12 month 13.02.2013

Nomura DANIEL BLAIR reduce 2 M 8 Not Provided 13.02.2013

Goldman Sachs CHRISTIAN GUERRA Buy/Cautious 5 M 9 12 month 31.01.2013



Evans & Partners Pty Ltd PETER STAMOULIS neutral 3 D #N/A N/A Not Provided 02.08.2012

Shaw Stockbroking SCOTT MARSHALL sell 1 D #N/A N/A Not Provided 10.10.2011

Holdings By:

carsales.com Ltd ee


27.02.2013

Australian Infrastructure Fund is an investment company incorporated in

Australia. The objective of the Fund is to provide yield to unit-holders and

sustained capital growth of investments. The Company mainly invests in unlisted

transport infrastructure assets, with airports comprising the majority of the

portfolio, but also investing in seaports, tollroads and rail businesses.


LTM as of: 01/yy

52-Week High (24.08.2012) 3.26

52-Week Low (01.03.2012) 2.02

Daily Volume

3.12





1'936.69 1 Yr Total Return 57.90%







AIX AT EQUITY YTD Change - Average Volume 30 Day 4'591'445

AIX AT EQUITY YTD % CHANGE - Average Volume 3 Month 4'599'841


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

243.7 115.9 212.8 237.8 216.0 - - 90.9 91.3 - -

3.72x 5.55x 4.67x 4.68x 6.17x - - 20.45x 20.24x - -

- - - - - - - 134.2 180.4 - -

- - - - - - - 13.26x 9.87x - -

206.5 100.6 191.3 212.3 196.0 - - 159.7 170.1 - -

4.06x 5.13x 5.12x 5.61x 7.60x - - 11.14x 12.00x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.18








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Australian Infrastructure FundPrice/Volume

Valuation Analysis

5'826'290.00


-

.

.

/

/

0

0

1

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 92&- 9.-&- 9.2&- 9/-&- 9/2&- 90-&- 902&- 91-&- 912&- 9

0.0

50.0

100.0

150.0

200.0

250.0

300.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

.-&--

/-&--

0-&--

1-&--

2-&--

3-&--

4-&--

5-&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013





MITSUBISHI UFJ FINAN n/a ULT-AGG 33'761'439 5.44 - 29.01.2013 Holding Company

MORGAN STANLEY AUSTR n/a EXCH 33'761'439 5.44 - 29.01.2013 Investment Advisor

NATIONAL AUSTRALIA B n/a ULT-AGG 31'010'257 5 (49'688) 23.07.2012 Bank



BANK OF AMERICA CORP n/a EXCH 20'787'597 3.35 (10'272'850) 07.01.2013 Investment Advisor

WESTPAC BANKING CORP n/a Co File 18'012'204 2.9 - 20.08.2012 Bank


AMP CAP CORE INFRAS n/a Co File 10'233'273 1.65 - 20.08.2012 n/a






FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 3'161'057 0.51 523'753 31.05.2012 Investment Advisor


DIVERSIFIED UNITED I n/a Co File 2'500'000 0.4 - 20.08.2012 Unclassified



Macquarie IAN MYLES restricted #N/A N/A M #N/A N/A Not Provided 29.01.2013



JPMorgan CAROLYN HOLMES underweight 1 M 3 3 month 12.12.2012

CIMB MICHAEL NEWBOLD underperform 1 D 3 12 month 12.12.2012


BGC Partners TEAM COVERAGE buy 5 N #N/A N/A Not Provided 27.11.2012



Holdings By:

Australian Infrastructure Fund ee


27.02.2013

Investa Office Fund is a real estate investment trust. The Fund is owner of

investment grade office buildings and receives rental income from a tenant

register comprising predominantly Government and blue chip tenants. The Group

invests in office property in Australia and Europe.


LTM as of: 01/yy

52-Week High (04.02.2013) 3.16

52-Week Low (08.03.2012) 2.38

Daily Volume

3.09





1'897.41 1 Yr Total Return 33.07%







IOF AT EQUITY YTD Change - Average Volume 30 Day 1'653'272

IOF AT EQUITY YTD % CHANGE - Average Volume 3 Month 1'984'340


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

219.2 234.1 212.0 166.2 189.6 - - 193.6 199.9 - -

11.59x 7.83x 9.32x 12.79x 11.10x - - 12.63x 12.42x - -

142.9 158.9 144.1 113.8 133.0 - - 168.5 173.1 - -

17.77x 11.54x 13.72x 18.68x 15.82x - - 14.50x 14.12x - -

246.6 (764.2) 42.5 143.9 101.9 - - 137.0 139.4 - -

5.81x - 36.25x 17.57x 9.85x - - 14.05x 13.73x - -







Return on Capital -0.70% EBITDA/Interest Exp. 8.47




EBITDA Margin 70.1%



Asset Turnover 0.08







Fiscal Year Ended

Investa Office FundPrice/Volume

Valuation Analysis

1'014'256.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

.

.

/

/

0

0

1

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

/&- 9

1&- 9

3&- 9

5&- 9

.-&- 9

./&- 9

0.0

50.0

100.0

150.0

200.0

250.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

.-&--

/-&--

0-&--

1-&--

2-&--

3-&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013



ING GROEP NV n/a EXCH 56'064'307 9.13 (21'931'895) 12.04.2011 Investment Advisor


MORGAN STANLEY n/a EXCH 45'597'778 7.43 6'749'328 20.11.2012 Other

MITSUBISHI UFJ FINAN n/a ULT-AGG 44'686'196 7.28 6'303'268 09.11.2012 Holding Company

CBRE CLARION SECURIT n/a EXCH 43'553'649 7.09 (10'307'607) 05.11.2012 Investment Advisor





ING INVESTMENT MANAG Multiple Portfolios MF-AGG 9'793'922 1.59 (3'104'710) 31.12.2012 Investment Advisor






ABN AMRO ASSET MGMT Multiple Portfolios MF-AGG 5'262'454 0.86 - 17.07.2012 Investment Advisor

NIKKO ASSET MANAGEME n/a ULT-AGG 3'689'799 0.6 3'334'624 01.02.2013 Unclassified




Credit Suisse JOHN LEE neutral 3 M 3 Not Provided 26.02.2013







Deutsche Bank JASON WEATE hold 3 U 3 12 month 31.10.2012

Moelis & Company RYAN FRANZ hold 3 M 3 12 month 06.09.2012

Holdings By:

Investa Office Fund ee


27.02.2013

SP Ausnet owns and operates electricity transmission and electricity and gas

distribution assets in Victoria, Australia.


LTM as of: 01/yy

52-Week High (06.02.2013) 1.21

52-Week Low (14.08.2012) 0.94

Daily Volume

1.18





3'973.70 1 Yr Total Return 30.85%







SPN AT EQUITY YTD Change - Average Volume 30 Day 6'389'107

SPN AT EQUITY YTD % CHANGE - Average Volume 3 Month 5'635'045


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 01/yy 01/yy 03/13 Y 03/14 Y - -

1'006.0 1'083.9 1'264.4 1'396.0 1'458.7 - - 1'653.7 1'745.8 - -

8.07x 7.60x 6.78x 6.51x 6.86x - - 6.66x 6.56x - -

632.1 665.2 763.6 867.2 911.7 - - 976.8 1'039.2 - -

12.84x 12.38x 11.23x 10.48x 10.98x - - 11.34x 10.66x - -

157.5 146.9 209.0 252.9 255.0 - - 277.2 293.8 - -

16.76x 13.02x 11.19x 9.58x 12.01x - - 13.88x 13.88x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.17








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

SP AusNetPrice/Volume

Valuation Analysis

3'193'703.00


-

-

-

.

.

.

.

.

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

2&- 9

.-&- 9

.2&- 9

/-&- 9

/2&- 9

0-&- 9

02&- 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

.&--

/&--

0&--

1&--

2&--

3&--

4&--

5&--

6&--

-0&-1&/--6 -0&.-&/--6 -0&-1&/-.- -0&.-&/-.- -0&-1&/-.. -0&.-&/-.. -0&-1&/-./ -0&.-&/-./



27.02.2013


TEMASEK HOLDINGS PRI n/a ULT-AGG 1'719'034'093 51.05 (442'500) 20.06.2012 Government

ALLAN GRAY AUSTRALIA n/a EXCH 204'628'941 6.08 33'477'024 04.12.2012 Investment Advisor








AUSTRALIAN UNITED IN n/a Co File 10'000'000 0.3 - 23.05.2012 Investment Advisor




GOLDMAN SACHS ASSET Multiple Portfolios MF-AGG 4'179'994 0.12 (1'172'074) 28.09.2012 Mutual Fund Manager


RUSSELL INVESTMENT M Multiple Portfolios MF-AGG 3'420'822 0.1 - 26.02.2013 Investment Advisor


CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 2'632'568 0.08 - 28.12.2012 Mutual Fund Manager

LAZARD GLOBAL ACTIVE Multiple Portfolios MF-AGG 2'472'568 0.07 - 31.01.2013 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 2'218'327 0.07 - 30.06.2012 Investment Advisor



Macquarie IAN MYLES neutral 3 D 1 12 month 13.02.2013


RBC Capital Markets PAUL A JOHNSTON underperform 1 M 1 12 month 04.02.2013


Goldman Sachs ANDREW MCCUSKER Sell/Neutral 1 M 1 12 month 18.01.2013


JPMorgan CHRIS LAYBUTT neutral 3 M 1 9 month 16.01.2013

Commonwealth Bank WILLIAM ALLOTT underweight 1 M 1 12 month 21.12.2012


Deutsche Bank HUGH MORGAN hold 3 M 1 12 month 09.11.2012

Holdings By:

SP AusNet ee


27.02.2013

Aristocrat Leisure Limited manufactures and sells gaming machines in Australia

and internationally. The Company also supplies gaming systems, software, table

gaming equipment and other gaming related products and services to casinos,

clubs and hotels.


LTM as of: 01/yy

52-Week High (20.02.2013) 3.94

52-Week Low (02.08.2012) 2.29

Daily Volume

3.67





2'023.70 1 Yr Total Return 49.75%







ALL AT EQUITY YTD Change - Average Volume 30 Day 1'746'357

ALL AT EQUITY YTD % CHANGE - Average Volume 3 Month 1'855'971


30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 01/yy 01/yy 09/13 Y 09/14 Y - -

1'079.9 908.6 680.5 704.3 843.3 - - 894.8 963.3 - -

1.98x 2.43x 2.76x 2.02x 1.98x - - 2.42x 2.21x - -

267.1 (144.7) 140.2 160.9 - - - 190.8 214.4 - -

8.02x - 13.38x 8.85x - - - 11.61x 10.32x - -

101.2 (157.8) 77.2 66.1 91.7 - - 103.2 119.8 - -

17.64x - 20.62x 17.89x 16.11x - - 19.63x 16.83x - -


EBIT - Long-Term Rating NR

Operating Margin - Long-Term Outlook -








EBITDA Margin 22.2%



Asset Turnover 1.05







Fiscal Year Ended

Aristocrat Leisure LtdPrice/Volume

Valuation Analysis

1'223'068.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-..//00112

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

/&- 9

1&- 9

3&- 9

5&- 9

.-&- 9

./&- 9

.1&- 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

/&--

1&--

3&--

5&--

.-&--

./&--

.1&--

.3&--

.5&--

-.&-.&/-.- -.&-4&/-.- -.&-.&/-.. -.&-4&/-.. -.&-.&/-./ -.&-4&/-./ -.&-.&/-.0



27.02.2013




WRITEMAN PTY LTD n/a Co File 31'994'622 5.8 - 27.11.2012 n/a

IOOF HOLDINGS LTD n/a EXCH 29'783'225 5.4 - 07.08.2012 Investment Advisor

SAS TRUSTEE CORP n/a EXCH 28'749'424 5.21 - 09.11.2012 Corporation



THUNDERBIRDS ARE GO n/a Co File 25'277'754 4.58 - 27.11.2012 n/a


SUMITOMO MITSUI TRUS n/a ULT-AGG 22'504'353 4.08 (11'636'714) 01.02.2013 Bank

SERIOSO PTY LIMITED n/a Co File 20'709'564 3.76 - 27.11.2012 Corporation

MAAKU PTY LTD n/a Co File 15'104'872 2.74 - 27.11.2012 n/a

ARMINELLA PTY LTD n/a Co File 10'655'500 1.93 - 27.11.2012 n/a


ECA 1 PTY LTD n/a Co File 8'757'359 1.59 - 27.11.2012 n/a







Credit Suisse LARRY GANDLER underperform 1 D 4 Not Provided 20.02.2013



Macquarie ANDREW LEVY underperform 1 D 3 12 month 04.02.2013


Nomura NICK BERRY reduce 2 M 2 Not Provided 30.01.2013


E.L. & C. Baillieu NICK CALEY hold 3 D 3 12 month 17.01.2013

CIMB MICHAEL NOLAN neutral 3 D 3 12 month 07.12.2012



Holdings By:

Aristocrat Leisure Ltd ee


27.02.2013

Regis Resources Ltd. is a mineral exploration and production company. The

Company mines for gold, nickel, and copper.


LTM as of: 01/yy

52-Week High (02.10.2012) 5.87

52-Week Low (16.05.2012) 3.34

Daily Volume

4.48












RRL AT EQUITY YTD Change - Average Volume 30 Day 2'630'529

RRL AT EQUITY YTD % CHANGE - Average Volume 3 Month 2'500'222


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

0.0 0.0 0.0 107.9 170.4 - - 471.6 692.2 - -

- - - 9.96x 10.57x - - 4.47x 2.83x - -

(2.1) (91.7) (7.0) 57.2 99.7 - - 287.5 424.4 - -

- - - 18.78x 18.06x - - 7.64x 5.18x - -

(2.3) (91.8) (18.8) 36.3 68.2 - - 181.8 278.9 - -

- - - 29.04x 25.21x - - 12.38x 7.72x - -











EBITDA Margin 58.0%



Asset Turnover 0.67








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Regis Resources LtdPrice/Volume

Valuation Analysis

3'059'880.00


-

.

/

0

1

2

3

4

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

/&- 9

1&- 9

3&- 9

5&- 9

.-&- 9

./&- 9

.1&- 9

0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0

180.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

/-&--

1-&--

3-&--

5-&--

.--&--

./-&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013


NEWMONT MINING CORP n/a EXCH 97'212'729 19.75 23'304'506 16.11.2012 Corporation

GIORGETTA NICOLA n/a Co File 20'529'671 4.17 - 30.06.2011 n/a

ROLLASON PTY LTD n/a Co File 20'529'671 4.17 - 31.08.2012 Investment Advisor

STANLEY ROSS FRANCIS n/a Co File 17'000'000 3.45 - 31.08.2012 n/a

LANDAU PETER NEIL n/a RNS-DIR 13'956'522 2.84 - 22.05.2012 n/a

SHL PTY LTD n/a Co File 10'017'087 2.04 - 31.08.2012 Other

CLARK MARK JOHN n/a Co File 8'711'112 1.77 - 31.08.2012 n/a

WESTOZ FUNDS MANAGEM Multiple Portfolios MF-AGG 8'625'000 1.75 - 30.06.2011 Mutual Fund Manager

HART MORGAN CAIN n/a Co File 8'438'098 1.71 - 31.08.2012 n/a

GCIC LTD/CANADA Multiple Portfolios MF-AGG 7'550'000 1.53 7'550'000 30.06.2012 Investment Advisor

MUTUAL INVESTMENTS P n/a Co File 5'500'000 1.12 - 31.08.2012 n/a

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 4'935'830 1 2'352'350 30.06.2012 Investment Advisor


COLUMBIA WANGER ASSE Multiple Portfolios MF-AGG 3'916'781 0.8 1'298'075 31.12.2012 Investment Advisor

PIAMA PTY LTD n/a Co File 3'798'401 0.77 - 31.08.2012 n/a

JONES EDWARD MARCUS n/a RNS-DIR 3'531'522 0.72 - 22.05.2012 n/a


EVANS GLYN n/a Co File 3'016'111 0.61 - 31.08.2012 n/a




Deutsche Bank CHRIS TERRY buy 5 M 5 12 month 26.02.2013

Morgan Stanley BRENDAN FITZPATRICK Equalwt/Attractive 3 M 5 12 month 26.02.2013

Goldman Sachs PAUL HISSEY buy/attractive 5 M 5 12 month 26.02.2013

RBC Capital Markets STEUART MCINTYRE outperform 5 M 6 12 month 26.02.2013

JPMorgan JOSEPH KIM overweight 5 M 5 9 month 26.02.2013


BBY Limited KURT WORDEN strong buy 5 M 7 12 month 26.02.2013



Evans & Partners Pty Ltd CATHY MOISES neutral 3 U #N/A N/A Not Provided 25.01.2013

Bell Potter STEPHEN THOMAS buy 5 M 6 12 month 18.01.2013


Hartleys TRENT BARNETT buy 5 M 6 12 month 04.01.2013

Paterson Securities GARY WATSON hold 3 M 6 Not Provided 21.12.2012

Holdings By:

Regis Resources Ltd ee


27.02.2013

Sims Metal Management Ltd. collects, sorts and processes scrap metal materials

which are recycled for resale. The Company's divisions include ferrous

recycling, non-ferrous recycling, secondary processing of non-ferrous metals and

plastics, international trading of metal commodities and the merchandising of

steel semi-fabricated products.


LTM as of: 06/yy

52-Week High (16.03.2012) 15.73

52-Week Low (25.07.2012) 7.84

Daily Volume

10.86





2'218.74 1 Yr Total Return -27.48%







SGM AT EQUITY YTD Change - Average Volume 30 Day 1'170'905

SGM AT EQUITY YTD % CHANGE - Average Volume 3 Month 945'865


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 06/yy 06/yy 06/13 Y 06/14 Y 09/12 Q1 12/12 Q2

7'665.6 8'636.2 7'452.6 8'846.8 9'035.7 7'458.5 8'852.9 7'769.1 8'371.5 - -

1.02x 0.57x 0.47x 0.42x 0.25x 0.00x 0.00x 0.32x 0.29x - -

670.2 172.2 340.2 388.3 147.5 0.0 0.0 223.4 336.6 - -

11.62x 28.66x 10.20x 9.65x 15.29x 0.00x 0.00x 11.22x 7.44x - -

440.1 (150.3) 126.7 192.1 (521.4) 126.7 192.1 30.5 137.3 - -

13.41x - 26.36x 18.80x - 26.59x 18.80x 36.57x 15.83x - -











EBITDA Margin 1.6%



Asset Turnover 2.32








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Sims Metal Management LtdPrice/Volume

Valuation Analysis

1'395'773.00


-/135

.-

./

.1

.3

.5

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

&2 9

.&- 9

.&2 9

/&- 9

/&2 9

0&- 9

0&2 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

9'000.0

10'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

.-&--

/-&--

0-&--

1-&--

2-&--

3-&--

4-&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013


MITSUI RAW MATERIALS n/a Co File 36'151'787 17.7 - 06.09.2012 Other



ROYCE AND ASSOCIATES n/a 13G 8'890'420 4.35 (1'492'733) 31.12.2012 Investment Advisor


HUGO NEU CORPORATION n/a Co File 3'617'566 1.77 - 09.06.2012 n/a



QIC LTD n/a Co File 927'664 0.45 - 06.09.2012 Investment Advisor


T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 806'425 0.39 400'000 31.12.2012 Investment Advisor

MILTON CORP LTD n/a Co File 793'037 0.39 - 06.09.2012 Investment Advisor

DIENST DANIEL W n/a EXCH 592'593 0.29 - 16.11.2012 n/a


STATE STREET n/a ULT-AGG 552'164 0.27 (59'960) 26.02.2013 Investment Advisor

KONANN PTY LTD n/a Co File 541'692 0.27 - 06.09.2012 n/a

LANSFORSAKRINGAR FON Multiple Portfolios MF-AGG 480'864 0.24 177'740 31.12.2012 Investment Advisor


BOSTON COMMON ASSET BOSTON COMMON ASSET 13F 403'493 0.2 115'325 31.12.2012 Investment Advisor





Credit Suisse MICHAEL SLIFIRSKI underperform 1 D 11 Not Provided 22.02.2013

D.A. Davidson & Co BRENT THIELMAN buy 5 M 13 18 month 22.02.2013

Commonwealth Bank TOMAS VASQUEZ underweight 1 M 8 12 month 22.02.2013

Nomura DANIEL PORTER neutral 3 M 11 Not Provided 22.02.2013

Bell Potter SAM HADDAD buy 5 M 14 12 month 22.02.2013

Macquarie LIAM FARLOW underperform 1 M 9 12 month 21.01.2013




Holdings By:

Sims Metal Management Ltd ee


27.02.2013

Mineral Resources Ltd. offers contract crushing services to the mining industry

in Australia. The Company serves gold, iron ore, tantalum, and coal companies.


LTM as of: 01/yy

52-Week High (29.02.2012) 13.33

52-Week Low (05.09.2012) 6.19

Daily Volume

11.46





2'128.40 1 Yr Total Return -8.03%







MIN AT EQUITY YTD Change - Average Volume 30 Day 1'565'054

MIN AT EQUITY YTD % CHANGE - Average Volume 3 Month 1'120'763


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

235.4 251.2 308.9 608.8 924.9 - - 1'190.0 1'438.0 - -

3.30x 2.15x 4.03x 3.09x 1.93x - - 2.04x 1.68x - -

82.0 78.6 92.4 214.1 288.2 - - 381.0 423.2 - -

9.48x 6.86x 13.45x 8.80x 6.20x - - 6.50x 5.85x - -

47.1 44.3 97.3 151.0 242.2 - - 190.7 217.7 - -

16.80x 11.87x 11.82x 12.78x 6.76x - - 11.10x 9.73x - -











EBITDA Margin 28.2%



Asset Turnover 0.71








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Mineral Resources LtdPrice/Volume

Valuation Analysis

923'997.00


-

/

1

3

5

.-

./

.1

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9/&- 91&- 93&- 95&- 9.-&- 9./&- 9.1&- 9.3&- 9.5&- 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

1'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

2&--

.-&--

.2&--

/-&--

/2&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013


ELLISON CHRISTOPHER n/a EXCH 27'038'000 14.56 38'000 03.09.2012 n/a

SANDINI PTY LTD n/a Co File 26'741'250 14.4 - 21.09.2012 Holding Company

PERPETUAL LTD #N/A N/A EXCH 14'708'873 7.92 (2'200'617) 25.02.2013 Investment Advisor


WYATT STEVE n/a Co File 9'057'344 4.88 - 30.06.2012 n/a

HENDERSON PARK PTY L n/a Co File 9'057'344 4.88 - 21.09.2012 n/a

GAVRANICH BOB n/a Co File 5'106'595 2.75 - 30.06.2012 n/a

RS INVESTMENT MANAGE Multiple Portfolios MF-AGG 3'906'313 2.1 2'833'069 31.12.2012 Investment Advisor

WAVEFRONT ASSET PTY n/a Co File 2'059'460 1.11 - 21.09.2012 n/a

THORNBURG INVESTMENT Multiple Portfolios MF-AGG 1'929'802 1.04 (775'852) 31.12.2012 Investment Advisor


RICCIARDO JOSEPH MAR n/a Co File 1'529'989 0.82 - 16.08.2012 n/a

PAKSIAN PTY LTD n/a Co File 1'529'989 0.82 - 21.09.2012 n/a

GERAGHTY DAVID n/a Co File 1'439'799 0.78 - 30.06.2012 n/a

WADE PETER n/a Co File 1'416'162 0.76 - 21.09.2012 n/a


D & C GERAGHTY PTY L n/a Co File 1'267'487 0.68 - 21.09.2012 n/a



SCHRODER INVESTMENT Multiple Portfolios MF-AGG 642'991 0.35 208'043 31.12.2012 Investment Advisor



RBC Capital Markets HEATH ANDREWS top pick 5 M 15 12 month 18.02.2013


Macquarie ANDREW WACKETT outperform 5 M 12 12 month 15.02.2013



Bell Potter JOHN O'SHEA buy 5 M 13 12 month 14.02.2013

Holdings By:

Mineral Resources Ltd ee


27.02.2013

Flight Centre Limited operates as a retail travel agency in Australia. The

Company operates close to 1200 outlets throughout Australia and internationally

including New Zealand, Hong Kong, South Africa, Canada and the United Kingdom.

The Company's agencies and brands include Flight Centre, Travel Associates and

Student Flights.


LTM as of: 01/yy

52-Week High (19.02.2013) 33.42

52-Week Low (04.06.2012) 17.01

Daily Volume

31.9





3'196.83 1 Yr Total Return 53.93%







FLT AT EQUITY YTD Change - Average Volume 30 Day 400'005

FLT AT EQUITY YTD % CHANGE - Average Volume 3 Month 603'707


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

1'440.4 1'683.2 1'763.2 1'816.9 1'982.9 - - 2'012.8 2'130.4 - -

0.59x 0.13x 0.48x 0.76x 0.46x - - 1.17x 1.08x - -

227.7 89.3 251.5 287.1 321.8 - - 354.3 378.6 - -

3.75x 2.45x 3.39x 4.78x 2.82x - - 6.24x 5.84x - -

134.8 38.2 139.9 139.8 200.1 - - 220.5 239.1 - -

12.08x 22.58x 11.85x 15.44x 9.46x - - 14.57x 13.44x - -











EBITDA Margin 16.2%



Asset Turnover 0.98







Fiscal Year Ended

Flight Centre LtdPrice/Volume

Valuation Analysis

497'928.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

2

.-

.2

/-

/2

0-

02

1-

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

.&- 9

/&- 9

0&- 9

1&- 9

2&- 9

3&- 9

4&- 9

5&- 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

/&--

1&--

3&--

5&--

.-&--

./&--

.1&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013


GEHAR PTY LTD n/a EXCH 15'635'819 15.6 - 20.11.2012 Other

TURNER GRAHAM F n/a EXCH 15'200'000 15.17 (98'428) 20.11.2012 n/a

GAINSDALE PTY LTD n/a EXCH 15'200'000 15.17 15'200'000 20.11.2012 Other

JAMES MANAGEMENT SER n/a EXCH 13'039'750 13.01 - 20.11.2012 Unclassified

PERPETUAL LTD n/a EXCH 4'992'063 4.98 (34'215) 04.07.2011 Investment Advisor


FRIDAY INVESTMENTS P n/a EXCH 3'678'394 3.67 (400'000) 20.11.2012 Unclassified

BENNELONG AUS EQ PAR n/a Co File 3'153'695 3.15 - 27.08.2012 n/a

DEUTSCHE BANK n/a Co File 2'109'598 2.11 - 27.08.2012 Bank

BLACKROCK ASSET MANA n/a Co File 2'010'948 2.01 - 27.08.2012 Investment Advisor

AMP CAPITAL INVESTOR n/a Co File 1'882'249 1.88 - 27.08.2012 Investment Advisor

VINVA INVESTMENT MGM n/a Co File 1'874'241 1.87 - 27.08.2012 Investment Advisor


ELEY GRIFFITHS GROUP n/a Co File 1'691'000 1.69 - 27.08.2012 Investment Advisor

K2 ASSET MANAGEMENT n/a Co File 1'375'111 1.37 - 27.08.2012 Other

BENNELONG FUNDS MANA n/a Co File 1'364'878 1.36 - 27.08.2012 Investment Advisor

TRIBECA INVESTMENT P n/a Co File 1'179'562 1.18 - 27.08.2012 n/a

BT INVESTMENT MANAGE n/a Co File 1'161'637 1.16 - 27.08.2012 Investment Advisor

PLATYPUS ASSET MANAG n/a Co File 1'100'912 1.1 - 27.08.2012 Unclassified

MACQUARIE FUNDS GROU n/a Co File 1'084'790 1.08 - 27.08.2012 n/a



Ord Minnett NICHOLAS MCGARRIGLE accumulate 4 M 32 Not Provided 27.02.2013


Morgan Stanley JAMES BALES Overwt/In-Line 5 M 35 12 month 26.02.2013

Goldman Sachs MIKE YOUNGER neutral/neutral 3 M 31 12 month 26.02.2013

Credit Suisse PAUL BUYS neutral 3 D 34 Not Provided 26.02.2013

JPMorgan ARMINA SOEMINO overweight 5 M 33 10 month 26.02.2013

CIMB TIM PLUMBE outperform 5 M 35 12 month 26.02.2013

Commonwealth Bank NICK MACLEAN overweight 5 M 36 12 month 26.02.2013

Moelis & Company TODD W GUYOT hold 3 D 31 12 month 26.02.2013

RBS Morgans JOSEPHINE LITTLE neutral 3 M 32 12 month 26.02.2013

Wilson HTM Investment Group ANDREW DALZIEL buy 5 M 31 Not Provided 22.02.2013


Bell Potter JOHN O'SHEA hold 3 D 28 12 month 05.11.2012

Holdings By:

Flight Centre Ltd ee


27.02.2013

Whitehaven Coal Limited mines and sells metallurgical and thermal coals to the

global steel, power generation, and metallurgical industries.


LTM as of: 01/yy

52-Week High (13.04.2012) 5.62

52-Week Low (16.11.2012) 2.70

Daily Volume

2.85





2'890.37 1 Yr Total Return -43.91%







WHC AT EQUITY YTD Change - Average Volume 30 Day 4'374'361

WHC AT EQUITY YTD % CHANGE - Average Volume 3 Month 4'079'284


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

252.0 489.4 406.8 622.2 618.1 - - 616.2 923.0 - -

6.85x 2.50x 5.71x 4.56x 6.82x - - 5.50x 4.02x - -

(20.6) (109.1) 104.7 143.4 142.0 - - 13.2 180.4 - -

- - 22.19x 19.77x 29.70x - - 250.55x 18.26x - -

51.9 244.2 114.9 9.9 62.5 - - (54.7) 46.2 - -

30.83x 5.19x 19.83x 291.50x 38.07x - - - 60.64x - -







Return on Capital -2.04% EBITDA/Interest Exp. 6.47


Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.20







Fiscal Year Ended

Whitehaven Coal LtdPrice/Volume

Valuation Analysis

5'386'975.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

.

/

0

1

2

3

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

.-&- 9

/-&- 9

0-&- 9

1-&- 9

2-&- 9

3-&- 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

.-&--

/-&--

0-&--

1-&--

2-&--

3-&--

4-&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013


ASTON RESOURCES INVE n/a Co File 216'589'946 21.36 - 31.08.2012 Investment Advisor

BOARDWALK RESOURCES n/a EXCH 94'031'386 9.27 - 02.05.2012 Other

FRC WHITEHAVEN HLDS n/a Co File 72'650'000 7.16 - 31.08.2012 Unclassified

MENDE HANS JUERGEN n/a Co File 70'019'833 6.9 - 31.08.2012 n/a

KUNDRUN FRITZ R n/a Co File 69'433'458 6.85 - 31.08.2012 n/a

FARALLON CAPITAL MAN n/a Co File 58'153'033 5.73 - 31.08.2012 Hedge Fund Manager



AMCI INTERNATIONAL A n/a EXCH 47'951'500 4.73 - 01.07.2012 Corporation

PLUMMER ANDREW H n/a EXCH 33'514'254 3.3 - 03.05.2012 n/a

HFTT PTY LTD n/a Co File 33'437'979 3.3 - 31.08.2012 n/a

RANAMOK PTY LTD n/a Co File 29'338'234 2.89 - 31.08.2012 Holding Company

AET SFS PTY LTD n/a Co File 26'678'979 2.63 - 31.08.2012 Other


HAGGARTY ANTHONY JAM n/a EXCH 8'000'000 0.79 (25'479'897) 21.09.2012 n/a

DAVIES ALLAN JAMES n/a EXCH 7'005'000 0.69 5'000 01.11.2012 n/a


QUILLEN MICHAEL J n/a Co File 6'135'000 0.6 - 31.08.2012 n/a





Morgan Stanley BRENDAN FITZPATRICK Equalwt/Cautious 3 U 3 12 month 26.02.2013


Credit Suisse JAMES REDFERN outperform 5 M 4 Not Provided 26.02.2013

Macquarie ANDREW SULLIVAN outperform 5 M 4 12 month 26.02.2013


Commonwealth Bank TOMAS VASQUEZ neutral 3 M 3 12 month 26.02.2013

Nomura DAVID COTTERELL neutral 3 M 3 Not Provided 26.02.2013

Investec COLIN MCLELLAND buy 5 M 4 12 month 20.02.2013

Wilson HTM Investment Group ANDREW PEDLER buy 5 M 5 Not Provided 20.02.2013

Paterson Securities ANDREW HARRINGTON buy 5 M 4 12 month 12.02.2013

Octa Phillip Securities Ltd LAWRENCE GRECH buy 5 M 4 Not Provided 12.02.2013



Canaccord Genuity Corp ROD BUCKTON buy 5 M 5 Not Provided 12.06.2012

Holdings By:

Whitehaven Coal Ltd ee


27.02.2013

UGL Limited is a diversified engineering, construction and maintenance company.

The Company's operations include railway manufacturing, maintenance and

engineering along with providing design, construction, operating and maintenance

services in the mining, commercial property, water services, defenseand

petrochemicals industries.


LTM as of: 01/yy

52-Week High (02.04.2012) 13.40

52-Week Low (09.11.2012) 9.99

Daily Volume

10.3





1'713.04 1 Yr Total Return -16.14%







UGL AT EQUITY YTD Change - Average Volume 30 Day 1'025'076

UGL AT EQUITY YTD % CHANGE - Average Volume 3 Month 847'836


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y 03/12 Q3 06/12 Q4

3'478.2 4'754.4 4'186.9 4'285.1 4'454.4 - - 4'600.6 4'761.7 - -

0.66x 0.43x 0.59x 0.57x 0.55x - - 0.46x 0.44x - -

226.5 265.6 274.4 295.5 280.0 - - 306.5 331.8 - -

10.10x 7.63x 8.96x 8.31x 8.80x - - 7.03x 6.49x - -

131.1 142.5 144.5 158.5 134.3 - - 157.4 175.8 - -

15.05x 11.88x 15.45x 14.53x 15.36x - - 10.82x 9.73x - -











EBITDA Margin 6.3%



Asset Turnover 1.73








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

UGL LtdPrice/Volume

Valuation Analysis

4'081'696.00


-

/

1

3

5

.-

./

.1

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9&2 9.&- 9.&2 9/&- 9/&2 90&- 90&2 91&- 91&2 92&- 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

4'500.0

5'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

2&--

.-&--

.2&--

/-&--

/2&--

0-&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013


PERPETUAL LTD #N/A N/A EXCH 8'656'117 5.2 - 16.01.2013 Investment Advisor



CALEDONIA INVESTMENT n/a EXCH 7'786'112 4.68 (7'251'335) 22.05.2012 Investment Advisor


STATE STREET n/a ULT-AGG 4'082'402 2.45 (14'682) 25.02.2013 Investment Advisor

LEUPEN RICHARD A n/a EXCH 3'468'950 2.09 45'375 14.08.2012 n/a

AMERIPRISE FINANCIAL n/a RNS-RUL8 3'354'176 2.02 15'700 15.11.2011 Investment Advisor

INVESCO LTD n/a RNS-RUL8 2'891'041 1.74 (52'904) 01.12.2011 Investment Advisor




VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 461'044 0.28 - 31.10.2012 Investment Advisor

BIRMAN JONE n/a Co File 323'012 0.19 - 30.06.2011 n/a


NIKKO ASSET MANAGEME n/a ULT-AGG 300'000 0.18 - 18.11.2011 Unclassified

UNION INVESTMENT LUX Multiple Portfolios MF-AGG 300'000 0.18 (100'000) 28.09.2012 Investment Advisor

FIRST TRUST n/a ULT-AGG 261'274 0.16 4'356 25.02.2013 Investment Advisor

HUMPHRY RICHARD GEOR n/a EXCH 185'805 0.11 280 14.02.2013 n/a

MORGAN STANLEY n/a ULT-AGG 181'100 0.11 (8'300) 31.12.2012 Investment Advisor


Credit Suisse BRADLEY CLIBBORN outperform 5 M 13 Not Provided 27.02.2013


CIMB ANDREW HODGE neutral 3 M 11 12 month 27.02.2013

RBC Capital Markets HEATH ANDREWS underperform 1 M 10 12 month 26.02.2013

Nomura SIMON THACKRAY reduce 2 M 11 Not Provided 26.02.2013

Morgan Stanley NICHOLAS ROBISON Underwt/In-Line 1 D 11 12 month 10.02.2013

Macquarie JOHN PURTELL underperform 1 M 11 12 month 08.02.2013





Moelis & Company SIMON FITZGERALD hold 3 D 12 12 month 16.08.2012

Holdings By:

UGL Ltd ee


27.02.2013

IOOF Holdings Limited is a financial services company operating in Australia.

The Company's services include personal superannuation, allocated pension

services, employee superannuation retirement services and investment services.


LTM as of: 01/yy

52-Week High (21.02.2013) 8.58

52-Week Low (08.03.2012) 5.02

Daily Volume

8.06





1'870.66 1 Yr Total Return 48.39%







IFL AT EQUITY YTD Change - Average Volume 30 Day 590'288

IFL AT EQUITY YTD % CHANGE - Average Volume 3 Month 597'685


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

403.0 277.6 697.4 727.9 677.3 - - 350.1 379.9 - -

- 1.49x 1.83x 1.91x 2.01x - - 5.33x 4.86x - -

18.5 29.7 122.1 165.2 123.2 - - 148.7 169.4 - -

- 13.92x 10.46x 8.44x 11.06x - - 12.30x 10.80x - -

23.3 13.9 77.4 99.5 19.4 - - 104.5 119.3 - -

14.91x 28.56x 17.77x 15.31x 72.02x - - 17.30x 15.41x - -











EBITDA Margin 18.2%



Asset Turnover 0.34







Fiscal Year Ended

IOOF Holdings LtdPrice/Volume

Valuation Analysis

328'223.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-./0123456

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

2&- 9

.-&- 9

.2&- 9

/-&- 9

/2&- 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

2&--

.-&--

.2&--

/-&--

/2&--

0-&--

02&--

1-&--

12&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013


TRUST CO FIDUCIARY S n/a Co File 27'834'878 11.99 - 26.09.2012 Investment Advisor




KELAHER CHRISTOPHER n/a EXCH 4'533'943 1.95 158'312 25.02.2013 n/a

GRIFFITHS IAN GREGOR n/a Co File 3'212'519 1.38 (95'000) 05.10.2012 n/a






DAVID VAUTIN PTY LTD n/a Co File 961'248 0.41 - 26.09.2012 n/a


BLACKROCK n/a ULT-AGG 614'848 0.26 (123) 25.02.2013 Investment Advisor

LUJETA PTY LTD n/a Co File 500'000 0.22 - 26.09.2012 Corporation

STEELE STUART J n/a Co File 482'000 0.21 - 26.09.2012 n/a

HARVEY MICHAEL KENNE n/a Co File 480'000 0.21 - 26.09.2012 n/a

EIM CAPITAL MANAGERS Multiple Portfolios MF-AGG 434'564 0.19 - 31.01.2013 Investment Advisor




JPMorgan ISMAR TUZOVIC underweight 1 M 7 12 month 26.02.2013

Macquarie ADAM SIMPSON outperform 5 M 9 12 month 26.02.2013


Credit Suisse DAVID BAILEY neutral 3 M 9 Not Provided 25.02.2013

Commonwealth Bank NAVEEN PATNEY underweight 1 M 8 12 month 25.02.2013


Deutsche Bank JENNIFER KRUK buy 5 U 9 12 month 30.01.2013




E.L. & C. Baillieu NICK CALEY hold 3 M 6 12 month 27.09.2012

Holdings By:

IOOF Holdings Ltd ee


27.02.2013

Beach Energy Limited explores for, develops, and produces oil and natural gas.

The Company holds interests in exploration and production tenements in

Australia, USA, Egypt, Tanzania and Papua New Guinea.


LTM as of: 01/yy

52-Week High (27.02.2012) 1.76

52-Week Low (27.06.2012) 0.88

Daily Volume

1.365





1'724.92 1 Yr Total Return -15.80%







BPT AT EQUITY YTD Change - Average Volume 30 Day 8'703'661

BPT AT EQUITY YTD % CHANGE - Average Volume 3 Month 6'947'218


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

564.4 581.4 487.5 496.4 618.6 - - 724.8 764.6 - -

2.18x 1.08x 1.20x 1.70x 1.48x - - 2.10x 2.00x - -

265.7 241.3 158.2 110.7 278.2 - - 323.8 358.6 - -

4.63x 2.60x 3.70x 7.60x 3.29x - - 4.51x 4.07x - -

63.7 260.4 33.4 (96.8) 165.1 - - 125.5 146.5 - -

18.82x 3.13x 22.33x - 6.51x - - 13.79x 11.97x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.33








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Beach Energy LtdPrice/Volume

Valuation Analysis

4'764'308.00


---.....//

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9.-&- 9/-&- 90-&- 91-&- 92-&- 93-&- 94-&- 95-&- 96-&- 9.--&- 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

/&--

1&--

3&--

5&--

.-&--

./&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013


ELLERSTON CAPITAL LT n/a EXCH 80'217'554 6.35 15'252'338 23.11.2012 Corporation


BANK OF AMERICA CORP n/a EXCH 64'568'387 5.11 - 30.03.2012 Investment Advisor

AMP LTD n/a EXCH 63'244'748 5 135'185 05.12.2012 Insurance Company

CREDIT SUISSE AG n/a EXCH 62'103'394 4.91 - 02.04.2012 Investment Advisor


NORGES BANK n/a EXCH 51'121'710 4.05 (19'284'254) 31.08.2012 Government

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 36'146'922 2.86 (3'567'136) 31.12.2012 Investment Advisor






NELSON REGINALD GEOR n/a EXCH 4'983'927 0.39 - 21.12.2012 n/a

JP MORGAN n/a ULT-AGG 4'470'400 0.35 33'000 31.12.2012 Unclassified


THRIVENT FINANCIAL F Multiple Portfolios MF-AGG 3'967'047 0.31 1'553'575 31.10.2012 Investment Advisor



VANTAGEPOINT INVESTM Multiple Portfolios MF-AGG 1'909'900 0.15 - 31.12.2012 Investment Advisor



JPMorgan BENJAMIN X. WILSON underweight 1 M 2 9 month 26.02.2013

Macquarie KIRIT HIRA outperform 5 M 2 12 month 26.02.2013

Wilson HTM Investment Group JOHN YOUNG hold 3 M 1 Not Provided 26.02.2013

Commonwealth Bank LUKE SMITH neutral 3 M 2 12 month 26.02.2013

GMP SCOTT SIMPSON buy 5 M 2 Not Provided 26.02.2013

Morgan Stanley STUART BAKER Equalwt/Attractive 3 U 1 12 month 25.02.2013



Evans & Partners Pty Ltd MICHAEL HAWKINS Positive 4 N #N/A N/A Not Provided 19.07.2012

Canaccord Genuity Corp IAN OOI hold 3 M #N/A N/A Not Provided 21.02.2012


Holdings By:

Beach Energy Ltd ee


27.02.2013

Perpetual Limited is a financial services company that has two primary

activities, wealth management services and corporate trust services. The Company

provides funds management, responsible entity services, trustee services,

executor services, financial planning, investment administration,

superannuation, custody and registry services.


LTM as of: 01/yy

52-Week High (25.02.2013) 41.80

52-Week Low (04.06.2012) 21.02

Daily Volume

39.46





1'656.56 1 Yr Total Return 67.53%







PPT AT EQUITY YTD Change - Average Volume 30 Day 147'737

PPT AT EQUITY YTD % CHANGE - Average Volume 3 Month 130'015


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

647.5 475.9 509.9 478.1 391.5 - - 371.1 388.2 - -

2.89x 2.82x 2.50x 2.30x 2.50x - - 4.14x 3.84x - -

198.5 48.7 132.5 150.3 138.3 - - 125.7 157.6 - -

9.44x 27.52x 9.63x 7.32x 7.06x - - 13.30x 10.61x - -

128.8 37.7 90.5 62.0 26.7 - - 72.6 96.8 - -

12.98x 29.74x 12.44x 17.05x 36.41x - - 22.02x 17.11x - -











EBITDA Margin 35.3%



Asset Turnover 0.27







Fiscal Year Ended

Perpetual LtdPrice/Volume

Valuation Analysis

74'949.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-2

.-

.2/-/20-021-12

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

&. 9

&/ 9

&0 9

&1 9

&2 9

&3 9

&4 9

&5 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

2&--

.-&--

.2&--

/-&--

/2&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013










DEVERALL DAVID MICHA n/a EXCH 130'331 0.31 - 23.02.2011 n/a


LLOYD GEOFF n/a EXCH 66'748 0.16 - 19.11.2012 n/a


HOLYMAN IVAN D n/a EXCH 59'771 0.14 - 06.07.2012 n/a

BURROWS ROGER L n/a EXCH 47'983 0.11 - 25.01.2013 n/a

BLACKROCK n/a ULT-AGG 44'974 0.11 (10'029) 25.02.2013 Investment Advisor



CHARLES SCHWAB INVES Multiple Portfolios MF-AGG 19'946 0.05 (3'146) 31.10.2012 Investment Advisor


CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 15'356 0.04 1'397 28.12.2012 Investment Advisor




JPMorgan RUSSELL GILL neutral 3 M 33 6 month 25.01.2013



Goldman Sachs RYAN FISHER Sell/Neutral 1 M 31 12 month 17.01.2013


Morgan Stanley ARVID STREIMANN Underwt/In-Line 1 D 33 12 month 11.01.2013


Credit Suisse DAVID BAILEY neutral 3 M 36 Not Provided 08.01.2013



Holdings By:

Perpetual Ltd ee


27.02.2013

Adelaide Brighton Limited is an integrated construction materials and lime

producing company that operates throughout Australia. The Company produces

clinker, cement, ready mixed concrete products, lime products, fly ash and

ground blast-furnace slag.


LTM as of: 01/yy

52-Week High (25.02.2013) 3.70

52-Week Low (04.06.2012) 2.80

Daily Volume

3.65





2'326.46 1 Yr Total Return 27.23%







ABC AT EQUITY YTD Change - Average Volume 30 Day 2'237'278

ABC AT EQUITY YTD % CHANGE - Average Volume 3 Month 2'342'257


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

1'018.3 985.0 1'069.4 1'096.8 1'173.2 - - 1'275.7 1'343.3 - -

1.52x 1.95x 2.10x 1.91x 1.96x - - 2.03x 1.90x - -

203.6 190.4 228.4 233.1 250.9 - - 297.7 318.5 - -

7.62x 10.10x 9.84x 8.97x 9.18x - - 8.87x 8.29x - -

120.8 123.1 151.5 148.4 154.2 - - 160.2 176.1 - -

9.46x 13.48x 13.81x 12.40x 12.89x - - 14.60x 13.27x - -











EBITDA Margin 21.4%



Asset Turnover 0.76








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Adelaide Brighton LtdPrice/Volume

Valuation Analysis

2'540'187.00


-

.

.

/

/

0

0

1

1

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

/&- 9

1&- 9

3&- 9

5&- 9

.-&- 9

./&- 9

.1&- 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

/&--

1&--

3&--

5&--

.-&--

./&--

.1&--

-.&-.&/-.- -.&-4&/-.- -.&-.&/-.. -.&-4&/-.. -.&-.&/-./ -.&-4&/-./ -.&-.&/-.0



27.02.2013


BARRO PROPERTIES PTY n/a EXCH 149'350'452 23.43 5'200'000 17.08.2012 Corporation

BARRO GROUP PTY LTD n/a EXCH 42'744'804 6.71 - 07.06.2012 Corporation





INVESCO LTD Multiple Portfolios MF-AGG 6'400'080 1 (75'152) 26.02.2013 Investment Advisor



UCA FUNDS MANAGEMENT Multiple Portfolios MF-AGG 4'794'980 0.75 54'188 31.01.2013 Mutual Fund Manager







ABERDEEN n/a ULT-AGG 1'138'700 0.18 - 31.01.2013 Unclassified

SUMITOMO MITSUI ASSE Multiple Portfolios MF-AGG 920'000 0.14 - 14.08.2012 Investment Advisor

FIRST TRUST n/a ULT-AGG 742'261 0.12 11'980 26.02.2013 Investment Advisor








Credit Suisse ANDREW PEROS underperform 1 M 3 Not Provided 21.02.2013


CIMB ANDREW G SCOTT neutral 3 M 4 12 month 21.02.2013


Nomura SIMON THACKRAY buy 5 U 4 Not Provided 21.02.2013



Intersuisse Ltd PETER RUSSELL buy 5 N 4 12 month 10.11.2010

Holdings By:

Adelaide Brighton Ltd ee


27.02.2013

Myer Holdings Ltd. operates department stores. The Company retails womens

wear, mens wear, youth fashion, childrens wear, intimate apparel, beauty,

fragrance and cosmetics, housewares, electrical goods, toys, fashion

accessories, and general merchandise.


LTM as of: 01/yy

52-Week High (25.02.2013) 2.82

52-Week Low (28.06.2012) 1.53

Daily Volume

2.71





1'580.97 1 Yr Total Return 31.16%







MYR AT EQUITY YTD Change - Average Volume 30 Day 5'306'670

MYR AT EQUITY YTD % CHANGE - Average Volume 3 Month 4'889'591


31.07.2008 31.07.2009 31.07.2010 31.07.2011 31.07.2012 01/yy 01/yy 07/13 Y 07/14 Y - -

- 2'798.9 2'825.0 2'666.8 2'612.7 - - 3'067.9 3'112.4 - -

- - 0.82x 0.65x 0.54x - - 0.64x 0.62x - -

- 240.1 262.5 305.3 298.2 - - 308.9 309.9 - -

- - 8.83x 5.69x 4.72x - - 6.39x 6.37x - -

- 108.7 67.2 159.7 139.4 - - 131.4 132.4 - -

- - 28.05x 8.43x 7.28x - - 12.04x 12.15x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 1.34







Fiscal Year Ended

Myer Holdings LtdPrice/Volume

Valuation Analysis

5'999'953.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

.

.

/

/

0

0

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

2&- 9

.-&- 9

.2&- 9

/-&- 9

/2&- 9

0-&- 9

02&- 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

.&--

/&--

0&--

1&--

2&--

3&--

4&--

5&--

6&--

0.&-4&/--6 0.&-.&/-.- 0.&-4&/-.- 0.&-.&/-.. 0.&-4&/-.. 0.&-.&/-./ 0.&-4&/-./ 0.&-.&/-.0



27.02.2013











HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 19'376'000 3.32 (680'500) 31.12.2012 Investment Advisor

BROOKES BERNIE n/a Co File 10'004'399 1.71 - 10.10.2012 n/a







MCDONALD HOWARD JOHN n/a EXCH 2'074'390 0.36 - 10.10.2012 n/a


SCHRODERS ASIA LIMIT Multiple Portfolios MF-AGG 1'714'850 0.29 - 31.07.2012 Investment Advisor


Credit Suisse GRANT SALIGARI outperform 5 M 3 Not Provided 25.02.2013

Nomura NICK BERRY buy 5 M 3 Not Provided 14.02.2013

Deutsche Bank MICHAEL SIMOTAS hold 3 D 3 12 month 07.02.2013

Morgan Stanley THOMAS KIERATH Overwt/In-Line 5 M 3 12 month 05.02.2013


CIMB DANIEL BROEREN outperform 5 M 2 12 month 21.01.2013

Macquarie ROB BLYTHE neutral 3 M 2 12 month 14.12.2012



Goldman Sachs PHILLIP KIMBER neutral/cautious 3 M 2 12 month 15.11.2012


Octa Phillip Securities Ltd KEN WAGNER buy 5 U 2 Not Provided 15.11.2012

Holdings By:

Myer Holdings Ltd ee


27.02.2013

Aurora Oil & Gas Limited is an Australian Stock Exchange listed (ASX: AUT) and

Toronto Stock Exchange listed company (TSX: AEF) focussed on oil and gas

exploration and production in North America.


LTM as of: 09/yy

52-Week High (01.05.2012) 4.26

52-Week Low (27.06.2012) 2.84

Daily Volume

3.66





1'639.26 1 Yr Total Return 10.57%







AUT AT EQUITY YTD Change - Average Volume 30 Day 1'418'555

AUT AT EQUITY YTD % CHANGE - Average Volume 3 Month 1'353'338


30.06.2007 30.06.2008 30.06.2009 30.06.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

0.7 1.1 0.9 0.3 75.1 47.5 210.2 291.3 630.5 115.0 139.0

90.23x 47.96x 15.10x 545.32x 18.53x 74.33x 30.55x 6.86x 3.30x 17.21x 14.33x

(3.5) (8.9) (6.9) (2.1) 35.0 23.1 107.9 158.9 352.4 66.9 82.4

- - - - 39.71x 0.00x 17.54x 11.88x 5.36x 6.00x 5.56x

(1.7) (9.1) (13.4) (2.7) 30.6 26.1 39.6 60.9 150.3 23.2 30.7

- - - - 46.41x 0.00x 40.51x 27.02x 11.84x 13.81x 11.84x


EBIT 30.66 Long-Term Rating B









EBITDA Margin 48.4%



Asset Turnover 0.26







Fiscal Year Ended

Aurora Oil & Gas LtdPrice/Volume

Valuation Analysis

848'554.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-..//00112

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9.&- 9/&- 90&- 91&- 92&- 93&- 94&- 95&- 96&- 9

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

-&--

.--&--

/--&--

0--&--

1--&--

2--&--

3--&--

4--&--

5--&--

6--&--

. ---&--

-1&-4&/--5 -1&-.&/--6 -1&-4&/--6 -1&-.&/-.- -1&-4&/-.- -1&-.&/-.. -1&-4&/-.. -1&-.&/-./ -1&-4&/-./ -1&-.&/-.0



27.02.2013




HARBOUR ADVISORS n/a Co File 35'300'000 7.88 - 23.03.2012 Other

AUSBIL DEXIA LIMITED n/a EXCH 21'487'530 4.8 - 17.05.2012 Investment Advisor


STEWART JONATHAN KIN n/a EXCH 19'746'321 4.41 900'000 20.08.2012 n/a


SCHOCH PETER GRENVIL n/a EXCH 5'996'554 1.34 - 05.12.2012 n/a



MANULIFE ASSET MANAG Multiple Portfolios MF-AGG 2'603'834 0.58 (62'200) 31.12.2012 Investment Advisor


DOWLAND GRAHAM ROCHF n/a EXCH 2'203'828 0.49 - 29.05.2012 n/a

SCOTIA ASSET MANAGEM Multiple Portfolios MF-AGG 2'093'500 0.47 - 31.12.2012 Investment Advisor

FIRST CANADIAN MUTUA Multiple Portfolios MF-AGG 1'726'700 0.39 - 30.09.2012 Investment Advisor


MOLSON FREDERICK WIL n/a EXCH 1'512'390 0.34 100'000 28.06.2012 n/a


UNION INVESTMENT LUX Multiple Portfolios MF-AGG 1'450'000 0.32 - 28.09.2012 Investment Advisor

LUSTED IAN LINCOLN n/a EXCH 1'421'950 0.32 (48'533) 15.08.2012 n/a



CIBC World Markets ADAM GILL sector outperform 5 M 5 18 month 26.02.2013

GMP STACEY MCDONALD buy 5 M 5 Not Provided 22.02.2013


Macquarie KIRIT HIRA neutral 3 M 4 12 month 01.02.2013


JPMorgan DANIEL BUTCHER underweight 1 M 4 9 month 31.01.2013


TD Securities MENNO HULSHOF buy 5 M 5 12 month 31.01.2013

Morgan Stanley STUART BAKER Underwt/Attractive 1 D 3 12 month 21.01.2013


Hartleys DAVID WALL reduce 2 M 2 Not Provided 21.03.2012

Holdings By:

Aurora Oil & Gas Ltd ee


27.02.2013

Arrium Limited is an international mining and materials company .The

Company's activities include Mining, Mining Consumables, and Steel & Recycling.

Arrium produces iron ore and grinding media for the resource sector as well as

recycles, manufactures, and distributes steel.


LTM as of: 01/yy

52-Week High (01.05.2012) 1.38

52-Week Low (13.09.2012) 0.50

Daily Volume

1.19





1'608.32 1 Yr Total Return 17.25%







ARI AT EQUITY YTD Change - Average Volume 30 Day 9'120'302

ARI AT EQUITY YTD % CHANGE - Average Volume 3 Month 8'032'045


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

7'434.3 7'241.5 6'204.6 6'892.4 7'455.0 - - 7'344.9 7'953.0 - -

1.15x 0.65x 0.80x 0.62x 0.45x - - 0.51x 0.45x - -

810.3 687.8 603.4 618.0 545.0 - - 619.6 786.9 - -

10.52x 6.83x 8.25x 6.88x 6.17x - - 6.08x 4.79x - -

244.9 229.5 258.4 230.3 57.7 - - 167.6 264.8 - -

21.35x 12.18x 15.27x 10.18x 5.53x - - 9.52x 6.04x - -











EBITDA Margin 0.9%



Asset Turnover 0.83







Fiscal Year Ended

Arrium LtdPrice/Volume

Valuation Analysis

7'280'957.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

-

-

.

.

.

.

.

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9/-&- 91-&- 93-&- 95-&- 9.--&- 9./-&- 9.1-&- 9.3-&- 9.5-&- 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

.&--

/&--

0&--

1&--

2&--

3&--

4&--

5&--

6&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013





DIMENSIONAL FUND ADV n/a EXCH 65'176'355 4.82 (2'342'808) 24.10.2012 Investment Advisor









LEGAL & GENERAL n/a ULT-AGG 5'761'705 0.43 47'244 28.12.2012 Unclassified

PLUMMER GEOFFREY JOH n/a Co File 3'683'868 0.27 - 30.06.2011 n/a


BLACKROCK n/a ULT-AGG 2'698'525 0.2 (618) 25.02.2013 Investment Advisor


WELLS FARGO n/a ULT-AGG 2'467'249 0.18 2'130 31.12.2012 Unclassified


TD ASSET MANAGEMENT Multiple Portfolios MF-AGG 1'708'314 0.13 421'482 31.12.2011 Investment Advisor



Deutsche Bank EMILY BEHNCKE hold 3 M 1 12 month 19.02.2013



Credit Suisse MICHAEL SLIFIRSKI neutral 3 M 1 Not Provided 19.02.2013

Commonwealth Bank TOMAS VASQUEZ neutral 3 U 1 12 month 19.02.2013


VTB Capital WIKTOR BIELSKI hold 3 M 1 12 month 15.10.2012


Holdings By:

Arrium Ltd ee


27.02.2013

Henderson Group PLC is a financial services group focused on asset management

operations in Europe, Asia and the United States. The Company provides its

institutional, retail and high net-worth clients with access to investment

advisors representing a broad range of asset classes, including equities, fixed

income, property and private equity.


LTM as of: 01/yy

52-Week High (11.02.2013) 2.55

52-Week Low (25.07.2012) 1.33

Daily Volume

2.41





2'684.03 1 Yr Total Return 36.28%





Enterprise Value -


HGG AT EQUITY YTD Change - Average Volume 30 Day 3'682'191

HGG AT EQUITY YTD % CHANGE - Average Volume 3 Month 3'317'809


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y 12/11 Q4 03/12 Q1

340.7 366.3 488.7 686.1 - - - 469.2 501.5 - -

1.34x 2.97x 2.32x 1.66x - - - 3.75x 3.39x - -

95.0 83.8 110.5 186.2 - - - 176.8 193.2 - -

4.79x 13.00x 10.25x 6.13x - - - - - - -

(20.9) 13.8 77.9 34.0 99.7 - - 131.8 148.0 - -

- - - - - - - 13.07x 11.74x - -











EBITDA Margin 23.0%



Asset Turnover 0.42








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Henderson Group PLCPrice/Volume

Valuation Analysis

3'757'219.00


-

.

.

/

/

0

0

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

/&- 9

1&- 9

3&- 9

5&- 9

.-&- 9

./&- 9

.1&- 9

.3&- 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012-&--

-&/-

-&1-

-&3-

-&5-

.&--

.&/-



27.02.2013





SUNCORP METWAY INVES n/a EXCH 37'811'932 3.4 - 01.03.2011 Bank




FORMICA ANDREW JAMES n/a EXCH 4'546'427 0.41 - 31.10.2012 n/a


JACOB DAVID JOSEPH n/a EXCH 3'257'294 0.29 - 12.12.2012 n/a

GARROOD SHIRLEY JILL n/a Co File 964'890 0.09 - 28.02.2012 n/a

UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 764'904 0.07 - 31.10.2012 Investment Advisor

DARKINS JAMES n/a EXCH 554'371 0.05 (40) 12.12.2012 n/a

LEGAL & GENERAL n/a ULT-AGG 472'684 0.04 (16'391) 31.01.2013 Unclassified


BPER INTERNATIONAL S Multiple Portfolios MF-AGG 230'845 0.02 - 31.10.2012 Investment Advisor

WILSON HTM INVESTMEN Multiple Portfolios MF-AGG 220'000 0.02 - 31.12.2012 Investment Advisor

ING INVESTMENT MANAG Multiple Portfolios MF-AGG 190'140 0.02 82'005 31.12.2012 Investment Advisor


INKA-INTERNATIONALE Multiple Portfolios MF-AGG 82'840 0.01 (26'571) 31.01.2013 Mutual Fund Manager


Macquarie NEIL WELCH neutral 3 M 2 12 month 19.02.2013

E.L. & C. Baillieu NICOLAS BURGESS buy 5 M 3 12 month 21.01.2013

Goldman Sachs RYAN FISHER Buy/Neutral 5 M 2 12 month 17.01.2013

Commonwealth Bank NAVEEN PATNEY neutral 3 M 2 12 month 15.01.2013



Evans & Partners Pty Ltd GEORGE GABRIEL Positive 4 N #N/A N/A Not Provided 22.11.2012

JPMorgan ISMAR TUZOVIC overweight 5 M 2 3 month 15.08.2012

Deutsche Bank KIEREN CHIDGEY not rated #N/A N/A M #N/A N/A Not Provided 07.12.2010

Holdings By:

Henderson Group PLC ee


27.02.2013

Super Retail Group Ltd. operates a chain of retail stores throughout Australia.

The Stores sells a wide range of automotive parts and accessories, tools,

camping products, gardening and outdoor equipment and boating equipment

throughout Australia and New Zealand.


LTM as of: 01/yy

52-Week High (20.02.2013) 11.48

52-Week Low (12.06.2012) 6.72

Daily Volume

11.11





2'182.37 1 Yr Total Return 63.76%







SUL AT EQUITY YTD Change - Average Volume 30 Day 384'698

SUL AT EQUITY YTD % CHANGE - Average Volume 3 Month 373'712


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

715.4 828.8 938.0 1'092.3 1'654.1 - - 2'037.9 2'225.4 - -

0.52x 0.61x 0.82x 0.89x 1.06x - - 1.24x 1.13x - -

64.3 71.5 88.7 107.9 176.1 - - 242.3 273.6 - -

5.80x 7.12x 8.66x 9.00x 9.95x - - 10.02x 8.87x - -

25.8 32.1 38.1 55.6 83.5 - - 123.1 141.8 - -

9.83x 12.25x 15.88x 16.01x 15.60x - - 17.89x 15.56x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 1.32








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Super Retail Group LtdPrice/Volume

Valuation Analysis

717'042.00


-

/

1

3

5

.-

./

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

&2 9

.&- 9

.&2 9

/&- 9

/&2 9

0&- 9

0&2 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

1'800.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

2&--

.-&--

.2&--

/-&--

/2&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013


ROWE REGINALD ALLEN n/a Co File 56'954'670 28.99 - 30.06.2012 n/a

BENNELONG FUNDS MANA n/a EXCH 15'296'165 7.79 2'046'106 22.12.2011 Investment Advisor


AMP LTD n/a EXCH 9'831'078 5 (1'377'404) 14.02.2012 Insurance Company

BIRTLES PETER ALAN n/a EXCH 1'942'596 0.99 50'000 03.09.2012 n/a



VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 1'100'994 0.56 - 31.10.2012 Investment Advisor


GEOMAR SUPERANNUATIO n/a Co File 964'761 0.49 - 21.08.2012 n/a


THORN BOB E n/a Co File 648'368 0.33 - 21.08.2012 n/a

QUEENSLAND INVESTMEN n/a Co File 626'403 0.32 - 21.08.2012 Investment Advisor


GRANDEUR PEAK GLOBAL Multiple Portfolios MF-AGG 392'605 0.2 22'500 31.10.2012 Investment Advisor


BARING ASSET MANAGEM Multiple Portfolios MF-AGG 223'673 0.11 - 31.10.2012 Unclassified



MUNDER CAPITAL MANAG Multiple Portfolios MF-AGG 144'152 0.07 (755) 31.12.2012 Investment Advisor




Ord Minnett PARESH PATEL hold 3 D 11 Not Provided 21.02.2013

Wilson HTM Investment Group JACQUELINE FERNLEY buy 5 M 12 Not Provided 21.02.2013

Moelis & Company TODD W GUYOT buy 5 M 13 12 month 21.02.2013

RBS Morgans JOSEPHINE LITTLE outperform 5 U 12 12 month 21.02.2013


Deutsche Bank JENNIFER KRUK hold 3 M 10 12 month 20.02.2013

Morgan Stanley CHRIS NICOL Overwt/In-Line 5 M 13 12 month 20.02.2013

Goldman Sachs GEORGE BATSAKIS Buy/Neutral 5 M 11 12 month 20.02.2013


Commonwealth Bank JORDAN ROGERS neutral 3 D 10 12 month 20.02.2013


Bell Potter SAM HADDAD buy 5 M 12 12 month 20.02.2013

Shaw Stockbroking DANNY YOUNIS buy 5 N #N/A N/A Not Provided 19.08.2011


Holdings By:

Super Retail Group Ltd ee


27.02.2013

David Jones Limited is a department store retailer operating under the David

Jones name with stores located throughout Australia. David Jones also conducts

a credit card business under David Jones Credit Card and operates the David

Jones Warehouse store which is a clearance center store.


LTM as of: 01/yy

52-Week High (01.03.2012) 2.84

52-Week Low (06.06.2012) 2.10

Daily Volume

2.73












DJS AT EQUITY YTD Change - Average Volume 30 Day 2'961'793

DJS AT EQUITY YTD % CHANGE - Average Volume 3 Month 2'497'609


31.07.2008 31.07.2009 31.07.2010 31.07.2011 31.07.2012 01/yy 01/yy 07/13 Y 07/14 Y - -

2'098.0 1'985.5 2'053.1 1'961.7 1'867.8 - - 1'892.1 1'951.9 - -

0.97x 1.32x 1.22x 0.84x 0.74x - - 0.84x 0.82x - -

180.5 206.5 241.4 237.8 149.6 - - 206.5 204.0 - -

11.31x 12.67x 10.39x 6.97x 9.21x - - 7.59x 7.68x - -

147.3 156.5 170.8 168.1 101.1 - - 98.6 94.3 - -

10.78x 16.03x 14.12x 9.09x 12.37x - - 14.68x 15.42x - -











EBITDA Margin 8.0%



Asset Turnover 1.52







Fiscal Year Ended

David Jones LtdPrice/Volume

Valuation Analysis

1'860'039.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

.

.

/

/

0

0

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

2&- 9

.-&- 9

.2&- 9

/-&- 9

/2&- 9

0-&- 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

/&--

1&--

3&--

5&--

.-&--

./&--

.1&--

0.&-4&/--6 0.&-.&/-.- 0.&-4&/-.- 0.&-.&/-.. 0.&-4&/-.. 0.&-.&/-./ 0.&-4&/-./ 0.&-.&/-.0



27.02.2013





MATTHEWS INTERNATION n/a EXCH 23'176'553 4.36 (4'069'893) 21.05.2012 Investment Advisor



LORD ABBETT & CO LLC Multiple Portfolios MF-AGG 4'548'742 0.86 (846'381) 31.12.2012 Investment Advisor



WADDELL & REED FINAN Multiple Portfolios MF-AGG 3'824'691 0.72 91'910 31.12.2012 Investment Advisor




AGF INVESTMENTS INC Multiple Portfolios MF-AGG 2'988'500 0.56 103'300 28.09.2012 Investment Advisor

GODDARD STEPHEN THOM n/a EXCH 2'312'032 0.43 - 31.10.2012 n/a




ZAHRA PAUL n/a EXCH 1'274'676 0.24 - 21.01.2013 n/a







Macquarie ROB BLYTHE neutral 3 M 2 12 month 14.02.2013


Nomura NICK BERRY reduce 2 M 2 Not Provided 14.02.2013

Goldman Sachs PHILLIP KIMBER Sell/Cautious 1 M 2 12 month 13.02.2013



Octa Phillip Securities Ltd KEN WAGNER sell 1 D 2 Not Provided 15.11.2012

Evans & Partners Pty Ltd TONY WILSON neutral 3 U #N/A N/A Not Provided 20.09.2012

Holdings By:

David Jones Ltd ee


27.02.2013

DuluxGroup Ltd. manufactures and supplies paints and other surface coatings to

the decorative and technical markets. The Company also offers home improvement

and garden care products.


LTM as of: 01/yy

52-Week High (29.01.2013) 4.32

52-Week Low (04.06.2012) 2.84

Daily Volume

3.99





1'494.28 1 Yr Total Return 36.90%







DLX AT EQUITY YTD Change - Average Volume 30 Day 1'412'453

DLX AT EQUITY YTD % CHANGE - Average Volume 3 Month 1'143'335


30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 01/yy 01/yy 09/13 Y 09/14 Y - -

- 35.7 775.7 996.4 1'067.8 - - 1'365.4 1'502.5 - -

- - - 1.15x 1.36x - - 1.37x 1.22x - -

- 1.8 114.1 98.4 134.8 - - 181.0 199.9 - -

- - - 11.67x 10.80x - - 9.62x 8.71x - -

- (0.0) 61.3 93.2 89.5 - - 88.3 98.8 - -

- - - 9.81x 13.36x - - 16.76x 15.06x - -











EBITDA Margin 12.6%



Asset Turnover 1.55







Fiscal Year Ended

DuluxGroup LtdPrice/Volume

Valuation Analysis

1'236'803.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-..//00112

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

.&- 9

/&- 9

0&- 9

1&- 9

2&- 9

3&- 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

/&--

1&--

3&--

5&--

.-&--

./&--

.1&--

-/&.-&/--6 -/&-1&/-.- -/&.-&/-.- -/&-1&/-.. -/&.-&/-.. -/&-1&/-./ -/&.-&/-./



27.02.2013





TREASURY GROUP LTD n/a Co File 21'139'140 5.64 - 26.10.2012 Corporation











MORGAN STANLEY n/a ULT-AGG 702'409 0.19 685'258 31.12.2012 Investment Advisor

WASATCH ADVISORS INC Multiple Portfolios MF-AGG 673'719 0.18 - 31.12.2012 Investment Advisor




TOUCHSTONE ADVISORS Multiple Portfolios MF-AGG 307'327 0.08 (12'845) 31.12.2012 Mutual Fund Manager



Goldman Sachs JIM GODSIL neutral/neutral 3 M 4 12 month 21.01.2013

Bell Potter JONATHAN SNAPE hold 3 D 4 12 month 18.01.2013


Macquarie CAMERON PIERCE outperform 5 M 4 12 month 10.01.2013



JPMorgan RICHARD SZABO neutral 3 M 3 9 month 14.11.2012

CIMB JULIAN GUIDO neutral 3 M 3 12 month 14.11.2012


Holdings By:

DuluxGroup Ltd ee


27.02.2013

Seven West Media Limited is a national multi-platform media business based in

Australia. The Company's operations include a television network, magazines,

newspapers, radio, and Internet.


LTM as of: 12/yy

52-Week High (05.03.2012) 3.85

52-Week Low (08.11.2012) 1.07

Daily Volume

2.35





2'348.03 1 Yr Total Return -29.73%







SWM AT EQUITY YTD Change - Average Volume 30 Day 5'722'499

SWM AT EQUITY YTD % CHANGE - Average Volume 3 Month 5'158'088


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 09/yy 12/yy 06/13 Y 06/14 Y 09/11 Q1 12/11 Q2

469.9 417.6 408.7 725.7 1'937.1 764.1 309.6 1'900.5 1'917.0 - -

4.18x 2.92x 4.04x 6.38x 1.69x 0.00x 0.00x 2.06x 2.02x - -

209.6 172.3 170.2 299.9 654.6 0.0 0.0 477.1 492.7 - -

9.36x 7.07x 9.69x 15.44x 4.99x 0.00x 0.00x 7.57x 7.33x - -

109.9 87.2 96.2 115.1 226.9 188.7 72.1 223.3 242.5 - -

13.93x 10.36x 14.41x 10.36x 5.24x 0.00x 0.00x 11.30x 10.22x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.40








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Seven West Media LtdPrice/Volume

Valuation Analysis

3'762'040.00


-

.

.

/

/

0

0

1

1

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

.-&- 9

/-&- 9

0-&- 9

1-&- 9

2-&- 9

3-&- 9

4-&- 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

/&--

1&--

3&--

5&--

.-&--

./&--

.1&--

.3&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013


SEVEN MEDIA GROUP #N/A N/A EXCH 334'788'846 33.51 - 21.02.2013 Other

KKR AUSTRALIA III TR n/a Research 78'600'402 7.87 - 16.07.2012 n/a

STOKES KERRY MATTHEW n/a EXCH 18'727'451 1.87 11'201 21.02.2013 n/a

LORD ABBETT & CO LLC Multiple Portfolios MF-AGG 11'022'700 1.1 (2'204'413) 31.12.2012 Investment Advisor










RUSSELL INVESTMENT M Multiple Portfolios MF-AGG 2'885'286 0.29 - 26.02.2013 Investment Advisor


DEXIA ASSET MANAGEME Multiple Portfolios MF-AGG 1'411'276 0.14 - 31.12.2012 Investment Advisor


LECKIE DAVID JOHN n/a EXCH 751'252 0.08 - 30.06.2012 n/a

MCWILLIAM BRUCE I n/a EXCH 583'879 0.06 194'627 17.08.2012 n/a

MUNDER CAPITAL MANAG Multiple Portfolios MF-AGG 536'102 0.05 536'102 31.12.2012 Investment Advisor


Morgan Stanley ANDREW MCLEOD Underwt/Cautious 1 M 2 12 month 26.02.2013

Macquarie DERRYN CHIN outperform 5 M 2 12 month 21.02.2013


Credit Suisse SAMANTHA CARLETON outperform 5 M 3 Not Provided 20.02.2013

JPMorgan JARROD MCDONALD overweight 5 M 2 3 month 20.02.2013


BBY Limited MARK MCDONNELL strong buy 5 M 3 12 month 20.02.2013



Paterson Securities GRAEME CARSON hold 3 D 2 12 month 20.02.2013

Goldman Sachs CHRISTIAN GUERRA neutral/cautious 3 M 2 12 month 31.01.2013


Holdings By:

Seven West Media Ltd ee


27.02.2013

Harvey Norman Holdings Limited is a holding company for companies and trusts in

a third party franchise agreement. The franchises operate stores under the name

"Harvey Norman Discounts," selling homewares and electrical goods. The Company

also provides advisory and advertising to the franchises. In addition, the

Company provides consumer finance and has property investments.


LTM as of: 01/yy

52-Week High (12.02.2013) 2.42

52-Week Low (06.12.2012) 1.74

Daily Volume

2.28





2'422.08 1 Yr Total Return 11.17%







HVN AT EQUITY YTD Change - Average Volume 30 Day 3'884'546

HVN AT EQUITY YTD % CHANGE - Average Volume 3 Month 3'180'543


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

2'357.0 2'417.3 2'368.6 2'545.4 2'353.0 - - 2'365.9 2'445.6 - -

1.63x 1.65x 1.65x 1.23x 1.14x - - 1.31x 1.27x - -

492.8 418.8 463.4 408.3 321.2 - - 366.3 398.8 - -

7.78x 9.52x 8.45x 7.66x 8.36x - - 8.29x 7.61x - -

358.4 214.4 231.4 252.3 172.5 - - 166.8 182.5 - -

9.15x 16.35x 15.20x 10.48x 12.01x - - 14.52x 13.33x - -











EBITDA Margin 13.6%



Asset Turnover 0.59








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Harvey Norman Holdings LtdPrice/Volume

Valuation Analysis

3'388'116.00


-

.

.

/

/

0

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

/&- 9

1&- 9

3&- 9

5&- 9

.-&- 9

./&- 9

.1&- 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

/&--

1&--

3&--

5&--

.-&--

./&--

.1&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013


HARVEY GERALD n/a EXCH 313'484'571 29.51 200'039 06.12.2012 n/a

DIMBULU PTY LIMITED n/a Co File 175'249'660 16.5 - 27.09.2012 Other



HARVEY MARGARET LYNE n/a Co File 49'990'575 4.71 - 27.09.2012 n/a

FMR LLC n/a ULT-AGG 24'526'654 2.31 - 31.12.2012 Investment Advisor

ENBEEAR PTY LTD n/a Co File 17'118'200 1.61 - 27.09.2012 Other

PAGE KAY LESLEY n/a Co File 16'995'133 1.6 - 28.09.2012 n/a








HARVEY MICHAEL JOHN n/a Co File 2'845'553 0.27 - 28.09.2012 n/a



OMNILAB MEDIA INV PT n/a Co File 1'805'078 0.17 - 27.09.2012 Corporation








CIMB DANIEL BROEREN outperform 5 M 2 12 month 21.01.2013

Macquarie ROB BLYTHE underperform 1 M 2 12 month 15.01.2013


Deutsche Bank MICHAEL SIMOTAS hold 3 D 2 12 month 28.11.2012

Goldman Sachs PHILLIP KIMBER Sell/Cautious 1 M 2 12 month 07.11.2012


Holdings By:

Harvey Norman Holdings Ltd ee


27.02.2013

Fletcher Building Limited manufactures, distributes and sells materials for the

building industry including wood fiber-based products, cement and aggregates,

plasterboard, laminates, lumber and aluminium extrusion. The Company operates

primarily in New Zealand and Australia. The Company is also involved in

residential and commercial construction and operates distribution outlets.


LTM as of: 01/yy

52-Week High (31.01.2013) 7.68

52-Week Low (25.07.2012) 4.34

Daily Volume

7.18





4'916.82 1 Yr Total Return 50.87%







FBU AT EQUITY YTD Change - Average Volume 30 Day 2'207'015

FBU AT EQUITY YTD % CHANGE - Average Volume 3 Month 1'829'938


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

7'091.0 7'103.0 6'799.0 7'416.0 8'873.0 - - 8'922.9 9'810.8 - -

0.72x 0.75x 0.87x 1.04x 0.67x - - 0.90x 0.81x - -

827.0 652.0 699.0 729.0 752.0 - - 817.8 969.0 - -

6.14x 8.21x 8.43x 10.61x 7.96x - - 9.90x 8.35x - -

467.0 (46.0) 272.0 283.0 185.0 - - 332.7 440.4 - -

- - - - - - - 18.47x 14.15x - -











EBITDA Margin 8.5%



Asset Turnover 1.18








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Fletcher Building LtdPrice/Volume

Valuation Analysis

1'151'411.00


-./0123456

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9.&- 9/&- 90&- 91&- 92&- 93&- 94&- 95&- 96&- 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

9'000.0

10'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012-&--

-&/-

-&1-

-&3-

-&5-

.&--

.&/-



27.02.2013


JP MORGAN CHASE BANK n/a Research 114'454'830 16.71 - 01.02.2013 Investment Advisor


AMP LIMITED n/a EXCH 34'361'161 5.02 - 13.02.2013 Investment Advisor

INCOME FUND OF AMERI n/a EXCH 34'239'000 5 - 18.10.2012 n/a

ACCIDENT COMPENSATIO n/a Research 25'455'758 3.72 (1'630'147) 01.02.2013 Insurance Company




BLACKROCK n/a ULT-AGG 13'674'651 2 9'834 25.02.2013 Investment Advisor

ONEPATH (NZ) LIMITED n/a Research 9'153'317 1.34 - 16.11.2012 Insurance Company

RBC DEXIA INVESTOR S n/a Co File 8'737'528 1.28 - 31.07.2012 Corporation

FORSYTH BARR LTD n/a Co File 6'908'612 1.01 - 31.07.2012 Bank

LORD ABBETT & CO LLC Multiple Portfolios MF-AGG 5'913'539 0.86 4'263'539 31.12.2012 Investment Advisor

WESTPAC NZ SHR 2002 n/a Research 4'053'275 0.59 - 16.11.2012 Bank

SOUTHERN STEEL GROUP n/a Research 3'989'365 0.58 - 01.02.2013 Corporation

MASFEN SECURITIES LI n/a Research 3'540'070 0.52 - 16.11.2012 Other

FLETCHER BUILD SHARE n/a Co File 2'679'775 0.39 - 31.07.2012 Corporation

SUMITOMO MITSUI ASSE Multiple Portfolios MF-AGG 2'467'057 0.36 1'457 18.07.2012 Investment Advisor

FLETCHER BUILDING ED n/a Research 2'069'462 0.3 - 16.11.2012 n/a





Macquarie STEPHEN HUDSON neutral 3 M 6 12 month 20.02.2013




Forsyth Barr ANDREW BOWLEY hold 3 D 7 12 month 20.02.2013

First NZ Capital KAR YUE YEO neutral 3 M 7 Not Provided 20.02.2013

Goldman Sachs MATTHEW HENRY neutral/neutral 3 D 7 12 month 08.02.2013


Holdings By:

Fletcher Building Ltd ee


27.02.2013

PanAust Limited explores for gold and copper through its exploration projects in

Laos and Thailand.


LTM as of: 01/yy

52-Week High (29.02.2012) 3.67

52-Week Low (19.07.2012) 2.19

Daily Volume

2.73





1'677.33 1 Yr Total Return -23.22%







PNA AT EQUITY YTD Change - Average Volume 30 Day 4'696'434

PNA AT EQUITY YTD % CHANGE - Average Volume 3 Month 3'154'791


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

106.7 345.7 591.2 575.7 712.7 - - 831.2 863.4 - -

3.91x 4.44x 4.42x 3.47x 3.10x - - 2.06x 1.78x - -

(26.0) 120.8 301.6 256.1 326.7 - - 375.4 409.3 - -

- 12.72x 8.66x 7.81x 6.75x - - 4.95x 4.54x - -

(40.0) 19.0 143.4 132.1 142.3 - - 178.3 204.5 - -

- 58.98x 18.61x 14.60x 14.43x - - 9.46x 8.28x - -











EBITDA Margin 45.6%



Asset Turnover 0.55







Fiscal Year Ended

PanAust LtdPrice/Volume

Valuation Analysis

4'644'438.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

.

.

/

/

0

0

1

1

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9/&- 91&- 93&- 95&- 9.-&- 9./&- 9.1&- 9.3&- 9.5&- 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

2&--

.-&--

.2&--

/-&--

/2&--

0-&--

02&--

-.&-.&/-.- -.&-4&/-.- -.&-.&/-.. -.&-4&/-.. -.&-.&/-./ -.&-4&/-./ -.&-.&/-.0



27.02.2013


GUANGDONG RISING ASS n/a EXCH 116'703'470 18.99 - 18.09.2009 Corporation





STAFFORD GARY R n/a EXCH 7'294'182 1.19 - 31.12.2012 n/a




NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 2'662'548 0.43 779'709 31.12.2012 Investment Advisor








GAMCO n/a ULT-AGG 1'087'511 0.18 (700'000) 28.09.2012 Unclassified

NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 1'075'697 0.18 160'194 31.12.2012 Investment Advisor

PRUDENTIAL FINANCIAL n/a ULT-AGG 847'780 0.14 28'693 31.12.2012 Investment Advisor


Goldman Sachs PAUL HISSEY buy/attractive 5 U 3 12 month 26.02.2013


Investec TIM GERRARD buy 5 U 3 12 month 22.02.2013


Wilson HTM Investment Group CAMERON JUDD buy 5 M 4 Not Provided 22.02.2013


Deutsche Bank BRETT MCKAY buy 5 M 3 12 month 21.02.2013



Credit Suisse MICHAEL SLIFIRSKI neutral 3 U 3 Not Provided 21.02.2013




RBS Morgans TOM SARTOR outperform 5 M 3 12 month 24.01.2013

Canaccord Genuity Corp JEAN-FRANCOIS BERTINCOURT buy 5 M 4 Not Provided 23.01.2013


BMO Capital Markets TEAM COVERAGE not rated #N/A N/A M #N/A N/A Not Provided 22.11.2012

Holdings By:

PanAust Ltd ee


27.02.2013

Atlas Iron Limited is an iron ore producer with mining operations primarily

located in Western Australia. The Company also has gold and base metal mining

operations.


LTM as of: 01/yy

52-Week High (27.02.2012) 3.29

52-Week Low (05.09.2012) 1.15

Daily Volume

1.48





1'346.38 1 Yr Total Return -52.50%







AGO AT EQUITY YTD Change - Average Volume 30 Day 10'789'340

AGO AT EQUITY YTD % CHANGE - Average Volume 3 Month 9'507'341


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

- 26.4 84.8 584.9 617.5 - - 744.4 1'079.8 - -

- 16.76x 9.96x 4.62x 2.34x - - 1.72x 1.22x - -

(45.9) (64.8) (22.3) 226.0 131.4 - - 119.5 293.4 - -

- - - 11.95x 10.98x - - 10.01x 4.08x - -

(38.3) (63.1) (40.8) 168.6 (114.6) - - 52.4 121.2 - -

- - - 13.97x - - - 24.26x 11.38x - -


EBIT 87.90 Long-Term Rating B+









EBITDA Margin 12.6%



Asset Turnover 0.26








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Atlas Iron LtdPrice/Volume

Valuation Analysis

14'517'079.00


-

.

.

/

/

0

0

1

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

2&- 9

.-&- 9

.2&- 9

/-&- 9

/2&- 9

0-&- 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

/-&--

1-&--

3-&--

5-&--

.--&--

./-&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013


IMC RESOURCES PTY LT n/a Co File 66'749'653 7.34 - 01.09.2012 Corporation







BLUEGOLD GLOBAL FUND n/a EXCH 35'897'115 3.95 (1'575'001) 23.02.2011 n/a

MITSUBISHI UFJ FINAN n/a ULT-AGG 22'562'119 2.48 (24'943'606) 23.11.2012 Holding Company

MORGAN STANLEY AUSTR n/a EXCH 22'528'620 2.48 (24'943'606) 26.11.2012 Investment Advisor



VALIC CO I Multiple Portfolios MF-AGG 2'988'918 0.33 1'449'883 31.12.2012 Investment Advisor

FIRST CANADIAN MUTUA Multiple Portfolios MF-AGG 2'902'800 0.32 - 30.09.2012 Investment Advisor

FLANAGAN DAVID NATHA n/a EXCH 2'740'000 0.3 30'000 29.08.2012 n/a

SEI INVESTMENT MANAG Multiple Portfolios MF-AGG 1'802'955 0.2 (408'742) 31.01.2013 Investment Advisor

AMERICAN CENTURY COM Multiple Portfolios MF-AGG 1'650'456 0.18 1'650'456 31.12.2012 Investment Advisor





Octa Phillip Securities Ltd ANDREW SHEARER buy 5 M 2 Not Provided 27.02.2013

Deutsche Bank PAUL-D YOUNG sell 1 M 1 12 month 26.02.2013


Goldman Sachs OWEN BIRRELL neutral/attractive 3 M 2 12 month 26.02.2013

RBC Capital Markets CHRIS DREW underperform 1 M 2 12 month 26.02.2013

Credit Suisse MATTHEW HOPE underperform 1 M 2 Not Provided 26.02.2013

JPMorgan MARK BUSUTTIL neutral 3 D 2 9 month 26.02.2013

Macquarie LEE BOWERS underperform 1 M 2 12 month 26.02.2013

CIMB MICHAEL EVANS neutral 3 M 2 12 month 26.02.2013



Argonaut Securities Pty Ltd ADAM MIETHKE buy 5 M 2 12 month 26.02.2013

Wilson HTM Investment Group ANDREW PEDLER buy 5 M 4 Not Provided 15.02.2013




Paterson Securities TIM MCCORMACK hold 3 D 2 12 month 08.01.2013

Investec TIM GERRARD buy 5 U 2 12 month 11.12.2012

Holdings By:

Atlas Iron Ltd ee


27.02.2013

Navitas Ltd. offers educational services. The Company offers English language

training, high school courses, university preparation, university programs,

career advancement programs and migrant settlement services to students,

professionals, and migrants.


LTM as of: 01/yy

52-Week High (22.02.2013) 5.16

52-Week Low (08.03.2012) 3.00

Daily Volume

5.05





1'895.61 1 Yr Total Return 73.18%







NVT AT EQUITY YTD Change - Average Volume 30 Day 577'262

NVT AT EQUITY YTD % CHANGE - Average Volume 3 Month 605'783


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

343.2 469.8 555.4 641.8 688.1 - - 726.3 793.2 - -

2.08x 1.90x 2.76x 2.51x 2.54x - - 2.76x 2.48x - -

63.8 77.4 98.6 119.1 125.4 - - 132.4 155.5 - -

11.16x 11.53x 15.56x 13.54x 13.91x - - 15.27x 13.00x - -

37.4 49.2 64.3 77.4 73.1 - - 77.5 96.5 - -

19.35x 19.09x 24.79x 18.57x 22.26x - - 24.51x 19.88x - -











EBITDA Margin 18.4%



Asset Turnover 1.08







Fiscal Year Ended

Navitas LtdPrice/Volume

Valuation Analysis

583'369.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

.

/

0

1

2

3

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

.&- 9

/&- 9

0&- 9

1&- 9

2&- 9

3&- 9

4&- 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

2&--

.-&--

.2&--

/-&--

/2&--

0-&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013


JONES RODNEY MALCOLM n/a Co File 53'517'995 14.26 - 05.09.2012 n/a

HYPERION ASSET MANAG n/a EXCH 36'778'918 9.8 3'803'470 26.11.2012 Investment Advisor

LARSEN PETER DEVON n/a Co File 28'727'357 7.65 - 05.09.2012 n/a

LANDMARK HOLDINGS (W n/a Co File 28'433'610 7.57 - 05.09.2012 n/a

COOLAH HOLDINGS PTY n/a Co File 27'602'617 7.35 - 05.09.2012 Unclassified

JCP INVESTMENT PARTN n/a Co File 27'068'481 7.21 - 05.09.2012 Investment Advisor

WONDER HOLDINGS PTY #N/A N/A Co File 24'751'890 6.59 - 05.09.2012 Holding Company

NORTHCAPE CAPITAL PT n/a Co File 22'795'239 6.07 - 05.09.2012 Other

CAMPBELL PETER JOHN n/a Co File 19'053'512 5.08 (1'055'983) 15.11.2012 n/a


SCHRODER MAX n/a Co File 8'933'391 2.38 - 05.09.2012 n/a

HANNAFORD JULIANNE n/a Co File 8'433'563 2.25 - 05.09.2012 n/a

LILY INV PTY LTD n/a Co File 5'527'968 1.47 - 05.09.2012 n/a


KARTOSUDIRO LUNIARTY n/a Co File 4'384'312 1.17 - 05.09.2012 n/a

PICTORIAL HOLDINGS P n/a Co File 4'220'638 1.12 - 05.09.2012 n/a

ARGO INVESTMENTS LTD #N/A N/A Co File 3'123'160 0.83 - 05.09.2012 Investment Advisor





Nomura PAUL GRAHAM neutral 3 M 5 Not Provided 11.02.2013


Deutsche Bank WASSIM KISIRWANI hold 3 M 5 12 month 05.02.2013


Goldman Sachs MIKE YOUNGER Sell/Neutral 1 M 4 12 month 05.02.2013

Credit Suisse PAUL BUYS outperform 5 M 6 Not Provided 05.02.2013

Macquarie JODIE BANNAN neutral 3 M 4 12 month 05.02.2013

CIMB TIM PLUMBE neutral 3 M 4 12 month 05.02.2013


Holdings By:

Navitas Ltd ee


27.02.2013

JB Hi-Fi Limited is a music and electronic goods retailer in Australia. The

Company operates stores at sites located in most Australian States. Products

include consumer electronics, car sound systems, music and DVDs.


LTM as of: 01/yy

52-Week High (12.02.2013) 13.04

52-Week Low (26.06.2012) 7.83

Daily Volume

12.58





1'244.09 1 Yr Total Return 12.97%







JBH AT EQUITY YTD Change - Average Volume 30 Day 1'314'003

JBH AT EQUITY YTD % CHANGE - Average Volume 3 Month 1'136'012


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y 09/11 Q1 12/11 Q2

1'828.6 2'327.3 2'731.3 2'959.3 3'127.8 - - 3'227.1 3'376.4 - -

0.67x 0.73x 0.76x 0.64x 0.32x - - 0.42x 0.39x - -

119.4 162.7 200.4 223.8 194.0 - - 201.9 206.7 - -

10.32x 10.48x 10.40x 8.43x 5.08x - - 6.34x 6.19x - -

65.1 94.4 118.7 109.7 104.6 - - 110.7 113.1 - -

16.93x 17.45x 17.38x 16.77x 8.36x - - 11.31x 11.11x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 3.38







Fiscal Year Ended

JB Hi-Fi LtdPrice/Volume

Valuation Analysis

801'861.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

/

1

3

5

.-

./

.1

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

.&- 9

/&- 9

0&- 9

1&- 9

2&- 9

3&- 9

4&- 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

/&--

1&--

3&--

5&--

.-&--

./&--

.1&--

.3&--

.5&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013


INTEGRITY INVESTMENT n/a Co File 8'063'913 8.15 - 05.08.2012 Venture Capital

AUSBIL DEXIA LIMITED n/a EXCH 7'427'965 7.51 1'013'615 07.02.2013 Investment Advisor




VINVA INVESTMENT MGM #N/A N/A EXCH 5'637'981 5.7 (333'520) 26.02.2013 Investment Advisor


UNISUPER MANAGEMENT n/a EXCH 5'020'304 5.08 - 29.10.2012 n/a

LEGG MASON ASSET MAN n/a EXCH 5'019'394 5.08 - 02.11.2012 Mutual Fund Manager


HYPERION ASSET MANAG n/a EXCH 4'910'058 4.96 (1'503'755) 15.06.2012 Investment Advisor

JCP INVESTMENT PARTN n/a EXCH 4'831'962 4.89 (171'000) 18.01.2013 Investment Advisor

HSBC BANK PLC n/a EXCH 4'805'832 4.86 (161'634) 26.10.2012 Bank


ORION ASSET MANAGEME n/a EXCH 3'852'558 3.9 (2'053'949) 27.06.2012 Investment Advisor


SMART TERRY n/a EXCH 1'001'031 1.01 - 31.10.2012 n/a





JPMorgan SHAUN COUSINS neutral 3 U 13 9 month 12.02.2013

Wilson HTM Investment Group JACQUELINE FERNLEY hold 3 U 14 Not Provided 12.02.2013





Credit Suisse GRANT SALIGARI underperform 1 D 12 Not Provided 11.02.2013

Macquarie ROB BLYTHE outperform 5 M 14 12 month 11.02.2013


Commonwealth Bank ANDREW MCLENNAN overweight 5 U 14 12 month 11.02.2013




Holdings By:

JB Hi-Fi Ltd ee


27.02.2013

Goodman Fielder Limited offers a wide range of food products. The Company

offers food products that include packaged baked goods, spreads, dairy products,

small goods, sauces, dressings, and condiments and bulk and packaged edible fats

and oils and flour products.


LTM as of: 01/yy

52-Week High (19.02.2013) 0.76

52-Week Low (25.07.2012) 0.45

Daily Volume

0.725





1'417.78 1 Yr Total Return 40.78%







GFF AT EQUITY YTD Change - Average Volume 30 Day 8'265'532

GFF AT EQUITY YTD % CHANGE - Average Volume 3 Month 8'493'711


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

2'317.5 2'848.6 2'660.1 2'215.0 2'212.5 - - 2'265.7 2'291.9 - -

1.26x 0.98x 1.05x 1.06x 0.79x - - 0.81x 0.81x - -

182.5 348.2 380.6 315.5 267.7 - - 266.1 282.7 - -

15.96x 7.98x 7.31x 7.46x 6.56x - - 7.00x 6.59x - -

27.7 175.7 161.1 (166.7) (146.9) - - 90.4 107.2 - -

351.25x 9.89x 11.50x - - - - 15.43x 12.95x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.72







Fiscal Year Ended

Goodman Fielder LtdPrice/Volume

Valuation Analysis

2'382'224.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

-

-

-

-

.

.

.

.

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

/-&- 9

1-&- 9

3-&- 9

5-&- 9

.--&- 9

./-&- 9

.1-&- 9

.3-&- 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

/&--

1&--

3&--

5&--

.-&--

./&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013


WILMAR INTERNATIONAL n/a Co File 197'436'381 10.1 - 14.09.2012 Unclassified


HARRIS ASSOCIATES LP n/a EXCH 119'869'947 6.13 (23'173'290) 11.12.2012 Investment Advisor




AXA n/a Co File 97'912'722 5.01 - 14.09.2012 Investment Advisor



DIMENSIONAL FUND ADV n/a Co File 69'263'564 3.54 - 14.09.2012 Investment Advisor



WARBURG INVEST LUXEM Multiple Portfolios MF-AGG 9'000'000 0.46 - 31.12.2012 Mutual Fund Manager




WELLS FARGO n/a ULT-AGG 3'447'916 0.18 149 31.12.2012 Unclassified


JOHN HANCOCK INVESTM Multiple Portfolios MF-AGG 2'670'493 0.14 (91'920) 31.12.2012 Mutual Fund Manager

TD ASSET MANAGEMENT Multiple Portfolios MF-AGG 2'367'959 0.12 2'367'959 31.12.2011 Investment Advisor



Macquarie GREG DRING neutral 3 D 1 12 month 14.02.2013

Commonwealth Bank JORDAN ROGERS neutral 3 M 1 12 month 14.02.2013

Deutsche Bank MICHAEL SIMOTAS buy 5 U 1 12 month 13.02.2013

Morgan Stanley MARK A CHRISTENSEN Underwt/In-Line 1 M 1 12 month 13.02.2013




CIMB ALEXANDER BEER outperform 5 M 1 12 month 13.02.2013


Evans & Partners Pty Ltd TONY WILSON negative 2 M #N/A N/A Not Provided 23.08.2010

Holdings By:

Goodman Fielder Ltd ee


27.02.2013

Platinum Asset Management Limited is a fund management company. The Company

specializes in global equities.


LTM as of: 01/yy

52-Week High (21.02.2013) 5.44

52-Week Low (28.08.2012) 3.34

Daily Volume

5.08





2'851.65 1 Yr Total Return 44.68%







PTM AT EQUITY YTD Change - Average Volume 30 Day 781'361

PTM AT EQUITY YTD % CHANGE - Average Volume 3 Month 707'470


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

283.1 219.5 248.4 264.6 226.7 - - 223.7 265.9 - -

5.56x 10.47x 10.46x 7.86x 9.58x - - 11.99x 10.00x - -

240.4 182.3 199.4 214.7 180.0 - - 176.6 210.9 - -

6.55x 12.60x 13.03x 9.69x 12.06x - - 16.08x 13.47x - -

162.0 126.1 136.9 150.1 126.4 - - 127.7 154.6 - -

10.77x 18.32x 19.19x 15.41x 17.28x - - 22.38x 18.54x - -









Net Debt/EBITDA -


EBITDA Margin 79.0%



Asset Turnover 0.86








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Platinum Asset Management LtdPrice/Volume

Valuation Analysis

445'325.00


-

.

/

0

1

2

3

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

&2 9

.&- 9

.&2 9

/&- 9

/&2 9

0&- 9

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

2&--

.-&--

.2&--

/-&--

/2&--

0-&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013


NEILSON KERR n/a Co File 323'074'841 57.55 - 14.08.2012 n/a

PLATINUM INVESTMENT n/a Co File 216'279'451 38.53 - 14.08.2012 Hedge Fund Manager

CLIFFORD ANDREW M n/a Co File 32'831'449 5.85 - 14.08.2012 n/a

HYPERION ASSET MANAG n/a Co File 28'861'644 5.14 - 14.08.2012 Investment Advisor

HALSTEAD ROGER MALCO n/a EXCH 16'997'999 3.03 - 31.03.2011 n/a

CHARMFAIR PTY LTD n/a Co File 10'000'000 1.78 - 14.08.2012 n/a

JILLIBY PTY LTD n/a Co File 9'000'000 1.6 - 14.08.2012 n/a

XETROV PTY LTD n/a Co File 4'000'000 0.71 - 14.08.2012 n/a

VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'144'909 0.38 - 31.12.2012 Investment Advisor








COLE MICHAEL J n/a Co File 300'000 0.05 - 30.06.2012 n/a


SCIENTIA FUND MANAGE Multiple Portfolios MF-AGG 219'460 0.04 (325'174) 31.12.2012 Investment Advisor

COLEMAN BRUCE n/a Co File 200'000 0.04 - 30.06.2012 n/a


JPMorgan RUSSELL GILL underweight 1 M 4 6 month 23.02.2013


Macquarie ADAM SIMPSON neutral 3 U 5 12 month 22.02.2013

Ord Minnett NICHOLAS MCGARRIGLE hold 3 M 5 Not Provided 22.02.2013

Commonwealth Bank NAVEEN PATNEY overweight 5 M 5 12 month 22.02.2013





Holdings By:

Platinum Asset Management Ltd ee


27.02.2013

Lynas Corporation Limited explores and mines for rare earth minerals such as

cerium and neodymium.


LTM as of: 01/yy

52-Week High (27.02.2012) 1.29

52-Week Low (17.12.2012) 0.55

Daily Volume

0.63





1'235.30 1 Yr Total Return -48.78%







LYC AT EQUITY YTD Change - Average Volume 30 Day 15'377'070

LYC AT EQUITY YTD % CHANGE - Average Volume 3 Month 22'436'630


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y 09/11 Q1 12/11 Q2

0.0 0.0 - 0.0 0.0 - - 47.5 357.7 - -

- - - - - - - 31.34x 4.20x - -

(17.0) (27.7) (25.6) (57.1) (78.2) - - (74.4) 99.9 - -

- - - - - - - - 14.09x - -

(21.5) (29.3) (43.0) (59.1) (87.8) - - (96.5) 42.7 - -

- - - - - - - - 11.67x - -

EBITDA -78.18 Long-Term Rating Date -

EBIT -85.28 Long-Term Rating -





Return on Capital - EBITDA/Interest Exp. -20.10


Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00


Quick Ratio 2.35 Accounts receivable turnover-days -






Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Lynas Corp LtdPrice/Volume

Valuation Analysis

38'819'632.00


-

-

-

.

.

.

.

.

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

2-&- 9

.--&- 9

.2-&- 9

/--&- 9

/2-&- 9

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012-&--

-&/-

-&1-

-&3-

-&5-

.&--

.&/-



27.02.2013



UNION INVESTMENT GMB Multiple Portfolios MF-AGG 31'721'900 1.62 (9'500'000) 28.09.2012 Investment Advisor


VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 17'766'836 0.91 26'436 25.02.2013 Investment Advisor

CURTIS NICHOLAS ANTH n/a EXCH 16'045'758 0.82 - 30.11.2011 n/a







ALLIANZ ASSET MANAGE n/a ULT-AGG 3'605'000 0.18 (1'486'445) 31.12.2012 Investment Advisor

TRANSAMERICA INVESTM Multiple Portfolios MF-AGG 3'576'043 0.18 (9'593'827) 31.12.2012 Investment Advisor

ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 3'000'000 0.15 (1'000'000) 31.12.2012 Investment Advisor

KLEIN JACOB n/a Co File 2'082'236 0.11 - 22.09.2011 n/a

STARCAP AG Multiple Portfolios MF-AGG 1'600'000 0.08 - 30.12.2011 Investment Advisor

NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 1'598'028 0.08 622'976 28.09.2012 Investment Advisor


AMUNDI Multiple Portfolios MF-AGG 1'477'095 0.08 - 28.09.2012 Mutual Fund Manager

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 1'257'540 0.06 - 21.06.2012 Mutual Fund Manager


Deutsche Bank CHRIS TERRY hold 3 M 1 12 month 25.02.2013



JPMorgan MARK BUSUTTIL overweight 5 M 1 9 month 22.02.2013


Goldman Sachs IAN PRESTON buy/attractive 5 M 1 12 month 31.01.2013


Byron Capital Markets JONATHAN HYKAWY sell 1 M 0 18 month 03.01.2013

First Capital Securities Co GUOXIAN JU buy 5 U #N/A N/A Not Provided 10.05.2009

Holdings By:

Lynas Corp Ltd ee


27.02.2013

Fairfax Media Limited publishes and prints newspapers, magazines and

entertainment publications. The Company also provides advertising sales in

newspapers, magazines and electronic formats. Fairfax also offers an Internet

business which includes news and classifieds.


LTM as of: 01/yy

52-Week High (29.02.2012) 0.82

52-Week Low (22.10.2012) 0.35

Daily Volume

0.57





1'340.61 1 Yr Total Return -23.23%







FXJ AT EQUITY YTD Change - Average Volume 30 Day 14'834'690

FXJ AT EQUITY YTD % CHANGE - Average Volume 3 Month 21'710'760


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y 09/11 Q1 12/11 Q2

2'900.8 2'599.1 2'476.8 2'463.4 2'310.9 - - 2'047.8 1'935.3 - -

2.45x 1.94x 1.96x 1.48x 1.06x - - 0.84x 0.89x - -

805.5 509.4 643.6 570.3 289.2 - - 365.5 315.8 - -

8.83x 9.88x 7.54x 6.38x 8.51x - - 3.98x 4.61x - -

386.9 (380.1) 282.1 (390.9) (2'732.4) - - 132.7 131.2 - -

12.66x - 11.78x - - - - 10.18x 10.56x - -


EBIT 181.72 Long-Term Rating BB+









EBITDA Margin 9.3%



Asset Turnover 0.42







Fiscal Year Ended

Fairfax Media LtdPrice/Volume

Valuation Analysis

52'533'594.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

-

-

-

-

.

.

.

.

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

2-&- 9

.--&- 9

.2-&- 9

/--&- 9

/2-&- 9

0--&- 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

.&--

/&--

0&--

1&--

2&--

3&--

4&--

5&--

6&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013


HANCOCK PROSPECTING n/a ULT-AGG 352'455'664 14.99 - 07.08.2012 Corporation


ALLAN GRAY LTD n/a EXCH 268'884'017 11.43 23'905'947 18.12.2012 Investment Advisor

MAPLE-BROWN ABBOTT L n/a EXCH 186'558'910 7.93 - 10.01.2013 Investment Advisor



AUSBIL DEXIA LIMITED n/a EXCH 124'545'606 5.3 - 30.01.2013 Investment Advisor


SAS TRUSTEE CORP n/a EXCH 118'279'205 5.03 6'653'017 10.08.2012 Corporation

IOOF HOLDINGS LTD n/a Co File 117'884'540 5.01 - 07.08.2012 Investment Advisor








CAMBOOYA PTY LTD n/a EXCH 7'718'863 0.33 - 29.11.2011 Other


GUTENBERG INVEST PTY n/a EXCH 3'554'783 0.15 - 28.12.2012 Other



Macquarie ANDREW LEVY underperform 1 M 1 12 month 22.02.2013

BBY Limited MARK MCDONNELL buy 5 U 1 12 month 22.02.2013

Goldman Sachs CHRISTIAN GUERRA Sell/Cautious 1 M 1 12 month 21.02.2013


JPMorgan JARROD MCDONALD neutral 3 M 0 3 month 21.02.2013




Evans & Partners Pty Ltd PETER STAMOULIS neutral 3 M #N/A N/A Not Provided 18.12.2012

Deutsche Bank VIKAS GOUR hold 3 U 1 12 month 17.12.2012

Holdings By:

Fairfax Media Ltd ee


27.02.2013

Karoon Gas Australia Ltd. explores for natural gas and hydrocarbons in

Australia, Brazil and Peru. The Company's key exploration activities are the

Browse Basin (Western Australia), Bonaparte Basin (Northern Territory), Tumbes

Basin (Peru), Maranon Basin (Peru) and the Santos Basin (Brazil).


LTM as of: 01/yy

52-Week High (25.02.2013) 7.37

52-Week Low (26.07.2012) 3.12

Daily Volume

6.89





1'525.59 1 Yr Total Return 15.99%







KAR AT EQUITY YTD Change - Average Volume 30 Day 694'951

KAR AT EQUITY YTD % CHANGE - Average Volume 3 Month 528'864


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

- - - 0.0 0.0 - - - - - -

- - - - - - - - - - -

(6.3) (9.6) (12.0) (26.1) (20.1) - - (51.4) (33.3) - -

- - - - - - - - - - -

(6.1) 4.5 (14.9) (23.3) (3.3) - - (37.7) (26.9) - -

- 300.99x - - - - - - - - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00







Fiscal Year Ended

Karoon Gas Australia LtdPrice/Volume

Valuation Analysis

689'223.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

.

/

0

1

2

3

4

5

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

&2 9

.&- 9

.&2 9

/&- 9

/&2 9

0&- 9

0&2 9

0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

2--&--

. ---&--

. 2--&--

/ ---&--

/ 2--&--

0 ---&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013


WELLINGTON MANAGEMEN n/a EXCH 28'166'076 12.72 2'274'624 07.02.2013 Investment Advisor

TALBOT GROUP HOLDING n/a Co File 26'358'356 11.9 - 06.09.2012 Investment Advisor

HOSKING ROBERT MICHA n/a EXCH 12'374'462 5.59 (150'000) 19.12.2012 n/a

PARADICE INVESTMENT #N/A N/A EXCH 11'229'934 5.07 - 21.02.2013 Investment Advisor

FMR LLC n/a Co File 11'215'573 5.07 - 06.09.2012 Unclassified

JANUS CAPITAL MANAGE n/a ULT-AGG 8'487'182 3.83 (81'665) 31.12.2012 Investment Advisor

HARTFORD INVESTMENT Multiple Portfolios MF-AGG 4'356'977 1.97 24'546 31.01.2013 Investment Advisor

SMITH MARK ALEXANDER n/a EXCH 2'892'037 1.31 (110'000) 27.11.2012 n/a




MUNKS EDWARD n/a Co File 942'885 0.43 - 30.06.2012 n/a


ARTEMIS INVESTMENT M Multiple Portfolios MF-AGG 890'000 0.4 - 31.12.2012 Investment Advisor

ATKINS GEOFF n/a Co File 696'784 0.31 - 14.09.2012 n/a


POWER STEPHEN MICHAE n/a EXCH 502'142 0.23 (100'000) 27.11.2012 n/a

SKANDIA INVESTMENT M Multiple Portfolios MF-AGG 457'600 0.21 50'000 31.12.2012 Mutual Fund Manager


ALLIANZ ASSET MANAGE n/a ULT-AGG 282'900 0.13 - 31.10.2012 Investment Advisor


BBY Limited SCOTT ASHTON strong buy 5 M 9 12 month 21.02.2013




DJ Carmichael Pty Ltd EDWIN BULSECO speculative buy 4 M 8 12 month 25.01.2013



Wilson HTM Investment Group IVOR RIES buy 5 M 8 Not Provided 18.10.2012


Bell Potter JOHAN HEDSTROM buy 5 U 11 12 month 08.11.2011

Knight WILL STEPHENS not rated #N/A N/A N #N/A N/A Not Provided 09.12.2010

Holdings By:

Karoon Gas Australia Ltd ee


27.02.2013

Invocare Limited owns and operates funeral homes, cemeteries and crematoriums in

Australia. The Company's activities include the provision of funerals, burials

and cremations through it's funeral home brands including Blackwell, Guardian,

George Hartnett, Le Pine, Purslowe, Simplicity Funerals and White Lady Funerals.


LTM as of: 01/yy

52-Week High (27.02.2013) 10.91

52-Week Low (20.03.2012) 7.56

Daily Volume

10.81





1'189.43 1 Yr Total Return 44.27%







IVC AT EQUITY YTD Change - Average Volume 30 Day 228'935

IVC AT EQUITY YTD % CHANGE - Average Volume 3 Month 212'880


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y 06/12 Q2 09/12 Q3

244.2 255.7 267.4 321.1 368.7 - - 399.5 421.4 - -

2.75x 3.02x 3.32x 3.27x 3.18x - - 3.50x 3.28x - -

61.6 64.0 70.0 81.5 92.6 - - 101.5 108.3 - -

10.89x 12.06x 12.68x 12.88x 12.67x - - 13.87x 13.00x - -

28.0 48.1 27.4 27.0 44.5 - - 49.1 54.1 - -

18.39x 12.91x 27.06x 30.08x 21.63x - - 24.29x 22.06x - -











EBITDA Margin 25.1%



Asset Turnover 0.44







Fiscal Year Ended

Invocare LtdPrice/Volume

Valuation Analysis

205'495.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

/

1

3

5

.-

./

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

.&- 9

/&- 9

0&- 9

1&- 9

2&- 9

3&- 9

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

2&--

.-&--

.2&--

/-&--

/2&--

-.&-.&/-.- -.&-4&/-.- -.&-.&/-.. -.&-4&/-.. -.&-.&/-./ -.&-4&/-./ -.&-.&/-.0



27.02.2013


JF CAPITAL PARTNERS n/a Co File 14'537'992 13.21 - 19.03.2012 Unclassified


COMMONWEALTH BANK OF n/a EXCH 5'352'945 4.86 104'683 01.07.2011 Bank




SUMITOMO MITSUI ASSE Multiple Portfolios MF-AGG 1'222'000 1.11 - 14.08.2012 Investment Advisor




DAVIS RICHARD HUGH n/a EXCH 636'607 0.58 (20'000) 04.09.2012 n/a




SMITH ANDREW ROBIN n/a EXCH 205'303 0.19 31'537 14.06.2012 n/a


PROBANKA FUND MANAGE Multiple Portfolios MF-AGG 127'821 0.12 - 31.12.2010 Investment Advisor

CLIFTON CHRISTINE L n/a Co File 112'961 0.1 - 31.12.2011 n/a


FRIERY PHILLIP n/a Co File 111'781 0.1 - 31.12.2011 n/a


Ord Minnett JAMES LENNON hold 3 M 10 Not Provided 22.02.2013

EVA Dimensions CRAIG STERLING sell 1 D #N/A N/A Not Provided 22.02.2013




Credit Suisse CHRIS SMITH neutral 3 M 10 Not Provided 19.02.2013

JPMorgan RUSSELL GILL overweight 5 M 10 9 month 19.02.2013


Commonwealth Bank NICK MACLEAN overweight 5 U 10 12 month 19.02.2013

Nomura ROGER SAMUEL neutral 3 M 11 Not Provided 19.02.2013


Wilson HTM Investment Group ANDREW DALZIEL hold 3 M 6 Not Provided 11.10.2010

Holdings By:

Invocare Ltd ee


27.02.2013

Bradken Limited manufactures and supplies industrial products and maintenance

services to the mining, minerals processing, rail and industrial markets. The

Company's products include ground engaging tools, mill liners, crusher liners,

freight wagons, bogies, wear plates, crawler systems along with mining services

and rail maintenance.


LTM as of: 01/yy

52-Week High (16.03.2012) 8.68

52-Week Low (16.11.2012) 4.32

Daily Volume

7.1





1'201.61 1 Yr Total Return -9.40%







BKN AT EQUITY YTD Change - Average Volume 30 Day 1'211'658

BKN AT EQUITY YTD % CHANGE - Average Volume 3 Month 1'111'160


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

760.3 1'209.2 1'003.7 1'147.5 1'451.3 - - 1'431.7 1'522.7 - -

1.53x 0.78x 1.24x 1.32x 0.91x - - 1.15x 1.07x - -

126.6 159.5 165.4 195.9 216.7 - - 236.3 261.5 - -

9.19x 5.91x 7.52x 7.73x 6.11x - - 7.02x 6.34x - -

58.0 64.3 70.4 67.6 100.5 - - 110.7 126.6 - -

15.72x 8.21x 13.31x 16.72x 8.58x - - 10.87x 9.58x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.98








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Bradken LtdPrice/Volume

Valuation Analysis

680'604.00


-./0123456

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

.&- 9

/&- 9

0&- 9

1&- 9

2&- 9

3&- 9

4&- 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

2-&--

.--&--

.2-&--

/--&--

/2-&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013


PARADICE INVESTMENT n/a EXCH 14'281'117 8.44 1'752'612 12.02.2013 Investment Advisor




LEGG MASON ASSET MAN n/a EXCH 8'137'137 4.81 (328'587) 18.12.2012 Mutual Fund Manager






HODGES BRIAN WILLIAM n/a EXCH 2'408'429 1.42 9'880 04.09.2012 n/a

KEMPEN CAPITAL MANAG Multiple Portfolios MF-AGG 1'885'250 1.11 - 31.12.2012 Mutual Fund Manager





MIRRABOOKA INVESTMEN Multiple Portfolios MF-AGG 1'028'000 0.61 - 31.12.2012 Investment Advisor

NIPPON LIFE INSURANC n/a ULT-AGG 695'430 0.41 - 23.04.2012 Insurance Company


SHERIDAN ENDA n/a Co File 584'182 0.35 - 30.06.2012 n/a


Macquarie CAMERON PIERCE outperform 5 U 7 12 month 13.02.2013

Ord Minnett JAMES LENNON buy 5 M 8 Not Provided 13.02.2013

Moelis & Company ADAM S MICHELL buy 5 U 8 12 month 13.02.2013

Deutsche Bank WASSIM KISIRWANI hold 3 D 7 12 month 12.02.2013

Morgan Stanley DAVID EVANS Equalwt/In-Line 3 M 7 12 month 12.02.2013

Goldman Sachs WILL CHARLSTON neutral/neutral 3 M 7 12 month 12.02.2013

Credit Suisse PAUL BUYS outperform 5 U 7 Not Provided 12.02.2013


CIMB MATTHEW NICHOLAS neutral 3 M 7 12 month 12.02.2013

BBY Limited MOIRA EILEEN DAW buy 5 M 7 12 month 12.02.2013



Bell Potter JOHN O'SHEA buy 5 U 7 12 month 12.02.2013


Paterson Securities GEORGE GALANOPOULOS hold 3 D 9 12 month 24.10.2012

Shaw Stockbroking DANNY YOUNIS hold 3 N #N/A N/A Not Provided 10.08.2011

Holdings By:

Bradken Ltd ee


27.02.2013

Seven Group Holdings Ltd. is a diversified operating and investment group. The

Groups interests include media holdings that include Seven Network, a commercial

television network and publishing company, a telecommunications company, and a

heavy equipment dealer that operates Caterpillar dealerships in Australia and

North Eastern China.


LTM as of: 01/yy

52-Week High (27.02.2013) 11.08

52-Week Low (14.11.2012) 6.14

Daily Volume

11





3'381.51 1 Yr Total Return 33.42%







SVW AT EQUITY YTD Change - Average Volume 30 Day 365'824

SVW AT EQUITY YTD % CHANGE - Average Volume 3 Month 322'544


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

33.3 67.3 537.6 3'110.2 4'399.7 - - 5'143.7 4'937.6 - -

26.06x 2.32x 4.75x 1.40x 1.03x - - 0.99x 1.00x - -

(75.4) (7.0) 6.0 217.7 380.2 - - 665.4 626.1 - -

- - 427.52x 20.04x 11.93x - - 6.36x 6.76x - -

141.6 12.5 718.0 70.4 165.9 - - 371.2 348.4 - -

15.37x 68.38x 2.11x 80.25x 18.00x - - 9.18x 9.81x - -











EBITDA Margin 9.3%



Asset Turnover 0.93







Fiscal Year Ended

Seven Group Holdings LtdPrice/Volume

Valuation Analysis

2'896'251.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

/

1

3

5

.-

./

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

&2 9

.&- 9

.&2 9

/&- 9

/&2 9

0&- 9

0&2 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

4'500.0

5'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

/-&--

1-&--

3-&--

5-&--

.--&--

./-&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013


NORTH ASTON PTY LTD n/a Co File 114'110'000 37.12 - 12.09.2012 n/a

ASHBLUE HOLDINGS PTY n/a Co File 62'082'442 20.2 - 12.09.2012 n/a

WROXBY PTY LTD n/a Co File 30'731'907 10 - 12.09.2012 Unclassified



MCWILLIAM BRUCE IAN n/a Co File 1'280'447 0.42 - 21.09.2012 n/a



EQUITY TRUSTEES LTD n/a Co File 600'000 0.2 - 12.09.2012 Investment Advisor




GAMMELL PETER JOSHUA n/a EXCH 465'945 0.15 - 17.12.2012 n/a

STOKES KERRY MATTHEW n/a Co File 380'000 0.12 - 21.09.2012 n/a

UECHTRITZ RICHARD AN n/a Co File 318'442 0.1 - 21.09.2012 n/a


STOKES RYAN KERRY n/a Co File 93'000 0.03 - 21.09.2012 n/a


WALKER JAMES ALLAN n/a Co File 70'000 0.02 - 21.09.2012 n/a

LECKIE DAVID JOHN n/a Co File 66'908 0.02 - 21.09.2012 n/a




Goldman Sachs NATHAN REILLY buy/attractive 5 M 12 12 month 26.02.2013


CIMB MATTHEW NICHOLAS outperform 5 M 12 12 month 26.02.2013


Bell Potter JONATHAN SNAPE buy 5 M 10 12 month 14.01.2013

Morgan Stanley DAVID EVANS Equalwt/In-Line 3 U 8 12 month 15.11.2012

Holdings By:

Seven Group Holdings Ltd ee


27.02.2013

Charter Hall Retail REIT owns a portfolio of supermarkets and shopping centers

located in non-metropolitan areas throughout Australia, New Zealand and the

United States.


LTM as of: 01/yy

52-Week High (17.12.2012) 4.06

52-Week Low (08.03.2012) 2.95

Daily Volume

3.95





1'333.45 1 Yr Total Return 37.99%







CQR AT EQUITY YTD Change - Average Volume 30 Day 903'579

CQR AT EQUITY YTD % CHANGE - Average Volume 3 Month 906'378


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

186.0 209.0 182.7 183.7 191.3 - - 184.3 197.2 - -

12.15x 7.70x 8.54x 9.15x 9.21x - - 11.72x 10.85x - -

117.4 130.8 113.8 114.6 117.5 - - 143.2 153.5 - -

19.24x 12.30x 13.72x 14.67x 15.00x - - 13.43x 12.52x - -

100.4 (1'435.0) 73.8 62.2 9.7 - - 96.0 103.6 - -

12.02x - 12.90x 11.40x 38.44x - - 13.21x 12.66x - -











EBITDA Margin 61.1%



Asset Turnover 0.09








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Charter Hall Retail REITPrice/Volume

Valuation Analysis

811'375.00


-..//00112

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

&2 9

.&- 9

.&2 9

/&- 9

/&2 9

0&- 9

0&2 9

0.0

50.0

100.0

150.0

200.0

250.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

/&--

1&--

3&--

5&--

.-&--

./&--

.1&--

.3&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013


CHARTER HALL FUNDS M n/a Co File 31'044'973 9.2 - 31.08.2012 n/a


GANDEL GROUP PTY LTD n/a EXCH 21'454'177 6.36 6'472'224 25.10.2012 Corporation


DIAM n/a ULT-AGG 15'967'814 4.73 985'460 24.10.2012 Unclassified


AUSTRALIA & NEW ZEAL n/a EXCH 15'141'185 4.49 (195'926) 25.03.2011 Bank

CBRE CLARION SECURIT n/a EXCH 15'079'409 4.47 (106'499) 09.09.2011 Investment Advisor

COLONIAL FIRST STATE Multiple Portfolios MF-AGG 13'220'865 3.92 (614'135) 08.05.2012 Investment Advisor


FMR LLC n/a ULT-AGG 3'365'228 1 764'912 31.12.2012 Investment Advisor

COHEN & STEERS CAPIT Multiple Portfolios MF-AGG 3'252'505 0.96 3'252'505 31.12.2012 Investment Advisor



NIKKO ASSET MANAGEME n/a ULT-AGG 1'783'797 0.53 1'637'622 01.02.2013 Unclassified



NORTHERN TRUST CORPO Multiple Portfolios MF-AGG 1'170'640 0.35 893'592 31.12.2012 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 817'772 0.24 32'108 31.12.2012 Investment Advisor

MIDDLEFIELD SECURITI Multiple Portfolios MF-AGG 750'000 0.22 - 30.06.2011 Mutual Fund Manager



Macquarie ROB FREEMAN neutral 3 M 4 12 month 19.02.2013




Credit Suisse JOHN LEE underperform 1 M 3 Not Provided 16.01.2013



Moelis & Company SIMON SCOTT hold 3 M 3 12 month 17.05.2012

Holdings By:

Charter Hall Retail REIT ee


27.02.2013

Independence Group NL is a gold and nickel mining and exploration company. The

Company's exploration projects are located in Western Australia, South

Australia, and the Northern Territory.


LTM as of: 01/yy

52-Week High (03.01.2013) 5.05

52-Week Low (25.07.2012) 2.91

Daily Volume

4.53










Enterprise Value 877.55


IGO AT EQUITY YTD Change - Average Volume 30 Day 775'574

IGO AT EQUITY YTD % CHANGE - Average Volume 3 Month 839'908


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y 09/11 Q1 12/11 Q2

137.7 93.9 111.1 151.9 206.7 - - 241.3 357.4 - -

3.28x 4.25x - 6.05x 3.03x - - 4.21x 2.84x - -

72.2 37.4 46.8 47.9 (78.8) - - 69.0 134.5 - -

6.26x 10.68x - 19.20x - - - 12.72x 6.53x - -

51.5 16.1 28.7 5.5 (285.3) - - 28.4 68.8 - -

11.45x 32.74x 18.67x 144.73x - - - 37.44x 15.36x - -



Operating Margin -57.12% Long-Term Outlook -






Net Debt/EBITDA -

Gross Margin 27.2% Total Debt/EBITDA -0.27

EBITDA Margin -32.2%



Asset Turnover 0.23








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Independence Group NLPrice/Volume

Valuation Analysis

705'257.00


-

.

/

0

1

2

3

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

.&- 9

/&- 9

0&- 9

1&- 9

2&- 9

3&- 9

0.0

50.0

100.0

150.0

200.0

250.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

2&--

.-&--

.2&--

/-&--

/2&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013








TREASURY GROUP LTD n/a EXCH 9'679'306 4.16 (2'352'729) 27.06.2012 Corporation


ORION ASSET MANAGEME n/a EXCH 7'108'412 3.05 (104'914) 08.04.2011 Investment Advisor

JP MORGAN n/a ULT-AGG 2'321'247 1 (11'117'336) 31.10.2012 Unclassified

VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'318'895 1 37'573 31.12.2012 Investment Advisor

BONWICK CHRISTOPHER n/a Co File 2'057'500 0.88 - 26.09.2012 n/a



MARSTON RODNEY JOHN n/a Co File 1'321'917 0.57 - 26.09.2012 n/a


LEGEND MINING LTD n/a EXCH 1'000'000 0.43 (900'000) 11.08.2010 Corporation

UOB ASSET MANAGEMENT Multiple Portfolios MF-AGG 850'000 0.36 - 30.06.2012 Mutual Fund Manager

CHRISTIE JOHN ALEXAN n/a Co File 503'750 0.22 - 26.09.2012 n/a




RBC Capital Markets STEUART MCINTYRE sector perform 3 M 5 12 month 21.02.2013

Macquarie LEE BOWERS neutral 3 M 5 12 month 11.02.2013

Hartleys TRENT BARNETT accumulate 4 D 4 12 month 05.02.2013


Credit Suisse PAUL MCTAGGART outperform 5 U 5 Not Provided 01.02.2013

Paterson Securities SIMON TONKIN hold 3 M 5 12 month 01.02.2013

Bell Potter STEPHEN THOMAS buy 5 U 5 12 month 01.02.2013

Argonaut Securities Pty Ltd TROY IRVIN buy 5 M 5 12 month 01.02.2013

Deutsche Bank CHRIS TERRY buy 5 U 5 12 month 31.01.2013




CIMB PHILLIP CHIPPINDALE outperform 5 N 6 12 month 07.11.2012

Holdings By:

Independence Group NL ee


27.02.2013

Qube Holdings Ltd. is a logistics company. The Group operates in

divisions covering Automotive, Bulk and General Stevedoring, Landside Logistics

and Strategic Development Assets.


LTM as of: 01/yy

52-Week High (20.02.2013) 1.89

52-Week Low (25.07.2012) 1.40

Daily Volume

1.765





1'635.25 1 Yr Total Return 14.32%







QUB AT EQUITY YTD Change - Average Volume 30 Day 903'737

QUB AT EQUITY YTD % CHANGE - Average Volume 3 Month 1'053'080


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

- - 0.0 190.8 776.8 - - 1'054.0 1'174.5 - -

- - - 5.22x 2.36x - - 2.07x 1.85x - -

- - (5.6) (8.0) 28.0 - - 177.2 202.0 - -

- - - - 65.32x - - 11.50x 10.08x - -

- - 24.3 61.8 (2.5) - - 74.7 89.3 - -

- - 8.08x 13.68x - - - 21.79x 18.39x - -











EBITDA Margin 3.6%



Asset Turnover 0.60








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Qube Holdings LtdPrice/Volume

Valuation Analysis

2'848'086.00


---.....///

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

/&- 9

1&- 9

3&- 9

5&- 9

.-&- 9

./&- 9

.1&- 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

2&--

.-&--

.2&--

/-&--

/2&--

0-&--

02&--

1-&--

12&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013


TC GROUP INFRASTRUCT n/a EXCH 128'982'461 13.92 37'593'985 16.12.2011 Corporation

CARLYLE GROUP/THE n/a EXCH 91'388'476 9.86 55'108'272 12.04.2011 Private Equity

WILH WILHEMSEN HLDG n/a EXCH 76'000'000 8.2 (12'000'000) 06.03.2012 Other

TAVERNERS NO 10 PTY n/a EXCH 66'908'777 7.22 (4'075'266) 01.09.2011 Other


KAWASAKI (AUSTRALIA) n/a EXCH 54'525'000 5.89 (18'175'000) 29.11.2011 Corporation

PATTERSON CHENEY INV n/a EXCH 39'309'603 4.24 1'029'212 04.04.2012 Investment Advisor

EAGLE SECURITIES LIM n/a EXCH 24'047'220 2.6 (3'000'000) 10.03.2011 Other

CORRIGAN CHRISTOPHER n/a Co File 15'993'553 1.73 - 30.06.2012 n/a

KAPLAN SAMUEL L n/a EXCH 13'633'668 1.47 (21'798'028) 11.09.2012 n/a

JAMES MAURICE A n/a Co File 5'870'855 0.63 2'000'000 14.11.2012 n/a


SCHRODER INVESTMENT n/a EXCH 4'501'394 0.49 (22'660'067) 05.07.2011 Unclassified

DIGNEY PAUL n/a Co File 4'062'368 0.44 - 30.06.2012 n/a

SMITHWICK DON n/a Co File 3'801'854 0.41 - 30.06.2012 n/a


DAVIES ALLAN JAMES n/a Co File 2'595'795 0.28 - 30.06.2012 n/a



LEWIS PAUL n/a Co File 1'210'000 0.13 - 30.06.2012 n/a


Macquarie RUSSELL SHAW neutral 3 D 2 12 month 27.02.2013


Morgan Stanley JULIA WENG Underwt/In-Line 1 M 2 12 month 26.02.2013

Credit Suisse NICHOLAS MARKIEWICZ neutral 3 D 2 Not Provided 26.02.2013


CIMB MARK WILLIAMS neutral 3 M 2 12 month 26.02.2013


Moelis & Company SIMON FITZGERALD buy 5 N 2 12 month 17.05.2012

Evans & Partners Pty Ltd PAUL RYAN Positive 4 N #N/A N/A Not Provided 13.05.2012

Lonsec Ltd PETER GREEN accumulate 4 M 2 Not Provided 19.03.2012

Holdings By:

Qube Holdings Ltd ee


27.02.2013

CSR Limited manufactures and supplies buildings products. The Company's

products include plasterboard, insulation, glass, fibre cement, bricks and

rooftiles used in residential and commercial construction.


LTM as of: 01/yy

52-Week High (08.02.2013) 2.18

52-Week Low (18.07.2012) 1.15

Daily Volume

1.965





994.29 1 Yr Total Return 7.87%







CSR AT EQUITY YTD Change - Average Volume 30 Day 2'667'873

CSR AT EQUITY YTD % CHANGE - Average Volume 3 Month 2'633'220


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 01/yy 01/yy 03/13 Y 03/14 Y 06/12 Q1 09/12 Q2

3'231.3 3'492.8 1'936.3 1'913.6 1'801.9 - - 1'696.4 1'807.8 - -

1.39x 0.83x 1.76x 0.82x 0.50x - - 0.59x 0.55x - -

371.6 405.0 330.8 323.4 182.2 - - 180.0 210.9 - -

12.08x 7.13x 10.31x 4.85x 4.96x - - 6.06x 5.17x - -

177.4 (326.5) (111.7) 503.4 76.3 - - 47.1 66.8 - -

16.67x - - - 11.92x - - 21.13x 15.00x - -











EBITDA Margin 8.1%



Asset Turnover 0.77







Fiscal Year Ended

CSR LtdPrice/Volume

Valuation Analysis

3'086'131.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

.

.

/

/

0

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

/&- 9

1&- 9

3&- 9

5&- 9

.-&- 9

./&- 9

.1&- 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

2&--

.-&--

.2&--

/-&--

/2&--

0-&--

-0&-1&/--6 -0&.-&/--6 -0&-1&/-.- -0&.-&/-.- -0&-1&/-.. -0&.-&/-.. -0&-1&/-./ -0&.-&/-./



27.02.2013








DIMENSIONAL FUND ADV n/a EXCH 25'335'015 5.01 229'484 09.08.2012 Investment Advisor










SCHRODER INVESTMENT Multiple Portfolios MF-AGG 361'179 0.07 - 30.06.2012 Investment Advisor


LEGAL & GENERAL n/a ULT-AGG 241'616 0.05 80 28.12.2012 Unclassified

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 231'729 0.05 9'992 30.11.2012 Investment Advisor




Nomura SIMON THACKRAY buy 5 M 2 Not Provided 08.02.2013

Bell Potter JONATHAN SNAPE buy 5 U 2 12 month 29.01.2013

Moelis & Company TODD W GUYOT hold 3 N 2 13 month 16.01.2013

JPMorgan JASON HARLEY STEED neutral 3 M 2 9 month 15.01.2013


Deutsche Bank EMILY BEHNCKE hold 3 M 2 12 month 08.01.2013



Credit Suisse ANDREW PEROS underperform 1 M 1 Not Provided 13.11.2012

Holdings By:

CSR Ltd ee


27.02.2013

Mesoblast Ltd., is a biotechnology company. The Company develops treatments for

orthopaedic conditions, including the commercialisation of adult stem cells to

regenerate, repair bone. and cartilage.


LTM as of: 01/yy

52-Week High (28.03.2012) 8.04

52-Week Low (15.11.2012) 4.22

Daily Volume

6.52





1'876.72 1 Yr Total Return -16.41%







MSB AT EQUITY YTD Change - Average Volume 30 Day 417'645

MSB AT EQUITY YTD % CHANGE - Average Volume 3 Month 365'001


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

- - - 14.6 27.7 - - 19.6 21.6 - -

- - - 147.97x 56.45x - - 88.65x 84.44x - -

(8.5) (9.9) (11.0) (12.4) (58.8) - - (63.9) (67.4) - -

- - - - - - - - - - -

(10.1) (12.3) (14.8) 90.6 (71.1) - - (54.3) (68.8) - -

- - - 20.70x - - - - - - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.03







Fiscal Year Ended

Mesoblast LtdPrice/Volume

Valuation Analysis

122'172.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-./0123456

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

&2 9

.&- 9

.&2 9

/&- 9

/&2 9

0&- 9

0&2 9

0.0

5.0

10.0

15.0

20.0

25.0

30.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

/--&--

1--&--

3--&--

5--&--

. ---&--

. /--&--

. 1--&--

. 3--&--

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-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013


ITESCU SILVIU n/a Co File 67'751'838 23.54 - 16.10.2012 n/a

CEPHALON INC n/a Co File 55'785'806 19.38 - 16.10.2012 Corporation

M&G INVESTMENT MANAG n/a Co File 32'018'195 11.12 - 16.10.2012 Investment Advisor

THORNEY HOLDINGS PTY n/a Co File 17'342'093 6.02 - 16.10.2012 Investment Advisor

DALIT PTY LTD n/a Co File 4'468'839 1.55 - 16.10.2012 n/a


MESOBLAST AUST PTY L n/a Co File 3'035'000 1.05 - 16.10.2012 n/a


J G M INV GRP P/L n/a Co File 2'792'642 0.97 - 16.10.2012 n/a


ADELAIDE HEALTH SVSC n/a Co File 1'953'000 0.68 - 16.10.2012 n/a

AVISTER PTY LTD n/a Co File 1'919'354 0.67 - 16.10.2012 n/a



SPOONER MICHAEL n/a Co File 1'081'335 0.38 - 22.08.2012 n/a

SKANDIA INVESTMENT M Multiple Portfolios MF-AGG 970'852 0.34 (42'400) 31.12.2012 Mutual Fund Manager



HAZLAHA INV LTD n/a Co File 597'800 0.21 - 16.10.2012 n/a

IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 546'903 0.19 - 28.09.2012 Investment Advisor


Macquarie CRAIG COLLIE underperform 1 M 4 12 month 26.02.2013

Maxim Group LLC JASON KOLBERT buy 5 M 11 12 month 19.02.2013




BBY Limited DENNIS HULME underperform 1 D 8 12 month 11.02.2013


EVA Dimensions ANDREW S ZAMFOTIS sell 1 M #N/A N/A Not Provided 15.01.2013


Holdings By:

Mesoblast Ltd ee


27.02.2013

Nufarm Limited manufactures and supplies a range of agricultural chemicals used

by farmers to protect crops from damage caused by weeds, pests and disease.

The Company has worldwide operations.


LTM as of: 01/yy

52-Week High (21.01.2013) 6.47

52-Week Low (28.02.2012) 4.40

Daily Volume

5.58





1'466.41 1 Yr Total Return 24.04%







NUF AT EQUITY YTD Change - Average Volume 30 Day 824'588

NUF AT EQUITY YTD % CHANGE - Average Volume 3 Month 719'812


31.07.2008 31.07.2009 31.07.2010 31.07.2011 31.07.2012 01/yy 01/yy 07/13 Y 07/14 Y - -

2'492.5 2'677.1 2'168.6 2'083.6 2'181.6 - - 2'257.4 2'384.8 - -

1.72x 1.33x 0.86x 0.89x 0.99x - - 0.98x 0.91x - -

348.7 229.6 115.0 156.3 205.7 - - 287.9 311.6 - -

12.28x 15.46x 16.23x 11.83x 10.45x - - 7.58x 7.00x - -

137.9 79.9 (24.0) (49.9) 72.6 - - 113.2 129.0 - -

24.18x 32.36x - - 24.53x - - 13.01x 11.53x - -


EBIT 140.17 Long-Term Rating BB









EBITDA Margin 9.4%



Asset Turnover 0.77








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Nufarm Ltd/AustraliaPrice/Volume

Valuation Analysis

278'054.00


-

.

/

0

1

2

3

4

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

.&- 9

/&- 9

0&- 9

1&- 9

2&- 9

3&- 9

4&- 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

/&--

1&--

3&--

5&--

.-&--

./&--

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0.&-4&/--6 0.&-.&/-.- 0.&-4&/-.- 0.&-.&/-.. 0.&-4&/-.. 0.&-.&/-./ 0.&-4&/-./ 0.&-.&/-.0



27.02.2013


SUMITOMO CHEMICAL CO n/a Co File 60'210'136 22.91 - 28.09.2011 Corporation


AMALGAMATED DAIRIES n/a Co File 14'330'798 5.45 - 28.09.2011 Corporation


MASSACHUSETTS FINANC n/a EXCH 13'112'345 4.99 - 28.09.2011 Investment Advisor

SUN LIFE FINANCIAL I n/a EXCH 13'079'699 4.98 - 11.10.2012 Investment Advisor


RATHBONE DOUGLAS JOH n/a EXCH 11'642'880 4.43 - 02.08.2012 n/a


CREDIT SUISSE AG n/a EXCH 11'039'268 4.2 (474'417) 12.02.2010 Investment Advisor


VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 3'853'626 1.47 (7'244) 25.02.2013 Investment Advisor

HOGGARD KERRANCE MER n/a EXCH 2'032'632 0.77 - 13.07.2010 n/a



BLACKROCK n/a ULT-AGG 904'964 0.34 (122'187) 25.02.2013 Investment Advisor


GOODFELLOW WILLIAM B n/a EXCH 590'477 0.22 164 16.11.2012 n/a

EIM CAPITAL MANAGERS Multiple Portfolios MF-AGG 576'000 0.22 109'000 31.01.2013 Investment Advisor

GAM INTERNATIONAL MA Multiple Portfolios MF-AGG 488'450 0.19 (196'660) 31.10.2012 Investment Advisor


Nomura RICHARD J JOHNSON reduce 2 M 5 Not Provided 04.02.2013

Octa Phillip Securities Ltd PAUL JENSZ hold 3 M 6 Not Provided 25.01.2013

Macquarie RIKKI BANNAN underperform 1 M 6 12 month 24.01.2013

Wilson HTM Investment Group JAMES FERRIER buy 5 M 7 Not Provided 24.01.2013


JPMorgan STUART JACKSON neutral 3 M 6 9 month 23.01.2013

Ord Minnett STEPHEN SCOTT lighten 2 M 6 Not Provided 23.01.2013



RBS Morgans BELINDA MOORE neutral 3 M 6 12 month 10.12.2012

Deutsche Bank MARK WILSON sell 1 M 4 12 month 25.09.2012

Holdings By:

Nufarm Ltd/Australia ee


27.02.2013

Cardno Limited provides consulting engineering services for the construction,

infrastructure and natural environments industries in Australia and South East

Asia. The Group provides services in all aspects of engineering including

civil, structural, environmental and management consulting.


LTM as of: 01/yy

52-Week High (21.08.2012) 8.64

52-Week Low (21.11.2012) 5.89

Daily Volume

7.18





1'021.50 1 Yr Total Return 18.00%







CDD AT EQUITY YTD Change - Average Volume 30 Day 400'967

CDD AT EQUITY YTD % CHANGE - Average Volume 3 Month 445'047


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

396.2 514.2 474.8 828.4 959.9 - - 1'177.0 1'260.5 - -

0.87x 0.61x 1.01x 0.73x 1.19x - - 0.98x 0.90x - -

50.2 52.5 53.3 96.9 124.2 - - 145.8 162.6 - -

6.88x 5.99x 9.03x 6.24x 9.16x - - 7.99x 7.17x - -

27.5 34.2 37.6 58.8 74.2 - - 85.0 95.3 - -

10.81x 7.87x 9.12x 9.56x 12.25x - - 11.99x 10.78x - -











EBITDA Margin 11.8%



Asset Turnover 1.24








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Cardno LtdPrice/Volume

Valuation Analysis

206'714.00


-./0123456

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

.&- 9

/&- 9

0&- 9

1&- 9

2&- 9

3&- 9

4&- 9

5&- 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

/&--

1&--

3&--

5&--

.-&--

./&--

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-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013





JOHNSON TREVOR CHARL n/a EXCH 1'626'241 1.14 26'240 13.02.2013 n/a




GARDINER PAUL n/a Co File 971'458 0.68 - 30.06.2012 n/a

Bonnip Pty Ltd n/a EXCH 919'766 0.65 - 21.02.2013 Unclassified

BUCKLAND QLD PTY LTD n/a EXCH 891'924 0.63 - 21.02.2013 Other

COLLINS-WOOLCOCK ROG n/a Co File 749'198 0.53 - 30.06.2012 n/a


BUCKLEY ANDREW DAVID n/a EXCH 671'547 0.47 - 21.02.2013 n/a


PUTNAM INVESTMENT MA Multiple Portfolios MF-AGG 568'769 0.4 568'769 31.12.2012 Investment Advisor

JOHNSTON IAN JOHN n/a Co File 268'839 0.19 - 30.06.2012 n/a

RENSHAW MICHAEL n/a Co File 251'459 0.18 - 30.06.2012 n/a



ALTAMIRA MANAGEMENT Multiple Portfolios MF-AGG 128'075 0.09 67'039 31.12.2012 Unclassified




RBS Morgans ROGER LEANING neutral 3 D 8 12 month 20.02.2013



BBY Limited MOIRA EILEEN DAW buy 5 D 8 12 month 19.02.2013


Credit Suisse DARREN VINCENT neutral 3 M 6 Not Provided 08.02.2012

Holdings By:

Cardno Ltd ee


27.02.2013

Shopping Centres Australasia Property Group is a real estate investment

trust owning Woolworths Group anchored shopping centres and freestanding retail

assets.


LTM as of: 01/yy

52-Week High (30.01.2013) 1.67

52-Week Low (26.11.2012) 1.41

Daily Volume

1.655





968.93 1 Yr Total Return -

Total Debt - YTD Return 10.33%

Preferred Stock - Adjusted BETA -

Minority Interest - Analyst Recs 5

Cash and Equivalents - Consensus Rating 1.400

Enterprise Value -


SCP AT EQUITY YTD Change - Average Volume 30 Day 3'433'191

SCP AT EQUITY YTD % CHANGE - Average Volume 3 Month 5'948'081


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

- - - - - - - 63.8 127.8 - -

- - - - - - - 21.87x 11.26x - -

- - - - - - - 52.0 99.9 - -

- - - - - - - - - - -

- - - - - - - 38.8 72.8 - -

- - - - - - - 24.34x 13.57x - -









Net Debt/EBITDA -


EBITDA Margin -

EBIT Margin - Total Debt/Equity -

Net Income Margin - Total Debt/Capital -

Asset Turnover -



Debt to Assets - Inventory Days -

Tot Debt to Common Equity - Accounts Payable Turnover Day -




Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Shopping Centres Australasia Property GroupPrice/Volume

Valuation Analysis

2'619'117.00


---.....//

j!./ S!./ e!.0 a!.0&- 9

.-&- 9

/-&- 9

0-&- 9

1-&- 9

2-&- 9

3-&- 9

0.0

0.2

0.4

0.6

0.8

1.0

1.2

-&--

-&/-

-&1-

-&3-

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27.02.2013



VANGUARD GROUP INC n/a EXCH 34'711'268 5.93 - 21.12.2012 Investment Advisor


AMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 1'555'848 0.27 521'842 31.12.2012 Investment Advisor

UNIVERSAL INVESTMENT Multiple Portfolios MF-AGG 340'000 0.06 - 28.12.2012 Mutual Fund Manager

HODGKINSON JAMES T n/a EXCH 274'285 0.05 - 11.12.2012 n/a


HEXAVEST INC HEXAVEST INC 13F 208'016 0.04 208'016 31.12.2012 Investment Advisor


STOREBRAND FUND MANA Multiple Portfolios MF-AGG 174'622 0.03 - 31.01.2013 Investment Advisor

NIKKO ASSET MANAGEME n/a ULT-AGG 165'200 0.03 (29'600) 01.02.2013 Unclassified

LEGAL & GENERAL n/a ULT-AGG 139'050 0.02 33'273 28.12.2012 Unclassified




NATIONWIDE FUND ADVI Multiple Portfolios MF-AGG 68'938 0.01 68'938 30.11.2012 Investment Advisor


JOHN HANCOCK INVESTM Multiple Portfolios MF-AGG 60'159 0.01 (11'838) 31.12.2012 Mutual Fund Manager

BNP PARIBAS INV PART n/a ULT-AGG 57'804 0.01 2'515 31.12.2012 Investment Advisor

POLLARD IAN n/a EXCH 53'571 0.01 - 11.12.2012 n/a


Macquarie ROB FREEMAN underperform 1 M 1 12 month 14.02.2013


Moelis & Company RYAN FRANZ hold 3 N 2 12 month 08.02.2013

Deutsche Bank JASON WEATE sell 1 N 2 12 month 05.02.2013

Holdings By:

Shopping Centres Australasia Property Group ee


27.02.2013

BWP Trust is a listed managed investment scheme which invests in commercial real

estate throughout Australia. The Trust has a portfolio of Bunnings Warehouse

properties located throughout Australia.


LTM as of: 01/yy

52-Week High (08.02.2013) 2.43

52-Week Low (16.03.2012) 1.72

Daily Volume

2.29





1'231.46 1 Yr Total Return 36.96%







BWP AT EQUITY YTD Change - Average Volume 30 Day 1'167'620

BWP AT EQUITY YTD % CHANGE - Average Volume 3 Month 1'075'795


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

65.9 73.2 78.5 85.3 102.1 - - 108.8 113.3 - -

12.40x 11.69x 12.28x 13.53x 12.18x - - 14.00x 13.46x - -

58.3 61.7 69.6 75.3 91.1 - - 97.6 101.2 - -

14.01x 13.86x 13.87x 15.33x 13.66x - - 15.55x 15.00x - -

0.7 (11.7) 92.2 81.5 69.9 - - 75.7 79.0 - -

743.48x - 8.50x 10.18x 13.92x - - 16.36x 15.58x - -











EBITDA Margin 89.3%



Asset Turnover 0.08







Fiscal Year Ended

BWP TrustPrice/Volume

Valuation Analysis

638'642.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

.

.

/

/

0

0

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

.&- 9

/&- 9

0&- 9

1&- 9

2&- 9

3&- 9

0.0

20.0

40.0

60.0

80.0

100.0

120.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

/&--

1&--

3&--

5&--

.-&--

./&--

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.3&--

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-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013


WESFARMERS LTD #N/A N/A EXCH 130'712'708 24.31 9'600'040 26.02.2013 Corporation


ING GROEP NV n/a EXCH 22'189'645 4.13 - 02.12.2010 Investment Advisor








GOLDMAN SACHS JBWERE Multiple Portfolios MF-AGG 1'827'321 0.34 - 17.07.2012 Investment Advisor



MITSUBISHI UFJ FINAN n/a ULT-AGG 1'046'609 0.19 (7'000) 05.07.2012 Holding Company

MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 729'986 0.14 (28'469) 31.12.2012 Investment Advisor

HEITMAN REAL ESTATE Multiple Portfolios MF-AGG 664'400 0.12 - 13.09.2012 Investment Advisor

NORTHERN TRUST CORPO Multiple Portfolios MF-AGG 507'743 0.09 26'285 31.12.2012 Investment Advisor


AUSTIN JOHN AMBROSE n/a Co File 295'967 0.06 - 30.06.2012 n/a

MANSELL PETER JOHN n/a Co File 227'289 0.04 9'289 29.08.2012 n/a



EVA Dimensions AUSTIN BURKETT hold 3 U #N/A N/A Not Provided 20.02.2013

JPMorgan SCOTT MOLLOY underweight 1 M 2 9 month 13.02.2013

Goldman Sachs SIMON WHEATLEY Sell/Neutral 1 M 2 12 month 12.02.2013


Holdings By:

BWP Trust ee


27.02.2013

Resolute Mining Limited explores for, produces and develops gold in Ghana, Mali

Queensland and Tanzania. The Company's gold exploration projects include

Obotan, Syama, Ravenswood and Golden Pride.


LTM as of: 01/yy

52-Week High (13.03.2012) 2.11

52-Week Low (21.02.2013) 1.20

Daily Volume

1.365





877.82 1 Yr Total Return -28.52%







RSG AT EQUITY YTD Change - Average Volume 30 Day 5'471'674

RSG AT EQUITY YTD % CHANGE - Average Volume 3 Month 4'559'934


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y 12/11 Q2 03/12 Q3

231.5 299.7 342.5 445.1 576.7 - - 666.2 643.8 - -

2.48x 1.12x 1.46x 1.36x 1.37x - - 1.09x 1.09x - -

20.9 57.3 80.3 110.0 254.4 - - 285.5 275.9 - -

27.45x 5.85x 6.23x 5.49x 3.10x - - 2.86x 2.96x - -

(56.7) 30.7 (37.2) 59.7 105.1 - - 150.2 146.0 - -

- 6.17x - 8.72x 7.25x - - 5.71x 5.71x - -











EBITDA Margin 42.1%



Asset Turnover 0.90








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Resolute Mining LtdPrice/Volume

Valuation Analysis

2'162'209.00


-

.

.

/

/

0

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

2&- 9

.-&- 9

.2&- 9

/-&- 9

/2&- 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

2&--

.-&--

.2&--

/-&--

/2&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013


ICM LTD n/a EXCH 192'072'476 29.87 (5'037'500) 20.11.2012 Other

UTILICO INVESTMENTS n/a EXCH 126'929'227 19.74 1'500'000 12.07.2012 Investment Advisor

M&G INVESTMENT MANAG n/a EXCH 64'000'000 9.95 (5'700'000) 08.02.2013 Investment Advisor




VAN ECK ASSOCIATES C n/a EXCH 31'464'292 4.89 - 05.09.2012 Investment Advisor


CF RUFFER BAKER STEE n/a EXCH 19'097'479 2.97 (3'846'391) 04.04.2012 n/a


PERMANENT INVESTMENT n/a EXCH 5'010'643 0.78 (4'989'357) 12.07.2012 Other


GENUS DYNAMIC GOLD F n/a EXCH 4'811'000 0.75 - 23.02.2012 n/a

BAKER STEEL CAPITAL n/a EXCH 4'300'000 0.67 - 04.04.2012 Investment Advisor


ECLECTIC INVEST TRUS n/a EXCH 3'500'000 0.54 1'500'000 12.07.2012 Investment Advisor



SULLIVAN PETER ROSS n/a EXCH 3'007'448 0.47 (500'000) 02.01.2013 n/a



Canaccord Genuity Corp REG SPENCER hold 3 M 2 12 month 26.02.2013

Morgan Stanley BRENDAN FITZPATRICK Equalwt/Attractive 3 U 1 12 month 22.02.2013

Foster Stockbroking CRAIG BROWN buy 5 U 2 Not Provided 25.01.2013

Veritas Securities MATTHEW BAILLIE buy 5 M 2 Not Provided 25.01.2013

BMO Capital Markets DAVID HAUGHTON market perform 3 M 2 Not Provided 23.01.2013

GMP LEVI SPRY hold 3 M 2 Not Provided 23.01.2013


Argonaut Securities Pty Ltd PATRICK CHANG buy 5 M 2 12 month 23.01.2013


Westhouse Securities ROB BROKE add 4 M 2 Not Provided 08.11.2012

Helmsec Global Capital Limited GAVIN VAN DER WATH speculative buy 4 M 2 12 month 31.07.2012

Deutsche Bank CHRIS TERRY not rated #N/A N/A M #N/A N/A Not Provided 22.02.2012

Holdings By:

Resolute Mining Ltd ee


27.02.2013

Paladin Energy Limited primarily explores for uranium in Australia and Southern

Africa.


LTM as of: 09/yy

52-Week High (14.03.2012) 2.01

52-Week Low (16.11.2012) 0.74

Daily Volume

1.145












PDN AT EQUITY YTD Change - Average Volume 30 Day 8'223'810

PDN AT EQUITY YTD % CHANGE - Average Volume 3 Month 8'530'488


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 09/yy 09/yy 06/13 Y 06/14 Y 12/12 Q2 03/13 Q3

93.8 111.8 202.0 266.8 365.8 321.1 324.1 408.3 489.6 135.0 111.0

44.94x 27.48x 13.05x 10.44x 5.05x 37.92x 24.52x 3.57x 2.92x - -

(5.2) (750.1) 21.1 (2.9) (136.4) (17.1) (134.0) 16.2 145.8 22.0 -

- - 124.89x - - 0.00x 0.00x 105.83x 11.75x - -

(36.0) (480.2) (45.6) (82.3) (172.8) (193.8) (95.3) (80.8) 20.8 (4.0) -

- - - - - 0.00x 0.00x - 29.15x - -









Net Debt/EBITDA -





Asset Turnover 0.14







Fiscal Year Ended

Paladin Energy LtdPrice/Volume

Valuation Analysis

3'585'542.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

.

.

/

/

0

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 92&- 9.-&- 9.2&- 9/-&- 9/2&- 90-&- 902&- 91-&- 912&- 9

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012-&--

-&/-

-&1-

-&3-

-&5-

.&--

.&/-



27.02.2013


L1 CAPITAL PTY LTD n/a EXCH 63'119'387 7.54 9'584'967 24.08.2012 Mutual Fund Manager

NEWMONT MINING CORP n/a Co File 52'097'937 6.22 - 16.09.2011 Corporation


NATIONAL AUSTRALIA B n/a ULT-AGG 41'932'448 5.01 21'028 14.02.2012 Bank


GLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 17'558'695 2.1 (416'532) 28.01.2013 Investment Advisor

BORSHOFF JOHN n/a EXCH 15'877'394 1.9 - 29.01.2013 n/a





INVESCO LTD Multiple Portfolios MF-AGG 5'784'204 0.69 - 26.02.2013 Investment Advisor

CRABB RICK WAYNE n/a PROXY 5'181'528 0.62 300'000 15.11.2012 n/a




MANNING & NAPIER ADV Multiple Portfolios MF-AGG 2'564'930 0.31 463'070 31.12.2012 Investment Advisor


NATIXIS INTERNATIONA Multiple Portfolios MF-AGG 2'238'906 0.27 - 31.12.2012 Investment Advisor

SWABY GILLIAN n/a SEDI 2'081'655 0.25 (755'000) 12.09.2011 n/a


BMO Capital Markets EDWARD STERCK market perform 3 M 1 Not Provided 26.02.2013

Haywood Securities Inc. COLIN HEALEY sector outperform 5 M 2 Not Provided 20.02.2013

Canaccord Genuity Corp OREST WOWKODAW suspended coverage #N/A N/A M #N/A N/A Not Provided 19.02.2013


Deutsche Bank PAUL-D YOUNG hold 3 M 1 12 month 15.02.2013

JPMorgan MARK BUSUTTIL neutral 3 M 2 9 month 15.02.2013

Raymond James DAVID SADOWSKI outperform 5 M 2 12 month 15.02.2013

Dundee Securities Corp DAVID A TALBOT buy 5 M 2 12 month 15.02.2013

Cormark Securities Inc. MIKE KOZAK speculative buy 4 M 2 12 month 15.02.2013


Morgan Stanley STEFAN HANSEN Equalwt/In-Line 3 M 1 12 month 14.02.2013

RBC Capital Markets ADAM SCHATZKER outperform 5 M 1 12 month 14.02.2013

Credit Suisse RALPH M PROFITI outperform 5 M 2 Not Provided 14.02.2013

CIBC World Markets MATTHEW GIBSON sector outperform 5 M 3 Not Provided 14.02.2013



Macquarie MICHAEL BOGUSZ neutral 3 M 1 12 month 18.01.2013

Argonaut Securities Pty Ltd TROY IRVIN speculative buy 4 M 2 12 month 17.01.2013

Ambrian Partners Ltd ADAM KILEY hold 3 N 2 Not Provided 12.04.2012

Paradigm Capital Inc DAVID DAVIDSON hold 3 D 5 12 month 16.11.2010

Holdings By:

Paladin Energy Ltd ee


27.02.2013

Southern Cross Media Group Limited operates broadcasting and publishing

businesses. The Company operates regional radio and television stations in

Australia, and publishes community newspapers in the United States.


LTM as of: 01/yy

52-Week High (27.02.2013) 1.59

52-Week Low (25.09.2012) 0.98

Daily Volume

1.57





1'106.63 1 Yr Total Return 49.30%







SXL AT EQUITY YTD Change - Average Volume 30 Day 2'990'114

SXL AT EQUITY YTD % CHANGE - Average Volume 3 Month 3'304'197


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

427.3 393.5 404.7 485.5 681.7 - - 645.6 667.8 - -

2.89x 2.37x 2.16x 3.65x 2.14x - - 2.63x 2.49x - -

115.7 126.1 89.3 142.9 221.2 - - 208.7 218.5 - -

10.68x 7.40x 9.77x 12.39x 6.58x - - 8.28x 7.91x - -

82.8 (84.6) (82.7) 64.1 95.0 - - 92.0 101.8 - -

7.52x 18.33x 26.62x 11.17x 8.90x - - 11.98x 10.90x - -











EBITDA Margin 31.2%



Asset Turnover 0.26







Fiscal Year Ended

Southern Cross Media Group LtdPrice/Volume

Valuation Analysis

2'185'677.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

---.....//

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

.-&- 9

/-&- 9

0-&- 9

1-&- 9

2-&- 9

3-&- 9

4-&- 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

2&--

.-&--

.2&--

/-&--

/2&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013





GOLDMAN SACHS GROUP n/a EXCH 35'499'490 5.04 - 07.12.2012 Investment Advisor





NATL AUSTRALIA BANK n/a EXCH 32'360'171 4.59 (5'836'734) 11.02.2013 Bank








GLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 2'172'309 0.31 567'000 28.01.2013 Investment Advisor

MOORE-WILTON MAX n/a Co File 1'857'143 0.26 - 30.06.2011 n/a


CARAPIET MICHAEL n/a EXCH 1'347'900 0.19 - 26.06.2012 n/a



Morgan Stanley ANDREW MCLEOD Underwt/Cautious 1 M 1 12 month 21.02.2013




JPMorgan JARROD MCDONALD neutral 3 U 1 9 month 19.02.2013

CIMB FRASER MCLEISH neutral 3 M 1 12 month 19.02.2013


Holdings By:

Southern Cross Media Group Ltd ee


27.02.2013

McMillan Shakespeare Limited provides salary packaging services. The Company

also offers services like procurement of motor vehicles, insurance, finance and

fuel and service maintenance programs.


LTM as of: 01/yy

52-Week High (27.02.2013) 15.53

52-Week Low (27.02.2012) 9.37

Daily Volume

15.41





1'148.41 1 Yr Total Return 67.32%







MMS AT EQUITY YTD Change - Average Volume 30 Day 261'754

MMS AT EQUITY YTD % CHANGE - Average Volume 3 Month 255'134


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

65.8 76.0 118.8 230.5 253.0 - - 338.9 390.1 - -

2.25x 2.23x 3.73x 3.33x 3.88x - - 3.76x 3.28x - -

25.6 29.5 43.2 99.7 110.6 - - 148.9 172.6 - -

5.79x 5.73x 10.25x 7.69x 8.88x - - 8.62x 7.43x - -

17.4 20.5 45.0 43.5 54.3 - - 62.2 71.7 - -

9.55x 9.61x 7.05x 14.97x 15.43x - - 18.68x 16.32x - -











EBITDA Margin 44.6%



Asset Turnover 0.70







Fiscal Year Ended

McMillan Shakespeare LtdPrice/Volume

Valuation Analysis

381'886.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-/135

.-

./

.1

.3

.5

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9&2 9.&- 9.&2 9/&- 9/&2 90&- 90&2 91&- 91&2 92&- 9

0.0

50.0

100.0

150.0

200.0

250.0

300.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

.--&--

/--&--

0--&--

1--&--

2--&--

3--&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013


PODESTA ANTHONY n/a Co File 7'235'000 9.71 - 06.09.2012 n/a


CHESSARI ROSS n/a EXCH 6'050'941 8.12 (174'122) 21.11.2012 n/a

ASIA PAC TECHNOLOGY n/a EXCH 4'093'025 5.49 (64'000) 17.09.2012 Corporation


KAY MICHAEL n/a EXCH 1'194'951 1.6 (219'573) 19.11.2012 n/a





KRUYT G n/a Co File 219'604 0.29 - 30.06.2012 n/a


MCMAHON GRAEME n/a Co File 122'000 0.16 - 06.09.2012 n/a


CHARLES SCHWAB INVES Multiple Portfolios MF-AGG 95'276 0.13 95'276 31.10.2012 Investment Advisor




AMERICAN CENTURY COM Multiple Portfolios MF-AGG 38'415 0.05 998 31.12.2012 Investment Advisor

PITCHER RONALD GEORG n/a Co File 25'100 0.03 (80'000) 07.09.2012 n/a


Ord Minnett JAMES LENNON hold 3 U 14 Not Provided 22.02.2013

Goldman Sachs JIM GODSIL Buy/Neutral 5 M 16 12 month 19.02.2013




E.L. & C. Baillieu NICK CALEY hold 3 D 14 12 month 17.12.2012

Evans & Partners Pty Ltd GEORGE GABRIEL Positive 4 M #N/A N/A Not Provided 14.06.2012

Lonsec Ltd TOM BOURNE buy 5 M 12 Not Provided 06.03.2012

Bell Potter JUSTIN HILFORD Under Review #N/A N/A M #N/A N/A Not Provided 02.11.2011

Wilson HTM Investment Group SIMON FRITSCH buy 5 M 4 Not Provided 21.10.2008

Holdings By:

McMillan Shakespeare Ltd ee


27.02.2013

Mermaid Marine Australia Limited provides diversified marine services. The

Company operates mainly in the Dampier and North West Shelf in Western Australia

and also in the Northern Territory. Mermaid operates crew vessel charters,

vessel manning, management and logistics along with operating supply base

facilities.


LTM as of: 01/yy

52-Week High (27.02.2013) 4.19

52-Week Low (12.07.2012) 2.54

Daily Volume

4.06












MRM AT EQUITY YTD Change - Average Volume 30 Day 610'802

MRM AT EQUITY YTD % CHANGE - Average Volume 3 Month 616'192


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

143.6 156.7 180.5 259.5 340.7 - - 427.1 467.2 - -

2.20x 2.53x 3.36x 2.95x 2.12x - - 2.38x 2.12x - -

39.1 45.1 65.5 87.1 106.7 - - 122.8 133.9 - -

8.09x 8.79x 9.25x 8.80x 6.76x - - 8.28x 7.59x - -

17.9 26.5 37.9 43.2 51.0 - - 60.9 67.6 - -

13.11x 12.62x 12.45x 15.13x 12.03x - - 14.98x 13.67x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.71








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Mermaid Marine Australia LtdPrice/Volume

Valuation Analysis

723'278.00


-..//00112

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

&2 9

.&- 9

.&2 9

/&- 9

/&2 9

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

2&--

.-&--

.2&--

/-&--

/2&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013




BENNELONG FUNDS MANA n/a EXCH 11'358'590 5.07 - 18.12.2012 Investment Advisor


INVESCO AUSTRALIA LT n/a Co File 9'476'445 4.23 - 02.10.2012 Investment Advisor



WEBER JEFFREY ANDREW n/a Co File 1'875'671 0.84 - 20.09.2012 n/a


SAWTELL PTY LTD n/a EXCH 1'550'671 0.69 (285'000) 17.12.2012 Corporation




UBS n/a ULT-AGG 902'021 0.4 (16'001'766) 10.09.2012 Unclassified


HOWARTH ANTHONY JOHN n/a Co File 676'248 0.3 13'089 28.09.2012 n/a


BRADLEY MARK FRANCIS n/a Co File 573'819 0.26 - 20.09.2012 n/a




Hartleys TRENT BARNETT neutral 3 M 4 12 month 25.02.2013

Octa Phillip Securities Ltd CAMERON BELL hold 3 M 4 Not Provided 25.02.2013

Argonaut Securities Pty Ltd IAN CHRISTIE hold 3 M 4 12 month 22.02.2013

Deutsche Bank WASSIM KISIRWANI hold 3 D 4 12 month 21.02.2013



Macquarie ANDREW WACKETT neutral 3 D 4 12 month 21.02.2013

CIMB TIM PLUMBE neutral 3 M 4 12 month 21.02.2013

Paterson Securities MARCUS HAMILTON hold 3 M #N/A N/A Not Provided 21.02.2013

Moelis & Company ADAM S MICHELL buy 5 M 5 12 month 21.02.2013


RBS Morgans ALEXANDRA CLARKE outperform 5 N 4 12 month 27.11.2012

Holdings By:

Mermaid Marine Australia Ltd ee


27.02.2013

Transfield Services Limited provides a variety of operations and maintenance

outsourcing services in Australia and New Zealand, which cover structural,

mechanical, instrumentation, civil and electrical maintenance. The Group's

customers operate within the power, rail, oil and gas, petrochemical, defense,

water utility, telecommunication, and mineral processing sectors.


LTM as of: 01/yy

52-Week High (20.03.2012) 2.59

52-Week Low (15.11.2012) 1.52

Daily Volume

1.85












TSE AT EQUITY YTD Change - Average Volume 30 Day 2'746'185

TSE AT EQUITY YTD % CHANGE - Average Volume 3 Month 2'168'121


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

2'993.3 3'385.9 2'604.0 2'746.0 3'106.9 - - 3'827.7 3'921.6 - -

0.69x 0.39x 0.60x 0.77x 0.47x - - 0.39x 0.37x - -

127.8 143.0 115.0 161.3 140.4 - - 235.7 265.6 - -

16.08x 9.35x 13.61x 13.05x 10.39x - - 6.19x 5.49x - -

82.2 (55.0) 73.0 (19.7) 84.8 - - 85.7 107.2 - -

26.85x - 21.90x 38.07x 11.63x - - 10.95x 8.77x - -











EBITDA Margin 4.5%



Asset Turnover 1.34








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Transfield Services LtdPrice/Volume

Valuation Analysis

5'337'978.00


-

.

.

/

/

0

0

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9/&- 91&- 93&- 95&- 9.-&- 9./&- 9.1&- 9.3&- 9.5&- 9/-&- 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

2&--

.-&--

.2&--

/-&--

/2&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013


TRANSFIELD PTY LTD n/a EXCH 45'291'003 8.84 (6'051'970) 04.01.2013 Corporation



WESTPAC BANKING CORP #N/A N/A EXCH 31'061'417 6.06 (5'334'302) 25.02.2013 Bank











AMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 2'438'790 0.48 - 31.12.2012 Investment Advisor

CHARLES SCHWAB INVES Multiple Portfolios MF-AGG 2'175'731 0.42 2'042'132 26.02.2013 Investment Advisor

BELGIORNO-NETTIS LUC n/a Co File 2'170'585 0.42 - 30.08.2012 n/a

MCKELVIE ROY n/a EXCH 1'800'000 0.35 - 26.10.2012 n/a

CREDIT SUISSE GROUP Multiple Portfolios MF-AGG 1'628'803 0.32 (36'693) 28.12.2012 Investment Advisor

SCHRODERS ASIA LIMIT Multiple Portfolios MF-AGG 1'119'461 0.22 - 31.07.2012 Investment Advisor



Octa Phillip Securities Ltd CONOR O'PREY hold 3 M 2 Not Provided 27.02.2013


Morgan Stanley NICHOLAS ROBISON Equalwt/In-Line 3 M 2 12 month 26.02.2013


RBC Capital Markets HEATH ANDREWS sector perform 3 M 2 12 month 26.02.2013



CIMB ANDREW HODGE neutral 3 M 2 12 month 26.02.2013

Nomura SIMON THACKRAY reduce 2 M 2 Not Provided 26.02.2013



Commonwealth Bank SAM TEEGER hold 3 M 2 12 month 21.05.2012

Holdings By:

Transfield Services Ltd ee


27.02.2013

Envestra Limited operates natural gas distribution networks and transmission

pipelines in South Australia, Queensland and the Northern Territory. The

Company's networks distribute gas to households and businesses in Adelaide,

Brisbane (north of Brisbane River), Alice Springs and various regional centers

in South Australia and Queensland.


LTM as of: 01/yy

52-Week High (25.02.2013) 1.06

52-Week Low (19.03.2012) 0.76

Daily Volume

1.05





1'683.50 1 Yr Total Return 46.18%







ENV AT EQUITY YTD Change - Average Volume 30 Day 1'757'225

ENV AT EQUITY YTD % CHANGE - Average Volume 3 Month 1'491'254


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y 09/11 Q1 12/11 Q2

331.7 372.9 382.2 423.8 468.6 - - 511.5 539.1 - -

7.61x 6.81x 6.84x 7.00x 7.17x - - 7.60x 7.35x - -

225.8 273.0 265.4 298.9 339.0 - - 363.8 385.6 - -

11.17x 9.30x 9.85x 9.92x 9.91x - - 10.39x 9.81x - -

163.6 40.3 37.2 45.0 73.9 - - 103.2 117.9 - -

3.39x 12.76x 17.50x 21.56x 16.02x - - 16.41x 14.79x - -



Operating Margin 58.98% Long-Term Outlook POS








EBITDA Margin 72.8%



Asset Turnover 0.17







Fiscal Year Ended

Envestra LtdPrice/Volume

Valuation Analysis

2'356'731.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

-

-

.

.

.

.

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

/&- 9

1&- 9

3&- 9

5&- 9

.-&- 9

./&- 9

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

500.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

.&--

/&--

0&--

1&--

2&--

3&--

4&--

5&--

6&--

.-&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013


APA GROUP n/a Co File 525'845'327 32.8 - 23.08.2012 Corporation

CHEUNG KONG INFRASTR n/a Co File 297'492'953 18.55 - 23.08.2012 Corporation







MUNDER CAPITAL MANAG Multiple Portfolios MF-AGG 1'441'301 0.09 (7'533) 31.12.2012 Investment Advisor



ALLPASS JOHN GEOFFRE n/a Co File 331'499 0.02 (31'530) 31.10.2012 n/a


O'DUILL OLAF BRIAN n/a Co File 223'438 0.01 - 30.06.2012 n/a

WELLS FARGO n/a ULT-AGG 212'411 0.01 756 31.12.2012 Unclassified


GOLDMAN SACHS GROUP Multiple Portfolios MF-AGG 145'297 0.01 - 30.09.2012 Investment Advisor

LITTLE IAN BRUCE n/a EXCH 142'877 0.01 4'012 24.08.2012 n/a

SCOTIA ASSET MANAGEM Multiple Portfolios MF-AGG 133'019 0.01 - 31.12.2012 Investment Advisor



Credit Suisse BENJAMIN MCVICAR underperform 1 M 1 Not Provided 26.02.2013


Morgan Stanley PHILIP BARE Equalwt/In-Line 3 M 1 12 month 21.02.2013








Paterson Securities GEORGE GALANOPOULOS hold 3 D 1 12 month 05.09.2012


Holdings By:

Envestra Ltd ee


27.02.2013

Medusa Mining Limited is a gold exploration and mining Company. The Company

has exploration projects located in Western Australia and the Philippines along

with mining leases in Tasmania.


LTM as of: 01/yy

52-Week High (11.10.2012) 6.70

52-Week Low (21.02.2013) 3.89

Daily Volume

4.46












MML AT EQUITY YTD Change - Average Volume 30 Day 915'519

MML AT EQUITY YTD % CHANGE - Average Volume 3 Month 763'406


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y 09/11 Q1 12/11 Q2

15.8 42.6 93.9 148.7 80.8 - - 155.6 295.8 - -

9.93x 5.99x 6.25x 8.51x 11.40x - - 5.41x 2.39x - -

4.6 30.4 73.0 120.2 57.6 - - 121.0 238.8 - -

34.16x 8.41x 8.04x 10.54x 16.00x - - 6.99x 3.54x - -

(1.2) 28.5 65.8 110.4 49.2 - - 112.8 223.0 - -

- 8.88x 8.74x 12.02x 18.94x - - 7.07x 4.00x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.28







Fiscal Year Ended

Medusa Mining LtdPrice/Volume

Valuation Analysis

1'754'573.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

.

/

0

1

2

3

4

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

&2 9

.&- 9

.&2 9

/&- 9

/&2 9

0&- 9

0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

2&--

.-&--

.2&--

/-&--

/2&--

0-&--

02&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013



M&G INVESTMENT MANAG n/a EXCH 24'334'900 12.88 (215'100) 18.02.2013 Investment Advisor


VAN ECK ASSOCIATES C n/a EXCH 15'309'037 8.1 1'902'381 11.09.2012 Investment Advisor



Rex Harbour & Associ n/a EXCH 6'647'146 3.52 (4'714'520) 24.03.2011 Unclassified

DAVIS GEOFFREY JOHN n/a Co File 4'052'750 2.15 - 29.08.2012 n/a

FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 2'613'520 1.38 - 30.09.2012 Hedge Fund Manager



INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 1'750'000 0.93 - 31.10.2012 Investment Advisor

ROYCE AND ASSOCIATES Multiple Portfolios MF-AGG 1'711'800 0.91 (1'522'185) 31.12.2012 Investment Advisor

OLD MUTUAL n/a ULT-AGG 1'471'907 0.78 13'532 31.12.2012 Unclassified

AFDAL SAMUEL G n/a Co File 1'450'000 0.77 - 30.06.2012 n/a

DANIEL ROY PHILIP n/a Co File 1'425'000 0.75 - 30.06.2012 n/a

BANQUE DE LUXEMBOURG Multiple Portfolios MF-AGG 1'350'000 0.71 - 31.12.2012 Investment Advisor

SPROTT INC Multiple Portfolios MF-AGG 1'348'102 0.71 - 30.06.2011 Hedge Fund Manager

QUANTEX AG Multiple Portfolios MF-AGG 1'280'000 0.68 - 31.01.2013 Investment Advisor

BARING ASSET MANAGEM Multiple Portfolios MF-AGG 1'240'341 0.66 - 31.10.2012 Unclassified







Holdings By:

Medusa Mining Ltd ee


27.02.2013

Charter Hall Group invests in and develops real estate. The Company manages

real estate investment funds and develops commercial, residential, and

industrial properties.


LTM as of: 01/yy

52-Week High (20.02.2013) 3.72

52-Week Low (27.02.2012) 2.06

Daily Volume

3.7





1'105.78 1 Yr Total Return 90.73%







CHC AT EQUITY YTD Change - Average Volume 30 Day 528'404

CHC AT EQUITY YTD % CHANGE - Average Volume 3 Month 703'403


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

91.1 61.2 68.3 109.6 123.6 - - 134.3 143.3 - -

7.48x 6.13x 11.88x 6.75x 5.76x - - 8.49x 7.86x - -

60.4 36.4 21.2 34.1 41.7 - - 73.2 79.2 - -

11.29x 10.31x 38.29x 21.67x 17.07x - - 15.64x 14.45x - -

67.5 (82.2) 6.8 52.3 16.7 - - 69.4 75.1 - -

6.47x - 18.63x 12.04x 40.25x - - 15.88x 15.04x - -











EBITDA Margin 33.8%



Asset Turnover 0.13







Fiscal Year Ended

Charter Hall GroupPrice/Volume

Valuation Analysis

740'210.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

.

.

/

/

0

0

1

1

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

&2 9

.&- 9

.&2 9

/&- 9

/&2 9

0&- 9

0&2 9

1&- 9

0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

/&--

1&--

3&--

5&--

.-&--

./&--

.1&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013


GANDEL GROUP PTY LTD n/a EXCH 52'661'948 17.62 699'998 05.11.2012 Corporation


COMMONWEALTH BANK OF #N/A N/A EXCH 29'132'184 9.75 (4'510'390) 20.02.2013 Bank




VANGUARD GROUP INC n/a EXCH 14'412'363 4.82 (1'005'779) 14.11.2011 Investment Advisor


COLONIAL FIRST STATE Multiple Portfolios MF-AGG 7'855'595 2.63 (729'405) 08.05.2012 Investment Advisor

SOUTHON DAVID n/a EXCH 1'880'612 0.63 - 23.11.2012 n/a

NIKKO ASSET MANAGEME n/a ULT-AGG 1'844'373 0.62 (609'765) 01.02.2013 Unclassified

PORTMIST PTY LTD n/a EXCH 1'841'773 0.62 - 23.11.2012 Unclassified


FUCHS CEDRIC n/a EXCH 1'388'843 0.46 - 24.11.2011 n/a


JANUS CAPITAL MANAGE n/a ULT-AGG 1'069'623 0.36 (26'680) 31.12.2012 Investment Advisor

DIAM n/a ULT-AGG 971'649 0.33 - 20.01.2012 Unclassified


GOLDMAN SACHS GROUP Multiple Portfolios MF-AGG 674'213 0.23 - 31.12.2012 Investment Advisor

MITSUBISHI UFJ FINAN n/a ULT-AGG 635'422 0.21 - 05.07.2012 Holding Company



Deutsche Bank JASON WEATE sell 1 M 3 12 month 26.02.2013


JPMorgan ROB STANTON overweight 5 U 4 9 month 26.02.2013

Holdings By:

Charter Hall Group ee


27.02.2013

Silver Lake Resources Limited is a mineral exploration company. The Company is

focused on gold exploration in Western Australia.


LTM as of: 01/yy

52-Week High (10.10.2012) 3.96

52-Week Low (17.05.2012) 2.02

Daily Volume

2.2












SLR AT EQUITY YTD Change - Average Volume 30 Day 3'018'730

SLR AT EQUITY YTD % CHANGE - Average Volume 3 Month 2'183'896


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

2.9 58.1 69.1 90.0 135.3 - - 310.7 628.7 - -

15.88x 1.55x 4.12x 3.80x 4.16x - - 2.48x 0.99x - -

(3.8) 18.5 23.6 33.1 57.0 - - 141.6 355.9 - -

- 4.87x 12.06x 10.33x 9.87x - - 5.49x 2.18x - -

(3.7) 10.7 11.8 15.8 31.2 - - 75.1 201.0 - -

- 9.94x 25.51x 22.65x 18.38x - - 8.49x 3.89x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.67








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Silver Lake Resources LtdPrice/Volume

Valuation Analysis

3'796'811.00


-..//00112

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

.&- 9

/&- 9

0&- 9

1&- 9

2&- 9

3&- 9

4&- 9

0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

2&--

.-&--

.2&--

/-&--

/2&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013


THE BANK OF NOVA SCO n/a EXCH 22'122'577 5.84 2'270'380 21.01.2013 Investment Advisor



SPROTT ASSET MANAGEM n/a EXCH 13'372'101 3.53 (16'400) 14.01.2013 Investment Advisor

GCIC LTD/CANADA Multiple Portfolios MF-AGG 13'057'225 3.44 1'921'600 31.08.2012 Investment Advisor

REGAL FUNDS MANAGEME n/a EXCH 10'985'238 2.9 (2'994'395) 30.01.2012 Investment Advisor



EYE MANAGEMENT PTY L n/a EXCH 8'000'000 2.11 (2'000'000) 09.08.2011 Other




CHAPMAN PAUL IAN n/a Co File 4'746'908 1.25 - 31.08.2012 n/a

JOHNSTON PETER B n/a Co File 4'318'253 1.14 - 31.08.2012 n/a

DAVIS LES n/a Co File 4'200'000 1.11 - 31.08.2012 n/a

GRIFFITHS DAVID n/a Co File 4'158'377 1.1 - 31.08.2012 n/a

KENNEDY BRIAN n/a Co File 4'075'452 1.08 - 31.08.2012 n/a

BANASIK CHRISTOPHER n/a Co File 4'000'000 1.06 - 31.08.2012 n/a


GAMCO n/a ULT-AGG 2'779'500 0.73 - 28.09.2012 Unclassified





Macquarie MITCH RYAN outperform 5 N 3 12 month 07.02.2013

Hartleys MIKE MILLIKAN buy 5 M 4 12 month 05.02.2013

Deutsche Bank CHRIS TERRY buy 5 N 3 12 month 04.02.2013

Canaccord Genuity Corp LUKE SMITH sell 1 M 2 12 month 01.02.2013

Paterson Securities TIM MCCORMACK buy 5 M 4 12 month 31.01.2013

Argonaut Securities Pty Ltd ADAM MIETHKE buy 5 M 4 12 month 31.01.2013

JPMorgan JOSEPH KIM neutral 3 D 3 9 month 30.01.2013

Casimir Capital ERIC ALLISON overweight 5 M 5 12 month 09.12.2012

Holdings By:

Silver Lake Resources Ltd ee


27.02.2013

Australand Property Group is a diversified property group in Australia with

activities that include development of residential land, housing and apartments

and development of and investment in income producing commercial and industrial

properties.


LTM as of: 01/yy

52-Week High (06.02.2013) 3.53

52-Week Low (05.06.2012) 2.19

Daily Volume

3.43





1'978.58 1 Yr Total Return 39.23%







ALZ AT EQUITY YTD Change - Average Volume 30 Day 829'489

ALZ AT EQUITY YTD % CHANGE - Average Volume 3 Month 877'268


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

792.8 640.5 697.8 631.3 861.7 - - 1'082.4 1'088.4 - -

3.12x 4.68x 4.32x 4.66x 4.07x - - 3.28x 3.29x - -

212.6 172.1 172.3 154.2 176.8 - - 269.3 276.7 - -

11.62x 17.43x 17.51x 19.08x 19.83x - - 13.08x 12.74x - -

40.2 (298.2) 165.8 140.6 180.0 - - 149.0 154.9 - -

9.44x - 10.14x 9.84x 10.90x - - 13.19x 12.75x - -











EBITDA Margin 20.5%



Asset Turnover 0.22







Fiscal Year Ended

Australand Property GroupPrice/Volume

Valuation Analysis

423'784.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

.

.

/

/

0

0

1

1

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

.&- 9

/&- 9

0&- 9

1&- 9

2&- 9

3&- 9

4&- 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

2&--

.-&--

.2&--

/-&--

/2&--

0-&--

02&--

1-&--

12&--

-.&-.&/-.- -.&-4&/-.- -.&-.&/-.. -.&-4&/-.. -.&-.&/-./ -.&-4&/-./ -.&-.&/-.0



27.02.2013


CAPITALAND LIMITED n/a Co File 341'885'375 59.27 - 16.02.2012 Investment Advisor





PRINCIPAL FINANCIAL n/a ULT-AGG 2'595'761 0.45 163'212 31.01.2013 Investment Advisor

EQUITY TRUSTEES LTD n/a Co File 2'268'521 0.39 - 16.02.2012 Investment Advisor

CENTRAL DEPOSITORY P n/a Co File 2'162'315 0.37 - 16.02.2011 Corporation


ASIA UNION INVESTMEN n/a Co File 1'500'000 0.26 - 16.02.2012 Corporation



BRAZIL FARMING PTY L n/a Co File 1'050'000 0.18 - 16.02.2012 Corporation

DIAM n/a ULT-AGG 990'650 0.17 - 14.11.2011 Unclassified


MILTON CORP LTD n/a Co File 832'732 0.14 - 16.02.2012 Investment Advisor

DIVERSIFIED UNITED I n/a Co File 790'000 0.14 - 16.02.2012 Unclassified

WILMAR ENTERPRISES P n/a Co File 714'000 0.12 - 16.02.2012 Other


METROPOLITAN COLLECT Multiple Portfolios MF-AGG 619'209 0.11 (175'072) 30.09.2012 Investment Advisor





Deutsche Bank JASON WEATE hold 3 D 3 12 month 07.02.2013



Morgan Stanley TODD MCFARLANE restricted #N/A N/A M #N/A N/A Not Provided 10.12.2012

Moelis & Company RYAN FRANZ hold 3 D 3 12 month 06.11.2012

Holdings By:

Australand Property Group ee


27.02.2013

Iress Limited provides real-time information services to businesses that

specialize in the equity, equity options and future information markets in

Australia and New Zealand. The Group supplies a range of pricing data,

charting, news and equity and equity derivatives and also offers real-time

trading tools, including a domestic order routing product and financial


LTM as of: 01/yy

52-Week High (03.01.2013) 8.78

52-Week Low (30.05.2012) 5.93

Daily Volume

7.99





1'027.68 1 Yr Total Return 19.90%







IRE AT EQUITY YTD Change - Average Volume 30 Day 346'736

IRE AT EQUITY YTD % CHANGE - Average Volume 3 Month 295'494


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

163.9 169.8 179.6 204.8 207.5 - - 212.4 224.8 - -

3.55x 5.83x 5.57x 4.06x 4.84x - - 4.58x 4.30x - -

70.5 73.0 79.8 81.7 74.9 - - 72.0 79.4 - -

8.25x 13.57x 12.54x 10.17x 13.40x - - 13.51x 12.24x - -

35.6 42.8 50.5 41.3 39.2 - - 47.2 52.6 - -

17.39x 24.70x 21.64x 21.23x 26.89x - - 21.25x 19.35x - -











EBITDA Margin 36.1%



Asset Turnover 1.27








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Iress LtdPrice/Volume

Valuation Analysis

303'177.00


-./0123456

.-

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

&/ 9

&1 9

&3 9

&5 9

.&- 9

.&/ 9

.&1 9

.&3 9

0.0

50.0

100.0

150.0

200.0

250.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

/&--

1&--

3&--

5&--

.-&--

./&--

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/-&--

-.&-.&/-.- -.&-4&/-.- -.&-.&/-.. -.&-4&/-.. -.&-.&/-./ -.&-4&/-./ -.&-.&/-.0



27.02.2013


ASX LTD n/a Co File 23'750'001 18.47 - 31.01.2012 Corporation


VINVA INVESTMENT MGM n/a EXCH 7'792'068 6.06 1'295'456 17.01.2013 Investment Advisor



AUSTRALIA & NEW ZEAL n/a EXCH 6'287'640 4.89 (46'894) 03.05.2011 Bank

NORTHCAPE CAPITAL PT n/a EXCH 6'130'261 4.77 (344'647) 13.01.2011 Other

ABERDEEN n/a ULT-AGG 3'823'421 2.97 - 31.01.2013 Unclassified





DUNAI PETER n/a EXCH 900'000 0.7 10'000 04.05.2012 n/a













Macquarie JODIE BANNAN underperform 1 M 7 12 month 20.02.2013

Commonwealth Bank NAVEEN PATNEY overweight 5 M 8 12 month 20.02.2013



Holdings By:

Iress Ltd ee


27.02.2013

Boart Longyear Ltd provides contract drilling services to the mining,

environmental and infrastructure, and energy industries, and manufactures

drilling, coring, grinding tools and equipment, and wear components.


LTM as of: 01/yy

52-Week High (20.03.2012) 4.41

52-Week Low (05.09.2012) 1.09

Daily Volume

1.725












BLY AT EQUITY YTD Change - Average Volume 30 Day 5'800'059

BLY AT EQUITY YTD % CHANGE - Average Volume 3 Month 5'487'511


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

1'838.5 978.2 1'475.9 2'020.3 2'011.5 - - 1'727.8 1'807.6 - -

0.53x 0.20x 1.55x 0.76x 0.68x - - 0.67x 0.59x - -

376.3 127.3 233.4 356.5 - - - 259.3 286.8 - -

2.59x 1.53x 9.78x 4.29x - - - 4.97x 4.49x - -

156.7 (14.9) 84.5 159.9 68.2 - - 75.8 95.5 - -

1.36x - 25.22x 8.12x 12.98x - - 10.91x 8.37x - -


EBIT 123.75 Long-Term Rating BB-







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.96








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Boart Longyear LtdPrice/Volume

Valuation Analysis

3'625'651.00


-..//00112

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 92&- 9.-&- 9.2&- 9/-&- 9/2&- 90-&- 902&- 91-&- 912&- 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

2&--

.-&--

.2&--

/-&--

/2&--

0-&--

02&--

1-&--

12&--

-.&-.&/-.- -.&-4&/-.- -.&-.&/-.. -.&-4&/-.. -.&-.&/-./ -.&-4&/-./ -.&-.&/-.0



27.02.2013


PARADICE INVESTMENT #N/A N/A EXCH 38'917'688 8.44 4'793'038 20.02.2013 Investment Advisor


L1 CAPITAL PTY LTD n/a EXCH 25'037'154 5.43 (2'474'404) 18.02.2013 Mutual Fund Manager



AMP LIFE LTD n/a EXCH 22'821'822 4.95 (1'217'754) 28.02.2012 Investment Advisor



INVESCO AUSTRALIA LT n/a EXCH 16'621'379 3.6 (8'015'626) 05.01.2011 Investment Advisor

BEUTEL GOODMAN & COM Multiple Portfolios MF-AGG 15'168'812 3.29 (187'700) 31.12.2012 Investment Advisor



COOPERATORS INVEST C Multiple Portfolios MF-AGG 3'794'500 0.82 2'512'100 30.11.2012 Investment Advisor

TRIMARK INVESTMENT M Multiple Portfolios MF-AGG 3'600'000 0.78 - 30.09.2012 Unclassified



PRUDENTIAL FINANCIAL n/a ULT-AGG 3'219'375 0.7 - 31.12.2012 Investment Advisor



NORTHWEST MUTUAL FUN Multiple Portfolios MF-AGG 2'097'800 0.45 500'300 30.11.2012 Investment Advisor



Macquarie RIKKI BANNAN neutral 3 U 2 12 month 19.02.2013

Octa Phillip Securities Ltd CAMERON BELL hold 3 M 2 Not Provided 19.02.2013



Credit Suisse EMMA ALCOCK neutral 3 M 2 Not Provided 18.02.2013


CIMB ANDREW HODGE neutral 3 U 2 12 month 18.02.2013


Nomura RICHARD J JOHNSON neutral 3 M 2 Not Provided 18.02.2013


Moelis & Company SIMON FITZGERALD hold 3 D 2 12 month 31.08.2012

Holdings By:

Boart Longyear Ltd ee


27.02.2013

Ausdrill Limited provides specialist drilling services. The Company operates

drill, blast, and exploration rigs and its services include contract drilling

and blasting, exploration drilling, ground support, contract open pit mining and

earthmoving, mining equipment supplies, and logistics management. The Group

also provides trenching, cable and pipeline rollout services.


LTM as of: 01/yy

52-Week High (03.04.2012) 4.34

52-Week Low (29.11.2012) 1.98

Daily Volume

3.03












ASL AT EQUITY YTD Change - Average Volume 30 Day 1'564'343

ASL AT EQUITY YTD % CHANGE - Average Volume 3 Month 1'642'238


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

387.1 505.5 631.0 834.6 1'059.1 - - 1'255.0 1'381.1 - -

1.26x 0.64x 0.84x 1.30x 1.21x - - 1.07x 0.93x - -

82.2 99.3 149.2 195.1 265.9 - - 326.8 370.0 - -

5.91x 3.27x 3.56x 5.54x 4.81x - - 3.60x 3.18x - -

35.3 40.2 48.3 73.4 112.9 - - 122.0 140.1 - -

11.22x 3.90x 6.90x 12.20x 9.17x - - 7.69x 6.73x - -


EBIT 149.79 Long-Term Rating BB









EBITDA Margin 25.1%



Asset Turnover 0.88








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Ausdrill LtdPrice/Volume

Valuation Analysis

1'984'852.00


-..//00112

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

/&- 9

1&- 9

3&- 9

5&- 9

.-&- 9

./&- 9

.1&- 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

/&--

1&--

3&--

5&--

.-&--

./&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013


SAYERS RONALD GEORGE n/a Co File 36'846'782 11.91 - 30.06.2012 n/a

INVESCO AUSTRALIA LT n/a EXCH 16'787'171 5.42 - 25.12.2012 Investment Advisor

BREMERTON GROUP n/a Co File 16'064'489 5.19 - 30.06.2012 Other



ALLIANZ ASSET MANAGE n/a ULT-AGG 2'766'317 0.89 1'338'680 30.09.2012 Investment Advisor






O'CONNOR TERENCE EDW n/a Co File 1'004'285 0.32 - 30.06.2012 n/a

THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 718'809 0.23 207'166 31.10.2012 Investment Advisor


ASKEW JAMES EDWARD n/a EXCH 600'000 0.19 - 07.06.2011 n/a

MUNDER CAPITAL MANAG Multiple Portfolios MF-AGG 402'401 0.13 (109'368) 31.12.2012 Investment Advisor

STRAPP TERRENCE JOHN n/a Co File 400'000 0.13 - 30.06.2012 n/a

SIA FUNDS AG Multiple Portfolios MF-AGG 391'934 0.13 (20'628) 30.11.2012 Mutual Fund Manager

MD MANAGEMENT LTD Multiple Portfolios MF-AGG 333'700 0.11 - 31.10.2012 Investment Advisor




Octa Phillip Securities Ltd CAMERON BELL sell 1 M 3 Not Provided 27.02.2013

Deutsche Bank DOMINIC ROSE buy 5 M 4 12 month 26.02.2013


Macquarie ANDREW WACKETT neutral 3 M 3 12 month 26.02.2013


BBY Limited SWAPAN PANDYA buy 5 D 3 12 month 26.02.2013

Nomura PAUL GRAHAM buy 5 M 4 Not Provided 26.02.2013

Paterson Securities ROB BRIERLEY buy 5 M 3 12 month 26.02.2013


Argonaut Securities Pty Ltd IAN CHRISTIE buy 5 M 4 12 month 26.11.2012

Hartleys TRENT BARNETT accumulate 4 M 3 12 month 23.11.2012


Holdings By:

Ausdrill Ltd ee


27.02.2013

Transpacific Industries Group Ltd. provides integrated industrial cleaning and

waste management solutions to customers across Australia and New Zealand. The

Company also imports and distributes heavy-duty commercial vehicles.


LTM as of: 01/yy

52-Week High (25.10.2012) 0.95

52-Week Low (15.11.2012) 0.66

Daily Volume

0.9





1'420.71 1 Yr Total Return 11.11%







TPI AT EQUITY YTD Change - Average Volume 30 Day 1'964'784

TPI AT EQUITY YTD % CHANGE - Average Volume 3 Month 2'649'260


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

2'149.6 2'172.2 2'065.5 2'170.2 2'272.8 - - 2'320.7 2'376.0 - -

1.99x - 1.34x 1.12x 1.08x - - 1.15x 1.08x - -

541.9 395.2 418.4 410.3 383.1 - - 427.6 450.8 - -

7.88x - 6.64x 5.94x 6.40x - - 6.34x 6.02x - -

193.3 (218.4) 71.2 (281.9) 29.1 - - 75.5 102.6 - -

9.71x - 14.85x - 80.56x - - 17.65x 13.64x - -











EBITDA Margin 16.2%



Asset Turnover 0.62







Fiscal Year Ended

Transpacific Industries Group LtdPrice/Volume

Valuation Analysis

1'366'301.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-----......

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

2&- 9

.-&- 9

.2&- 9

/-&- 9

/2&- 9

0-&- 9

02&- 9

1-&- 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

-&2-

.&--

.&2-

/&--

/&2-

0&--

0&2-

1&--

1&2-

2&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013


WP X HOLDINGS BV n/a EXCH 535'285'740 33.91 - 30.11.2011 Corporation


FILMORE LTD n/a Co File 101'137'147 6.41 - 15.09.2011 Other

GOLDMAN SACHS GROUP n/a EXCH 59'751'047 3.79 3'387'627 08.11.2011 Investment Advisor

SCHRODER INVESTMENT n/a EXCH 47'804'158 3.03 (4'783'606) 07.04.2011 Mutual Fund Manager

TANDOM PTY LTD n/a Co File 39'741'280 2.52 - 31.08.2011 Unclassified

BRENZIL PTY LTD n/a EXCH 36'527'759 2.31 - 31.08.2011 Unclassified



JJ RICHARDS & SONS P n/a EXCH 8'891'724 0.56 - 31.08.2011 Corporation


JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 7'430'837 0.47 - 31.07.2012 Investment Advisor

QUEENSLAND INVESTMEN n/a EXCH 6'578'147 0.42 - 31.08.2011 Investment Advisor

EIM CAPITAL MANAGERS Multiple Portfolios MF-AGG 5'359'279 0.34 - 31.01.2013 Investment Advisor


ASN FUND MANAGEMENT Multiple Portfolios MF-AGG 3'964'691 0.25 - 31.05.2011 Investment Advisor

CUSTODIAL SERVICES L n/a Co File 3'475'532 0.22 - 31.08.2011 Other

INVIA CUSTODIAN PTY n/a Co File 2'839'466 0.18 - 31.08.2011 Investment Advisor

AUSTRALIAN EXECUTOR n/a Co File 2'467'350 0.16 - 31.08.2011 Investment Advisor

FORSYTH BARR LTD n/a Co File 2'307'390 0.15 - 31.08.2011 Bank



Macquarie ADAM SIMPSON outperform 5 U 1 12 month 25.02.2013



Credit Suisse PAUL BUYS neutral 3 M 1 Not Provided 22.02.2013

JPMorgan RUSSELL GILL neutral 3 M 1 9 month 22.02.2013


Commonwealth Bank ANDRE FROMYHR overweight 5 M 1 12 month 22.02.2013

RBS Morgans ROGER LEANING outperform 5 N 1 12 month 27.11.2012

Moelis & Company ADAM S MICHELL hold 3 D 1 12 month 01.11.2012

Holdings By:

Transpacific Industries Group Ltd ee


27.02.2013

FlexiGroup Ltd. provides retail point-of-sale lease and rental finance for IT

equipment and electrical appliances. The Company's products include desktop

and laptop computers, computer peripherals and software, audio visual

equipment, and white goods and brown goods.


LTM as of: 01/yy

52-Week High (19.02.2013) 4.29

52-Week Low (09.03.2012) 2.06

Daily Volume

4.02





1'157.24 1 Yr Total Return 89.95%







FXL AT EQUITY YTD Change - Average Volume 30 Day 734'373

FXL AT EQUITY YTD % CHANGE - Average Volume 3 Month 598'382


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

166.8 184.5 204.2 223.0 246.2 - - 287.1 321.7 - -

3.07x 3.62x 4.05x 4.74x 5.82x - - 6.96x 6.53x - -

95.3 100.1 113.1 128.1 149.8 - - 133.0 153.5 - -

5.38x 6.67x 7.31x 8.25x 9.56x - - 14.67x 12.71x - -

32.3 32.8 58.9 51.8 59.0 - - 70.5 82.2 - -

2.80x 5.42x 5.56x 10.56x 12.09x - - 16.28x 14.11x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.24







Fiscal Year Ended

FlexiGroup Ltd/AustraliaPrice/Volume

Valuation Analysis

705'121.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-..//00112

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

.&- 9

/&- 9

0&- 9

1&- 9

2&- 9

3&- 9

4&- 9

0.0

50.0

100.0

150.0

200.0

250.0

300.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

/&--

1&--

3&--

5&--

.-&--

./&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013


ABERCROMBIE ANDREW n/a EXCH 76'763'302 26.67 - 15.02.2013 n/a


VINVA INVESTMENT MGM n/a EXCH 14'347'323 4.98 (107'670) 07.02.2013 Investment Advisor

ELEY GRIFFITHS GROUP n/a EXCH 14'209'846 4.94 - 24.02.2012 Investment Advisor


DELANO JOHN n/a EXCH 9'240'742 3.21 - 25.01.2013 n/a

JACKSON MARGARET ANN n/a EXCH 1'926'012 0.67 (200'000) 15.02.2013 n/a




VANTAGEPOINT INVESTM Multiple Portfolios MF-AGG 516'200 0.18 - 31.12.2012 Investment Advisor


LAUGHTON PEARL n/a Co File 473'000 0.16 - 30.06.2012 n/a

DHAWAN RAJEEV n/a Co File 389'099 0.14 - 30.06.2012 n/a

TOUCHSTONE ADVISORS Multiple Portfolios MF-AGG 292'834 0.1 (12'239) 31.12.2012 Mutual Fund Manager

GOLDMAN SACHS GROUP Multiple Portfolios MF-AGG 238'276 0.08 (31'993) 30.09.2012 Investment Advisor



SKIPPEN RAYMOND JOHN n/a EXCH 115'000 0.04 (25'000) 20.02.2013 n/a

SCOTCHER JANE n/a Co File 87'591 0.03 - 30.06.2012 n/a


Macquarie JODIE BANNAN outperform 5 M 4 12 month 08.02.2013

Ord Minnett JAMES LENNON hold 3 U 4 Not Provided 08.02.2013

BBY Limited SWAPAN PANDYA buy 5 M 4 12 month 08.02.2013

Deutsche Bank WASSIM KISIRWANI buy 5 M 4 12 month 07.02.2013



Commonwealth Bank NAVEEN PATNEY neutral 3 M 4 12 month 07.02.2013

Nomura PAUL GRAHAM buy 5 M 5 Not Provided 07.02.2013



Holdings By:

FlexiGroup Ltd/Australia ee


27.02.2013

Perseus Mining Limited is a mineral exploration Company. The Company explores

for gold in West Africa and Central Asia regions.


LTM as of: 12/yy

52-Week High (05.10.2012) 3.00

52-Week Low (21.02.2013) 1.49

Daily Volume

1.67












PRU AT EQUITY YTD Change - Average Volume 30 Day 3'228'098

PRU AT EQUITY YTD % CHANGE - Average Volume 3 Month 2'577'296


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 12/yy 12/yy 06/13 Y 06/14 Y 03/13 Q3 06/13 Q4

- - 0.0 0.0 144.7 0.0 291.8 321.0 453.8 96.1 96.1

- - - - 7.53x #DIV/0! 14.83x 2.26x 1.56x 7.67x 7.67x

(5.5) (3.3) (10.1) (32.0) 55.3 (8.7) 127.3 135.7 213.4 47.6 47.6

- - - - 19.72x 0.00x 7.27x 5.37x 3.41x 3.35x 2.97x

(4.8) (4.8) (9.7) (48.2) 47.2 4.4 62.5 66.8 115.3 26.0 26.0

- - - - 23.48x 212.39x 14.52x 10.92x 6.14x 8.23x 6.82x








Asset Turnover - (EBITDA-Capex)/Interest Exp. 26.49



EBITDA Margin -



Asset Turnover -

Current Ratio 1.55 Net Fixed Asset Turnover -







Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Perseus Mining LtdPrice/Volume

Valuation Analysis

3'955'298.00


-

.

.

/

/

0

0

1

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

/&- 9

1&- 9

3&- 9

5&- 9

.-&- 9

./&- 9

0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

2&--

.-&--

.2&--

/-&--

/2&--

0-&--

02&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013


DUNDEE CORP n/a EXCH 50'889'000 11.11 (5'997'500) 12.10.2011 Holding Company

THE BANK OF NOVA SCO n/a Co File 49'800'230 10.87 - 20.09.2012 Investment Advisor

VAN ECK ASSOCIATES C n/a Co File 43'695'232 9.54 - 20.09.2012 Investment Advisor

GCIC LTD/CANADA Multiple Portfolios MF-AGG 38'674'000 8.44 709'300 31.08.2012 Investment Advisor


MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 12'712'000 2.78 13'200 30.11.2012 Investment Advisor

ROYAL BANK OF CANADA n/a ULT-AGG 7'500'000 1.64 (7'996'200) 28.09.2012 Bank

FIRST CANADIAN MUTUA Multiple Portfolios MF-AGG 7'066'148 1.54 (478'300) 26.02.2013 Investment Advisor



IVY MANAGEMENT INCOR Multiple Portfolios MF-AGG 6'159'171 1.34 3'159'171 31.12.2012 Investment Advisor

UNITED SERVICES AUTO Multiple Portfolios MF-AGG 5'421'800 1.18 - 30.11.2012 Investment Advisor

MONTRUSCO BOLTON INV Multiple Portfolios MF-AGG 5'212'443 1.14 353'975 31.12.2012 Investment Advisor


SCOTIA ASSET MANAGEM Multiple Portfolios MF-AGG 4'921'700 1.07 - 31.12.2012 Investment Advisor

GLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 4'610'900 1.01 - 28.09.2012 Investment Advisor


LB SWISS INVESTMENT Multiple Portfolios MF-AGG 4'000'000 0.87 - 31.12.2012 Mutual Fund Manager

WELLS FARGO FUNDS MA Multiple Portfolios MF-AGG 4'000'000 0.87 - 31.12.2012 Investment Advisor

BAILLIE GIFFORD AND Multiple Portfolios MF-AGG 3'723'490 0.81 - 30.11.2012 Investment Advisor


BMO Capital Markets ANDREW BREICHMANAS outperform 5 M 3 12 month 26.02.2013

Goldman Sachs PAUL HISSEY neutral/attractive 3 M 2 12 month 26.02.2013


Dundee Securities Corp JOSH WOLFSON buy 5 M 2 12 month 20.02.2013


Canaccord Genuity Corp REG SPENCER buy 5 M 4 12 month 19.02.2013

CIBC World Markets COSMOS CHIU sector perform 3 M 3 Not Provided 18.02.2013






Clarus Securities NANA SANGMUAH buy 5 M 3 12 month 15.02.2013




Cormark Securities Inc. MIKE KOZAK market perform 3 M 3 12 month 22.01.2013

GMP LEVI SPRY buy 5 M 3 Not Provided 22.01.2013

Bell Potter STEPHEN THOMAS hold 3 M 3 12 month 16.01.2013


Holdings By:

Perseus Mining Ltd ee


27.02.2013

Sigma Pharmaceuticals Limited manufactures, wholesale and distributes

prescription, over-the-counter and generic pharmaceutical products. The Company

also owns a number of pharmacy banner brands in Australia.


LTM as of: 01/yy

52-Week High (24.12.2012) 0.77

52-Week Low (08.03.2012) 0.53

Daily Volume

0.655












SIP AT EQUITY YTD Change - Average Volume 30 Day 3'403'932

SIP AT EQUITY YTD % CHANGE - Average Volume 3 Month 2'600'187


31.01.2008 31.01.2009 31.01.2010 31.01.2011 31.01.2012 01/yy 01/yy 01/13 Y 01/14 Y - -

2'966.5 3'081.3 2'733.8 2'914.3 2'853.9 - - 2'929.5 2'990.9 - -

0.58x - 0.52x 0.11x 0.21x - - 0.24x 0.25x - -

209.2 233.6 117.8 108.9 70.8 - - 79.2 84.6 - -

8.20x - 11.97x 2.99x 8.38x - - 8.03x 7.52x - -

77.2 80.1 (398.3) (235.4) 49.2 - - 53.5 55.3 - -

17.65x 12.77x - - 14.29x - - 14.24x 13.10x - -











EBITDA Margin 2.4%



Asset Turnover 2.65








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Sigma Pharmaceuticals LtdPrice/Volume

Valuation Analysis

638'403.00


-

-

-

-

-

.

.

.

.

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9/&- 91&- 93&- 95&- 9.-&- 9./&- 9.1&- 9.3&- 9.5&- 9/-&- 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

.&--

/&--

0&--

1&--

2&--

3&--

4&--

5&--

6&--

.-&--

-3&-/&/--6 -3&-5&/--6 -3&-/&/-.- -3&-5&/-.- -3&-/&/-.. -3&-5&/-.. -3&-/&/-./ -3&-5&/-./ -3&-/&/-.0



27.02.2013


ALLAN GRAY AUSTRALIA n/a EXCH 105'787'658 9.1 (12'513'811) 30.11.2012 Investment Advisor


VINVA INVT MANAGEMEN n/a EXCH 76'412'255 6.57 14'231'821 21.11.2012 Other

BENNELONG FUNDS MANA n/a EXCH 67'482'497 5.8 (11'988'493) 21.01.2013 Investment Advisor

DIMENSIONAL FUND ADV n/a EXCH 58'779'772 5.06 1'481'943 12.02.2013 Investment Advisor



HOOPER MARK R n/a EXCH 14'007'532 1.2 3'358 22.06.2012 n/a



NIPPON LIFE INSURANC n/a ULT-AGG 6'932'531 0.6 - 20.09.2011 Insurance Company

SCOTT WILLIAM JAMES n/a EXCH 6'296'490 0.54 - 08.06.2011 n/a

VANTAGEPOINT INVESTM Multiple Portfolios MF-AGG 3'921'200 0.34 (447'000) 31.12.2012 Investment Advisor

AXA ROSENBERG INTL Multiple Portfolios MF-AGG 3'275'008 0.28 (4'050'778) 30.09.2012 Investment Advisor



SELLS JEFFREY WAYNE n/a Co File 1'704'983 0.15 - 31.12.2011 n/a

DUNNE GARY n/a Co File 1'639'925 0.14 - 31.12.2011 n/a




Macquarie AMRON D'SILVA neutral 3 M 1 12 month 08.02.2013




Morgan Stanley SEAN LAAMAN Equalwt/Cautious 3 D 1 12 month 03.01.2013


Commonwealth Bank BRUCE DU overweight 5 M 1 12 month 12.12.2012



Moelis & Company ADAM S MICHELL hold 3 N 1 12 month 20.09.2012


Holdings By:

Sigma Pharmaceuticals Ltd ee


27.02.2013

Pacific Brands Limited is a manager of consumer brands. The Company markets

brands for products such as footwear, home comfort products, outerwear and

sport and underwear and hosiery. Pacific Brands has operations throughout

Australia, New Zealand, United Kingdom, Malaysia, China and Indonesia.


LTM as of: 01/yy

52-Week High (21.02.2013) 0.85

52-Week Low (17.07.2012) 0.43

Daily Volume

0.79












PBG AT EQUITY YTD Change - Average Volume 30 Day 4'162'463

PBG AT EQUITY YTD % CHANGE - Average Volume 3 Month 2'684'952


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

2'116.6 1'959.8 1'742.4 1'614.6 1'322.7 - - 1'265.2 1'278.1 - -

0.77x 0.64x 0.65x 0.54x 0.49x - - 0.70x 0.66x - -

240.4 217.7 191.6 207.2 144.3 - - 138.8 140.4 - -

6.81x 5.74x 5.93x 4.23x 4.49x - - 6.47x 6.40x - -

116.6 (234.5) 52.7 (131.9) (450.7) - - 73.1 74.2 - -

7.65x - 15.53x - - - - 10.00x 9.75x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.96








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Pacific Brands LtdPrice/Volume

Valuation Analysis

3'179'480.00


-----.....

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9/&- 91&- 93&- 95&- 9.-&- 9./&- 9.1&- 9.3&- 9.5&- 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

.&--

/&--

0&--

1&--

2&--

3&--

4&--

5&--

6&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013


PACIFIC BRANDS LTD n/a EXCH 97'955'312 10.73 9'228'164 08.11.2012 Corporation





INTEGRITY INVESTMENT n/a EXCH 59'506'925 6.52 (15'260'872) 26.11.2012 Venture Capital


LEGG MASON ASSET MAN n/a EXCH 46'321'709 5.07 - 15.11.2012 Mutual Fund Manager







BORTOLUSSI DAVID L n/a Co File 3'200'000 0.35 - 30.06.2012 n/a




TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 1'801'619 0.2 (943'380) 30.11.2012 Investment Advisor




Macquarie GREG DRING neutral 3 D 1 12 month 19.02.2013

Wilson HTM Investment Group JACQUELINE FERNLEY hold 3 M 1 Not Provided 19.02.2013




Morgan Stanley THOMAS KIERATH Equalwt/In-Line 3 M 1 12 month 18.02.2013


Credit Suisse GRANT SALIGARI neutral 3 M 1 Not Provided 18.02.2013


Commonwealth Bank JORDAN ROGERS overweight 5 M 1 12 month 18.02.2013

Nomura NICK BERRY reduce 2 D 1 Not Provided 18.02.2013


Holdings By:

Pacific Brands Ltd ee


27.02.2013

TPG Telecom Limited wholesales bandwidth and other telecommunications services.

The Company also delivers a full range of telecommunications products and

services to home and business consumers through its retail operations.


LTM as of: 01/yy

52-Week High (29.01.2013) 2.97

52-Week Low (27.02.2012) 1.52

Daily Volume

2.55





2'024.21 1 Yr Total Return 71.25%







TPM AT EQUITY YTD Change - Average Volume 30 Day 1'168'750

TPM AT EQUITY YTD % CHANGE - Average Volume 3 Month 873'847


31.07.2008 31.07.2009 31.07.2010 31.07.2011 31.07.2012 01/yy 01/yy 07/13 Y 07/14 Y - -

446.4 481.2 495.3 528.6 595.2 - - 707.2 756.5 - -

0.63x 0.87x 3.39x 2.65x 2.72x - - 2.92x 2.60x - -

40.3 126.0 158.2 187.4 192.0 - - 269.4 281.2 - -

7.02x 3.33x 10.63x 7.47x 8.43x - - 7.82x 7.50x - -

(18.8) 17.7 55.7 78.2 91.0 - - 131.6 146.8 - -

- 20.19x 23.75x 15.10x 16.83x - - 15.27x 13.71x - -











EBITDA Margin 32.3%



Asset Turnover 0.63







Fiscal Year Ended

TPG Telecom LtdPrice/Volume

Valuation Analysis

1'789'589.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

.

.

/

/

0

0

1

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

.&- 9

/&- 9

0&- 9

1&- 9

2&- 9

3&- 9

4&- 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

/&--

1&--

3&--

5&--

.-&--

./&--

0.&-4&/--6 0.&-.&/-.- 0.&-4&/-.- 0.&-.&/-.. 0.&-4&/-.. 0.&-.&/-./ 0.&-4&/-./ 0.&-.&/-.0



27.02.2013


TEOH DAVID n/a Co File 291'625'603 36.74 - 11.10.2012 n/a

WASHINGTON H SOUL PA n/a Co File 213'400'684 26.88 - 03.10.2012 Holding Company

WIN CORPORATION PTY n/a Co File 12'400'000 1.56 - 03.10.2012 Corporation

MILLNER ROBERT DOBSO n/a Co File 7'374'175 0.93 - 11.10.2012 n/a

FARJOY PTY LTD n/a Co File 6'010'000 0.76 - 03.10.2012 Other

J S MILLNER HLDGS P/ n/a Co File 5'951'207 0.75 - 03.10.2012 n/a

BKI INVESTMENT COMPA n/a Co File 4'420'000 0.56 - 03.10.2012 Investment Advisor


PAINE JOHN n/a Co File 3'843'717 0.48 - 03.10.2012 n/a



TOTAL PERIPHERALS PT n/a Co File 2'359'175 0.3 - 03.10.2012 n/a

GWYNVILL TRADING PTY n/a Co File 2'250'000 0.28 - 03.10.2012 n/a




HARDING LOEVNER LP Multiple Portfolios MF-AGG 587'100 0.07 84'700 30.06.2012 Investment Advisor

LATIMER ALAN JOHN n/a Co File 500'000 0.06 - 11.10.2012 n/a

AUSBIL DEXIA LIMITED Multiple Portfolios MF-AGG 423'100 0.05 - 30.06.2011 Investment Advisor




RBS Morgans NICK HARRIS neutral 3 N 3 12 month 13.02.2013

Paterson Securities MARCUS HAMILTON hold 3 M 3 12 month 07.02.2013

CIMB ALAN STUART neutral 3 M 3 12 month 05.02.2013




Commonwealth Bank NATHAN BURLEY overweight 5 M 3 12 month 09.11.2012

Morgan Stanley MARK GOODRIDGE Overwt/In-Line 5 N 3 12 month 24.10.2012


Ord Minnett BRAD DUNN accumulate 4 M 3 Not Provided 12.10.2012

Credit Suisse BRADLEY CLIBBORN outperform 5 M 2 Not Provided 25.09.2012

Holdings By:

TPG Telecom Ltd ee


27.02.2013

SAI Global Limited publishes and distributes Australian Standards (technical

and business standards and codes of practice) along with International Standards

in hardcopy and electronic forms. The Company also provides training and

consulting services along with products and management systems that conform with

Australian and International Standards.


LTM as of: 01/yy

52-Week High (20.04.2012) 5.29

52-Week Low (19.02.2013) 3.44

Daily Volume

3.62












SAI AT EQUITY YTD Change - Average Volume 30 Day 1'964'238

SAI AT EQUITY YTD % CHANGE - Average Volume 3 Month 1'204'629


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

238.4 319.1 388.9 423.1 447.0 - - 486.7 517.2 - -

1.95x 1.85x 2.03x 2.64x 2.65x - - 1.95x 1.78x - -

38.6 61.9 75.4 98.4 98.8 - - 101.2 112.0 - -

12.07x 9.51x 10.46x 11.35x 11.99x - - 9.47x 8.55x - -

15.3 26.1 33.7 44.8 42.4 - - 46.7 53.8 - -

21.89x 16.10x 18.70x 20.56x 22.87x - - 15.88x 13.92x - -











EBITDA Margin 21.1%



Asset Turnover 0.62








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

SAI Global LtdPrice/Volume

Valuation Analysis

1'246'631.00


-

.

/

0

1

2

3

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9/&- 91&- 93&- 95&- 9.-&- 9./&- 9.1&- 9.3&- 9.5&- 9

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

500.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

/&--

1&--

3&--

5&--

.-&--

./&--

.1&--

.3&--

.5&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013



COMMONWEALTH BANK OF #N/A N/A EXCH 26'435'066 12.77 2'830'740 19.02.2013 Bank


NORTHCAPE CAPITAL PT #N/A N/A EXCH 13'311'823 6.43 2'818'064 21.02.2013 Other





AUSTRALIANSUPER PTY n/a EXCH 10'335'965 4.99 164'103 31.10.2012 Investment Advisor

PARADICE INVESTMENT n/a Co File 9'920'478 4.79 (679'239) 02.10.2012 Investment Advisor


COLUMBIA WANGER ASSE Multiple Portfolios MF-AGG 6'223'000 3.01 - 31.12.2012 Investment Advisor










Goldman Sachs MIKE YOUNGER Buy/Neutral 5 M 5 12 month 18.02.2013




JPMorgan GARRY SHERRIFF neutral 3 M 4 9 month 14.02.2013




Bell Potter SAM HADDAD sell 1 D 3 12 month 14.02.2013



Shaw Stockbroking SCOTT MARSHALL hold 3 D #N/A N/A Not Provided 17.08.2011


Wilson HTM Investment Group SIMON FRITSCH hold 3 D 3 Not Provided 06.10.2008

Holdings By:

SAI Global Ltd ee


27.02.2013

AWE Limited is an Australian based oil and gas exploration and production

company. The Company currently has oil and gas interests in Australia, New

Zealand, Indonesia, Yemen and the United States, and is actively reviewing

additional growth opportunities.


LTM as of: 01/yy

52-Week High (30.03.2012) 2.00

52-Week Low (25.01.2013) 1.14

Daily Volume

1.33












AWE AT EQUITY YTD Change - Average Volume 30 Day 3'041'317

AWE AT EQUITY YTD % CHANGE - Average Volume 3 Month 2'347'770


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

821.2 589.6 354.2 304.9 298.4 - - 296.0 335.7 - -

1.87x 1.69x 2.23x 1.75x 2.24x - - 2.57x 2.41x - -

650.1 377.4 88.6 (8.0) 141.8 - - 150.6 175.1 - -

2.36x 2.64x 8.93x - 4.72x - - 4.41x 3.80x - -

264.4 88.6 (28.9) (117.6) (66.5) - - 26.3 35.3 - -

7.08x 14.80x - - - - - 29.56x 21.80x - -











EBITDA Margin 47.5%



Asset Turnover 0.27







Fiscal Year Ended

AWE LtdPrice/Volume

Valuation Analysis

3'573'243.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

.

.

/

/

0

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

.&- 9

/&- 9

0&- 9

1&- 9

2&- 9

3&- 9

4&- 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

/&--

1&--

3&--

5&--

.-&--

./&--

.1&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013




WESTPAC BANKING CORP #N/A N/A EXCH 26'175'760 5.01 - 22.02.2013 Bank


SOLARIS INV MGMT LTD n/a EXCH 25'766'206 4.93 (1'947'464) 21.03.2012 Mutual Fund Manager


BNP PARIBAS INV PART n/a ULT-AGG 25'304'090 4.85 (1'145'665) 28.06.2011 Investment Advisor




PHILLIPS BRUCE JOHN n/a Co File 2'900'914 0.56 - 27.08.2012 n/a


NATIXIS INTERNATIONA Multiple Portfolios MF-AGG 2'003'374 0.38 (159'663) 31.12.2012 Investment Advisor

GOLDMAN SACHS GROUP Multiple Portfolios MF-AGG 1'426'613 0.27 59'603 30.09.2012 Investment Advisor

PARVEST INVESTMENT M Multiple Portfolios MF-AGG 1'196'068 0.23 - 30.09.2012 Investment Advisor








Morgan Stanley CAMERON O'NEILL Equalwt/Attractive 3 M 1 12 month 26.02.2013



Wilson HTM Investment Group JOHN YOUNG hold 3 M 1 Not Provided 12.02.2013


Goldman Sachs MARK WISEMAN Buy/Neutral 5 U 2 12 month 01.02.2013

Credit Suisse JAMES REDFERN restricted #N/A N/A M #N/A N/A Not Provided 31.01.2013




Evans & Partners Pty Ltd MICHAEL HAWKINS Positive 4 N #N/A N/A Not Provided 22.11.2010

Holdings By:

AWE Ltd ee


27.02.2013

Sundance Resources Limited is an Australian-based exploration company focused

on mining interests in the Republic of Cameroon (on the west coast of Africa).

The Company currently explores for iron ore.


LTM as of: 01/yy

52-Week High (20.04.2012) 0.49

52-Week Low (20.02.2013) 0.26

Daily Volume

0.29












SDL AT EQUITY YTD Change - Average Volume 30 Day 7'062'639

SDL AT EQUITY YTD % CHANGE - Average Volume 3 Month 9'308'761


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

0.0 0.0 0.0 0.0 0.0 - - - - - -

- - - - - - - - - - -

(13.0) (11.3) (10.0) (21.9) (25.1) - - - - - -

- - - - - - - - - - -

(8.7) (13.7) (9.9) (20.2) (23.1) - - (7.0) (6.0) - -

- - - - - - - - - - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00







Fiscal Year Ended

Sundance Resources LtdPrice/Volume

Valuation Analysis

4'879'312.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

----------.

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

/-&- 9

1-&- 9

3-&- 9

5-&- 9

.--&- 9

./-&- 9

.1-&- 9

.3-&- 9

0.0

0.5

1.0

1.5

2.0

2.5

3.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012-&--

-&/-

-&1-

-&3-

-&5-

.&--

.&/-



27.02.2013


SICHUAN HANLONG GRP n/a EXCH 433'791'352 14.12 (87'166'356) 05.12.2012 Corporation


CREDIT SUISSE AG n/a EXCH 171'164'525 5.57 29'320'762 15.11.2012 Investment Advisor


WATER ISLAND CAPITAL Multiple Portfolios MF-AGG 125'230'229 4.08 63'305'913 30.11.2012 Investment Advisor




JONES GEORGE FRANCIS n/a Co File 16'062'500 0.52 - 24.09.2012 n/a





CASELLO GIULIO n/a Co File 5'300'000 0.17 2'650'000 05.11.2012 n/a


TRANSAMERICA INVESTM Multiple Portfolios MF-AGG 5'070'903 0.17 48'715 31.12.2012 Investment Advisor

COLUMBIA WANGER ASSE Multiple Portfolios MF-AGG 4'116'332 0.13 323'762 31.12.2012 Investment Advisor

LITMAN/GREGORY FUND Multiple Portfolios MF-AGG 2'319'203 0.08 1'304'824 30.06.2012 Investment Advisor


RAB CAPITAL PLC Multiple Portfolios MF-AGG 1'314'328 0.04 - 31.05.2011 Investment Advisor


GMP MATHEW FERNLEY tender #N/A N/A M 0 12 month 11.02.2013

VSA Capital Ltd CHARLIE LONG not rated #N/A N/A M #N/A N/A Not Provided 04.12.2012

Renaissance Capital JIM TAYLOR buy 5 M 0 12 month 28.08.2012

Bell Potter FLEUR GROSE buy 5 M 1 12 month 16.02.2012

Holdings By:

Sundance Resources Ltd ee


27.02.2013

GWA Group Ltd. manufactures building fittings for households and commercial

premises. The Company designs, manufactures, imports and distributes domestic

and commercial bathroom, kitchen and laundry products, manufactures and imports

hot water and ducted heating and cooling systems, and designs, manufactures,

imports and distributes door hardware and fittings and garage doors and openers.


LTM as of: 01/yy

52-Week High (19.02.2013) 2.71

52-Week Low (21.11.2012) 1.58

Daily Volume

2.5












GWA AT EQUITY YTD Change - Average Volume 30 Day 1'156'130

GWA AT EQUITY YTD % CHANGE - Average Volume 3 Month 1'058'441


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

648.9 613.0 656.8 641.6 602.1 - - 582.6 615.3 - -

1.38x 1.37x 1.65x 1.60x 1.34x - - 1.61x 1.50x - -

85.6 101.8 108.1 119.6 91.7 - - 89.1 100.7 - -

10.45x 8.26x 10.01x 8.59x 8.82x - - 10.71x 9.48x - -

45.9 48.3 48.5 63.4 39.7 - - 41.3 49.0 - -

15.24x 13.63x 16.29x 14.04x 13.72x - - 18.52x 15.72x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.75







Fiscal Year Ended

GWA Group LtdPrice/Volume

Valuation Analysis

1'314'574.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

.

.

/

/

0

0

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

.&- 9

/&- 9

0&- 9

1&- 9

2&- 9

3&- 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

/&--

1&--

3&--

5&--

.-&--

./&--

.1&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013



HGT INVESTMENTS PTY n/a Co File 18'410'000 6.04 - 13.08.2012 Holding Company


ANDERSON ROBERT M n/a Co File 8'418'442 2.76 - 14.08.2012 n/a


BARRY DAVID RICHARD n/a EXCH 3'553'830 1.17 - 28.10.2010 n/a






CROWLEY PETER C n/a EXCH 902'500 0.3 152'500 28.08.2012 n/a


SAXELBY WARREN R n/a Co File 350'000 0.11 - 30.06.2012 n/a


BLACKROCK n/a ULT-AGG 269'313 0.09 (415) 25.02.2013 Investment Advisor


PATTERSON L n/a Co File 227'500 0.07 - 30.06.2012 n/a

OLIVER GEOFF n/a Co File 202'407 0.07 - 30.06.2012 n/a

MCGRATH GEOFFREY JAM n/a Co File 150'000 0.05 - 14.08.2012 n/a




CIMB JULIAN GUIDO outperform 5 M 3 12 month 21.02.2013



Commonwealth Bank JORDAN ROGERS underweight 1 D 2 12 month 20.02.2013

Nomura DANIEL PORTER reduce 2 M 2 Not Provided 20.02.2013

Credit Suisse ANDREW PEROS neutral 3 M 2 Not Provided 18.02.2013

Bell Potter JONATHAN SNAPE buy 5 M 3 12 month 29.01.2013


Deutsche Bank JOHN HYND sell 1 M 2 12 month 17.12.2012

Holdings By:

GWA Group Ltd ee


27.02.2013

Wotif.com Holdings Ltd. provides online travel services. The Company, via its

website offers last-minute travel accomodation. Wotif.com's portfolio includes

hotels, motels, serviced apartments, resorts, guesthouses, and bed & breakfasts.


LTM as of: 01/yy

52-Week High (29.01.2013) 6.04

52-Week Low (28.09.2012) 3.84

Daily Volume

5.37





1'137.02 1 Yr Total Return 26.20%







WTF AT EQUITY YTD Change - Average Volume 30 Day 590'890

WTF AT EQUITY YTD % CHANGE - Average Volume 3 Month 605'098


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

89.0 118.8 133.2 134.2 139.7 - - 149.3 164.9 - -

5.92x 7.39x 7.72x 6.39x 5.37x - - 6.64x 5.91x - -

50.5 66.6 77.5 74.0 80.6 - - 86.8 96.9 - -

10.45x 13.17x 13.27x 11.58x 9.31x - - 11.48x 10.28x - -

34.5 43.5 53.0 51.0 58.0 - - 60.9 67.4 - -

16.78x 22.48x 21.31x 19.39x 15.35x - - 18.71x 16.89x - -











EBITDA Margin 57.7%



Asset Turnover 0.54








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Wotif.com Holdings LtdPrice/Volume

Valuation Analysis

1'860'779.00


-

.

/

0

1

2

3

4

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

.&- 9

/&- 9

0&- 9

1&- 9

2&- 9

3&- 9

4&- 9

5&- 9

0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

/&--

1&--

3&--

5&--

.-&--

./&--

.1&--

.3&--

.5&--

/-&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013


WOOD GRAEME THOMAS n/a EXCH 43'861'000 20.71 (2'000'000) 10.12.2012 n/a

BRICE ROBERT ANDREW n/a EXCH 33'000'000 15.59 (1'000'000) 06.11.2012 n/a




NATIONAL AUSTRALIA B n/a ULT-AGG 10'583'954 5 (215'579) 09.08.2012 Bank





PUTNAM INVESTMENT MA Multiple Portfolios MF-AGG 933'601 0.44 (122'424) 31.12.2012 Investment Advisor



MCILWAIN RICHARD DOU n/a Co File 575'000 0.27 - 22.08.2012 n/a

COOKE ROBERT MICHAEL n/a EXCH 500'000 0.24 - 11.01.2013 n/a


DEGROOF GESTION INST Multiple Portfolios MF-AGG 406'000 0.19 46'000 31.12.2012 Investment Advisor

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 363'066 0.17 - 28.09.2012 Investment Advisor


FORWARD MANAGEMENT L Multiple Portfolios MF-AGG 235'956 0.11 12'997 30.11.2012 Investment Advisor



Goldman Sachs MIKE YOUNGER Sell/Neutral 1 D 5 12 month 27.02.2013


Ord Minnett NICHOLAS MCGARRIGLE lighten 2 M 5 Not Provided 25.02.2013

RBS Morgans JOSEPHINE LITTLE outperform 5 N 5 12 month 18.02.2013

JPMorgan ARMINA SOEMINO neutral 3 M 5 9 month 11.02.2013


Wilson HTM Investment Group ANDREW DALZIEL sell 1 D 4 Not Provided 30.01.2013

Macquarie ADAM SIMPSON neutral 3 M 5 12 month 29.01.2013



CIMB TIM PLUMBE outperform 5 U 5 12 month 30.11.2012

Bell Potter JOHN O'SHEA sell 1 M 4 12 month 19.11.2012



Evans & Partners Pty Ltd PETER STAMOULIS negative 2 D #N/A N/A Not Provided 27.03.2012

Shaw Stockbroking SCOTT MARSHALL buy 5 M #N/A N/A Not Provided 26.08.2011

Holdings By:

Wotif.com Holdings Ltd ee


27.02.2013

Skilled Group Limited provides contract labor services to various industries,

commerce and government agencies. The Company supplies skilled tradesmen and

professionals in industries including engineering, drafting, nursing and

maintenance. The Company's employees are supplied to clients for hourly hire or

for contract fees.


LTM as of: 01/yy

52-Week High (21.02.2013) 3.42

52-Week Low (27.02.2012) 2.07

Daily Volume

3.38












SKE AT EQUITY YTD Change - Average Volume 30 Day 946'978

SKE AT EQUITY YTD % CHANGE - Average Volume 3 Month 858'150


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

1'929.5 1'943.3 1'698.0 1'819.8 1'890.0 - - 1'953.8 2'024.9 - -

0.32x 0.21x 0.23x 0.34x 0.31x - - 0.41x 0.39x - -

94.2 86.1 60.7 74.9 81.3 - - 96.9 103.4 - -

6.49x 4.76x 6.45x 8.26x 7.15x - - 8.83x 8.28x - -

39.3 28.3 12.7 3.1 49.3 - - 58.5 63.6 - -

8.70x 5.32x 14.92x 63.28x 12.32x - - 13.52x 12.47x - -











EBITDA Margin 4.4%



Asset Turnover 2.87








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Skilled Group LtdPrice/Volume

Valuation Analysis

540'255.00


-

.

.

/

/

0

0

1

1

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9/&- 91&- 93&- 95&- 9.-&- 9./&- 9.1&- 9.3&- 9.5&- 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

2&--

.-&--

.2&--

/-&--

/2&--

0-&--

02&--

1-&--

12&--

2-&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013


HARGRAVE GREGORY M n/a EXCH 27'520'731 11.79 (2'637'905) 21.02.2013 n/a

THORNEY HOLDINGS PTY n/a EXCH 19'000'000 8.14 (2'700'000) 21.12.2012 Investment Advisor


INVESCO AUSTRALIA LT n/a EXCH 14'296'852 6.12 - 26.09.2012 Investment Advisor







MCMAHON MICHAEL P n/a EXCH 667'501 0.29 - 30.11.2012 n/a






LOUGHNAN KENNETH VIN n/a EXCH 170'496 0.07 - 25.10.2010 n/a

DIXON JOHN BRENTON n/a EXCH 167'500 0.07 - 01.12.2010 n/a

PRUDENTIAL FINANCIAL n/a ULT-AGG 152'884 0.07 - 31.12.2012 Investment Advisor

MCFADDEN VICKKI ANNE n/a Co File 126'885 0.05 - 22.08.2012 n/a


Moelis & Company TODD W GUYOT buy 5 U 4 12 month 14.02.2013


Deutsche Bank WASSIM KISIRWANI buy 5 U 4 12 month 13.02.2013




CIMB JULIAN GUIDO outperform 5 M 3 12 month 13.02.2013

Wilson HTM Investment Group JACQUELINE FERNLEY buy 5 M 4 Not Provided 13.02.2013

E.L. & C. Baillieu NICOLAS BURGESS hold 3 N 3 12 month 18.12.2012

Bell Potter JUSTIN HILFORD Under Review #N/A N/A M #N/A N/A Not Provided 02.11.2011

Holdings By:

Skilled Group Ltd ee


27.02.2013

Telecom Corporation of New Zealand Limited provides telecommunications services

by offering local, national and international telephone services to households

and businesses. Telecom's other services include leased circuits, data

communications, directories, cellular, paging and Internet related services and

solutions.


LTM as of: 12/yy

52-Week High (15.08.2012) 2.20

52-Week Low (29.02.2012) 1.66

Daily Volume

1.91





3'470.46 1 Yr Total Return 23.52%







TEL AT EQUITY YTD Change - Average Volume 30 Day 2'415'874

TEL AT EQUITY YTD % CHANGE - Average Volume 3 Month 2'666'911


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 12/yy 12/yy 06/13 Y 06/14 Y 03/12 Q3 06/12 Q4

4'997.0 5'340.0 5'029.0 4'888.0 4'464.0 5'181.0 4'971.0 4'244.2 4'172.2 - -

1.71x 1.40x 1.12x 1.33x 1.18x 5.47x 4.78x 1.22x 1.23x - -

1'746.0 1'630.0 1'635.0 1'289.0 1'191.0 1'630.0 1'620.0 1'044.9 1'041.5 - -

4.89x 4.60x 3.44x 5.05x 4.42x 4.25x 3.79x 4.97x 4.99x - -

710.0 398.0 380.0 164.0 1'155.0 478.0 302.0 329.8 335.5 - -

- - - - - 0.00x 0.00x 13.13x 12.70x - -











EBITDA Margin 32.6%



Asset Turnover 0.74







Fiscal Year Ended

Telecom Corp of New Zealand LtdPrice/Volume

Valuation Analysis

3'271'644.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

.

.

/

/

0

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

2&- 9

.-&- 9

.2&- 9

/-&- 9

/2&- 9

0-&- 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012-&--

-&/-

-&1-

-&3-

-&5-

.&--

.&/-



27.02.2013


JP MORGAN CHASE BANK n/a Co File 195'789'071 10.78 - 13.08.2012 Investment Advisor


AMP CAPITAL INVESTOR n/a Co File 109'981'249 6.05 - 30.06.2012 Other




ACCIDENT COMPENSATIO n/a Research 76'403'764 4.2 - 16.11.2012 Insurance Company

NEW ZEALAND SUP FUND n/a Co File 46'871'583 2.58 - 13.08.2012 n/a



ONEPATH (NZ) LIMITED n/a Research 30'055'469 1.65 - 16.11.2012 Insurance Company




WESTPAC NZ SHR 2002 n/a Co File 11'703'185 0.64 - 13.08.2012 Bank




ALLIANZ ASSET MANAGE n/a ULT-AGG 7'852'117 0.43 137'972 31.01.2013 Investment Advisor



Deutsche Bank ARIE DEKKER hold 3 M 2 12 month 25.02.2013

Forsyth Barr JEREMY SIMPSON hold 3 M 2 12 month 25.02.2013

Goldman Sachs ADRIAN ALLBON neutral/neutral 3 M 2 12 month 22.02.2013

JPMorgan PAUL BRUNKER underweight 1 M 2 12 month 22.02.2013


CIMB IAN MARTIN underperform 1 M 2 12 month 22.02.2013

Commonwealth Bank NATHAN BURLEY underweight 1 M 2 12 month 22.02.2013

First NZ Capital GREG MAIN neutral 3 M 2 Not Provided 22.02.2013

EVA Dimensions ANDREW S ZAMFOTIS buy 5 U #N/A N/A Not Provided 20.02.2013

Holdings By:

Telecom Corp of New Zealand Ltd ee


27.02.2013

Sandfire Resources NL is a precious and base metals exploration company

operating in Australia. The Company explores for gold, copper, zinc and silver

in Western Australia. The Company's projects include the Sandfire Project,

Urandy Project, Yannarie Project, Mount Augustine Project, Doolgunna Project

and Borroloola Project


LTM as of: 01/yy

52-Week High (03.01.2013) 9.09

52-Week Low (27.06.2012) 6.62

Daily Volume

6.92





1'062.85 1 Yr Total Return -15.40%







SFR AT EQUITY YTD Change - Average Volume 30 Day 500'226

SFR AT EQUITY YTD % CHANGE - Average Volume 3 Month 430'640


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

- - - 0.0 20.7 - - 567.5 642.9 - -

- - - - 64.19x - - 2.11x 1.50x - -

(5.6) (5.5) (30.1) (60.5) (28.0) - - 286.9 365.3 - -

- - - - - - - 4.56x 3.58x - -

(5.4) (5.1) (29.5) (27.1) (23.9) - - 158.7 200.5 - -

- - - - - - - 6.69x 5.29x - -









Net Debt/EBITDA -





Asset Turnover 0.06







Fiscal Year Ended

Sandfire Resources NLPrice/Volume

Valuation Analysis

703'337.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-./0123456

.-

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

&2 9

.&- 9

.&2 9

/&- 9

/&2 9

0&- 9

0&2 9

1&- 9

0.0

5.0

10.0

15.0

20.0

25.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

2&--

.-&--

.2&--

/-&--

/2&--

0-&--

02&--

1-&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013


OZ MINERALS LTD n/a Co File 29'915'090 19.48 - 02.10.2012 Corporation

POSCO AUSTRALIA PTY n/a Co File 23'696'338 15.43 - 02.10.2012 Corporation




SIMICH KARL MATTHEW n/a EXCH 5'209'735 3.39 800'000 20.12.2012 n/a



BARING ASSET MANAGEM Multiple Portfolios MF-AGG 839'007 0.55 (18'719) 31.10.2012 Unclassified

EVANS WILLIAM JOHN n/a Co File 725'215 0.47 - 17.09.2012 n/a

JP MORGAN INVESTMENT Multiple Portfolios MF-AGG 666'000 0.43 - 30.06.2012 Mutual Fund Manager





CANADA LIFE MANAGMEN Multiple Portfolios MF-AGG 249'000 0.16 - 30.04.2012 Investment Advisor

CIBC GLOBAL ASSET MA Multiple Portfolios MF-AGG 243'344 0.16 - 30.06.2012 Investment Advisor

TOKIO MARINE ASSET M Multiple Portfolios MF-AGG 140'000 0.09 40'000 20.06.2012 Investment Advisor


OPPENHEIM KAPITALANL Multiple Portfolios MF-AGG 120'000 0.08 - 31.10.2012 Mutual Fund Manager


Goldman Sachs IAN PRESTON neutral/attractive 3 M 7 12 month 26.02.2013

CIMB PHILLIP CHIPPINDALE outperform 5 M 8 12 month 01.02.2013


Blackswan Equities Ltd MARK SAVICH hold 3 N 8 12 month 29.01.2013

Deutsche Bank BRETT MCKAY hold 3 M 8 12 month 25.01.2013


Credit Suisse MICHAEL SLIFIRSKI underperform 1 M 8 Not Provided 24.01.2013

JPMorgan JOSEPH KIM underweight 1 M 7 9 month 24.01.2013

Paterson Securities SIMON TONKIN buy 5 M 10 12 month 24.01.2013


Evans & Partners Pty Ltd CATHY MOISES neutral 3 D #N/A N/A Not Provided 02.11.2012

Canaccord Genuity Corp JEAN-FRANCOIS BERTINCOURT buy 5 N #N/A N/A Not Provided 28.09.2012

Bell Potter STUART HOWE hold 3 D 8 12 month 27.09.2012

Holdings By:

Sandfire Resources NL ee


27.02.2013

St. Barbara Limited is a gold exploration and production company. The Company's

exploration projects include its Southern Cross and Leonora Operations which

are located in Western Australia.


LTM as of: 01/yy

52-Week High (18.10.2012) 2.40

52-Week Low (21.02.2013) 1.22

Daily Volume

1.32












SBM AT EQUITY YTD Change - Average Volume 30 Day 2'603'637

SBM AT EQUITY YTD % CHANGE - Average Volume 3 Month 2'437'162


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

143.1 281.1 296.8 359.6 541.2 - - 567.4 653.8 - -

3.41x 1.33x 2.01x 1.58x 0.73x - - 1.11x 0.71x - -

(0.1) 50.3 77.2 109.3 224.1 - - 197.0 283.7 - -

- 7.42x 7.74x 5.21x 1.76x - - 4.04x 2.80x - -

(17.3) (76.3) (40.2) 68.6 130.2 - - 70.0 122.3 - -

- - - 9.29x 4.42x - - 7.46x 4.84x - -











EBITDA Margin 38.5%



Asset Turnover 0.55







Fiscal Year Ended

St Barbara LtdPrice/Volume

Valuation Analysis

1'038'967.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

.

.

/

/

0

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

2&- 9

.-&- 9

.2&- 9

/-&- 9

/2&- 9

0-&- 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

2&--

.-&--

.2&--

/-&--

/2&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013


M&G INVESTMENT MANAG n/a EXCH 93'372'398 19.13 - 14.02.2013 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 68'886'871 14.11 1 31.12.2012 Investment Advisor






TRADEWINDS GLOBAL IN n/a EXCH 16'240'544 3.33 (1'270'413) 03.11.2011 Investment Advisor

DIMENSIONAL FUND ADV n/a RNS-RUL8 13'247'660 2.71 22'932 07.09.2012 Investment Advisor

STATE STREET n/a ULT-AGG 13'060'689 2.68 79'914 25.02.2013 Investment Advisor



LSV ASSET MANAGEMENT n/a RNS-RUL8 11'363'061 2.33 684'600 23.07.2012 Investment Advisor

RUFFER LLP Multiple Portfolios MF-AGG 9'109'342 1.87 9'109'342 28.09.2012 Hedge Fund Manager

COMMONWEALTH BANK OF n/a RNS-RUL8 8'897'062 1.82 - 31.08.2012 Bank

HUNTER HALL INVESTME n/a RNS-RUL8 7'754'662 1.59 (8'245'338) 12.07.2012 Investment Advisor

UNITED SERVICES AUTO Multiple Portfolios MF-AGG 6'400'000 1.31 925'000 30.11.2012 Investment Advisor


JCP INVESTMENT PARTN n/a RNS-RUL8 6'032'951 1.24 (326'553) 09.08.2012 Investment Advisor

CENTAURUS CAPITAL LT n/a Short (5'746'460) -1.18 (506'570) 06.09.2012 Investment Advisor


Goldman Sachs IAN PRESTON buy/attractive 5 M 1 12 month 26.02.2013


Canaccord Genuity Corp LUKE SMITH buy 5 M 2 12 month 22.02.2013





E.L. & C. Baillieu SOPHIE SPARTALIS buy 5 M 2 12 month 16.01.2013


Ord Minnett DAVID BRENNAN buy 5 M 3 Not Provided 10.09.2012


Argonaut Securities Pty Ltd TROY IRVIN buy 5 U 3 Not Provided 18.06.2012

Holdings By:

St Barbara Ltd ee


27.02.2013

Evolution Mining Ltd is a gold exploration company with operations in Western

Australia. The Company owns the gold mines - Cracow, Edna May, Mt Rawdon and

Pajingo - and the Mt Carlton development project.


LTM as of: 01/yy

52-Week High (23.10.2012) 2.14

52-Week Low (12.07.2012) 1.24

Daily Volume

1.4












EVN AT EQUITY YTD Change - Average Volume 30 Day 2'757'117

EVN AT EQUITY YTD % CHANGE - Average Volume 3 Month 1'995'147


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

- - 22.3 121.9 469.5 - - 661.5 787.4 - -

- - 13.04x 2.11x 2.00x - - 1.44x 1.04x - -

(2.3) (3.3) 2.9 29.7 190.4 - - 290.0 383.3 - -

- - 99.74x 8.65x 4.92x - - 3.54x 2.68x - -

(2.3) (3.3) 5.5 (2.3) 37.3 - - 100.5 156.3 - -

- - 41.35x - 20.77x - - 9.33x 6.45x - -











EBITDA Margin 33.6%



Asset Turnover 0.50








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Evolution Mining LtdPrice/Volume

Valuation Analysis

2'250'491.00


-

.

.

/

/

0

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

2&- 9

.-&- 9

.2&- 9

/-&- 9

/2&- 9

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

500.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

.-&--

/-&--

0-&--

1-&--

2-&--

3-&--

4-&--

5-&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013


NEWCREST MINING LTD n/a Co File 231'082'631 32.63 - 17.09.2012 Corporation

VAN ECK ASSOCIATES C n/a Co File 43'595'715 6.16 - 17.09.2012 Investment Advisor





BANK OF AMERICA CORP n/a EXCH 8'827'967 1.25 (414'122) 30.03.2011 Investment Advisor

KLEIN JACOB n/a EXCH 5'800'000 0.82 50'000 05.02.2013 n/a


LB SWISS INVESTMENT Multiple Portfolios MF-AGG 4'500'000 0.64 - 31.12.2012 Mutual Fund Manager

FRANKLIN RESOURCES n/a ULT-AGG 4'050'000 0.57 - 31.12.2012 Investment Advisor


JJ HOLDINGS (VIC) PT n/a Co File 3'552'009 0.5 - 30.08.2012 Other



TOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 2'066'326 0.29 1'908'826 30.09.2012 Hedge Fund Manager


POLLOCK MURRAY G n/a EXCH 1'839'492 0.26 - 18.10.2011 n/a

LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 1'724'891 0.24 60'000 31.12.2012 Mutual Fund Manager

NESTOR INVESTMENT MA Multiple Portfolios MF-AGG 1'663'899 0.23 - 31.12.2012 Mutual Fund Manager


Goldman Sachs PAUL HISSEY neutral/attractive 3 D 1 12 month 26.02.2013





Credit Suisse MICHAEL SLIFIRSKI outperform 5 U 2 Not Provided 21.02.2013



Paterson Securities MATTHEW TRIVETT buy 5 M 2 12 month 21.02.2013



RBS Morgans JAMES WILSON outperform 5 N 2 12 month 27.11.2012

Ord Minnett DAVID BRENNAN buy 5 M #N/A N/A Not Provided 01.11.2012


Bell Potter CHRIS WHITEHEAD buy 5 M 2 12 month 06.03.2012

Hartleys PETER GRAY buy 5 M 2 Not Provided 02.02.2012

Holdings By:

Evolution Mining Ltd ee


27.02.2013

Acrux Limited is a specialty pharmaceutical company that develops a range of

healthcare products for the global market. The Company develops transdermal

drug delivery systems. The Company's products include hormone products for

women's health, anti-aging skin care and haircare products as well as veterinary

pharmaceutical products. The company is a Pooled Development Fund.


LTM as of: 01/yy

52-Week High (20.06.2012) 4.77

52-Week Low (14.11.2012) 2.64

Daily Volume

3.98












ACR AT EQUITY YTD Change - Average Volume 30 Day 893'539

ACR AT EQUITY YTD % CHANGE - Average Volume 3 Month 742'586


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

4.5 1.3 54.9 89.6 8.8 - - 12.9 54.7 - -

35.59x 125.61x 4.23x 5.93x 76.08x - - 49.82x 11.51x - -

(6.4) (9.3) 48.8 81.0 3.4 - - 8.1 50.7 - -

- - 4.75x 6.56x 198.13x - - 79.19x 12.71x - -

(5.0) (7.7) 46.6 57.1 7.4 - - 6.3 37.9 - -

- - 6.22x 9.76x 94.59x - - 107.57x 17.77x - -











EBITDA Margin 48.1%



Asset Turnover 0.19







Fiscal Year Ended

Acrux LtdPrice/Volume

Valuation Analysis

603'161.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-..//001122

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

.&- 9

/&- 9

0&- 9

1&- 9

2&- 9

3&- 9

4&- 9

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

90.0

100.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

/-&--

1-&--

3-&--

5-&--

.--&--

./-&--

.1-&--

.3-&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013



WALKER GRP HLDGS PTY n/a EXCH 9'184'405 5.52 (1'507'830) 03.02.2011 Corporation


FMR LLC n/a Co File 8'636'252 5.19 - 21.09.2012 Unclassified

AMP LTD n/a EXCH 8'408'716 5.05 245'057 12.02.2013 Insurance Company


ALLAN GRAY AUSTRALIA n/a EXCH 7'988'240 4.8 (431'605) 12.02.2013 Investment Advisor

FINNIN BARRIE C n/a EXCH 3'212'398 1.93 - 31.08.2011 n/a

TREAGUS RICHARD n/a EXCH 2'077'495 1.25 - 29.06.2012 n/a



DOBINSON ROSS n/a Co File 1'372'593 0.82 - 30.06.2012 n/a



PARNCUTT BRUCE n/a EXCH 718'137 0.43 105'000 23.11.2012 n/a



PILCHER JON n/a Co File 100'000 0.06 - 30.06.2012 n/a

WINDLE HENRY KENNETH n/a EXCH 45'127 0.03 - 30.04.2012 n/a

BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 41'769 0.03 (12'063) 31.10.2012 Investment Advisor


Nomura ZARA LYONS buy 5 M 5 Not Provided 26.02.2013

Wilson HTM Investment Group SHANE STOREY buy 5 M 4 Not Provided 21.02.2013

Macquarie AMRON D'SILVA underperform 1 M 3 12 month 19.02.2013

BBY Limited DENNIS HULME strong buy 5 M 5 12 month 18.02.2013

RBS Morgans SCOTT POWER outperform 5 M 4 12 month 12.02.2013

EVA Dimensions ANDREW S ZAMFOTIS sell 1 M #N/A N/A Not Provided 17.01.2013


Holdings By:

Acrux Ltd ee


27.02.2013

Macquarie Atlas Roads Group manages toll roads. The Company operates toll

highways in the United Kingdom, France, and the United States.


LTM as of: 01/yy

52-Week High (29.01.2013) 1.80

52-Week Low (03.08.2012) 1.24

Daily Volume

1.6












MQA AT EQUITY YTD Change - Average Volume 30 Day 1'098'776

MQA AT EQUITY YTD % CHANGE - Average Volume 3 Month 942'850


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

- - 94.7 87.5 89.6 - - 111.6 109.7 - -

- - 24.78x 26.70x - - - 24.95x 25.47x - -

- - 31.7 (85.2) - - - 71.7 74.9 - -

- - 74.15x - - - - 35.08x 33.58x - -

- - (142.5) (289.5) (124.4) - - (27.2) (20.6) - -

- - - - - - - - - - -









Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -49.24


EBIT Margin -78.8% Total Debt/Equity -


Asset Turnover 0.05




Tot Debt to Common Equity - Accounts Payable Turnover Day -




Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Macquarie Atlas Roads GroupPrice/Volume

Valuation Analysis

714'293.00


---.....///

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

2&- 9

.-&- 9

.2&- 9

/-&- 9

/2&- 9

0-&- 9

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

90.0

100.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012-&--

-&/-

-&1-

-&3-

-&5-

.&--

.&/-



27.02.2013




IOOF HOLDINGS LTD #N/A N/A EXCH 29'643'695 6.2 5'077'610 21.02.2013 Investment Advisor

GOLDMAN SACHS GROUP n/a EXCH 28'275'331 5.91 (4'993'802) 08.12.2011 Investment Advisor


ALLEN GLOBAL PARTNER n/a EXCH 22'896'435 4.79 - 02.02.2011 Other


LAZARD GLOBAL ACTIVE Multiple Portfolios MF-AGG 4'532'469 0.95 (1) 31.01.2013 Investment Advisor


TRENT PETER & CATHY n/a Co File 2'221'537 0.46 - 29.02.2012 n/a





SMALLCO INVESTMENT M n/a Co File 1'562'835 0.33 - 29.02.2012 Investment Advisor



OCTAVIAN ADVISORS LP n/a EXCH 721'034 0.15 - 03.04.2012 Hedge Fund Manager

MORGAN STANLEY n/a ULT-AGG 456'844 0.1 - 31.12.2012 Investment Advisor

FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 318'313 0.07 136'731 31.05.2012 Investment Advisor


Deutsche Bank CAMERON MCDONALD sell 1 D 2 12 month 22.02.2013

Morgan Stanley SCOTT KELLY Overwt/Cautious 5 M 2 12 month 22.02.2013

Goldman Sachs ANDREW MCCUSKER Sell/Neutral 1 M 1 12 month 22.02.2013

JPMorgan CAROLYN HOLMES neutral 3 D 2 12 month 22.02.2013





Lonsec Ltd PETER GREEN buy 5 M 2 Not Provided 23.03.2012

Holdings By:

Macquarie Atlas Roads Group ee


27.02.2013

M2 Telecommunications Group Ltd. is a diversified telecommunications

corporation focused exclusively on the small and medium sized enterprise market.

The Company offers a wide range of services, including fixed line voice,

broadband, digital call management systems, and mobile services.


LTM as of: 01/yy

52-Week High (25.02.2013) 4.54

52-Week Low (17.07.2012) 2.93

Daily Volume

4.46












MTU AT EQUITY YTD Change - Average Volume 30 Day 402'353

MTU AT EQUITY YTD % CHANGE - Average Volume 3 Month 428'470


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y 09/11 Q1 12/11 Q2

107.8 201.7 405.2 426.1 392.7 - - 622.3 648.1 - -

0.47x 0.43x 0.51x 0.99x 1.66x - - 1.30x 1.20x - -

8.8 13.1 31.2 47.3 54.1 - - 111.4 118.0 - -

5.68x 6.66x 6.64x 8.94x 12.03x - - 7.37x 6.95x - -

5.2 7.4 16.1 27.7 33.0 - - 53.6 59.2 - -

8.49x 8.16x 11.66x 14.54x 13.00x - - 13.12x 11.77x - -











EBITDA Margin 16.1%



Asset Turnover 1.52








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

M2 Telecommunications Group LtdPrice/Volume

Valuation Analysis

965'139.00


-..//001122

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

.&- 9

/&- 9

0&- 9

1&- 9

2&- 9

3&- 9

4&- 9

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

2&--

.-&--

.2&--

/-&--

/2&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013


HUNTER HALL INVESTME n/a EXCH 10'770'672 6.82 (1'591'887) 14.02.2013 Investment Advisor



BOWEN VAUGHAN GARFIE n/a Co File 6'042'420 3.82 - 24.08.2012 n/a

HYND JOHN SANDFORD n/a Co File 2'333'000 1.48 (220'000) 14.11.2012 n/a

WICKS STEVE n/a Co File 1'788'874 1.13 - 30.06.2012 n/a







FARROW CRAIG LEHMANN n/a Co File 603'583 0.38 - 24.08.2012 n/a

TALSTON PTY LIMITED n/a EXCH 250'000 0.16 (25'000) 21.05.2012 Corporation

INNS DARRYL NOEL n/a Co File 234'014 0.15 - 30.06.2012 n/a

CORNISH GROUP INV PT n/a EXCH 226'316 0.14 (454'737) 21.05.2012 Corporation



HORTH GEOFF n/a Co File 130'625 0.08 - 30.06.2012 n/a



Macquarie JODIE BANNAN neutral 3 D 4 12 month 26.02.2013

Ord Minnett BRAD DUNN lighten 2 M 4 Not Provided 26.02.2013

Canaccord Genuity Corp WARREN JEFFRIES buy 5 M 5 12 month 26.02.2013

Paterson Securities MARCUS HAMILTON hold 3 M 4 12 month 26.02.2013



CIMB IAN MARTIN underperform 1 D 4 12 month 25.02.2013

RBS Morgans NICK HARRIS outperform 5 M 5 12 month 25.02.2013


Veritas Securities LEVI HAWKER hold 3 D 4 Not Provided 28.08.2012

Lonsec Ltd TOM BOURNE accumulate 4 D 4 Not Provided 08.03.2012


Stonebridge Group Ltd BEI BEI HU hold 3 M 2 12 month 22.09.2010

Holdings By:

M2 Telecommunications Group Ltd ee


27.02.2013

Senex Energy Limited explores for and acquires crude oil and natural gas. The

Company is focused on Oil in the Cooper Basin, Unconventional gas in the Cooper

Basin, and Coal seam gas in the Surat Basin.


LTM as of: 01/yy

52-Week High (20.03.2012) 1.19

52-Week Low (25.07.2012) 0.58

Daily Volume

0.66












SXY AT EQUITY YTD Change - Average Volume 30 Day 2'312'309

SXY AT EQUITY YTD % CHANGE - Average Volume 3 Month 2'305'942


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

6.2 10.8 12.0 10.6 67.1 - - 141.0 174.6 - -

11.57x 11.61x 8.95x 21.68x 9.08x - - 4.57x 3.69x - -

0.4 2.0 2.1 (6.8) 19.2 - - 63.6 101.6 - -

169.29x 63.96x 52.03x - 31.67x - - 9.89x 6.19x - -

(3.8) (8.6) 2.6 (3.5) 8.9 - - 41.3 46.6 - -

- - 23.30x - 73.96x - - 18.33x 16.10x - -











EBITDA Margin 28.7%



Asset Turnover 0.26








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Senex Energy LtdPrice/Volume

Valuation Analysis

3'142'516.00


-

-

-

.

.

.

.

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9.-&- 9/-&- 90-&- 91-&- 92-&- 93-&- 94-&- 95-&- 96-&- 9.--&- 9

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

/-&--

1-&--

3-&--

5-&--

.--&--

./-&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013


SENTIENT EXECUTIVE G n/a Co File 188'212'276 16.5 - 24.09.2012 Other

AUSTRALIAN FOUNDATIO n/a EXCH 33'740'284 2.96 - 14.04.2011 Investment Advisor

BRYAN ROBERT n/a EXCH 31'716'667 2.78 - 14.04.2011 n/a

CLARKE DAVID BRIAN n/a EXCH 31'462'775 2.76 (5'000'000) 15.03.2011 n/a

ELPHINSTONE HLDGS PT n/a EXCH 24'121'000 2.11 - 14.04.2011 Other

BOW ENERGY LTD n/a EXCH 13'000'000 1.14 - 14.04.2011 Corporation

MF CUSTS LTD n/a EXCH 11'400'000 1 - 14.04.2011 Corporation


AMCIL LTD n/a EXCH 8'418'500 0.74 - 14.04.2011 Investment Advisor

MIRRABOOKA INVESTMEN n/a EXCH 7'484'000 0.66 - 14.04.2011 Investment Advisor

ASCOT MEDIA INV LTD n/a EXCH 6'197'130 0.54 - 14.04.2011 Corporation



CROMMELIN TIMOTHY BO n/a Co File 3'546'812 0.31 - 24.09.2012 n/a


DAVIES IAN RICHARD n/a EXCH 2'153'953 0.19 300'000 30.11.2012 n/a

PATTEN DENIS FRANK n/a Co File 1'924'616 0.17 - 24.09.2012 n/a







JPMorgan DANIEL BUTCHER neutral 3 M 1 9 month 25.02.2013


Deutsche Bank ANDREW LEWANDOWSKI hold 3 M 1 12 month 16.01.2013

RBS Morgans KRISTA WALTER outperform 5 N 1 12 month 27.11.2012


Canaccord Genuity Corp IAN OOI buy 5 M #N/A N/A Not Provided 21.02.2012

Holdings By:

Senex Energy Ltd ee


27.02.2013

Western Areas Ltd is an Australian-based nickel sulphide producer which owns the

Forrestania Nickel Project, along with development projects in Canada and

Finland. The Company has two producing nickel mines, Flying Fox and Spotted

Quoll.


LTM as of: 12/yy

52-Week High (27.02.2012) 5.70

52-Week Low (31.07.2012) 3.41

Daily Volume

3.98












WSA AT EQUITY YTD Change - Average Volume 30 Day 760'700

WSA AT EQUITY YTD % CHANGE - Average Volume 3 Month 741'650


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 12/yy 12/yy 06/13 Y 06/14 Y 03/12 Q3 06/12 Q4

60.7 58.9 170.4 468.7 330.7 0.0 43.8 316.9 346.5 - -

29.90x 21.52x 5.34x 2.46x 2.79x #DIV/0! 0.00x 2.98x 2.61x - -

23.7 26.9 102.1 316.2 173.1 0.0 0.0 134.8 154.2 - -

76.57x 47.10x 8.91x 3.65x 5.34x 0.00x 0.00x 7.09x 6.20x - -

(54.9) (35.2) 14.2 135.0 40.3 0.0 9.0 23.0 40.8 - -

- - 47.25x 7.86x 18.13x 0.00x 0.00x 33.73x 18.86x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.49







Fiscal Year Ended

Western Areas LtdPrice/Volume

Valuation Analysis

846'059.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

.

/

0

1

2

3

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9&2 9.&- 9.&2 9/&- 9/&2 90&- 90&2 91&- 91&2 9

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

500.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

.-&--

/-&--

0-&--

1-&--

2-&--

3-&--

4-&--

5-&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013


JUNGLE CREEK GOLD MI n/a EXCH 25'398'403 12.9 - 21.01.2013 Corporation




NORTHMEAD HOLDINGS P n/a EXCH 10'097'820 5.13 4'970'591 11.12.2012 Other

GREENWELL MARGARET n/a Co File 9'686'820 4.92 - 30.06.2011 n/a

CREDIT SUISSE AG n/a EXCH 8'747'876 4.44 (1'059'983) 08.05.2012 Investment Advisor



HANNA JULIAN P n/a EXCH 1'084'666 0.55 - 17.09.2012 n/a

COOPER DAVID n/a EXCH 1'000'000 0.51 - 30.09.2011 n/a


T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 797'436 0.41 - 31.12.2012 Investment Advisor

JP MORGAN n/a ULT-AGG 748'500 0.38 - 31.12.2012 Unclassified



JP MORGAN INVESTMENT Multiple Portfolios MF-AGG 588'900 0.3 - 30.06.2012 Mutual Fund Manager

STREETER TERENCE ERN n/a EXCH 515'396 0.26 - 21.01.2013 n/a

COLONIAL FIRST STATE Multiple Portfolios MF-AGG 473'908 0.24 - 19.10.2012 Investment Advisor

VALIC CO I Multiple Portfolios MF-AGG 432'093 0.22 - 31.12.2012 Investment Advisor


Deutsche Bank CHRIS TERRY hold 3 M 4 12 month 22.02.2013



RBC Capital Markets STEUART MCINTYRE sector perform 3 N 5 12 month 22.02.2013


Macquarie LEE BOWERS outperform 5 M 5 12 month 22.02.2013


Wilson HTM Investment Group CAMERON JUDD buy 5 M 5 Not Provided 08.02.2013






Evans & Partners Pty Ltd CATHY MOISES neutral 3 U #N/A N/A Not Provided 04.12.2011

Holdings By:

Western Areas Ltd ee


27.02.2013

Beadell Resources Limited is a gold development company. The Company's

primary asset is the Tucano gold project, located in Brazil. Beadell also has

an extensive portfolio of gold exploration tenements throughout Australia

and Brazil, including the prospective Tropicana East Project located adjacent

to the Tropicana gold deposit


LTM as of: 01/yy

52-Week High (07.12.2012) 1.14

52-Week Low (15.05.2012) 0.52

Daily Volume

0.84












BDR AT EQUITY YTD Change - Average Volume 30 Day 5'118'888

BDR AT EQUITY YTD % CHANGE - Average Volume 3 Month 5'306'881


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y - -

- - - 2.9 0.0 - - 8.6 352.0 - -

- - - 28.44x - - - 83.26x 1.65x - -

- (5.9) (3.9) (7.5) (35.3) - - (20.7) 220.3 - -

- - - - - - - - 3.17x - -

- (5.3) (3.9) (8.3) (34.8) - - (33.7) 145.1 - -

- - - - - - - - 4.35x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00







Fiscal Year Ended

Beadell Resources LtdPrice/Volume

Valuation Analysis

3'987'263.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

-

-

.

.

.

.

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

2&- 9

.-&- 9

.2&- 9

/-&- 9

/2&- 9

0-&- 9

02&- 9

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

-&--

2-&--

.--&--

.2-&--

/--&--

/2-&--

-1&-4&/--5 -1&-.&/--6 -1&-4&/--6 -1&-.&/-.- -1&-4&/-.- -1&-.&/-.. -1&-4&/-.. -1&-.&/-./ -1&-4&/-./ -1&-.&/-.0



27.02.2013




COLUMBIA WANGER ASSE n/a EXCH 42'818'884 5.77 7'696'982 19.02.2013 Investment Advisor

COUPLAND CARDIFF ASS n/a Co File 37'132'343 5 - 18.02.2013 Hedge Fund Manager

L1 CAPITAL PTY LTD n/a EXCH 23'660'753 3.19 (21'000'000) 22.11.2012 Mutual Fund Manager

BOWLER PETER n/a EXCH 21'043'333 2.84 (4'000'000) 30.11.2012 n/a



OZ MINERALS INVESTME n/a Co File 12'800'000 1.72 - 31.03.2012 Unclassified



BRAIDWOOD INVESTMENT n/a Co File 9'100'001 1.23 - 31.03.2012 Unclassified

LEIBOWITZ ANTHONY HO n/a EXCH 8'586'457 1.16 263'091 30.11.2012 n/a

BARRETT GREGORY MICH n/a Co File 8'351'651 1.13 - 31.12.2011 n/a


ACORN CAPITAL LTD n/a EXCH 7'556'401 1.02 - 05.12.2011 Investment Advisor

HOOKIPA PTY LTD n/a Co File 7'254'650 0.98 - 31.03.2012 Unclassified


WATKINS ROBERT n/a EXCH 6'150'001 0.83 - 14.11.2012 n/a

TWYNAM AGRICULTURAL n/a Co File 5'975'000 0.81 - 31.12.2012 Other



Ord Minnett DAVID BRENNAN buy 5 M 2 Not Provided 11.02.2013



Casimir Capital ERIC ALLISON overweight 5 M 2 12 month 16.01.2013



Blackswan Equities Ltd RHYS BRADLEY buy 5 N 1 12 month 21.12.2012


Evans & Partners Pty Ltd CATHY MOISES Positive 4 N #N/A N/A Not Provided 24.10.2012

Bell Potter CHRIS WHITEHEAD buy 5 M 1 12 month 05.03.2012

Holdings By:

Beadell Resources Ltd ee


27.02.2013

Abacus Property Group is a diversified property investment group providing

exposure to a portfolio of commercial, retail, and industrial properties. The

Group also offers mortgage investments, development syndicates and property

funds management services.


LTM as of: 01/yy

52-Week High (17.12.2012) 2.30

52-Week Low (28.02.2012) 1.89

Daily Volume

2.23












ABP AT EQUITY YTD Change - Average Volume 30 Day 492'296

ABP AT EQUITY YTD % CHANGE - Average Volume 3 Month 625'022


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y 09/11 Q1 12/11 Q2

159.6 139.0 98.4 218.2 225.1 - - 102.0 103.0 - -

8.52x 6.87x 11.05x 8.23x 7.49x - - 14.18x 13.65x - -

79.4 79.2 61.0 56.0 121.9 - - 119.5 120.0 - -

17.12x 12.05x 17.82x 32.09x 13.84x - - 14.99x 14.93x - -

71.5 (102.4) 25.4 28.6 8.5 - - 86.9 92.2 - -

10.47x - 26.80x 30.08x 96.68x - - 11.44x 11.44x - -











EBITDA Margin 52.0%



Asset Turnover 0.11








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Abacus Property GroupPrice/Volume

Valuation Analysis

675'473.00


-

.

.

/

/

0

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9/&- 91&- 93&- 95&- 9.-&- 9./&- 9.1&- 9.3&- 9.5&- 9

0.0

50.0

100.0

150.0

200.0

250.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

.&--

/&--

0&--

1&--

2&--

3&--

4&--

5&--

6&--

.-&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013


GUARDIAN TRUST COMPA n/a EXCH 195'859'446 44.03 17'399'846 21.12.2012 n/a





WOLF FRANK MICHAEL n/a Co File 2'837'464 0.64 - 28.08.2012 n/a



PUTNAM INVESTMENT MA Multiple Portfolios MF-AGG 1'893'764 0.43 - 31.12.2012 Investment Advisor

KIFIN LTD n/a EXCH 1'605'890 0.36 - 21.06.2012 Other

NAVIGATOR AUSTRALIA n/a EXCH 1'460'741 0.33 - 20.03.2012 Corporation



BASTIAN DAVID n/a Co File 545'000 0.12 - 28.08.2012 n/a


GOLDMAN SACHS JBWERE Multiple Portfolios MF-AGG 361'877 0.08 - 17.07.2012 Investment Advisor

SARASIN n/a ULT-AGG 265'208 0.06 - 30.06.2011 Unclassified

NIKKO ASSET MANAGEME n/a ULT-AGG 138'899 0.03 (13'500) 01.02.2013 Unclassified

NOMURA n/a ULT-AGG 118'100 0.03 (12'000) 06.09.2012 Unclassified





Holdings By:

Abacus Property Group ee


27.02.2013

Ardent Leisure Group is a trust established to acquire and invest in leisure and

entertainment properties in Australia. The Trust's property portfolio comprises

theme parks, bowling centers, and healthclubs as well as a portfolio of family

entertainment assets in the United States.


LTM as of: 01/yy

52-Week High (05.02.2013) 1.63

52-Week Low (30.03.2012) 1.10

Daily Volume

1.485












AAD AT EQUITY YTD Change - Average Volume 30 Day 1'455'250

AAD AT EQUITY YTD % CHANGE - Average Volume 3 Month 1'394'290


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

- - - - 367.5 - - 443.1 488.3 - -

- - - - 1.65x - - 1.78x 1.62x - -

- - - - 74.0 - - 89.1 101.3 - -

- - - - 8.21x - - 8.67x 7.63x - -

- - - - 12.6 - - 45.3 52.4 - -

- - - - 32.95x - - 12.58x 11.42x - -








Asset Turnover - (EBITDA-Capex)/Interest Exp. 1.96



EBITDA Margin 20.1%



Asset Turnover -

Current Ratio 0.55 Net Fixed Asset Turnover -







Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Ardent Leisure GroupPrice/Volume

Valuation Analysis

1'003'243.00


---.....//

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

.&- 9

/&- 9

0&- 9

1&- 9

2&- 9

3&- 9

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

.&--

/&--

0&--

1&--

2&--

3&--

4&--

5&--

6&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013






ACORN CAPITAL LTD n/a EXCH 18'582'456 4.67 2'300'985 17.10.2012 Investment Advisor

BLACK ROCK INVESTMEN n/a Co File 15'227'808 3.83 - 31.08.2012 Investment Advisor

RENAISSANCE PROPERTY n/a EXCH 15'216'895 3.83 (750'000) 11.05.2012 Corporation



GOLDMAN SACHS JBWERE Multiple Portfolios MF-AGG 2'104'111 0.53 - 17.07.2012 Investment Advisor


BALNAVES NEIL R n/a Co File 1'169'062 0.29 - 22.08.2012 n/a


SHAW GREGORY D n/a EXCH 768'369 0.19 95'833 30.10.2012 n/a


CREDIT SUISSE AG n/a EXCH 486'020 0.12 (18'008'933) 30.06.2011 Investment Advisor

GOLDMAN SACHS GROUP Multiple Portfolios MF-AGG 231'133 0.06 231'133 30.09.2012 Investment Advisor

VENARDOS GEORGE n/a EXCH 111'592 0.03 24'296 24.10.2012 n/a


DAVIS ROGER ANDREW n/a EXCH 100'275 0.03 10'000 27.11.2012 n/a



JPMorgan ARMINA SOEMINO overweight 5 M 2 9 month 21.02.2013





E.L. & C. Baillieu NICK CALEY hold 3 N 2 12 month 28.11.2012


Holdings By:

Ardent Leisure Group ee


27.02.2013

NRW Holdings Limited provides civil contracting services including rail

formation, bulk earthworks, mine development, road and tunnel construction and

a range of contract mining services.


LTM as of: 01/yy

52-Week High (20.03.2012) 4.36

52-Week Low (05.12.2012) 1.25

Daily Volume

2.04












NWH AT EQUITY YTD Change - Average Volume 30 Day 3'738'462

NWH AT EQUITY YTD % CHANGE - Average Volume 3 Month 4'098'212


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y 03/12 Q3 06/12 Q4

471.2 509.6 609.7 745.3 1'358.8 - - 1'473.1 1'346.4 - -

1.24x 0.55x 0.47x 1.12x 0.66x - - 0.41x 0.43x - -

64.3 71.8 89.3 89.7 193.8 - - 189.3 176.9 - -

9.09x 3.88x 3.20x 9.27x 4.66x - - 3.16x 3.38x - -

32.8 37.1 35.1 41.2 97.1 - - 87.7 78.2 - -

14.34x 6.33x 7.00x 17.33x 8.68x - - 6.52x 7.13x - -











EBITDA Margin 13.2%



Asset Turnover 2.00








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

NRW Holdings LtdPrice/Volume

Valuation Analysis

2'250'433.00


-..//00112

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9/&- 91&- 93&- 95&- 9.-&- 9./&- 9.1&- 9.3&- 9.5&- 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

.&--

/&--

0&--

1&--

2&--

3&--

4&--

5&--

6&--

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27.02.2013


COMMONWEALTH BANK OF #N/A N/A EXCH 20'618'582 7.39 (3'048'761) 21.02.2013 Bank


WESTPAC BANKING CORP #N/A N/A EXCH 17'823'499 6.39 (2'889'237) 20.02.2013 Bank


CELESTE FUNDS MANAGE n/a EXCH 14'381'065 5.16 - 29.11.2012 Hedge Fund Manager





BENNELONG FUNDS MANA n/a EXCH 13'368'542 4.79 (1'957'887) 27.11.2012 Investment Advisor

AVIVA INV AUSTRALIA n/a EXCH 12'345'169 4.43 (1'521'975) 27.05.2011 Other


BOUNSELL KEITH n/a Co File 3'381'843 1.21 - 28.09.2012 n/a

PEMBERTON JULIAN ALE n/a EXCH 2'820'608 1.01 280'194 29.11.2012 n/a



EIM CAPITAL MANAGERS Multiple Portfolios MF-AGG 1'851'613 0.66 3'173 31.01.2013 Investment Advisor



TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 973'414 0.35 195'547 31.12.2012 Investment Advisor


RBS Morgans SCOTT MURDOCH neutral 3 M 3 12 month 25.02.2013

Blackswan Equities Ltd OLIVER STEVENS buy 5 M 3 12 month 25.02.2013



Credit Suisse PAUL BUYS underperform 1 M 2 Not Provided 21.02.2013



Hartleys TRENT BARNETT speculative buy 4 M 3 12 month 21.02.2013


Commonwealth Bank NICK MACLEAN neutral 3 M 2 12 month 21.02.2013



Paterson Securities ROB BRIERLEY hold 3 M 2 12 month 12.02.2013



Holdings By:

NRW Holdings Ltd ee


27.02.2013

Kingsgate Consolidated Limited is a gold mining and exploration company with

operations focused in Thailand at the Chatree gold project. The Company also

explores for silver and other metals.


LTM as of: 01/yy

52-Week High (27.02.2012) 7.20

52-Week Low (21.02.2013) 3.27

Daily Volume

3.7












KCN AT EQUITY YTD Change - Average Volume 30 Day 1'058'446

KCN AT EQUITY YTD % CHANGE - Average Volume 3 Month 806'711


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

74.3 113.0 176.1 172.4 357.4 - - 361.5 443.1 - -

6.01x 5.46x 5.16x 6.69x 2.24x - - 1.81x 1.59x - -

19.6 (38.1) 84.7 66.8 164.9 - - 146.8 203.6 - -

22.77x - 10.74x 17.26x 4.86x - - 4.72x 3.41x - -

36.2 32.5 66.3 21.1 75.2 - - 58.0 95.4 - -

10.12x 19.20x 12.59x 42.78x 9.24x - - 9.14x 6.01x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.37







Fiscal Year Ended

Kingsgate Consolidated LtdPrice/Volume

Valuation Analysis

1'494'795.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

.

/

0

1

2

3

4

5

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

&2 9

.&- 9

.&2 9

/&- 9

/&2 9

0&- 9

0&2 9

1&- 9

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

2&--

.-&--

.2&--

/-&--

/2&--

0-&--

02&--

1-&--

12&--

2-&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013




VAN ECK ASSOCIATES C n/a EXCH 10'654'665 7.02 - 22.08.2012 Investment Advisor


UNITED SERVICES AUTO Multiple Portfolios MF-AGG 5'500'000 3.62 - 30.11.2012 Investment Advisor


SMYTH-KIRK ROSS DONA n/a Co File 4'586'271 3.02 - 30.08.2012 n/a

FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 4'118'481 2.71 - 30.09.2012 Hedge Fund Manager

ALLIANZ ASSET MANAGE n/a ULT-AGG 1'656'746 1.09 (110'545) 30.09.2012 Investment Advisor




THOMAS GAVIN n/a EXCH 946'403 0.62 - 23.11.2012 n/a


QUANTEX AG Multiple Portfolios MF-AGG 820'000 0.54 - 31.01.2013 Investment Advisor

ERSTE SPARINVEST KAG Multiple Portfolios MF-AGG 540'000 0.36 - 31.10.2012 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 453'816 0.3 (1'060'949) 31.12.2012 Investment Advisor

PACIFIC INCOME ADVIS Multiple Portfolios MF-AGG 281'011 0.19 - 31.01.2013 Investment Advisor

MACINTYRE PHILIP n/a Co File 200'000 0.13 - 30.08.2012 n/a

HARTFORD INVESTMENT Multiple Portfolios MF-AGG 161'447 0.11 (3'316) 31.01.2013 Investment Advisor



Macquarie MITCH RYAN neutral 3 M 5 12 month 26.02.2013

RBC Capital Markets STEUART MCINTYRE sector perform 3 U 4 12 month 25.02.2013



Veritas Securities MATTHEW BAILLIE buy 5 M 6 Not Provided 31.01.2013

BMO Capital Markets DAVID HAUGHTON market perform 3 M 6 Not Provided 23.01.2013



Bell Potter PETER CHAPMAN Under Review #N/A N/A M #N/A N/A Not Provided 02.11.2011

Holdings By:

Kingsgate Consolidated Ltd ee


27.02.2013

iiNET Limited is an Australian Internet Service Provider. The Group's main

services include e-commerce applications, web-site development and consulting,

Internet telephony and cable Internet access. iiNET also provides its business

customers with high speed digital connection services.


LTM as of: 01/yy

52-Week High (25.02.2013) 5.12

52-Week Low (13.03.2012) 2.84

Daily Volume

5.04












IIN AT EQUITY YTD Change - Average Volume 30 Day 660'008

IIN AT EQUITY YTD % CHANGE - Average Volume 3 Month 637'879


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

249.9 417.8 473.3 697.2 830.0 - - 948.3 956.9 - -

0.99x 0.66x 1.03x 0.71x 0.88x - - 1.07x 1.00x - -

47.1 66.1 76.8 97.7 136.8 - - 182.0 186.5 - -

5.27x 4.18x 6.36x 5.05x 5.34x - - 5.57x 5.44x - -

19.9 25.6 34.6 33.4 37.1 - - 56.6 63.1 - -

9.55x 10.24x 12.81x 11.86x 12.89x - - 14.20x 12.66x - -











EBITDA Margin 19.2%



Asset Turnover 1.32








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

iiNET LtdPrice/Volume

Valuation Analysis

463'566.00


-

.

/

0

1

2

3

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

.&- 9

/&- 9

0&- 9

1&- 9

2&- 9

3&- 9

4&- 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

.&--

/&--

0&--

1&--

2&--

3&--

4&--

5&--

6&--

.-&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013


MALONE MICHAEL M n/a Co File 14'012'162 8.69 - 20.09.2012 n/a

PERTH INTERNET PTY L n/a Co File 14'012'162 8.69 - 10.09.2012 Unclassified

HACKETT SIMON WALTER n/a EXCH 12'072'664 7.49 - 20.09.2012 n/a

TPG TELECOM LTD n/a EXCH 10'579'154 6.56 2'899'213 28.11.2011 Corporation

ELEY GRIFFITHS GROUP n/a EXCH 10'422'175 6.46 (1'639'270) 31.10.2012 Investment Advisor


WESTOZ FUNDS MANAGEM n/a EXCH 9'151'079 5.68 - 12.11.2012 Corporation




GRIST ANTHONY JAMES n/a EXCH 1'100'000 0.68 - 07.09.2011 n/a


AXA ROSENBERG INTL Multiple Portfolios MF-AGG 845'881 0.52 (574'745) 30.09.2012 Investment Advisor



SMITH MICHAEL JOHN n/a EXCH 270'429 0.17 - 20.09.2012 n/a


HEITMAN REAL ESTATE Multiple Portfolios MF-AGG 220'000 0.14 (139'600) 31.03.2012 Investment Advisor

NORDINVEST FUND MANA Multiple Portfolios MF-AGG 194'536 0.12 (288'704) 30.11.2012 Mutual Fund Manager



Nomura DANIEL BLAIR buy 5 M 6 Not Provided 27.02.2013

Paterson Securities MARCUS HAMILTON buy 5 M 5 12 month 26.02.2013

EVA Dimensions ANDREW S ZAMFOTIS overweight 5 U #N/A N/A Not Provided 26.02.2013

Morgan Stanley MARK GOODRIDGE Overwt/In-Line 5 M 5 12 month 22.02.2013


Hartleys PETER GRAY neutral 3 D 4 12 month 22.02.2013


Goldman Sachs RAYMOND TONG Buy/Neutral 5 M 5 12 month 21.02.2013

Credit Suisse BRADLEY CLIBBORN neutral 3 U 5 Not Provided 21.02.2013

JPMorgan PAUL BRUNKER neutral 3 D 5 9 month 21.02.2013

CIMB ALAN STUART outperform 5 M 5 12 month 21.02.2013

Commonwealth Bank NATHAN BURLEY neutral 3 M 5 12 month 21.02.2013

RBS Morgans NICK HARRIS outperform 5 M 6 12 month 21.02.2013

Moelis & Company ADAM S MICHELL hold 3 N 4 12 month 06.09.2012

Stonebridge Group Ltd BEI BEI HU buy 5 N 3 12 month 17.08.2010

Holdings By:

iiNET Ltd ee


27.02.2013

CuDeco Limited is a mineral exploration company. The Company mines for copper,

diamonds and uranium in Australia.


LTM as of: 01/yy

52-Week High (19.09.2012) 4.94

52-Week Low (15.06.2012) 2.95

Daily Volume

3.69







Preferred Stock 0.0 Adjusted BETA -





CDU AT EQUITY YTD Change - Average Volume 30 Day 187'246

CDU AT EQUITY YTD % CHANGE - Average Volume 3 Month 165'709


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

- - - 0.0 0.0 - - - - - -

- - - - - - - - - - -

(2.3) (1.1) (8.3) (4.8) (5.6) - - - - - -

- - - - - - - - - - -

0.9 (0.1) (10.6) (3.6) 0.8 - - - - - -

- - - - 797.50x - - - - - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00







Fiscal Year Ended

Cudeco LtdPrice/Volume

Valuation Analysis

91'736.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

.

/

0

1

2

3

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9&. 9&/ 9&0 9&1 9&2 9&3 9&4 9&5 9&6 9.&- 9

0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

.--&--

/--&--

0--&--

1--&--

2--&--

3--&--

4--&--

5--&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013


M&G INVESTMENT MANAG n/a EXCH 34'402'883 17.21 511'413 15.02.2013 Investment Advisor

NEW APEX ASIA INV LT n/a EXCH 23'977'000 12 - 08.12.2011 Other

CHINA OCEANWIDE HLDG n/a EXCH 21'919'315 10.97 719'315 28.05.2012 Unclassified


MCCRAE WAYNE MICHAEL n/a EXCH 8'118'906 4.06 10'000 25.02.2013 n/a

KALDIG PTY LTD #N/A N/A EXCH 2'262'000 1.13 - 26.02.2013 Corporation

HUTCHISON PETER ROBE n/a EXCH 1'282'534 0.64 250'000 23.12.2011 n/a





KERAN VITIE PAUL n/a EXCH 170'000 0.09 100'000 23.12.2011 n/a



TAYLOR DAVID JOHN ED n/a EXCH 132'000 0.07 100'000 23.12.2011 n/a

LAMBERT GERALD ADRIA n/a EXCH 120'000 0.06 100'000 23.12.2011 n/a


ROWE LISA SHARON n/a Co File 50'000 0.03 - 06.06.2011 n/a

LIU HONGWEI n/a EXCH 25'500 0.01 2'500 13.02.2013 n/a




Holdings By:

Cudeco Ltd ee


27.02.2013

Ten Network Holdings Limited operates commercial television stations through

five capital cities in Australia known as the Ten Network. The Company

broadcasts and produces television shows, movies, news and sporting events.

The Company also provides outdoor advertising services.


LTM as of: 01/yy

52-Week High (27.03.2012) 0.68

52-Week Low (29.10.2012) 0.22

Daily Volume

0.33












TEN AT EQUITY YTD Change - Average Volume 30 Day 14'634'930

TEN AT EQUITY YTD % CHANGE - Average Volume 3 Month 14'401'840


31.08.2008 31.08.2009 31.08.2010 31.08.2011 31.08.2012 01/yy 01/yy 08/13 Y 08/14 Y - -

1'003.1 901.5 990.5 998.7 726.7 - - 664.8 713.3 - -

2.10x 1.87x 1.74x 1.32x 1.03x - - 1.33x 1.21x - -

212.3 12.6 207.9 - 86.6 - - 45.2 72.6 - -

9.92x 133.58x 8.30x - 8.60x - - 23.15x 14.41x - -

273.5 (89.4) 150.0 14.2 (12.9) - - 1.4 25.3 - -

5.73x - 9.51x 69.12x - - - 330.00x 33.00x - -











EBITDA Margin 12.0%



Asset Turnover 0.43







Fiscal Year Ended

Ten Network Holdings LtdPrice/Volume

Valuation Analysis

5'344'383.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

-

-

-

-

.

.

.

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

/-&- 9

1-&- 9

3-&- 9

5-&- 9

.--&- 9

./-&- 9

.1-&- 9

.3-&- 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

2&--

.-&--

.2&--

/-&--

/2&--

-1&-6&/--6 -1&-0&/-.- -1&-6&/-.- -1&-0&/-.. -1&-6&/-.. -1&-0&/-./ -1&-6&/-./



27.02.2013


HANCOCK PROSPECTING n/a ULT-AGG 256'396'911 9.91 - 29.01.2013 Corporation

ILLYRIA INV TRUST NO n/a EXCH 231'220'579 8.94 - 29.01.2013 n/a

CAVALANE HLDGS PTY L n/a EXCH 231'220'579 8.94 - 29.01.2013 n/a

BIRKETU PTY LTD n/a Co File 146'559'823 5.67 - 26.10.2011 Investment Advisor



ALLARD SERVICES PTY n/a EXCH 30'156'795 1.17 - 15.02.2013 n/a




GLEESON PROPERTIES P n/a EXCH 5'770'241 0.22 - 15.02.2013 n/a


GLEESON PAUL V n/a EXCH 2'938'274 0.11 - 15.02.2013 n/a


COWIN JACK J n/a EXCH 2'475'000 0.1 1'100'000 29.01.2013 n/a


LONG BRIAN J n/a EXCH 533'250 0.02 237'000 29.01.2013 n/a

INVESCO LTD Multiple Portfolios MF-AGG 511'377 0.02 - 26.02.2013 Investment Advisor


INVESCO ASSET MANAGE Multiple Portfolios MF-AGG 365'665 0.01 365'665 31.05.2012 Mutual Fund Manager






Macquarie DERRYN CHIN underperform 1 M 0 12 month 05.02.2013

JPMorgan JARROD MCDONALD neutral 3 M 0 3 month 16.01.2013

Goldman Sachs CHRISTIAN GUERRA Sell/Cautious 1 M 0 12 month 10.12.2012


Credit Suisse SAMANTHA CARLETON outperform 5 U 0 Not Provided 06.12.2012

CIMB FRASER MCLEISH underperform 1 M 0 12 month 06.12.2012


Evans & Partners Pty Ltd PETER STAMOULIS negative 2 D #N/A N/A Not Provided 13.05.2012

Holdings By:

Ten Network Holdings Ltd ee


27.02.2013

Cabcharge Australia Limited operates a national charge facility in Australia,

which provides for the payment of taxi fares and hire charges via a number of

methods of transportation, including hire cars, water taxis, coaches and certain

air-transport operators. The Company also provides communications network

facilities to the taxi industry.


LTM as of: 01/yy

52-Week High (07.05.2012) 6.57

52-Week Low (23.11.2012) 3.57

Daily Volume

4.85












CAB AT EQUITY YTD Change - Average Volume 30 Day 330'993

CAB AT EQUITY YTD % CHANGE - Average Volume 3 Month 382'143


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

159.8 173.6 161.7 171.0 179.5 - - 196.9 203.5 - -

6.55x 4.03x 4.42x 4.35x 4.00x - - 3.59x 3.43x - -

81.8 83.6 78.5 68.1 83.4 - - 85.0 86.1 - -

12.81x 8.38x 9.11x 10.93x 8.60x - - 8.51x 8.40x - -

59.0 61.4 57.6 46.1 60.0 - - 65.9 65.1 - -

16.30x 10.12x 10.75x 13.45x 10.06x - - 8.83x 8.95x - -











EBITDA Margin 43.6%



Asset Turnover 0.36







Fiscal Year Ended

Cabcharge Australia LtdPrice/Volume

Valuation Analysis

503'294.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

.

/

0

1

2

3

4

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

&2 9

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/&2 9

0&- 9

0&2 9

1&- 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

/&--

1&--

3&--

5&--

.-&--

./&--

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27.02.2013






CALEDONIA INVESTMENT n/a EXCH 5'917'903 4.91 (594'116) 25.08.2011 Investment Advisor

INVESTORS MUTUAL LTD n/a EXCH 5'777'526 4.8 (527'845) 12.11.2012 Hedge Fund Manager









CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 303'502 0.25 - 28.09.2012 Investment Advisor

ARMSTRONG IAN ALEXAN n/a Co File 250'000 0.21 - 27.09.2012 n/a



VALIC CO I Multiple Portfolios MF-AGG 160'590 0.13 - 31.12.2012 Investment Advisor

KERMODE REGINALD LIO n/a EXCH 100'000 0.08 (68'072) 10.10.2012 n/a


Wilson HTM Investment Group JAMES FERRIER hold 3 M 4 Not Provided 22.02.2013

Goldman Sachs JIM GODSIL Sell/Neutral 1 M 4 12 month 21.02.2013

JPMorgan RUSSELL GILL underweight 1 M 4 3 month 21.02.2013

Macquarie JODIE BANNAN underperform 1 M 4 12 month 21.02.2013

CIMB TIM PLUMBE neutral 3 D 5 12 month 21.02.2013


Moelis & Company ADAM S MICHELL sell 1 N 4 12 month 13.12.2012



Holdings By:

Cabcharge Australia Ltd ee


27.02.2013

Drillsearch Energy Ltd. is an oil and gas explorer and developer focused on

the prospective Cooper-Eromanga Basin. The Company has established a holding of

oil, wet gas, and unconventional exploration permits covering a large area in

the Cooper-Eromanga Basin.


LTM as of: 01/yy

52-Week High (11.09.2012) 1.71

52-Week Low (12.07.2012) 0.94

Daily Volume

1.33












DLS AT EQUITY YTD Change - Average Volume 30 Day 1'859'292

DLS AT EQUITY YTD % CHANGE - Average Volume 3 Month 1'489'458


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

22.3 9.3 6.0 14.3 22.4 - - 106.2 214.6 - -

2.48x 4.94x 16.97x 4.87x 13.02x - - 5.71x 2.60x - -

6.5 11.7 (10.6) (4.3) 6.8 - - 59.6 131.9 - -

8.54x 3.94x - - 42.91x - - 8.78x 3.96x - -

(14.1) (9.7) (24.6) (5.5) 10.0 - - 28.6 65.3 - -

- - - - 22.22x - - 18.73x 8.75x - -











EBITDA Margin 30.3%



Asset Turnover 0.16








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Drillsearch Energy LtdPrice/Volume

Valuation Analysis

980'624.00


---.....//

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

2&- 9

.-&- 9

.2&- 9

/-&- 9

/2&- 9

0.0

5.0

10.0

15.0

20.0

25.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

/-&--

1-&--

3-&--

5-&--

.--&--

./-&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013


QGC PTY LTD n/a Co File 36'216'094 8.47 - 23.08.2012 Corporation


WILSON HTM INVESTMEN n/a EXCH 15'613'131 3.65 (2'156'580) 17.02.2012 Investment Advisor


UOB-KAY HIAN PTE LTD n/a Co File 14'362'599 3.36 - 23.08.2012 Corporation

CHOO BENG KAI n/a EXCH 7'874'918 1.84 219'155 19.12.2012 n/a


BOUNTY OIL & GAS NL n/a Co File 3'499'639 0.82 - 23.08.2012 Corporation

SWEE POOK TEH n/a Co File 3'469'663 0.81 - 23.08.2012 n/a

DMG & PARTNERS SECUR n/a Co File 2'965'906 0.69 - 23.08.2012 Unclassified

KOK KENG LIEM n/a Co File 2'650'000 0.62 - 23.08.2012 n/a

ZONEX CAPITAL PTY LT n/a Co File 2'374'409 0.56 - 23.08.2012 Other

PHILLIP SECURITIES P n/a Co File 2'205'139 0.52 - 23.08.2012 Private Equity


CABLEXINDUSTRIES PTY n/a Co File 2'000'000 0.47 - 23.08.2012 Corporation


GLENLUCE PROPERTIES n/a EXCH 1'308'265 0.31 75'000 01.02.2013 Other

MCKERLIE JAMES DAVID n/a EXCH 1'233'265 0.29 112'115 19.12.2012 n/a


LINGO BRADLEY WILLIA n/a EXCH 121'375 0.03 15'000 04.02.2013 n/a


Macquarie KIRIT HIRA outperform 5 U 2 12 month 22.02.2013

Wilson HTM Investment Group JOHN YOUNG buy 5 M 2 Not Provided 22.02.2013

Morgan Stanley CAMERON O'NEILL Equalwt/Attractive 3 M 1 12 month 21.02.2013





Deutsche Bank ANDREW LEWANDOWSKI buy 5 M 2 12 month 16.01.2013


Canaccord Genuity Corp IAN OOI buy 5 M #N/A N/A Not Provided 21.02.2012

Holdings By:

Drillsearch Energy Ltd ee


27.02.2013

G.U.D. Holdings Limited manufactures and markets consumer and industrial

products. The Company's products includes small electrical appliances,

lawnmowers, cleaning products, automotive parts, water transfer pumps and water

pressure systems, security products, swimming pool pumps, and spa bath

controllers.


LTM as of: 01/yy

52-Week High (13.08.2012) 8.87

52-Week Low (29.02.2012) 6.96

Daily Volume

7.21












GUD AT EQUITY YTD Change - Average Volume 30 Day 657'180

GUD AT EQUITY YTD % CHANGE - Average Volume 3 Month 416'990


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

469.0 468.3 474.7 592.8 609.1 - - 615.5 639.5 - -

1.12x 1.02x 1.23x 1.23x 1.03x - - 0.95x 0.92x - -

80.7 72.4 79.4 84.1 80.7 - - 76.4 82.4 - -

6.50x 6.58x 7.38x 8.69x 7.76x - - 7.85x 7.28x - -

37.4 34.8 46.4 39.7 92.8 - - 40.7 44.1 - -

13.99x 10.70x 11.31x 15.66x 6.50x - - 12.50x 11.55x - -











EBITDA Margin 12.3%



Asset Turnover 1.27








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

GUD Holdings LtdPrice/Volume

Valuation Analysis

143'335.00


-./0123456

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

&2 9

.&- 9

.&2 9

/&- 9

/&2 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

/&--

1&--

3&--

5&--

.-&--

./&--

.1&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013



















WODSON ROGER JAMES n/a EXCH 73'359 0.1 - 31.12.2011 n/a

HALL CLIVE KAY n/a EXCH 73'210 0.1 - 31.12.2011 n/a




Wilson HTM Investment Group JAMES FERRIER hold 3 M 8 Not Provided 30.01.2013


Moelis & Company ADAM S MICHELL sell 1 M 8 12 month 23.01.2013

Goldman Sachs GEORGE BATSAKIS neutral/neutral 3 M 8 12 month 22.01.2013


JPMorgan ARMINA SOEMINO neutral 3 M 7 9 month 22.01.2013


Bell Potter SAM HADDAD hold 3 M 8 12 month 22.01.2013

Holdings By:

GUD Holdings Ltd ee


27.02.2013

Breville Group Ltd. designs and markets electrical consumer appliances. The

Company markets espresso machines, citrus presses, grills, juicers, toasters,

kettles, vacuum cleaners, sandwich makers, rice cookers, heating and cooling

products, electric shavers, irons, cookware, and cutlery.


LTM as of: 01/yy

52-Week High (19.02.2013) 7.34

52-Week Low (29.02.2012) 3.40

Daily Volume

5.4












BRG AT EQUITY YTD Change - Average Volume 30 Day 630'945

BRG AT EQUITY YTD % CHANGE - Average Volume 3 Month 461'246


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

410.2 431.9 394.4 393.6 408.5 - - 467.9 487.3 - -

0.44x 0.35x 0.68x 1.02x 1.28x - - 1.38x 1.30x - -

34.5 34.8 49.3 58.3 72.3 - - 78.4 79.4 - -

5.19x 4.38x 5.44x 6.89x 7.23x - - 8.58x 8.47x - -

20.9 11.8 22.6 31.7 46.0 - - 49.2 50.5 - -

6.95x 10.13x 12.27x 13.49x 12.39x - - 14.36x 14.06x - -











EBITDA Margin 16.7%



Asset Turnover 1.41







Fiscal Year Ended

Breville Group LtdPrice/Volume

Valuation Analysis

1'952'596.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

.

/

0

1

2

3

4

5

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

2&- 9

.-&- 9

.2&- 9

/-&- 9

/2&- 9

0-&- 9

02&- 9

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

500.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

2&--

.-&--

.2&--

/-&--

/2&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013


PREMIER INVESTMENTS n/a Co File 33'452'910 25.71 - 04.09.2012 Corporation



COMMONWEALTH BANK OF #N/A N/A EXCH 6'595'463 5.07 249'824 20.02.2013 Bank


LEW FAMILY INV PTY L n/a Co File 3'427'179 2.63 - 04.09.2012 n/a

DANCETOWN PTY LTD n/a Co File 3'000'000 2.31 - 04.09.2012 n/a

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 2'605'776 2 - 31.07.2012 Investment Advisor

AXA ROSENBERG INTL Multiple Portfolios MF-AGG 792'877 0.61 (325'323) 30.09.2012 Investment Advisor

JOSSECK PTY LTD n/a Co File 775'567 0.6 - 04.09.2012 n/a


NOFUSA PTY LTD n/a Co File 650'000 0.5 - 04.09.2012 n/a


ZEVIN ASSET MANAGEME ZEVIN ASSET MANAGEME 13F 434'925 0.33 434'925 31.12.2012 Investment Advisor


VANTAGEPOINT INVESTM Multiple Portfolios MF-AGG 352'700 0.27 (48'200) 31.12.2012 Investment Advisor



WEISS SAMUEL SCOTT n/a Co File 121'775 0.09 - 23.08.2012 n/a

KLEIN STEVEN n/a Co File 117'189 0.09 - 23.08.2012 n/a



Wilson HTM Investment Group JAMES FERRIER buy 5 M 7 Not Provided 21.02.2013

Moelis & Company TODD W GUYOT hold 3 D 6 12 month 21.02.2013

Goldman Sachs GEORGE BATSAKIS neutral/neutral 3 M 6 12 month 20.02.2013


CIMB MATTHEW NICHOLAS outperform 5 M 6 12 month 20.02.2013

Bell Potter SAM HADDAD hold 3 D 6 12 month 20.02.2013


Holdings By:

Breville Group Ltd ee


27.02.2013

Mount Gibson Iron Limited is an iron ore exploration and production company.

The Company holds mining leases covering hematite and magnetite deposits at

Mount Gibson in Western Australia.


LTM as of: 01/yy

52-Week High (27.02.2012) 1.31

52-Week Low (29.11.2012) 0.62

Daily Volume

0.76












MGX AT EQUITY YTD Change - Average Volume 30 Day 4'001'948

MGX AT EQUITY YTD % CHANGE - Average Volume 3 Month 3'897'584


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

432.7 410.8 536.3 647.2 637.0 - - 878.9 725.9 - -

6.05x 2.21x 2.91x 2.97x 1.48x - - 0.56x 0.50x - -

363.3 314.6 436.1 521.3 538.1 - - 388.4 325.0 - -

7.20x 2.88x 3.57x 3.68x 1.75x - - 2.00x 2.39x - -

113.3 42.6 132.4 239.5 172.5 - - 146.7 133.5 - -

21.89x 19.74x 12.60x 8.31x 5.40x - - 5.71x 6.39x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.42







Fiscal Year Ended

Mount Gibson Iron LtdPrice/Volume

Valuation Analysis

4'839'407.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

-

-

.

.

.

.

.

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9/&- 91&- 93&- 95&- 9.-&- 9./&- 9.1&- 9.3&- 9.5&- 9/-&- 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

2&--

.-&--

.2&--

/-&--

/2&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013


COL CAPITAL LTD n/a Co File 282'992'277 25.95 - 21.08.2012 Corporation

APAC RESOURCES LTD n/a Co File 279'877'774 25.66 - 21.08.2012 Corporation

SHOUGANG CONCORD INT n/a Co File 154'166'874 14.14 - 21.08.2012 Corporation




LANDESBANK BERLIN IN Multiple Portfolios MF-AGG 7'298'386 0.67 - 31.01.2013 Mutual Fund Manager









GLENMEDE ADVISORS IN Multiple Portfolios MF-AGG 1'580'245 0.14 - 31.10.2012 Investment Advisor


MACLIVER IAN ALEXAND n/a EXCH 1'000'000 0.09 - 16.11.2011 n/a

SMITH BARNEY FUND MA Multiple Portfolios MF-AGG 922'396 0.08 112'442 31.12.2012 Investment Advisor




Wilson HTM Investment Group ANDREW PEDLER hold 3 D 1 Not Provided 20.02.2013



Goldman Sachs OWEN BIRRELL neutral/attractive 3 M 1 12 month 19.02.2013

RBC Capital Markets CHRIS DREW outperform 5 U 1 12 month 19.02.2013

Credit Suisse MATTHEW HOPE neutral 3 M 1 Not Provided 19.02.2013

JPMorgan MARK BUSUTTIL neutral 3 M 1 9 month 19.02.2013


CIMB MICHAEL EVANS outperform 5 M 1 12 month 19.02.2013

Argonaut Securities Pty Ltd ADAM MIETHKE buy 5 M 1 Not Provided 19.02.2013

Paterson Securities TIM MCCORMACK hold 3 M 1 12 month 22.01.2013

Foster Stockbroking MARTIN CAROLAN buy 5 M 2 Not Provided 02.02.2012

Holdings By:

Mount Gibson Iron Ltd ee


27.02.2013

Buru Energy, Ltd. is an oil and gas exploration and production company.


LTM as of: 01/yy

52-Week High (26.03.2012) 3.85

52-Week Low (02.03.2012) 1.75

Daily Volume

2.44












BRU AT EQUITY YTD Change - Average Volume 30 Day 1'055'108

BRU AT EQUITY YTD % CHANGE - Average Volume 3 Month 1'029'066


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

- 3.2 2.6 1.5 2.0 - - 9.8 29.5 - -

- - 10.54x 60.26x 359.31x - - 64.49x 22.29x - -

- - (7.0) (17.8) (15.0) - - (11.3) 20.3 - -

- - - - - - - - 29.91x - -

- (32.4) (4.4) (10.3) (5.5) - - (7.0) 10.8 - -

- - - - - - - - 64.21x - -









Net Debt/EBITDA -

Gross Margin -14.3% Total Debt/EBITDA -

EBITDA Margin -



Asset Turnover 0.02







Fiscal Year Ended

Buru Energy LtdPrice/Volume

Valuation Analysis

1'329'037.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

.

.

/

/

0

0

1

1

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

/&- 9

1&- 9

3&- 9

5&- 9

.-&- 9

./&- 9

.1&- 9

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

/-&--

1-&--

3-&--

5-&--

.--&--

./-&--

.1-&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013


STREITBERG ERIC CHAR n/a EXCH 28'700'566 10.48 5'299'500 14.12.2012 n/a


NEW STANDARD ENERGY n/a EXCH 10'000'000 3.65 (5'000'000) 02.08.2012 Corporation

TROJAN EQUITY LTD n/a EXCH 8'640'516 3.15 (2'373'479) 11.10.2010 Investment Advisor

STREITBERG TOM n/a Co File 3'783'440 1.38 - 30.06.2012 n/a

RILEY GRAHAM DOUGLAS n/a Co File 3'000'000 1.1 - 14.08.2012 n/a



TINTERN PTY LTD n/a EXCH 980'132 0.36 - 09.11.2012 Other

MILLER AUSTIN D n/a EXCH 645'000 0.24 - 09.11.2012 n/a



EDWARDS PETER n/a Co File 494'198 0.18 - 30.06.2012 n/a


JONES PETER VERNON n/a Co File 248'277 0.09 - 14.08.2012 n/a

HARTFORD INVESTMENT Multiple Portfolios MF-AGG 224'461 0.08 - 31.01.2013 Investment Advisor

RUDGE TONY n/a Co File 204'000 0.07 - 30.06.2012 n/a

OBERWEIS ASSET MANAG Multiple Portfolios MF-AGG 101'949 0.04 56'449 28.09.2012 Investment Advisor

ROVON INVESTMENTS PT n/a EXCH 50'000 0.02 - 17.12.2012 Corporation

ING INVESTMENT MANAG Multiple Portfolios MF-AGG 32'094 0.01 (856) 31.12.2012 Investment Advisor



Deutsche Bank JOHN HIRJEE buy 5 N 3 12 month 14.02.2013


Macquarie KIRIT HIRA outperform 5 N 3 12 month 23.01.2013


Holdings By:

Buru Energy Ltd ee


27.02.2013

Aquila Resources Limited is an exploration company with interests in coal and

iron ore. Aquila's exploration activities are located in Queensland, Western

Australia and South Africa.


LTM as of: 01/yy

52-Week High (20.03.2012) 5.49

52-Week Low (27.07.2012) 1.86

Daily Volume

2.61





1'074.81 1 Yr Total Return -50.29%







AQA AT EQUITY YTD Change - Average Volume 30 Day 594'275

AQA AT EQUITY YTD % CHANGE - Average Volume 3 Month 629'996


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

46.5 91.8 129.8 133.5 197.1 - - 0.0 88.0 - -

83.52x 14.73x 17.44x 18.73x 6.00x - - #DIV/0! 19.25x - -

(31.7) (35.8) (54.6) 5.6 4.3 - - (44.7) (8.7) - -

- - - 445.73x 275.69x - - - - - -

97.3 (26.2) (33.1) 3.1 (0.2) - - (40.3) (47.3) - -

33.05x - - 896.25x - - - - - - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.35








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Aquila Resources LtdPrice/Volume

Valuation Analysis

225'969.00


-

.

/

0

1

2

3

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9&2 9.&- 9.&2 9/&- 9/&2 90&- 90&2 91&- 91&2 9

0.0

50.0

100.0

150.0

200.0

250.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

2-&--

.--&--

.2-&--

/--&--

/2-&--

0--&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013


POLI ANTHONY n/a EXCH 119'104'536 28.92 10'827'684 23.12.2011 n/a

M&G INVESTMENT MANAG n/a EXCH 70'172'666 17.04 10'213'057 06.04.2012 Investment Advisor

BAOSTEEL GROUP CORP n/a Co File 48'341'054 11.74 - 31.08.2011 Government

BASS CHARLES BENNET n/a EXCH 47'165'447 11.45 4'287'766 23.12.2011 n/a



COWLAN DEREK THOMAS n/a EXCH 11'405'860 2.77 1'036'892 23.12.2011 n/a


RAE HOWARD CHARLES n/a Co File 337'409 0.08 - 30.06.2011 n/a


GREEN BRENT E n/a Co File 244'662 0.06 - 30.06.2011 n/a



INDEXIQ ADVISORS LLC Multiple Portfolios MF-AGG 154'814 0.04 - 25.02.2013 Investment Advisor



HSBC TRINKAUS INVEST Multiple Portfolios MF-AGG 48'400 0.01 - 28.02.2011 Mutual Fund Manager



PILCHER STEPHEN J n/a Co File 33'275 0.01 - 30.06.2011 n/a


RBC Capital Markets CHRIS DREW sector perform 3 M 4 12 month 31.01.2013

JPMorgan MARK BUSUTTIL underweight 1 D 3 9 month 31.01.2013

Commonwealth Bank TOMAS VASQUEZ neutral 3 M 3 12 month 31.01.2013



Paterson Securities ANDREW HARRINGTON hold 3 D 3 12 month 29.10.2012



Investec COLIN MCLELLAND hold 3 M 5 12 month 29.05.2012

Holdings By:

Aquila Resources Ltd ee


27.02.2013

Fleetwood Corporation Limited manufactures and sells caravans, parts and

accessories along with design, manufacture, sale and rental of portable

buildings.


LTM as of: 01/yy

52-Week High (04.05.2012) 13.46

52-Week Low (04.12.2012) 8.46

Daily Volume

9.55












FWD AT EQUITY YTD Change - Average Volume 30 Day 395'939

FWD AT EQUITY YTD % CHANGE - Average Volume 3 Month 371'281


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

343.5 354.6 291.1 465.8 406.8 - - 333.6 388.9 - -

1.42x 0.88x 1.65x 1.41x 1.67x - - 1.85x 1.65x - -

61.5 63.9 67.5 88.7 91.1 - - 56.3 89.8 - -

7.95x 4.90x 7.11x 7.43x 7.45x - - 10.39x 6.52x - -

34.2 35.6 38.7 51.3 53.2 - - 26.9 44.7 - -

13.52x 8.59x 12.66x 12.59x 12.99x - - 22.31x 13.05x - -











EBITDA Margin 18.7%



Asset Turnover 1.23







Fiscal Year Ended

Fleetwood Corp LtdPrice/Volume

Valuation Analysis

484'857.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

/

1

3

5

.-

./

.1

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

&/ 9

&1 9

&3 9

&5 9

.&- 9

.&/ 9

.&1 9

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

500.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

/&--

1&--

3&--

5&--

.-&--

./&--

.1&--

.3&--

.5&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013


KARRAD PTY LTD n/a EXCH 5'428'189 9.04 (50'000) 04.12.2012 Unclassified

ELEY GRIFFITHS GROUP n/a EXCH 2'955'969 4.92 (56'068) 15.10.2012 Investment Advisor


ADVENTURE HOLDINGS P n/a EXCH 1'924'665 3.2 - 23.11.2012 Unclassified




FLEETWOOD RETIREMENT n/a EXCH 704'158 1.17 50'000 04.12.2012 n/a


VANGUARD GROUP INC Multiple Portfolios MF-AGG 515'477 0.86 - 31.12.2012 Investment Advisor


GILL STEPHEN n/a EXCH 400'000 0.67 - 23.11.2012 n/a

TATE GREG n/a EXCH 381'413 0.64 - 04.12.2012 n/a











Argonaut Securities Pty Ltd IAN CHRISTIE sell 1 M 8 12 month 20.02.2013

RBS Morgans ALEXANDRA CLARKE outperform 5 M 11 12 month 20.02.2013

Credit Suisse PAUL BUYS underperform 1 M 9 Not Provided 19.02.2013

JPMorgan GARRY SHERRIFF underweight 1 M 9 6 month 19.02.2013




Moelis & Company ADAM S MICHELL sell 1 M 8 12 month 14.02.2013

Hartleys PETER GRAY accumulate 4 M 14 12 month 23.08.2012


Holdings By:

Fleetwood Corp Ltd ee


27.02.2013

Sirtex Medical Limited is a medical company which researches, develops and

commercializes medical products for the treatment of liver cancer. The Company

is based in Western Australia and markets its products throughout the world.

The Company's products include "SIR-Spheres," which uses micro-particle

technology to treat liver cancer.


LTM as of: 01/yy

52-Week High (27.12.2012) 13.40

52-Week Low (05.03.2012) 4.89

Daily Volume

10.41












SRX AT EQUITY YTD Change - Average Volume 30 Day 210'981

SRX AT EQUITY YTD % CHANGE - Average Volume 3 Month 214'566


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

38.1 65.6 64.3 70.3 82.6 - - 100.2 121.5 - -

4.21x 2.45x 3.60x 3.28x 3.51x - - 5.37x 4.38x - -

3.6 16.4 14.1 15.4 20.7 - - 24.6 32.5 - -

44.51x 9.76x 16.39x 14.96x 14.00x - - 22.80x 17.27x - -

1.2 18.2 16.1 11.5 17.1 - - 18.3 24.5 - -

136.36x 10.24x 17.01x 23.79x 19.84x - - 31.74x 23.77x - -











EBITDA Margin 25.9%



Asset Turnover 0.99








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Sirtex Medical LtdPrice/Volume

Valuation Analysis

142'849.00


-

/

1

3

5

.-

./

.1

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

&/ 9

&1 9

&3 9

&5 9

.&- 9

.&/ 9

.&1 9

.&3 9

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

90.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

2&--

.-&--

.2&--

/-&--

/2&--

0-&--

02&--

1-&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013


HUNTER HALL INVESTME n/a EXCH 13'254'180 23.77 (570'000) 24.12.2012 Investment Advisor

GRAY BRUCE NATHANIE n/a Co File 10'090'604 18.09 - 15.08.2012 n/a

ACN 132 442 114 PTY n/a EXCH 8'961'778 16.07 (732'673) 01.02.2013 Other

PLATYPUS ASSET MANAG n/a EXCH 3'897'856 6.99 (2'041'170) 05.09.2011 Unclassified




VANTAGEPOINT INVESTM Multiple Portfolios MF-AGG 172'300 0.31 19'992 31.12.2012 Investment Advisor





DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 6'913 0.01 260 30.11.2012 Investment Advisor

BOYCE GRANT n/a Co File 5'000 0.01 - 29.08.2012 n/a

EADY JOHN ALAN n/a Co File 5'000 0.01 - 29.08.2012 n/a


FIRST TRUST n/a ULT-AGG 360 0 - 26.02.2013 Investment Advisor


Nomura ZARA LYONS buy 5 M 15 Not Provided 20.02.2013

EVA Dimensions ANDREW S ZAMFOTIS overweight 5 U #N/A N/A Not Provided 20.02.2013

Macquarie AMRON D'SILVA outperform 5 M 12 12 month 14.02.2013

CIMB DEREK JELLINEK neutral 3 N 13 12 month 15.01.2013

Holdings By:

Sirtex Medical Ltd ee


27.02.2013

The Reject Shop Limited operates discount retail stores in Victoria, New South

Wales, South Australia and the ACT. The Company's discount stores offers a

variety of merchandise such as apparel, houseware, leisure, personal care and

hardware and furniture.


LTM as of: 01/yy

52-Week High (25.02.2013) 17.53

52-Week Low (27.06.2012) 8.95

Daily Volume

17.17












TRS AT EQUITY YTD Change - Average Volume 30 Day 112'308

TRS AT EQUITY YTD % CHANGE - Average Volume 3 Month 105'374


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

353.0 412.2 470.8 505.1 555.3 - - 624.4 718.4 - -

0.72x 0.77x 0.96x 0.68x 0.47x - - 0.76x 0.65x - -

31.3 35.8 41.4 23.3 38.7 - - 46.4 57.1 - -

8.07x 8.84x 10.96x 14.69x 6.74x - - 9.75x 7.92x - -

16.7 19.0 23.4 16.2 21.9 - - 21.2 27.7 - -

14.64x 15.92x 18.24x 18.78x 10.88x - - 21.33x 16.37x - -











EBITDA Margin 7.3%



Asset Turnover 3.61








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Reject Shop Ltd/ThePrice/Volume

Valuation Analysis

93'362.00


-/135

.-

./

.1

.3

.5/-

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

&. 9

&/ 9

&0 9

&1 9

&2 9

&3 9

&4 9

&5 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

2&--

.-&--

.2&--

/-&--

/2&--

0-&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013




ACORN CAPITAL LTD n/a EXCH 1'709'102 6.55 (262'939) 12.10.2012 Investment Advisor

PARADICE INVESTMENT n/a EXCH 1'690'135 6.48 382'483 16.08.2012 Investment Advisor



ALLERON INVESTMENT M n/a EXCH 1'331'428 5.1 - 05.11.2012 Investment Advisor



GRAHGER CAPITAL INVE n/a EXCH 1'140'000 4.37 (317'000) 15.09.2011 Unclassified


UCA FUNDS MANAGEMENT Multiple Portfolios MF-AGG 188'554 0.72 (806'367) 31.01.2013 Mutual Fund Manager


VANGUARD INVESTMENTS Multiple Portfolios MF-AGG 132'596 0.51 (567) 30.09.2012 Mutual Fund Manager


BRYCE CHRISTOPHER JO n/a EXCH 122'187 0.47 - 17.10.2012 n/a






EVA Dimensions CRAIG STERLING underweight 1 U #N/A N/A Not Provided 26.02.2013

Macquarie ADAM SIMPSON neutral 3 D 18 12 month 21.02.2013




Goldman Sachs GEORGE BATSAKIS Buy/Neutral 5 M 17 12 month 20.02.2013


Commonwealth Bank JORDAN ROGERS neutral 3 U 17 12 month 20.02.2013


Bell Potter SAM HADDAD hold 3 D 18 12 month 20.02.2013

Shaw Stockbroking DANNY YOUNIS hold 3 N #N/A N/A Not Provided 17.08.2011

Veritas Securities BRENT MITCHELL hold 3 U 12 Not Provided 08.04.2011

Evans & Partners Pty Ltd TONY WILSON negative 2 M #N/A N/A Not Provided 23.08.2010

Holdings By:

Reject Shop Ltd/The ee


27.02.2013

Emeco Holdings Limited rents earthmoving equipment to the mining industries in

Australia and Indonesia.


LTM as of: 01/yy

52-Week High (19.03.2012) 1.13

52-Week Low (15.11.2012) 0.45

Daily Volume

0.68












EHL AT EQUITY YTD Change - Average Volume 30 Day 3'023'816

EHL AT EQUITY YTD % CHANGE - Average Volume 3 Month 2'930'814


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

617.9 443.7 405.0 439.7 498.5 - - 490.5 529.3 - -

1.66x 1.31x 1.64x 2.28x 1.88x - - 1.67x 1.48x - -

203.6 209.3 188.4 152.1 191.1 - - 218.2 234.1 - -

5.03x 2.79x 3.53x 6.59x 4.89x - - 3.93x 3.66x - -

67.5 13.3 (49.3) 49.6 69.7 - - 46.7 53.0 - -

10.00x 4.66x 29.00x 13.78x 7.61x - - 8.95x 7.82x - -











EBITDA Margin 40.7%



Asset Turnover 0.44








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Emeco Holdings LtdPrice/Volume

Valuation Analysis

5'808'085.00


-

-

-

.

.

.

.

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9/&- 91&- 93&- 95&- 9.-&- 9./&- 9.1&- 9.3&- 9.5&- 9/-&- 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

-&2-

.&--

.&2-

/&--

/&2-

0&--

0&2-

1&--

1&2-

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013






VINVA INVT MANAGEMEN n/a EXCH 30'442'366 5.08 (4'616'616) 03.12.2012 Other








TURNER MICHAEL A n/a Co File 3'187'151 0.53 - 30.06.2012 n/a

TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 1'731'906 0.29 (342'511) 30.11.2012 Investment Advisor

BRENNAN ALEXANDER NO n/a Co File 1'581'700 0.26 - 20.08.2012 n/a

GORDON KEITH n/a EXCH 1'125'000 0.19 - 30.11.2012 n/a

TESTROW IAN n/a Co File 892'541 0.15 - 30.06.2012 n/a















Deutsche Bank WASSIM KISIRWANI buy 5 U 1 12 month 09.11.2012

Shaw Stockbroking DANNY YOUNIS accumulate 4 M #N/A N/A Not Provided 08.11.2010

Holdings By:

Emeco Holdings Ltd ee


27.02.2013

Singapore Telecommunications Limited is a communications group. The Group

provides a diverse range of communication services and solutions, including

fixed, mobile, data, Internet, info-communications technology, satellite and pay

television. Singapore Telecom has a network of offices in multiple countries and

territories throughout Asia Pacific, in Europe and the United States.


LTM as of: 12/yy

52-Week High (13.02.2013) 2.83

52-Week Low (27.02.2012) 2.29

Daily Volume

2.75





43'844.84 1 Yr Total Return 25.22%





Enterprise Value -


SGT AT EQUITY YTD Change - Average Volume 30 Day 2'614'218

SGT AT EQUITY YTD % CHANGE - Average Volume 3 Month 2'301'175


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

14'844.4 14'934.4 16'870.9 18'070.6 18'825.3 18'687.6 18'481.8 18'273.3 18'442.7 - -

4.61x 3.13x 3.31x 2.92x 3.06x 11.81x 12.78x 3.46x 3.46x - -

4'419.2 4'461.5 4'906.0 5'080.5 5'186.3 5'033.2 5'225.0 6'199.7 6'420.0 - -

15.48x 10.47x 11.37x 10.37x 11.11x 11.27x 11.44x - - - -

3'960.2 3'448.4 3'907.3 3'825.3 3'988.7 3'691.4 3'929.1 3'511.5 3'800.0 - -

- - - - - 0.00x 0.00x 15.99x 14.52x - -


EBIT 3'184.70 Long-Term Rating A+









EBITDA Margin 28.3%



Asset Turnover 0.47







Fiscal Year Ended

Singapore Telecommunications LtdPrice/Volume

Valuation Analysis

2'788'686.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

.

.

/

/

0

0

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9/&- 91&- 93&- 95&- 9.-&- 9./&- 9.1&- 9.3&- 9.5&- 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

18'000.0

20'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012-&--

-&/-

-&1-

-&3-

-&5-

.&--

.&/-



27.02.2013



VANGUARD INVESTMENTS Multiple Portfolios MF-AGG 769'430 0 2'364 30.09.2012 Mutual Fund Manager

MACQUARIE GROUP LTD n/a ULT-AGG 295'751 0 46'269 31.08.2011 Investment Advisor

SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 269'844 0 190'293 28.12.2012 Mutual Fund Manager

PARVEST INVESTMENT M Multiple Portfolios MF-AGG 229'245 0 - 30.09.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 39'862 0 - 25.02.2013 Investment Advisor

AVIVA INVESTORS FUND Multiple Portfolios MF-AGG 35'423 0 - 31.01.2013 Mutual Fund Manager

ING INVESTMENT MANAG Multiple Portfolios MF-AGG 23'742 0 (2'046) 31.12.2012 Investment Advisor



Credit Suisse CHATE BENCHAVITVILAI outperform 5 M 4 Not Provided 17.02.2013


Morgan Stanley NAVIN KILLA Overwt/In-Line 5 U 3 12 month 06.06.2011

Goldman Sachs CHRISTIAN GUERRA hold 3 M 3 Not Provided 12.05.2011

Holdings By:

Singapore Telecommunications Ltd ee


27.02.2013

Virgin Australia Holdings Limited is an Australian-based full service airline

providing domestic and international operations.


LTM as of: 01/yy

52-Week High (07.11.2012) 0.52

52-Week Low (26.06.2012) 0.37

Daily Volume

0.405












VAH AT EQUITY YTD Change - Average Volume 30 Day 2'652'044

VAH AT EQUITY YTD % CHANGE - Average Volume 3 Month 2'970'368


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

2'321.7 2'600.3 2'976.1 3'268.3 3'913.5 - - 4'188.7 4'527.7 - -

0.59x 0.63x 0.54x 0.57x 0.52x - - 0.48x 0.43x - -

262.9 144.6 309.7 244.7 376.6 - - 369.2 459.0 - -

5.22x 11.29x 5.23x 7.68x 5.44x - - 5.46x 4.39x - -

97.7 (160.0) 21.3 (67.8) 22.8 - - 62.7 110.1 - -

5.05x - 29.50x - 39.00x - - 15.00x 9.00x - -











EBITDA Margin 7.7%



Asset Turnover 1.00







Fiscal Year Ended

Virgin Australia Holdings LtdPrice/Volume

Valuation Analysis

5'622'711.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

-

-

-

-

.

.

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

/-&- 9

1-&- 9

3-&- 9

5-&- 9

.--&- 9

./-&- 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

4'500.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

.&--

/&--

0&--

1&--

2&--

3&--

4&--

5&--

6&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013


VIRGIN GROUP n/a Co File 577'515'919 23.52 - 11.09.2012 Corporation

AIR NEW ZEALAND LTD n/a EXCH 457'756'480 18.64 49'139'707 19.11.2012 Corporation

SINGAPORE AIRLINES L n/a EXCH 245'577'511 10 - 19.11.2012 Government

ETIHAD AIRWAYS PJSC n/a Co File 221'019'760 9 - 11.09.2012 Corporation






CHATFIELD NEIL GREGO n/a Co File 1'000'392 0.04 - 28.09.2012 n/a

STATE STREET GLOBAL Multiple Portfolios MF-AGG 906'659 0.04 - 30.11.2012 Mutual Fund Manager

BORGHETTI MASSIMO n/a Co File 869'107 0.04 - 28.09.2012 n/a



WELLS FARGO n/a ULT-AGG 557'568 0.02 (24'737) 31.12.2012 Unclassified


THOMAS ROBERT BAIN n/a Co File 485'920 0.02 - 28.09.2012 n/a

MCARTHUR MERREN n/a Co File 430'000 0.02 - 30.06.2012 n/a


GAM INTERNATIONAL MA Multiple Portfolios MF-AGG 233'408 0.01 - 31.12.2012 Investment Advisor



Morgan Stanley JULIA WENG Equalwt/In-Line 3 U 0 12 month 26.02.2013

Credit Suisse NICHOLAS MARKIEWICZ outperform 5 U 0 Not Provided 26.02.2013


CIMB MARK WILLIAMS neutral 3 M 0 12 month 26.02.2013

Commonwealth Bank MATT CROWE neutral 3 D 0 12 month 26.02.2013



Bell Potter JOHN O'SHEA hold 3 M 1 12 month 10.12.2012

Goldman Sachs ANDREW GIBSON not rated #N/A N/A M #N/A N/A Not Provided 30.10.2012


Holdings By:

Virgin Australia Holdings Ltd ee


27.02.2013

Northern Star Resources Ltd is an Australian Gold Producer with tenement

holdings and gold deposits located in the Ashburton - Pilbara Region of Western

Australia.


LTM as of: 01/yy

52-Week High (26.11.2012) 1.59

52-Week Low (16.05.2012) 0.61

Daily Volume

0.945












NST AT EQUITY YTD Change - Average Volume 30 Day 3'262'208

NST AT EQUITY YTD % CHANGE - Average Volume 3 Month 3'974'147


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

- - - 114.9 99.5 - - 160.5 200.0 - -

- - - 1.11x 2.55x - - 2.12x 1.51x - -

(0.1) (5.1) (1.3) 45.1 47.5 - - 82.3 110.5 - -

- - - 2.83x 5.35x - - 4.40x 3.27x - -

(0.1) (4.7) (1.3) 16.3 22.0 - - 41.5 55.0 - -

- - - 7.80x 12.62x - - 9.26x 7.56x - -











EBITDA Margin 52.8%



Asset Turnover 1.05








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Northern Star Resources LtdPrice/Volume

Valuation Analysis

2'726'852.00


---.....//

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

.-&- 9

/-&- 9

0-&- 9

1-&- 9

2-&- 9

3-&- 9

0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

/&--

1&--

3&--

5&--

.-&--

./&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013




INVESTMET LIMITED n/a EXCH 21'946'900 5.17 (18'089'000) 30.11.2012 Corporation


BEAMENT WILLIAM JAME n/a EXCH 12'134'735 2.86 - 30.11.2012 n/a



FOTIOS MICHAEL GEORG n/a EXCH 7'103'474 1.67 (7'400'000) 30.11.2012 n/a


ROWE CHRISTOPHER n/a EXCH 3'986'195 0.94 - 30.11.2012 n/a

MORGAN STANLEY AUSTR n/a EXCH 3'202'580 0.75 (36'529'953) 04.12.2012 Investment Advisor




UOB ASSET MANAGEMENT Multiple Portfolios MF-AGG 2'250'000 0.53 - 30.06.2012 Mutual Fund Manager



BROWN KAREN ELIZABET n/a Co File 1'191'666 0.28 - 30.06.2012 n/a

O'CONNOR PETER EDMUN n/a EXCH 850'000 0.2 - 03.12.2012 n/a





Hartleys MIKE MILLIKAN buy 5 M 1 12 month 12.02.2013

Paterson Securities TIM MCCORMACK hold 3 M 1 12 month 31.01.2013


Holdings By:

Northern Star Resources Ltd ee


27.02.2013

Mineral Deposits Limited mines and processes heavy mineral sands. The Company

is developing the Grande Cote Mineral Sands Project in Senegal, West Africa.

It's Grande Cote Mineral Sands Project is located near the port of Dakar, Grande

Cote.


LTM as of: 09/yy

52-Week High (22.03.2012) 6.62

52-Week Low (10.12.2012) 3.06

Daily Volume

4.12












MDL AT EQUITY YTD Change - Average Volume 30 Day 186'756

MDL AT EQUITY YTD % CHANGE - Average Volume 3 Month 216'889


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 03/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

- - 47.1 0.0 0.0 0.0 0.0 0.0 0.0 - -

- - 6.77x - - #DIV/0! #DIV/0! #DIV/0! #DIV/0! - -

(7.0) (8.5) (1.8) 23.4 7.5 11.9 3.8 (6.2) (7.7) - -

- - - 19.81x 30.66x 33.83x 0.00x - - - -

(16.4) (8.1) (4.3) (26.2) 255.8 232.5 28.9 17.1 19.9 - -

- - - - 1.36x 1.68x 14.66x 19.98x 21.74x - -











EBITDA Margin -



Asset Turnover 0.00








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Mineral Deposits LtdPrice/Volume

Valuation Analysis

437'061.00


-

.

/

0

1

2

3

4

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9&/ 9&1 9&3 9&5 9.&- 9.&/ 9.&1 9.&3 9.&5 9

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

50.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

2&--

.-&--

.2&--

/-&--

/2&--

0-&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013





AMP LTD n/a EXCH 6'362'572 7.62 881'477 30.11.2012 Insurance Company





INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 1'041'767 1.25 - 31.12.2012 Investment Advisor


OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 806'105 0.96 (460'074) 30.12.2012 Investment Advisor



AGF INVESTMENTS INC Multiple Portfolios MF-AGG 372'964 0.45 (42'900) 28.09.2012 Investment Advisor

LIMB NICHOLAS JAMES n/a EXCH 332'772 0.4 - 22.12.2011 n/a

TRANSAMERICA INVESTM Multiple Portfolios MF-AGG 278'577 0.33 124'847 31.12.2012 Investment Advisor

WILLIAMS JEFFREY W n/a EXCH 187'819 0.22 - 30.06.2011 n/a

JULIUS BAER MULTICOO Multiple Portfolios MF-AGG 174'950 0.21 (1'385) 31.10.2012 Mutual Fund Manager

ROBECO FUND MANAGEME Multiple Portfolios MF-AGG 163'920 0.2 - 31.12.2012 Investment Advisor

SHARP WARWICK n/a EXCH 119'803 0.14 - 22.12.2011 n/a



Credit Suisse MATTHEW HOPE outperform 5 M 7 Not Provided 22.01.2013


RBC Capital Markets DES KILALEA outperform 5 M 8 12 month 05.12.2012

Ambrian Partners Ltd CRAIG FOGGO buy 5 M 6 12 month 26.11.2012

GMP MATHEW FERNLEY buy 5 M 7 Not Provided 16.11.2012

Cormark Securities Inc. MIKE KOZAK restricted #N/A N/A M #N/A N/A Not Provided 18.01.2011

Holdings By:

Mineral Deposits Ltd ee


27.02.2013

SMS Management & Technology Limited is an international information technology,

enterprise and management solutions provider. The Company offers IT, business

and management consulting, project management, Internet products, IT contracting

and permanent recruitment, enterprise solutions and e-commerce development and

integration.


LTM as of: 01/yy

52-Week High (12.09.2012) 6.73

52-Week Low (14.12.2012) 4.51

Daily Volume

5.32












SMX AT EQUITY YTD Change - Average Volume 30 Day 384'586

SMX AT EQUITY YTD % CHANGE - Average Volume 3 Month 361'555


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

237.8 230.5 247.4 306.1 335.5 - - 298.5 313.0 - -

0.94x 1.01x - 1.31x 0.96x - - 1.12x 1.05x - -

35.0 33.2 38.0 42.2 44.0 - - 36.0 41.0 - -

6.42x 6.97x - 9.54x 7.32x - - 9.41x 8.26x - -

24.8 24.3 27.9 29.8 30.6 - - 25.2 28.8 - -

9.66x 10.65x 14.22x 14.22x 11.47x - - 14.66x 12.91x - -









Net Debt/EBITDA -


EBITDA Margin 12.6%



Asset Turnover 2.11








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

SMS Management & Technology LtdPrice/Volume

Valuation Analysis

249'809.00


-

.

/

0

1

2

3

4

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

&2 9

.&- 9

.&2 9

/&- 9

/&2 9

0&- 9

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

2&--

.-&--

.2&--

/-&--

/2&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013



CELESTE FUNDS MANAGE n/a EXCH 4'514'181 6.51 754'364 06.02.2013 Hedge Fund Manager

INVESCO AUSTRALIA LT n/a Co File 4'050'070 5.84 - 01.08.2012 Investment Advisor





LARISON PTY LTD n/a EXCH 1'406'502 2.03 - 11.09.2012 Other


VANGUARD GROUP INC Multiple Portfolios MF-AGG 667'912 0.96 - 31.12.2012 Investment Advisor



COX LAURENCE GRIME n/a Co File 411'762 0.59 - 15.08.2012 n/a

STIANOS THOMAS n/a EXCH 410'881 0.59 92'020 11.09.2012 n/a



LANPHIER GRAHAM n/a Co File 198'923 0.29 - 15.08.2012 n/a

NORDINVEST FUND MANA Multiple Portfolios MF-AGG 149'040 0.21 - 30.11.2012 Mutual Fund Manager




EVA Dimensions ANDREW S ZAMFOTIS hold 3 D #N/A N/A Not Provided 26.02.2013

BBY Limited MARK MCDONNELL buy 5 M 6 12 month 21.02.2013




Credit Suisse CHRIS SMITH neutral 3 M 6 Not Provided 20.02.2013

Macquarie JODIE BANNAN neutral 3 M 5 12 month 20.02.2013


Commonwealth Bank NICK MACLEAN neutral 3 U 5 12 month 20.02.2013

Paterson Securities BEN KAKOSCHKE hold 3 M 5 12 month 07.02.2013

Octa Phillip Securities Ltd KEN WAGNER hold 3 M 5 Not Provided 29.10.2012

Wilson HTM Investment Group SIMON FRITSCH buy 5 M 5 Not Provided 05.11.2008

Holdings By:

SMS Management & Technology Ltd ee


27.02.2013

Billabong International Limited manufactures and distributes surfwear and

extreme sports apparel throughout the world. Billabong designs board shirts,

swimwear, T-shirts, fleece tops, jumpers, shirts, walk shorts, trousers, jeans,

back packs and accessories under its brand name. The Company also sponsors

professional surfing, skateboarding and snowboarding events.


LTM as of: 01/yy

52-Week High (29.02.2012) 2.51

52-Week Low (16.11.2012) 0.74

Daily Volume

0.86












BBG AT EQUITY YTD Change - Average Volume 30 Day 3'490'344

BBG AT EQUITY YTD % CHANGE - Average Volume 3 Month 3'730'425


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

1'349.5 1'671.3 1'484.3 1'554.0 1'439.0 - - 1'297.4 1'343.5 - -

1.91x 1.44x 1.62x 1.28x 0.42x - - 0.43x 0.40x - -

304.6 279.7 254.8 165.6 (114.1) - - 78.8 92.7 - -

8.46x 8.63x 9.46x 11.98x - - - 7.14x 6.07x - -

176.4 152.8 146.0 119.1 (275.6) - - 14.9 31.7 - -

12.60x 12.64x 14.99x 19.32x - - - 26.88x 13.03x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.69







Fiscal Year Ended

Billabong International LtdPrice/Volume

Valuation Analysis

3'193'904.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

.

.

/

/

0

0

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 92&- 9.-&- 9.2&- 9/-&- 9/2&- 90-&- 902&- 91-&- 912&- 92-&- 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

1'800.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

.-&--

/-&--

0-&--

1-&--

2-&--

3-&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013


MERCHANT GORDON STAN n/a EXCH 68'336'527 14.27 900'058 19.10.2012 n/a

TPG ASIA INC n/a Co File 59'618'480 12.45 - 12.10.2012 Other


FRANKLIN RESOURCES I n/a Co File 36'551'586 7.63 - 14.08.2012 Unclassified

TIAA CREF INVESTMENT n/a EXCH 29'567'328 6.17 4'862'617 14.02.2013 Investment Advisor

COMMONWEALTH BANK OF n/a Co File 24'636'095 5.14 (7'060'063) 19.11.2012 Bank


BAILLIE GIFFORD AND n/a EXCH 15'849'851 3.31 - 29.06.2012 Investment Advisor



INVESCO AUSTRALIA LT n/a EXCH 12'561'444 2.62 (1'670'532) 28.11.2011 Investment Advisor




PAULL COLETTE n/a EXCH 5'521'824 1.15 2'548'535 26.07.2012 n/a




VALIC CO I Multiple Portfolios MF-AGG 2'479'670 0.52 - 31.12.2012 Investment Advisor

GSM PTY LTD n/a EXCH 2'268'994 0.47 - 19.10.2012 Corporation


Credit Suisse GRANT SALIGARI outperform 5 M 1 Not Provided 25.02.2013




CIMB DANIEL BROEREN neutral 3 D 1 12 month 22.02.2013

Commonwealth Bank JORDAN ROGERS underweight 1 M 1 12 month 22.02.2013

Nomura NICK BERRY reduce 2 D 1 Not Provided 22.02.2013

Morgan Stanley THOMAS KIERATH restricted #N/A N/A M #N/A N/A Not Provided 22.01.2013


Goldman Sachs PHILLIP KIMBER not rated #N/A N/A M #N/A N/A Not Provided 19.12.2012


Makor Capital ALBERT SAPORTA buy 5 M 1 Not Provided 23.10.2012


Holdings By:

Billabong International Ltd ee


27.02.2013

Decmil Group Limited (DGL) is a provider of engineering, construction and

maintenance and industrial services to Australia's resources, energy and

infrastructure sectors. The Company designs, builds and commissions temporary

and permanent facilities, including accommodation villages, administration

buildings, maintenance and storage facilities and complete civil concrete work.


LTM as of: 01/yy

52-Week High (23.08.2012) 3.21

52-Week Low (05.12.2012) 2.11

Daily Volume

2.44












DCG AT EQUITY YTD Change - Average Volume 30 Day 888'548

DCG AT EQUITY YTD % CHANGE - Average Volume 3 Month 676'763


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

91.3 254.6 328.2 392.1 550.3 - - 565.8 589.7 - -

0.20x 0.24x 0.43x 0.73x 0.58x - - 0.67x 0.59x - -

4.6 21.0 30.4 35.4 56.1 - - 66.8 82.8 - -

3.86x 2.97x 4.63x 8.08x 5.65x - - 5.21x 4.20x - -

0.1 10.0 7.8 23.5 39.1 - - 44.8 49.6 - -

19.03x 6.58x 9.83x 14.58x 10.00x - - 9.61x 8.33x - -











EBITDA Margin 11.1%



Asset Turnover 1.72








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Decmil Group LtdPrice/Volume

Valuation Analysis

810'693.00


-

.

.

/

/

0

0

1

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

.&- 9

/&- 9

0&- 9

1&- 9

2&- 9

3&- 9

4&- 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

/&--

1&--

3&--

5&--

.-&--

./&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013


BROADWAY PTY LTD n/a EXCH 16'975'000 10.09 - 18.09.2012 Other

ACORN CAPITAL LTD n/a Co File 15'446'896 9.18 - 30.06.2012 Investment Advisor

THORNEY INTL PTY LTD n/a EXCH 13'175'000 7.83 - 29.01.2013 Corporation



FRANCO M ROBERT n/a Co File 8'600'000 5.11 - 30.06.2012 n/a




SUNSUPER FUND n/a EXCH 1'799'171 1.07 - 21.12.2011 Other

CRIDDLE DENIS n/a EXCH 1'798'232 1.07 (16'975'000) 18.09.2012 n/a

MICROCAP INVESTMENT n/a EXCH 1'487'306 0.88 - 21.12.2011 Other


HEALTH SUPER n/a EXCH 1'334'055 0.79 - 21.12.2011 Other

CBA OFFICERS SUPER F n/a EXCH 1'193'664 0.71 418'116 21.12.2011 Other



CRIDDLE SCOTT n/a EXCH 759'717 0.45 439'717 11.10.2012 n/a

QLD LOCAL GOVT SUPER n/a EXCH 757'260 0.45 - 21.12.2011 Other

AUSCOAL SUPER FUND n/a EXCH 698'819 0.42 - 21.12.2011 Other



RBS Morgans ALEXANDRA CLARKE outperform 5 U 3 12 month 25.02.2013

RBC Capital Markets HEATH ANDREWS sector perform 3 M 3 12 month 24.02.2013



BBY Limited MOIRA EILEEN DAW buy 5 D 3 12 month 20.02.2013

Blackswan Equities Ltd OLIVER STEVENS hold 3 M 3 12 month 20.02.2013




E.L. & C. Baillieu ROB CRAIGIE hold 3 N 3 12 month 07.02.2013


Holdings By:

Decmil Group Ltd ee


27.02.2013

OceanaGold Corporation is a gold mining and exploration company. The Company

currently owns interests in projects in New Zealand and the Philippines.


LTM as of: 12/yy

52-Week High (23.10.2012) 3.57

52-Week Low (16.05.2012) 1.71

Daily Volume

2.45










Enterprise Value -


OGC AT EQUITY YTD Change - Average Volume 30 Day 964'958

OGC AT EQUITY YTD % CHANGE - Average Volume 3 Month 954'878


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

217.2 237.1 305.6 395.6 385.4 395.6 385.4 638.2 720.9 - -

0.77x 1.89x 3.30x 1.61x 2.62x 6.97x 9.30x 1.19x 0.77x - -

63.7 106.6 141.1 164.3 144.5 164.3 144.5 298.1 350.3 - -

2.62x 4.20x 7.15x 3.88x 7.00x 3.88x 7.00x - - - -

(54.7) 54.5 44.4 44.2 20.7 44.2 20.7 122.4 163.4 - -

- - - - - 0.00x 0.00x 6.50x 4.76x 6.10x -











EBITDA Margin 37.5%



Asset Turnover 0.42







Fiscal Year Ended

OceanaGold CorpPrice/Volume

Valuation Analysis

1'056'412.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

.

.

/

/

0

0

1

1

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

.&- 9

/&- 9

0&- 9

1&- 9

2&- 9

3&- 9

4&- 9

5&- 9

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012-&--

-&/-

-&1-

-&3-

-&5-

.&--

.&/-



27.02.2013


VAN ECK ASSOCIATES C n/a EXCH 17'977'486 6.12 (1'106'603) 26.12.2012 Investment Advisor


RUFFER LLP Multiple Portfolios MF-AGG 9'445'179 3.22 (2'560'000) 28.09.2012 Hedge Fund Manager

CF RUFFER BAKER STEE n/a EXCH 9'272'179 3.16 - 02.10.2012 n/a



GENUS DYNAMIC GOLD F n/a EXCH 3'172'000 1.08 - 02.10.2012 n/a

BAKER STEEL CAPITAL n/a EXCH 2'519'000 0.86 - 01.11.2012 Investment Advisor

UNITED SERVICES AUTO Multiple Portfolios MF-AGG 2'300'000 0.78 2'300'000 30.11.2012 Investment Advisor

DEN DUYTS CORP & ASS n/a EXCH 1'542'855 0.53 - 04.06.2011 Investment Advisor




RIT CAPITAL PARTNERS n/a EXCH 650'000 0.22 - 02.10.2012 Investment Advisor

LB SWISS INVESTMENT Multiple Portfolios MF-AGG 400'000 0.14 200'000 28.12.2012 Mutual Fund Manager

LEVISTE JR JOSE PARE n/a EXCH 376'770 0.13 (50'000) 30.06.2010 n/a

EPOCH INVESTMENT PAR Multiple Portfolios MF-AGG 272'950 0.09 137'550 31.12.2012 Hedge Fund Manager

OPPENHEIM KAPITALANL Multiple Portfolios MF-AGG 260'000 0.09 - 31.10.2012 Mutual Fund Manager

FERN TERRENCE N n/a EXCH 222'019 0.08 - 04.06.2011 n/a

SHALE IV JAMES DENHA n/a EXCH 200'000 0.07 - 04.06.2010 n/a




BMO Capital Markets BRIAN QUAST outperform 5 M 4 Not Provided 25.02.2013




Investec COLIN MCLELLAND buy 5 M 3 12 month 23.01.2013

Holdings By:

OceanaGold Corp ee


27.02.2013

Coalspur Mines Ltd. explores for coal in Canada.


LTM as of: 09/yy

52-Week High (30.04.2012) 1.76

52-Week Low (13.07.2012) 0.51

Daily Volume

0.735












CPL AT EQUITY YTD Change - Average Volume 30 Day 810'965

CPL AT EQUITY YTD % CHANGE - Average Volume 3 Month 968'705


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 09/yy 09/yy 06/13 Y 06/14 Y 12/12 Q2 03/13 Q3

- - - 0.0 0.0 0.0 0.0 0.0 0.0 - -

- - - - - #DIV/0! #DIV/0! #DIV/0! #DIV/0! - -

(0.6) (1.7) (8.3) (16.9) (23.5) 0.0 0.0 (13.4) (8.5) (2.1) -

- - - - - 0.00x 0.00x - - - -

(0.5) (1.7) (8.1) (16.5) (23.1) (15.8) (22.4) (10.9) (9.6) (2.1) -

- - - - - 0.00x 0.00x - - - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00







Fiscal Year Ended

Coalspur Mines LtdPrice/Volume

Valuation Analysis

567'532.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

---.....///

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

.&- 9

/&- 9

0&- 9

1&- 9

2&- 9

3&- 9

4&- 9

5&- 9

0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012-&--

-&/-

-&1-

-&3-

-&5-

.&--

.&/-



27.02.2013


BORROWDALE PARK S.A. n/a EXCH 153'840'202 24.26 15'356'869 09.01.2013 Corporation

ARGYLE GAVIN JOHN n/a EXCH 53'877'953 8.5 - 30.01.2012 n/a

ARIMA ANASTASIOS n/a EXCH 19'203'092 3.03 - 11.05.2011 n/a

ARREDO PTY LTD n/a EXCH 14'900'000 2.35 - 13.10.2011 Corporation

PEARCE MARK LAURENCE n/a EXCH 3'990'000 0.63 - 13.10.2011 n/a


WUSATY EUGENE n/a EXCH 2'850'000 0.45 - 30.06.2012 n/a


FIRST ASSET INVESTME Multiple Portfolios MF-AGG 1'243'600 0.2 - 30.11.2012 Investment Advisor


TURCOTTE DENIS A n/a Co File 925'000 0.15 - 07.09.2012 n/a



JP MORGAN n/a ULT-AGG 486'300 0.08 23'000 28.09.2012 Unclassified

RODDA MARK T n/a EXCH 458'334 0.07 66'667 09.01.2013 n/a

LANE DERMOT n/a Co File 441'600 0.07 - 07.09.2012 n/a

MAYERS THEODORE C n/a Co File 375'000 0.06 - 07.09.2012 n/a

DRIER WAYNE n/a Co File 374'000 0.06 - 07.09.2012 n/a

BREESE PETER B n/a EXCH 366'667 0.06 - 30.11.2012 n/a

HANSAINVEST GMBH Multiple Portfolios MF-AGG 290'121 0.05 - 28.12.2012 Mutual Fund Manager


Haywood Securities Inc. COLIN HEALEY sector outperform 5 M 1 Not Provided 21.02.2013

BMO Capital Markets MEREDITH H BANDY speculative outperform 4 M 1 Not Provided 11.02.2013

Salman Partners MIKE PLASTER speculative buy 4 M 2 12 month 05.02.2013



Dundee Securities Corp DAVID CHARLES buy 5 M 1 12 month 14.01.2013

RBC Capital Markets ROBIN B KOZAR outperform 5 M 1 12 month 28.11.2012

EVA Dimensions TEAM COVERAGE sell 1 N #N/A N/A Not Provided 13.01.2012

Holdings By:

Coalspur Mines Ltd ee


27.02.2013

Imdex Limited provides drilling fluids and leading down hole instrumentation to

the mining, oil and gas, water well, and civil engineering industries worldwide.


LTM as of: 01/yy

52-Week High (04.04.2012) 3.28

52-Week Low (30.11.2012) 1.11

Daily Volume

1.545












IMD AT EQUITY YTD Change - Average Volume 30 Day 1'275'570

IMD AT EQUITY YTD % CHANGE - Average Volume 3 Month 1'207'860


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

142.0 137.0 134.3 205.2 269.6 - - 262.5 287.8 - -

2.30x 1.06x 1.23x 2.17x 1.54x - - 1.44x 1.27x - -

42.6 33.0 48.7 57.2 82.9 - - 62.4 74.6 - -

7.68x 4.38x 3.40x 7.79x 5.00x - - 6.11x 5.11x - -

32.0 12.1 (21.5) 29.0 45.8 - - 34.2 40.6 - -

14.80x 10.13x - 14.64x 7.88x - - 9.42x 8.05x - -











EBITDA Margin 26.5%



Asset Turnover 0.97







Fiscal Year Ended

Imdex LtdPrice/Volume

Valuation Analysis

223'358.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

.

.

/

/

0

0

1

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

.&- 9

/&- 9

0&- 9

1&- 9

2&- 9

3&- 9

4&- 9

5&- 9

0.0

50.0

100.0

150.0

200.0

250.0

300.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

.-&--

/-&--

0-&--

1-&--

2-&--

3-&--

4-&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013


OZ MINERALS LTD n/a EXCH 33'909'000 16.11 - 28.11.2012 Corporation

CELESTE FUNDS MANAGE #N/A N/A EXCH 14'238'766 6.77 3'419'296 27.02.2013 Hedge Fund Manager





ERICSSON CLAES n/a EXCH 8'507'406 4.04 (2'002'931) 09.09.2011 n/a


ROYCE AND ASSOCIATES Multiple Portfolios MF-AGG 2'328'557 1.11 15'000 31.12.2012 Investment Advisor


RIDGEWAY BERNARD WIL n/a Co File 2'214'630 1.05 - 17.08.2012 n/a

VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'062'146 0.98 (4) 31.12.2012 Investment Advisor

NEUBERGER BERMAN LLC Multiple Portfolios MF-AGG 1'687'555 0.8 14'030 31.12.2012 Investment Advisor





WEAR SERVICES PTY LT n/a EXCH 987'893 0.47 (26'737) 06.06.2012 Corporation

LEMMEL MAGNUS n/a Co File 750'000 0.36 10'000 15.11.2012 n/a




Canaccord Genuity Corp AARON MULLER hold 3 M 2 12 month 19.02.2013


Morgan Stanley DAVID EVANS Equalwt/In-Line 3 M 2 12 month 18.02.2013









Deutsche Bank DOMINIC ROSE hold 3 D 2 12 month 18.10.2012

Holdings By:

Imdex Ltd ee


27.02.2013

FKP Property Group's activities include the development for resale of land

subdivision, residential and commercial property along with commercial and

residential building and construction. The Company also develops and manages

retirement villages and invests in and manages office and commercial properties

along with providing funds management and other property services.


LTM as of: 01/yy

52-Week High (27.02.2012) 3.15

52-Week Low (21.12.2012) 1.12

Daily Volume

1.685












FKP AT EQUITY YTD Change - Average Volume 30 Day 1'221'549

FKP AT EQUITY YTD % CHANGE - Average Volume 3 Month 1'037'375


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

260.5 325.5 404.1 258.6 131.7 - - 291.4 380.2 - -

11.16x 5.23x 4.95x 8.04x 14.33x - - 5.67x 4.57x - -

50.6 111.6 58.2 74.5 (19.2) - - 61.0 69.3 - -

57.47x 15.27x 34.37x 27.92x - - - 32.29x 28.43x - -

145.3 (319.4) 50.8 73.0 (352.9) - - 47.3 67.1 - -

8.88x - 15.01x 10.00x - - - 13.37x 12.21x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.03








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

FKP Property GroupPrice/Volume

Valuation Analysis

11'934'703.00


-

.

.

/

/

0

0

1

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

/&- 9

1&- 9

3&- 9

5&- 9

.-&- 9

./&- 9

.1&- 9

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

/&--

1&--

3&--

5&--

.-&--

./&--

.1&--

.3&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013


MULPHA INTERNATIONAL n/a EXCH 84'326'641 26.22 - 10.01.2013 Corporation

STOCKLAND n/a EXCH 46'009'761 14.31 - 27.09.2012 Corporation



DIMENSIONAL FUND ADV n/a EXCH 8'608'538 2.68 (81'005) 18.04.2012 Investment Advisor

PARKER PHILIP n/a EXCH 5'585'377 1.74 - 21.02.2012 n/a



ALPINE WOODS CAPITAL Multiple Portfolios MF-AGG 1'326'530 0.41 612'245 31.10.2012 Investment Advisor

BROWN PETER ROSS n/a EXCH 1'231'617 0.38 - 14.09.2012 n/a




FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 518'436 0.16 - 31.05.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 408'402 0.13 4'706 25.02.2013 Investment Advisor



HARTFORD INVESTMENT Multiple Portfolios MF-AGG 100'126 0.03 - 31.01.2013 Investment Advisor

ALLSTATE CORP n/a ULT-AGG 77'463 0.02 (28'585) 30.09.2012 Insurance Company





RBS Morgans FIONA BUCHANAN neutral 3 M 1 12 month 20.12.2012

Goldman Sachs PETER ZUK not rated #N/A N/A M #N/A N/A Not Provided 13.06.2012

Holdings By:

FKP Property Group ee


27.02.2013

Mirabela Nickel Limited a mineral exploration company with a portfolio of

prospective nickel and other base metal targets in Brazil.The Company explores

for nickel in the state of Bahia in Brazil. Mirabela's projects include the

Santa Rita, Serra Azul, Palestina, Sao Francisco where it explores fornickel

saprolite resource and nickel sulphide.


LTM as of: 09/yy

52-Week High (27.02.2012) 0.98

52-Week Low (11.07.2012) 0.22

Daily Volume

0.38












MBN AT EQUITY YTD Change - Average Volume 30 Day 2'550'923

MBN AT EQUITY YTD % CHANGE - Average Volume 3 Month 2'362'198


30.06.2008 30.06.2009 31.12.2010 31.12.2011 31.12.2012 09/yy 09/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

- - 211.0 303.6 343.4 251.5 369.6 384.4 426.7 105.0 106.0

- - 6.20x 2.98x - 18.47x 7.56x 1.69x 1.48x 6.32x 6.26x

(7.9) (12.2) 30.2 5.7 - 14.3 96.1 93.2 118.2 16.9 17.1

- - 43.30x 159.82x - 64.84x 7.11x 6.77x 5.33x 9.38x 8.64x

17.7 (28.1) (47.6) (50.8) (452.9) (64.6) (66.2) (23.4) (1.4) (9.4) (9.4)

40.82x - - - - 0.00x 0.00x - 24.19x 48.38x 129.02x


EBIT -53.71 Long-Term Rating CCC+








Gross Margin -9.2% Total Debt/EBITDA 4.70

EBITDA Margin 26.0%



Asset Turnover 0.35








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Mirabela Nickel LtdPrice/Volume

Valuation Analysis

4'357'456.00


-

-

-

.

.

.

.

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

2&- 9

.-&- 9

.2&- 9

/-&- 9

/2&- 9

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012-&--

-&/-

-&1-

-&3-

-&5-

.&--

.&/-



27.02.2013


DEANS KNIGHT CAPITAL n/a Co File 128'190'489 14.62 - 30.06.2012 Investment Advisor

RESOURCE CAPITAL FUN n/a EXCH 104'102'564 11.87 54'102'564 29.05.2012 Private Equity


STEYN COLIN H n/a PROXY 50'972'345 5.81 - 13.04.2012 n/a

LANCASTER PARK SA n/a EXCH 50'972'345 5.81 - 29.05.2012 Other

DISBROW ROBERT n/a Co File 32'022'100 3.65 - 27.02.2012 n/a


OMERS ADMINISTRATION n/a EXCH 24'393'200 2.78 (2'254'400) 20.07.2011 Pension Fund (ERISA)




BURTON CRAIG IAN n/a EXCH 7'788'561 0.89 - 01.01.2012 n/a


CLOUGH WILLIAM HAROL n/a EXCH 6'000'000 0.68 - 01.01.2012 n/a



FIRST ASSET INVESTME Multiple Portfolios MF-AGG 3'276'400 0.37 - 30.11.2012 Investment Advisor


AGF INVESTMENTS INC Multiple Portfolios MF-AGG 1'871'930 0.21 - 28.09.2012 Investment Advisor

FRONT STREET CAPITAL Multiple Portfolios MF-AGG 1'314'364 0.15 - 31.10.2012 Investment Advisor





Cormark Securities Inc. CLIFF HALE-SANDERS buy 5 M 1 12 month 06.02.2013

Raymond James TOM MEYER Under Review #N/A N/A M #N/A N/A Not Provided 05.02.2013

Paradigm Capital Inc SANTO RANIERI buy 5 M 1 12 month 01.02.2013

Paterson Securities SIMON TONKIN buy 5 U 1 12 month 30.01.2013

RBS Morgans TOM SARTOR neutral 3 D 1 12 month 29.01.2013

Dundee Securities Corp DAVID CHARLES buy 5 M 1 12 month 22.01.2013

CIBC World Markets ALEC KODATSKY sector perform 3 M 1 Not Provided 21.01.2013


Argonaut Securities Pty Ltd TROY IRVIN buy 5 U 1 12 month 13.11.2012



Holdings By:

Mirabela Nickel Ltd ee


27.02.2013

Discovery Metals Limited is an exploration and production company. The Company

is focused on developing the Boseto Copper Project located in west Botswana.

Discovery Metals also controls the Dikoloti Nickel Project in north east

Botswana.


LTM as of: 01/yy

52-Week High (23.04.2012) 1.82

52-Week Low (21.02.2013) 0.56

Daily Volume

0.62












DML AT EQUITY YTD Change - Average Volume 30 Day 5'182'716

DML AT EQUITY YTD % CHANGE - Average Volume 3 Month 3'317'015


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

0.0 0.0 0.0 0.0 0.0 - - 189.1 324.9 - -

- - - - - - - 2.08x 0.97x - -

(3.9) (3.6) (4.6) (14.6) (20.7) - - 72.3 162.7 - -

- - - - - - - 6.15x 2.73x - -

(3.2) (3.3) (4.1) (14.5) (21.1) - - 45.1 102.6 - -

- - - - - - - 7.10x 3.16x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00







Fiscal Year Ended

Discovery Metals LtdPrice/Volume

Valuation Analysis

12'227'644.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

---.....///

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

.-&- 9

/-&- 9

0-&- 9

1-&- 9

2-&- 9

3-&- 9

0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012-&--

-&/-

-&1-

-&3-

-&5-

.&--

.&/-



27.02.2013



CATHAY FORTUNE CORP n/a EXCH 66'795'164 13.72 (11'957'037) 15.02.2013 Private Equity

GENESIS ASSET MANAGE n/a Co File 35'886'865 7.37 - 30.09.2012 Investment Advisor

M&G INVESTMENT MANAG #N/A N/A EXCH 33'900'000 6.96 - 27.11.2012 Investment Advisor

TRANSAMINVEST SA n/a Co File 31'300'470 6.43 - 30.09.2012 Other

VANGUARD GROUP INC #N/A N/A EXCH 31'000'000 6.37 (4'900'000) 21.02.2013 Investment Advisor


TAURUS SM HOLDINGS P n/a EXCH 3'293'019 0.68 (30'061'047) 27.01.2012 Holding Company




GALT GORDON THOMAS n/a Co File 2'356'236 0.48 - 30.06.2012 n/a

READ JEREMY JAMES n/a EXCH 1'620'000 0.33 - 21.02.2013 n/a


CORDINER MORRICE n/a Co File 1'055'000 0.22 - 30.06.2012 n/a

SAMPSON STUART BRADL n/a EXCH 1'018'000 0.21 8'000 22.02.2013 n/a

GABONOWE RIBSON n/a Co File 953'694 0.2 - 30.06.2012 n/a

SHAW JOHN THOMAS n/a Co File 500'000 0.1 - 30.06.2012 n/a


ANDERSEN JAN n/a Co File 250'000 0.05 - 30.06.2012 n/a



Macquarie TOM WALKER neutral 3 M 2 12 month 25.02.2013

Blackswan Equities Ltd MARK SAVICH buy 5 M 1 12 month 25.02.2013

Octa Phillip Securities Ltd PIETER BRUINSTROOP buy 5 U 1 Not Provided 25.02.2013

RBC Capital Markets GEOFF BREEN underperform 1 M 1 12 month 20.02.2013


RBS Morgans CHRIS BROWN neutral 3 N 2 12 month 27.11.2012

Bell Potter STUART HOWE hold 3 D 2 12 month 16.10.2012

Argonaut Securities Pty Ltd TROY IRVIN hold 3 M 2 Not Provided 23.04.2012


Fox-Davies Capital PETER ROSE hold 3 M 2 12 month 19.01.2012

Holdings By:

Discovery Metals Ltd ee


27.02.2013

Alacer Gold Corporation explores for gold. The Company operates in Australia

and Turkey.


LTM as of: 09/yy

52-Week High (29.02.2012) 9.20

52-Week Low (20.02.2013) 3.10

Daily Volume

3.5





1'004.06 1 Yr Total Return -61.02%





Enterprise Value -


AQG AT EQUITY YTD Change - Average Volume 30 Day 946'040

AQG AT EQUITY YTD % CHANGE - Average Volume 3 Month 813'932


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

0.0 0.0 0.0 0.0 557.4 373.2 721.2 717.5 715.1 184.2 -

- - - - 5.13x 24.08x 11.98x 1.11x 0.87x - -

(15.2) (17.6) (13.4) (15.6) 257.0 159.5 326.1 319.5 333.3 71.4 -

- - - - 11.13x 17.33x 6.18x - - - -

(19.6) (13.5) (33.5) (37.8) 75.2 (9.6) 174.2 114.4 135.2 14.2 -

- - - - - 0.00x 0.00x 9.14x 7.63x - -











EBITDA Margin 45.2%



Asset Turnover 0.40







Fiscal Year Ended

Alacer Gold CorpPrice/Volume

Valuation Analysis

710'887.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-./0123456

.-

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9&2 9.&- 9.&2 9/&- 9/&2 90&- 90&2 91&- 91&2 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011-&--

-&/-

-&1-

-&3-

-&5-

.&--

.&/-



27.02.2013



WILLIAMS ROHAN IAN n/a EXCH 2'013'968 0.7 (200'000) 14.09.2012 n/a






RUFFER LLP Multiple Portfolios MF-AGG 333'975 0.12 - 28.09.2012 Hedge Fund Manager

NEWMAN CHRIS n/a SEDI 229'130 0.08 2'267 13.06.2012 n/a

HADDON TIMOTHY J n/a EXCH 218'262 0.08 - 17.12.2012 n/a

QUINLIVAN DAVID F n/a EXCH 206'606 0.07 62'245 01.08.2012 n/a

JF ASSET MANAGEMENT Multiple Portfolios MF-AGG 192'700 0.07 192'700 30.09.2011 Mutual Fund Manager

GRAFF RICHARD P n/a EXCH 81'837 0.03 - 27.11.2012 n/a

SNS INVESTMENT FUND Multiple Portfolios MF-AGG 62'975 0.02 - 29.06.2012 Investment Advisor


NESTOR INVESTMENT MA Multiple Portfolios MF-AGG 40'000 0.01 - 31.12.2012 Mutual Fund Manager

FLEMING FAMILY & PAR Multiple Portfolios MF-AGG 33'736 0.01 - 31.01.2012 Mutual Fund Manager

CAPITAL INTERNATIONA Multiple Portfolios MF-AGG 27'255 0.01 - 30.09.2012 Mutual Fund Manager


COUNSEL PORTFOLIO SE Multiple Portfolios MF-AGG 16'673 0.01 - 28.09.2012 Investment Advisor


Goldman Sachs PAUL HISSEY sell/attractive 1 M 2 12 month 26.02.2013

JPMorgan JOSEPH KIM neutral 3 U 4 9 month 22.02.2013

Nomura DAVID RADCLYFFE reduce 2 D 3 Not Provided 18.02.2013



Deutsche Bank BRETT MCKAY buy 5 M 6 12 month 12.02.2013


Commonwealth Bank ANDREW KNUCKEY overweight 5 M 6 12 month 12.02.2013

Morgan Stanley BRENDAN FITZPATRICK Equalwt/Attractive 3 M 5 12 month 24.01.2013

Bell Potter STEPHEN THOMAS accumulate 4 D 7 12 month 17.09.2012


Holdings By:

Alacer Gold Corp ee


27.02.2013

Energy World Corporation Ltd. generates electricity. The Company operates

gas-fired power plants in Sengkang, South Sulawesi, Indonesia, and Alice

Springs, Northern Territory, Australia. Energy World also produces natural gas

and liquefied natural gas in Australia.


LTM as of: 01/yy

52-Week High (20.03.2012) 0.86

52-Week Low (20.11.2012) 0.25

Daily Volume

0.34












EWC AT EQUITY YTD Change - Average Volume 30 Day 1'360'478

EWC AT EQUITY YTD % CHANGE - Average Volume 3 Month 1'243'218


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

76.3 95.1 93.5 110.3 145.6 - - - - - -

22.85x 10.37x 7.50x 9.20x 5.58x - - - - - -

34.4 41.3 41.4 52.3 58.7 - - - - - -

50.74x 23.88x 16.94x 19.41x 13.82x - - - - - -

20.7 (9.1) 20.1 27.1 20.4 - - - - - -

78.63x - 24.61x 30.78x 32.09x - - - - - -











EBITDA Margin 40.3%



Asset Turnover 0.17







Fiscal Year Ended

Energy World Corp LtdPrice/Volume

Valuation Analysis

717'848.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-----.....

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

/&- 9

1&- 9

3&- 9

5&- 9

.-&- 9

./&- 9

.1&- 9

.3&- 9

0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

.-&--

/-&--

0-&--

1-&--

2-&--

3-&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013


ENERGY WORLD INTERNA n/a Co File 639'740'924 36.89 - 14.09.2012 Corporation

RICHARD CHANDLER CAP n/a EXCH 369'090'589 21.28 23'992'320 14.11.2012 Corporation













JORDAN IAN WILLIAM n/a Co File 319'700 0.02 - 14.09.2012 n/a


O'NEILL MICHAEL PHIL n/a Co File 300'000 0.02 - 14.09.2012 n/a


CHARLES SCHWAB INVES Multiple Portfolios MF-AGG 197'800 0.01 - 26.02.2013 Investment Advisor




Holdings By:

Energy World Corp Ltd ee


27.02.2013

Troy Resources Limited is a junior gold producer. The Company has operations at

Andorinhas in Para State, Brazil and Casposo in San Juan Province, Argentina.


LTM as of: 03/yy

52-Week High (29.02.2012) 5.05

52-Week Low (20.02.2013) 2.53

Daily Volume

3.05












TRY AT EQUITY YTD Change - Average Volume 30 Day 315'679

TRY AT EQUITY YTD % CHANGE - Average Volume 3 Month 320'113


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 03/yy 03/yy 06/13 Y 06/14 Y 06/12 Q4 09/12 Q1

39.7 75.4 75.2 102.5 208.6 0.0 19.5 222.6 246.6 62.4 66.5

1.95x - 2.65x 3.00x 1.46x #DIV/0! 7.50x 1.01x 0.66x - 3.07x

(12.5) 9.9 2.0 36.8 89.6 0.0 (2.3) 112.1 135.3 - 39.7

- - 101.67x 8.33x 3.39x 0.00x 0.00x 2.08x 1.73x - 1.47x

(17.6) 16.7 (6.7) 14.6 31.4 0.0 (5.9) 54.1 67.0 19.8 19.2

- 6.03x - 20.84x 10.99x 0.00x 0.00x 5.26x 4.22x 3.47x 3.47x











EBITDA Margin 43.0%



Asset Turnover 1.21








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Troy Resources LtdPrice/Volume

Valuation Analysis

340'680.00


-

.

/

0

1

2

3

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

&2 9

.&- 9

.&2 9

/&- 9

/&2 9

0&- 9

0.0

50.0

100.0

150.0

200.0

250.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

. ---&--

/ ---&--

0 ---&--

1 ---&--

2 ---&--

3 ---&--

4 ---&--

5 ---&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013


WARRIGAL PTY LTD n/a EXCH 9'041'963 9.9 (14'053) 08.11.2012 Other

EL ORO LTD n/a EXCH 4'252'266 4.66 8'447 07.12.2012 n/a


JONES JOHN LOAD CECI n/a EXCH 1'239'061 1.36 - 08.11.2012 n/a






BENSON PAUL n/a EXCH 342'690 0.38 - 04.12.2012 n/a

NILSSON KEN KRISTER n/a EXCH 300'239 0.33 (55'000) 08.10.2012 n/a

PARISH CLEMENT ROBIN n/a EXCH 249'175 0.27 - 07.12.2012 n/a





DIX DAVID RUSSELL n/a Co File 87'013 0.1 - 29.09.2011 n/a

PACIFIC LIFE INSURAN Multiple Portfolios MF-AGG 79'274 0.09 - 31.01.2013 Insurance Company


GRIMWADE FREDERICK S n/a EXCH 40'000 0.04 20'000 30.11.2011 n/a








Holdings By:

Troy Resources Ltd ee


27.02.2013

Gindalbie Metals Limited is a iron ore exploration and mining company. The

Company explores for iron ore in the Mid West Region of Western Australia and

its projects include the Karara Magnetite, Mungada Hematite and Lodestone

Project.


LTM as of: 01/yy

52-Week High (29.02.2012) 0.71

52-Week Low (07.12.2012) 0.22

Daily Volume

0.25












GBG AT EQUITY YTD Change - Average Volume 30 Day 9'317'533

GBG AT EQUITY YTD % CHANGE - Average Volume 3 Month 11'269'020


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

0.0 0.0 0.0 0.0 0.0 - - 0.0 0.0 - -

- - - - - - - #DIV/0! #DIV/0! - -

(9.9) (11.8) (9.3) (8.5) (9.6) - - 12.6 58.1 - -

- - - - - - - 24.68x 5.35x - -

44.5 26.2 (2.5) 13.9 (27.2) - - 18.9 51.1 - -

16.20x 15.10x - 54.22x - - - 83.33x 7.58x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00







Fiscal Year Ended

Gindalbie Metals LtdPrice/Volume

Valuation Analysis

6'255'402.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

-

-

-

-

.

.

.

.

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 92&- 9.-&- 9.2&- 9/-&- 9/2&- 90-&- 902&- 91-&- 912&- 9

0.0

5.0

10.0

15.0

20.0

25.0

30.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

2--&--

. ---&--

. 2--&--

/ ---&--

/ 2--&--

0 ---&--

0 2--&--

1 ---&--

1 2--&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013


ANSHAN IRON & STEEL n/a EXCH 447'688'420 31.88 - 07.12.2012 Government

JP MORGAN n/a ULT-AGG 92'771'728 6.61 (4'800'153) 31.10.2012 Unclassified


JONES GEORGE FRANCIS n/a EXCH 19'500'000 1.39 500'000 10.12.2012 n/a


MELEWAR STEEL VENTUR n/a Co File 11'000'000 0.78 - 08.09.2010 Unclassified




O'NEILL MICHAEL JOHN n/a EXCH 1'437'655 0.1 (200'000) 30.01.2012 n/a


DIXON GARRET JOHN n/a EXCH 710'000 0.05 - 05.05.2011 n/a

MURCIA DIDIER MARCEL n/a EXCH 668'000 0.05 - 31.01.2010 n/a

BIN ABDULLAH YAACOB n/a EXCH 600'000 0.04 - 03.11.2010 n/a


MCBAIN PETER J n/a Co File 240'000 0.02 - 30.06.2010 n/a

MARSHALL ANDREW R n/a EXCH 200'000 0.01 100'000 12.12.2012 n/a

NETSCHER TIMOTHY CAR n/a EXCH 200'000 0.01 100'000 11.12.2012 n/a




RBC Capital Markets CHRIS DREW underperform 1 M 0 12 month 21.02.2013

Bell Potter STUART HOWE hold 3 M 0 12 month 14.02.2013

Credit Suisse MATTHEW HOPE neutral 3 M 0 Not Provided 06.02.2013


JPMorgan MARK BUSUTTIL underweight 1 M 0 12 month 22.01.2013



Holdings By:

Gindalbie Metals Ltd ee


27.02.2013

Saracen Mineral Holdings Ltd. explores for and produces gold. The Company

produces gold from its Carosue Dam mine located notheast of Kalgoorlie, Western

Australia.


LTM as of: 01/yy

52-Week High (27.02.2012) 0.75

52-Week Low (21.02.2013) 0.34

Daily Volume

0.37












SAR AT EQUITY YTD Change - Average Volume 30 Day 2'871'316

SAR AT EQUITY YTD % CHANGE - Average Volume 3 Month 2'485'334


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

0.0 - 31.4 155.7 183.8 - - 221.0 256.7 - -

- - 5.26x 1.58x 1.70x - - 0.74x 0.41x - -

(1.9) (9.5) 14.7 59.5 63.1 - - 76.1 96.8 - -

- - 11.26x 4.15x 4.96x - - 2.67x 2.10x - -

(1.8) (10.0) (25.4) 47.7 18.7 - - 36.3 49.2 - -

- - - 5.49x 16.82x - - 5.78x 4.11x - -











EBITDA Margin 34.3%



Asset Turnover 0.90








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Saracen Mineral Holdings LtdPrice/Volume

Valuation Analysis

1'851'962.00


-

-

-

-

-

.

.

.

.

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

/&- 9

1&- 9

3&- 9

5&- 9

.-&- 9

./&- 9

0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0

180.0

200.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

.-&--

/-&--

0-&--

1-&--

2-&--

3-&--

4-&--

5-&--

6-&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013




RENAISSANCE SMALL CO n/a EXCH 30'365'634 5.1 - 16.01.2013 Other



SPROTT INC n/a EXCH 28'800'451 4.84 (841'000) 27.01.2012 Hedge Fund Manager

ARVE CHARLES n/a EXCH 28'685'450 4.82 (320'000) 19.07.2011 n/a



STALTARI GUIDO n/a Co File 14'407'252 2.42 - 31.08.2012 n/a






GENUS DYNAMIC GOLD F n/a EXCH 4'100'000 0.69 (1'739'000) 26.05.2011 n/a




GAMCO n/a ULT-AGG 2'000'000 0.34 1'000'000 28.09.2012 Unclassified





Argonaut Securities Pty Ltd TROY IRVIN hold 3 D 1 12 month 10.10.2012


Holdings By:

Saracen Mineral Holdings Ltd ee


27.02.2013

Bathurst Resources Ltd. is a mineral exploration company. The Company is focused

on developing high grade coal projects and has currently entered into an

agreement to acquire the Buller Coal project in New Zealand which hosts high

grade coaking and thermal coal. Bathurst Resources intends to be in production

by late 2011.


LTM as of: 01/yy

52-Week High (06.03.2012) 0.87

52-Week Low (24.07.2012) 0.26

Daily Volume

0.33












BTU AT EQUITY YTD Change - Average Volume 30 Day 3'222'218

BTU AT EQUITY YTD % CHANGE - Average Volume 3 Month 3'260'816


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

- - - 4.0 16.5 - - 32.7 103.0 - -

- - - 148.33x 12.92x - - 7.51x 2.71x - -

(0.4) 2.8 (3.0) (19.9) (5.2) - - (4.4) 20.9 - -

- 4.28x - - - - - - 8.55x - -

(0.3) (11.3) (8.4) (13.5) (21.5) - - (9.7) 7.1 - -

- - - - - - - - 33.00x - -









Net Debt/EBITDA -





Asset Turnover 0.04








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Bathurst Resources LtdPrice/Volume

Valuation Analysis

773'974.00


-----.....

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

.-&- 9

/-&- 9

0-&- 9

1-&- 9

2-&- 9

3-&- 9

4-&- 9

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012-&--

-&/-

-&1-

-&3-

-&5-

.&--

.&/-



27.02.2013


L1 CAPITAL PTY LTD n/a Co File 78'924'030 11.32 - 27.09.2012 Mutual Fund Manager

JP MORGAN n/a ULT-AGG 77'948'241 11.18 25'435'218 04.01.2013 Unclassified

COUPLAND CARDIFF ASS n/a EXCH 62'167'752 8.92 11'195'642 07.12.2012 Hedge Fund Manager

MATHEWS CAPITAL PART n/a EXCH 52'849'280 7.58 - 27.09.2012 Investment Advisor






BOHANNAN HAMISH JOHN n/a Co File 10'605'000 1.52 - 30.06.2012 n/a



JF ASSET MANAGEMENT Multiple Portfolios MF-AGG 2'947'689 0.42 739'689 30.09.2011 Mutual Fund Manager


TCW GROUP INC Multiple Portfolios MF-AGG 1'100'000 0.16 559'589 31.01.2013 Investment Advisor


MANNERS TIMOTHY n/a Co File 600'000 0.09 - 30.06.2012 n/a

COOPER GERALD WILLIA n/a EXCH 597'000 0.09 - 12.02.2013 n/a

LORD ROBERT JOHN n/a Co File 530'938 0.08 - 30.06.2012 n/a

MUNRO CRAIG RENNIE n/a Co File 462'526 0.07 - 30.06.2012 n/a





Canaccord Genuity Corp ROD BUCKTON buy 5 M 1 Not Provided 12.06.2012

Helmsec Global Capital Limited BASIL BURMEISTER buy 5 M 1 Not Provided 30.05.2012

Lonsec Ltd PETER GREEN buy 5 M 1 Not Provided 17.05.2012

Holdings By:

Bathurst Resources Ltd ee


27.02.2013

Maverick Drilling & Exploration Ltd. is an oil and gas exploration and

production company. The Company has operations in the Blue Ridge Dome Oilfield

of Texas in the United States.


LTM as of: 01/yy

52-Week High (20.04.2012) 1.49

52-Week Low (24.01.2013) 0.51

Daily Volume

0.57












MAD AT EQUITY YTD Change - Average Volume 30 Day 3'026'443

MAD AT EQUITY YTD % CHANGE - Average Volume 3 Month 3'132'239


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

- 5.8 5.6 11.0 22.0 - - 31.9 112.0 - -

- - - 7.97x 21.85x - - 7.15x 2.24x - -

- 1.3 1.3 5.0 9.9 - - 10.1 54.0 - -

- - - 17.40x 48.37x - - 24.52x 4.59x - -

- (2.1) (2.0) 2.2 6.6 - - 2.4 25.7 - -

- - - 33.57x 71.47x - - 95.00x 10.96x - -











EBITDA Margin 45.2%



Asset Turnover 0.35








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Maverick Drilling & Exploration LtdPrice/Volume

Valuation Analysis

1'720'644.00


-

-

-

.

.

.

.

.

/

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

2&- 9

.-&- 9

.2&- 9

/-&- 9

/2&- 9

0.0

5.0

10.0

15.0

20.0

25.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-&--

.-&--

/-&--

0-&--

1-&--

2-&--

3-&--

-0&-4&/--6 -0&-.&/-.- -0&-4&/-.- -0&-.&/-.. -0&-4&/-.. -0&-.&/-./ -0&-4&/-./ -0&-.&/-.0



27.02.2013



MAVERICK DRILLING & n/a EXCH 82'244'697 18.17 - 31.01.2013 Corporation

HENRICH DON DURST n/a EXCH 52'087'685 11.51 100'000 04.02.2013 n/a


CLARKE LEE ANTHONY n/a Co File 18'014'357 3.98 - 30.06.2012 n/a

SIMMONS BRADLEY JAY n/a EXCH 11'108'414 2.45 (1'250'000) 21.12.2012 n/a

AMANTERRA LTD n/a EXCH 11'108'414 2.45 (1'250'000) 21.12.2012 Other

CAMUGLIA JOSEPH CHAR n/a Co File 10'884'936 2.4 - 30.06.2012 n/a

JOSEPH CAMUGLIA n/a EXCH 7'884'936 1.74 - 16.04.2012 n/a

CLARKE ROGER BRIAN n/a EXCH 5'650'000 1.25 78'571 06.02.2013 n/a

SALT DOME PTY LTD n/a EXCH 2'000'000 0.44 - 16.04.2012 Other



KNORR D A n/a Co File 1'000'000 0.22 - 30.06.2012 n/a

KICH PTY LTD n/a EXCH 1'000'000 0.22 - 16.04.2012 Other

ROFF D n/a Co File 950'000 0.21 - 30.06.2012 n/a



CRAWFORD ANDREW JAME n/a Co File 225'000 0.05 - 30.06.2012 n/a



Wilson HTM Investment Group JOHN YOUNG buy 5 M 2 Not Provided 26.02.2013


RBS Morgans KRISTA WALTER outperform 5 N 2 12 month 27.11.2012

Holdings By:

Maverick Drilling & Exploration Ltd ee


27.02.2013

Gryphon Minerals Ltd. explores for gold. The Company operates on the Banfora

Gold Project in Burkina Faso, Africa, and properties in Mauritania.


LTM as of: 01/yy

52-Week High (28.02.2012) 1.24

52-Week Low (26.02.2013) 0.35

Daily Volume

0.36












GRY AT EQUITY YTD Change - Average Volume 30 Day 2'461'543

GRY AT EQUITY YTD % CHANGE - Average Volume 3 Month 2'258'382


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

0.0 0.0 0.0 0.0 0.0 - - 0.0 1.3 - -

- - - - - - - #DIV/0! 201.47x - -

(3.3) (2.7) (3.9) (15.9) (8.0) - - (12.0) (9.7) - -

- - - - - - - - - - -

(3.1) (2.3) (3.2) (8.9) (5.9) - - (10.0) (11.0) - -

- - - - - - - - - - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00







Fiscal Year Ended

Gryphon Minerals LtdPrice/Volume

Valuation Analysis

1'859'252.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

-

-

.

.

.

.

.

a!./ i!./ P!./ i!./ e!./ e!./ P!./ n!./ l!./ j!./ S!./ e!.0 a!.0&- 9

/&- 9

1&- 9

3&- 9

5&- 9

.-&- 9

./&- 9

0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012-&--

-&/-

-&1-

-&3-

-&5-

.&--

.&/-



27.02.2013


VAN ECK ASSOCIATES C n/a EXCH 47'385'165 11.83 681'722 28.11.2012 Investment Advisor




ROYAL BANK OF CANADA n/a ULT-AGG 14'803'493 3.7 (160'194) 05.04.2011 Bank

PARSONS STEPHEN n/a EXCH 6'990'601 1.75 - 18.12.2012 n/a




GCIC LTD/CANADA Multiple Portfolios MF-AGG 5'000'000 1.25 (1'109'985) 30.06.2012 Investment Advisor

LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 4'496'398 1.12 156'000 31.12.2012 Mutual Fund Manager


SHARE SICAV Multiple Portfolios MF-AGG 3'845'666 0.96 (768'620) 30.03.2012 Investment Advisor



QUANTEX AG Multiple Portfolios MF-AGG 2'860'000 0.71 - 31.01.2013 Investment Advisor



TOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 2'016'000 0.5 2'016'000 30.09.2012 Hedge Fund Manager




Argonaut Securities Pty Ltd TROY IRVIN speculative buy 4 M 1 12 month 11.02.2013



Paradigm Capital Inc DON MACLEAN speculative buy 4 M 1 12 month 01.02.2013



Clarus Securities NANA SANGMUAH buy 5 M 1 12 month 31.01.2013

BMO Capital Markets ANDREW BREICHMANAS speculative outperform 4 M 1 Not Provided 30.01.2013





DJ Carmichael Pty Ltd PAUL ADAMS speculative buy 4 M #N/A N/A Not Provided 24.08.2011

Holdings By:

Gryphon Minerals Ltd ee


Date post:	07-Nov-2014
Category:	Economy & Finance
Upload:	qms-advisors
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