CONFIDENTIAL DOCUMENT

Date Created: 31 March 2017

Prepared for Conference Session

DISCUSSION MATERIALS
Australian Mining Services M & A Trends, & What This Means For The Rest Of Asia
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31 March 2017 Page | 2

 Workbook Contents

1 Macro Sector Observations

Australia Avoids Recession
2 Australian & Asian Deal Activity as Household Spending,
Mining Boost Economy
3 Example High Level Deal Analysis
Bloomberg, 1 March 2017

4 Observations & Themes

5 Appendix : Additional Industry Data

6 LCC Asia Pacific Overview

Cover Photo : View From LCC Asia Pacifics Sydney Office

https://www.bloomberg.com/news/articles/2017-03-01/aussie-economy-grows-faster-than-forecast-on-household-spending

31 March 2017 Page | 3

 01
As confidence grows and customers are
prepared to commence or expand
projects, mining service companies are
reporting acceleration in the rate
contracts are being awarded
Mining Sector Returns To Growth. AFR. 27 Feb 2017
Macro Sector Observations
MACRO SECTOR OBSERVATIONS

Sector Players Rally Since February 2016

Sentiment change across equity capital markets evident
Southern Cross Electrical BSA Limited
1.10 0.50

0.90 0.40

0.70 0.30

0.50 0.20

0.30 0.10

0.10 0.00
Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17

NRW Holdings RCR Tomlinson

1.60 4.00
1.40
1.20 3.00
1.00
0.80 2.00
0.60
0.40 1.00
0.20
0.00 0.00
Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17

31 March 2017 Source: Thomson Reuters Datastream Page | 5

 MACRO SECTOR OBSERVATIONS

Sector Players Rally Since February 2016

Sentiment change across equity capital markets evident
Ausdrill Bradken
2.00 6.00

5.00
1.50 Takeover by Hitachi
4.00

1.00 3.00

2.00

Both Deals Successful

0.50
1.00

0.00 0.00
Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17

UGL Limited
4.00
What Drove the Sentiment Pivot Change ?
De-levering Balance Sheets From High Debt 3.00
Incredibly low valuations many below 3x ACTUAL TEV/EBITDA
Sponsors signaling loosening CAPEX / OPEX Spend 2.00
Commodity price recovery Takeover by CIMIC
Optimised operational structures all fat cut out 1.00
Change in contract risk profile moves to open book / cost +
contracting as opposed to fixed price / lump sum
0.00
M & A activity cycle commenced Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17

31 March 2017 Source: Thomson Reuters Datastream Page | 6

 MACRO SECTOR OBSERVATIONS
DOW pierces 21,000
Capitalising On Positive Market Sentiment after Trump speech.
Reuters, 1 March 2017

The Trump Presidency hoped to be high spending and expansionary, but

The IMF forecasts robust global growth of 3.1%, 3.4%, 3.6% for FY16-FY18
1 Monetary conditions in the major world economies remain loose in historical terms.
World Economic Growth
Gradually Improving China and India are forecast to continue to grow at above 6% and 7% per annum respectively, and this
is off a sizeable base
The new US administration has committed to a material increase in infrastructure spending and
sizeable increase in military hardware (but can Trump deliver ?)
The Australian economy continues to grow at trend, with some slack in the labour market allowing
companies to expand selectively

Commodity prices have rebounded over the past six months but what sustainable levels ?
2 Commodity Prices Material increases in infrastructure spending globally will underpin further commodity price gains
Continue to Remain The value of Australias resources and energy exports is forecast to increase by 30% in 201617, to a
Positive record $204 billion. This forecast represents a 16% upward revision from the previous estimate made
in September. (Department of Industry 2016)
Prolonged supply disruptions at large mines overseas will reinforce Australias reputation as a safe
jurisdiction for commodity producers and investors
S&P ASX300 Metals & Mining Index

31 March 2017 http://www.reuters.com/article/us-usa-stocks-idUSKBN1684CM Page | 7

 MACRO SECTOR OBSERVATIONS

Capitalising On Positive Market Sentiment

Over the past year, Australia has generally gained market share of global resource commodities supply. The gains have come as a result of a large investment
in new capacity over the past decade, low production costs and the relatively high quality of Australias resources. Global consumption grew in 2016 for most
of the resource and energy commodities that Australia produces. (Depart of Industry 2016)
A number of Australian-based miners have announced expansions in recent months. This is positive
3 Announced Mine for Service Providers potential project pipeline
Expansions and Record BHP Billiton is investigating significant expansion opportunities at its massive Olympic Dam complex
Ore Production Newcrest is seeking to ramp up and expand output from its Cadia mine over the next few years. This
expansion in capacity is largely to offset a decline in grade. This is certainly a theme with copper and
gold mines globally. Lower grade ores means more material has to be crushed and processed just to
maintain steady state production
Australian gold production has reached a 17 year high as miners seek to capitalise on strong
Australian dollar gold prices. New mines are opening, even as average ore grades are declining
Australian coal mines are also looking to expand as coal prices recover. This is on the back of large
mining curtailments in China due to uneconomic reserves and poor coal quality

Inbound queries from overseas investors looking to acquire and expand mining assets in Australia
4 Inbound Investment &
have surged in the past six months
Deal Inquiry Both On The
Australia is seen as a low-risk, politically-stable destination for foreign mining capital
Rise
Australia often seen as a platform jurisdiction for moving into Asian markets
Foreign acquirers tend to take a longer term view of commodity cycles than Australian-based
investors. They are seeking assets that they can grow over the medium-long term

Increasing inquiry of Western companies looking into emerging Asian regions driven by anticipation
5
Asia Seen As A Frontier of ongoing increased growth of sector importance and the chase for Margin
For Growth Scale of in country operations often seen as a challenge too small to be able to function as a local
platform to build other assets / operations around
Specialisation a much easier decision for a Board to sign of on to enter a market: Sleep at night test
31 March 2017 Page | 8
 MACRO SECTOR OBSERVATIONS

What is Driving Valuations & Deal Activity

High level of deal activity in last 6 months driven by fundamentals and opportunism

Balance Sheets in good shape (Bidder & Target) Mining sector

1 Cost cutting arguably delivered more effective, streamlined operations returns to growth
Positive Fundamentals Macro Factors feeling positive although still fragile on US Policy
Bidders looking to diversify footprint / strategy quickly ahead of perceived spend

Australian Mining Services & Engineering Companies have enjoyed aggressive valuation recovery
2 over the past 12 months, driven by commodity price recovery and Sponsor activity
Capitalising On
Positive Sentiment Level of inquiry for Australia and South East Asia risen dramatically
Corporates & Financial Sponsors (selected) in deal making mode although many PE now trying Exit

Multiple Cross Border and In Market plays unfolding last quarter really accelerating
3 Rationales include acquiring :
Strategic Rationales 1. like operations for geographic / client penetration
2. hetrogeneous business modelling avoiding risk concentration
3. Market entry at the perceived lower risk part of the cycle curve
4. Specialisation

4 Capital for M & A is becoming increasingly available, although often from alternate sources to
Capital Availability &
traditional commercial trading banks Mezz & Special Sits Funds
Deal Structures
There is a reluctance for Boards / Management to return business models to gearing levels of pre
GFC and the Resources Great Depression
Stock being increasingly used as a currency again with the recovery in valuations
Deals structured in smaller transactions to ensure alignment moving forward

31 March 2017 http://www.afr.com/personal-finance/shares/mining-sector-returns-to-growth-20170227-gum0h9 Page | 9

 02
In . West Virginia, people are holding
on to President Donald Trumps promise
to bring back coal mining jobs.
Coal miners from 2 generations betting on Trump,
Marketplace, 21 February 2017

Australian & Asian Deal Activity

 AUSTRALIAN & ASIAN DEAL ACTIVITY

Valuations across the Australian Stock Market Healthy

With smaller PublicCos, however, multiples (driven by illiquidity) remain lower

30

25

Tops out at about 24x

20
Price to Earnings Ratio

Market fully
15 valued?
explains
increasing use of
10
Shares as deal
currency
Depths of GCF
5

0
1990 1993 1996 1999 2002 2005 2008 2011 2014 2017

31 March 2017 Source: Thomson Reuters Datastream Page | 11

 AUSTRALIAN & ASIAN DEAL ACTIVITY

Increasing Deal Activity Seen in Australia

Opportunistic transactions to capitalise on low valuation and sector recovery evident. Sector themes include
synergy & consolidation, expanding skillsets, and foreign acquirer obtaining geographical foothold in Australia

Engineering and Mining Services Deal Activity in Australia (1)

1QCY16 2QCY16 3QCY16 4QCY16 1QCY17

Recent Private Equity rumours

Mining services M&A expected to pick up pace
The Australian Financial Review (26 March 2017) (trade sale, IPO etc)

Big backlog which may rush to

market
31 March 2017 Source: LCC analysis (non-exhaustive) Page | 12
 AUSTRALIAN & ASIAN DEAL ACTIVITY

Deal Activity in Asia

M&A in the engineering & contracting space in Asia is dominated by multinationals seeking to expand
(products/services & geography) as well as by Private Equity Players seeking value

Deal Value
Year Target Acquirer Target Nation EV/EBITDA (LTM) Notes on Target
(US$ m)

2016 Reverse takeover Singapore N/A 65 Environmental engineering services

Asia Integrated Facility Solutions

2016 Singapore N/A 137 Facilities management
Pte Ltd

2016 India 34.0x 313 Engineering services

4.1x
2016 Singapore 17 Marine Services
(PER)

2016 India N/A 62 Process & flow control

Contracting & electrical engineering

2015 Singapore 3.0x 181
services
Civil engineering, design automation
2015 Singapore N/A 325
and 3D modelling

2010 Investor Group Indonesia N/A 335 Mining contractor

2009 Indonesia 13.4x 84 Mining contractor

31 March 2017 Source: LCC analysis (non-exhaustive); Merger Markets Page | 13

 AUSTRALIAN & ASIAN DEAL ACTIVITY

Transaction Examples (Mining Products)

A sample list of Precedent Transactions were concluded at an average EV/EBITDA of 9.0x.

Precedent Transactions

Date Acquirer Target Target Description Enterprise Value EV/EBITDA

Oct-16 Mining equipment components supplier and servicer $857 mil 9.0x (H)

Jul-16 Manufacturer of underground mining equipment US$3.7 bil 16.4x (F)

Multi-national manufacturer of cutting and welding equipment for

Feb-14 $1,050 mil 10.3x
welders
Provides services and equipment for the operation, maintenance and
Jan-14 COALTRAM $13 mil 5.7x
support of open cut and underground mining in Australia
Engaged in heavy machinery parts distribution for the mining and
Oct-12 $183 mil 8.1x
forestry industries
Average 9.0x

Komatsus acquisition of Joy Global (at 16.4x EBITDA (F)) and Hitachis acquisition of Bradken (at 9.0x EBITDA)
highlight the foreign acquirers drive to acquire leading sector manufacturing styled companies

Hitachi has this week reached Compulsory Acquisition threshold in the Bradken takeover

Timing of the acquisitions (mid-2016) also represents the acquirers view that the industry is recovering, whilst trying
to capitalize in an opportunistic fashion on lagging valuations with good companies

31 March 2017 Source: Thomson Reuters Eikon , Mergermarket, LCC research Page | 14
 AUSTRALIAN & ASIAN DEAL ACTIVITY

Transactions Examples (Mining Services)

Transactions in the Mining Services space saw a lower average EV/EBITDA transaction multiple of 5.0x

Precedent Transactions

Date Acquirer Target Target Description Enterprise Value EV/EBITDA

Engaged in contracting and related services to groups operating in the

Jan-17 $82mil 3.2x
civil construction and mining sectors
Engaged in the providing engineering and project management
May-16 $154 mil 5.9x
company that provides services to the mining industry
Engaged in providing mineral processing and associated
Feb-16 $182 mil 5.2x
infrastructure solutions to the global resources industry

Dec-14 Provides hire of pump, power and compressed air equipment $93 mil 8.8x

Diversified Mining Specialises in vertical and lateral mine construction and leader in the
Sep-14 $20 mil 3.0x
Services provision of raise boring services in Australasia.
Specialises in vertical and lateral mine construction and leader in the
Oct-13 $15 mil 5.4x
provision of raise boring services in Australasia.
Provides rental of earthmoving equipment and maintenance services
Aug-13 $346 mil 3.3x
to mine operators
Average 5.0x

Highly opportunistic bid for MAH which still

carries considerable debt. Vigorous &
creative Response Strategy being executed
by the Target which may defeat this
valuation proposal
31 March 2017 Page | 15
 03
In more good news for the Goldfields
region, gold exploration drove the biggest
portion of that increase.. Up 14.6%.....
Exploration spending shows signs of mining recovery,
The Western Australian, 3 March 2017

Example High Level Deal Analysis

 EXAMPLE HIGH LEVEL DEAL ANALYSIS

Achieving Outstanding Valuation For Shareholders

CLIENTCO ultimate valuation will be a result of expertise in negotiation defending key value drivers

8.7x
Factors That Will Drive Value
Local Comparable Analysis
Comparable Analysis (Australia Mining Product) 8.4x 8.9x External Factors
(Mining Product)
Market sentiment, capital availability for transactions &
Bidder trading valuation
6.8x
Cost Saving & Synergy Analysis from any deal
Local Comparable
Comparable Analysis
Analysis (Australia Mining Services) 3.9x 11.3x Macro market trends, including Capital Investment in
(Mining Services)
Mining, Engineering Services, etc.
11.6x
Internal Factors
Comparable
Comparable AnalysisComparables)
Analysis (International 7.0x 17.3x
(International) High level of recurring revenue from stable client base
IP rich company, which continues to develop
9.0x evolutionary R & D solutions
Precedent Deal Analysis Predictable CAPEX profile not CAPEX starved in any
Precedent Transaction
(Mining Products)(Mining Product) 5.7x 11.7x
way
EBITDA Margin & sustainability of that margin
5.0x Current Order Book vs historic performance combined
Precedent Deal Analysis with understanding of CAPEX requirement for Order
Precedent Transaction (Mining Services) 3.0x 8.8x
(Mining Services) Book growth

7.0x 9.0x 10.0x as a stretch goal Likely Deal Killers

CLIENTCO Value Range WearX
TEV/EBITDA(F) 1. CAPEX profile uncertain going forward
2. Margin analysis unable to be verified
0.0x 5.0x 10.0x 15.0x 20.0x 3. Client relationships biased to Founder(s)
4. Risk profile of Contracts unacceptably high
Denotes mean
EV/EBITDA
31 March 2017 Page | 17
 EXAMPLE HIGH LEVEL DEAL ANALYSIS

Decomposing Value Drivers For Sub Sectors

Each sub sector displays its own risk characteristics
Mining Products Mining Services Engineering SEA Overlay
Internal
IP Rich No IP Low IP Can I protect ?
I.P.
Repeat Custom High Moderate Low Relationship ?
Margin Negotiation Some Power No Power Low Power Transparent ?
Lumpy Cashflow ? Low High Extreme Hold Backs ?

External
How Win Business ? Product Relationship Tender Local Partner ?
Local Dependent ? Low V. High High Extreme
I.P. Merger Benefits ? High Low Moderate Low

Risks
Low Moderate Extreme High
On Time, On Budget
Environmental Low ^ V. High High Very High

Disputes, Warranties, Low ^ High V. High High

Claims
31 March 2017 ^ Need to understand facilities / foundry Page | 18
Trump signs executive order to undo
Obama Climate Platform, flanked
by coal miners
29 March 2017 04
Observations & Themes
 OBSERVATIONS & THEMES

M & A will increase across 2017, but keep eye on Macro

Well developed & disciplined M & A growth strategy required as deal environment heats up
Retention of deal teams post any transaction should lead to ongoing preference for
1
structured transactions. Legal relief in any emerging economy non existent so
Challenges in SEA / Asian
protection needs to be built into the contract (in particular dealing with flight risk)
Growth Economies
Specialist Services players including marine services, oilfield services, pipeline services
and electrical engineering will be attractive as boutique offerings into emerging Asian
markets. Established PE players already have significant portfolios in such sub sectors
and are anticipated to be active
Diligence challenges should not be underestimated, and thorough preparation to
engage in the commercial negotiation is critically important.

2 Deal quality, in particular assets that have seen the market a number of times before
Challenges in Australian /
Aggressive assumptions on future performance being used as the basis of valuation in
Developed Economies
a still fragile global economy and US Presidency that needs to get agenda delivered
Increasing commercial competition as new entrants acquire cheap equipment in what
is still a flooded market and attempt to carve out a market segment for themselves

3
Mining Services Technology sought after particularly where productivity improvement
Products and companies with high IP will also be attractive, as international players will
LCC anticipates a number
of key deal themes Across
be able to leverage their products through cross border sales channels
Asia & Australia Acquisitions in Asia will likely increase but in particular as bolt ons for existing
operations or Private Equity portfolios
A key issue in Diligence is potential of any Target being CAPEX starved during down times
Valuation separation of those with IP in their operations and those that commoditised

31 March 2017 Page | 20

Shares in iron ore miners
continued to run today
Miners run as iron ore tops US$90 a tonne,
AAP, 14 February 2017
05
Appendix : Additional Industry Data
 APPENDIX : ADDITIONAL INDUSTRY DATA

Mining Equipment
Based on the analysis of major mining equipment players, it appears that mining equipment sales have
increased towards the end of CY2016
Komatsu Caterpillar
(year-on-year growth of construction and mining equipment sales in Oceania) (year-on-year growth of machines sale for resources industries in Asia Pacific)

30% 90%

20% 60%

10% 30%

0% 0%
-10% -30%
-20% -60%
-30% -90%
Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17

Source: Komatsu Source: Caterpillar Inc

Atlas Copco Sandvik

(orders received in Oceania last 3 months vs previous year, %) (Quarterly Revenue, change compared to year earlier)
30%
60%
20%
40% 10%
20% 0%
-10%
0%
-20%
-20% -30%
-40% -40%
-50%
-60%

Source: Atlas Copco Source: Sandvik

31 March 2017 Page | 22

 APPENDIX : ADDITIONAL INDUSTRY DATA

Mining Consumables
Fundamentals are stable, with mining consumables sector led by strong run-of-mine output growth
of 3% to 5% p.a. Outlook in mining sector has turned positive

What are the industry players saying? Recent Positive Developments (4)

Fundamentals stable; while capital growth not expected until FY18, underlying run-of- Anglo American (Feb-17): Ends forced asset sales
mine output expected to grow: (1) after the company swung back to profit. This is a
Mining output at historic highs positive development for the sector, as holding the
Output growing steadily at 3-5% p.a. assets means:
Low cyclicality Confidence is returning to the sector
Anglo will likely recommit to reinvestments
Seeing recovery in demand for mining equipment (2) into its mines (following a period where CAPEX
Increase in customers need for improvement in productivity and decrease in life-cycle is likely held back as assets are put on sale)
costs (2) Profitability will lead to emphasis on
increasing productivity, and hence, increasing
Australias iron ore export volumes (3) Australias thermal coal export volumes (3) spend on minimising downtime

1,000 300 BHP Billiton (Feb-17)

Million tonnes

Million tonnes

Said that it can develop more QLD coking coal

200
500 mines after 3 years of squeezing the most
100 cash it could and not promoting their growth
Emphasised that coal remained an attractive
0 0 business
2007-08 2012-13 2017-18 2007-08 2012-13 2017-18 Is focused on making its coking coal mines as
efficient as possible
Export volumes are forecast to increase Export volumes are forecast to increase Flagged plant expansions, in the first sign of
5.9% in 2017 to 832mt, and 5.6% in 3.7% in 2017 to 203mt (stable in FY18) more production, and prospects of new mines
2018 to 879mt

31 March 2017 Source: (1) Bradken Limited , (2) Hitachi (3) Office of the Chief Economist Resources and Energy Quarterly December 2016, (4) news reports Page | 23
 APPENDIX : ADDITIONAL INDUSTRY DATA

Mining Industry in Australia

The mining industry in Australia and is expected to grow at an annualised 2.3% through to 2021/2022,
supported by increase in commodity prices and strengthening global market conditions
Revenue ($ billion)
300
Industry Overview
250 240
226 230 (Exploration, development and extraction of minerals and/or
215 217 221
206 210 hydrocarbons)
198 197
200 179
Industry revenue has declined c.25% over the past 5 years
150 due to decreasing commodity prices, and growing supply
gluts due to weak market conditions
100
However, industry revenue is expected to increase at an
50 annualised rate of 2.3% through to 2021/2022 as
commodity prices recover, on the back of demand from
0 emerging & developing markets, and strengthening global
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 market conditions

Product Segmentation (2016/17) Export Market (2016/17)

Oil & Gas

Other Metal
extraction ,
Over c.55% of the industry The industry is export-oriented with
Ore Mining,
18% 18% comprises of iron ore and exports accounting for c.70% of revenue
coal mining Japan, 35% in 2016/17
Coal Other, 10%
Mining, Exploration & The price of both iron ore China & Japan account for c.78% of
24% other mining
services , 6% and coal has increased Australian mining exports
South Korea,
Iron Ore
Non-
significantly over the past 6 China, 43% 8%
Mining, 31%
metallic months as a result of Export volumes are expected to increase
mineral increasing global demand India, 5% due to strong domestic and global
mining ,
4% and current shortage of demand
supply in the markets
31 March 2017 Source: IBIS World (particularly in China) Page | 24
..prices (sic) are now soaring .. Thanks
to Chinese demand for higher grade ore
Demand for higher grade iron ore in China is driving price spike,
AFR, 14 February 2017
06
LCC Asia Pacific Overview
 LCC ASIA PACIFIC OVERVIEW

A Boutique Firm, Calibrated To Performance

An independent investment banking Firm, with over a decade of experience delivering Excellence

LCC Asia Pacific is a boutique investment banking practice, providing independent corporate finance & strategy advice
to clients in Australia and across Asia Pacific markets. We have acted for ambitious clients from emerging companies
to Fortune 100 & Mega Asian listed entities

LCC Asia Pacific provides clear, unbiased counsel to CEOs and Boards of Directors considering growth strategies,
business transformation and challenging corporate decisions. We understand that to service such clients requires a
high performance approach

The common thread for all clients is our ability to apply our expertise & skills in such a way that the client can enjoy
material benefit. We are often called into urgent, contentious & complex situations

We are distinguished from our competition by our bespoke solutions driven by lateral & analytical problem solving
capabilities, ongoing investment in best in class research & technology resources, first-class execution of client
engagements, and a fundamental commitment to a client-first approach. At the core of our work is always analysis
of impact on shareholder value of any proposed initiative

We believe that all service providers should be driven by Excellence, and we strive to
achieve this standard in all things we do. Excellence defines the DNA of our Firm

31 March 2017 Page | 26

 LCC ASIA PACIFIC OVERVIEW

Asia Pacific Experience Across Multiple Sectors

We are ambitious to work cross border, advancing strategic initiatives for Clients in many cultures

MONGOLIA CHINA
Inbound: Energy Outbound: Gold. Industrial. Agri.
Services. E & C. Energy Services.
Energy

INDIA VIETNAM
Outbound: TMT. Energy Inbound: TMT. Energy. Food,
Water

HONG KONG
THAILAND Outbound: Gold. Mining Services.
Inbound: Gold Technology. Energy Services.
Outbound: Renewables Energy

PHILLIPINES
Inbound: Tech Infrastructure.
SINGAPORE Services, Water & Waste
Multiple Outbound : TMT. Services

MALAYSIA
Inbound: Energy. TMT. Energy Services.
AUSTRALIA Industrial
INDONESIA
Multiple
Inbound: Mining Services.
Energy, Water
PAPUA NEW GUINEA
Inbound: Energy. Gold. Mining Services
NEW ZEALAND Outbound: Energy
Inbound: Services. Resources.
Energy. TMT

31 March 2017 Page | 27

 LCC ASIA PACIFIC OVERVIEW

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Our publications take a 360-degree view of the information our clients want this means information
meaningfully distilled in order to present a commercially driven insight
LCCs research capability produces highly regarded publications aimed at giving clients
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Stay in the know, in real-time
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We recognise that businesses have become global, digitised, data-driven & personalized.
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31 March 2017 Page | 28

 Office Contact Details

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AFSL 278054 Suite 3, Level 39, Aurora Place 20/F One International Finance Nicholas Assef
88 Phillip Street Centre Executive Director
ACN 105 807 645
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Recipient. LCC may provide services to any member of the same group as the Recipient or any other entity or person (a Third Party), engage in any transaction (on its own account or otherwise) with respect to the Recipient or a Third Party, or act in
relation to any matter for itself or any Third Party, notwithstanding that such services, transactions or actions may be adverse to the Recipient or any member of its group, and LCC may retain for its own benefit any related remuneration or profit.
This Presentation has been prepared solely for informational purposes and is not to be constructed as a solicitation or an offer to buy or sell any securities or related financial instruments. The Recipient should not construe the contents of this
presentation as legal, tax, accounting or investment advice or a recommendation. The Recipient should consult its own counsel, tax and financial advisors as to legal and related matters concerning any transaction described in this Presentation. This
Presentation does not purport to be all-inclusive or to contain all of the information that the Recipient may require. No investment, divestment or other financial decisions or actions should be based solely on the information in this Presentation.
This presentation has been prepared on a confidential basis solely for the use and benefit of the Recipient. Distribution of this presentation to any person other than the Recipient and those persons retained to advice the Recipient, who agree to
maintain the confidentiality of this material and be bound by the limitations outlined herein, is not authorized by LCC. LCC specifically prohibits the redistribution or reproduction of this material in whole or in part without the written permission of LCC
and LCC accepts no liability whatsoever for the actions of third parties in this respect.
LCC holds a series of registered trademarks in the United States of America and Australia to protect its intellectual property. Examples of regional engagements detailed in this Work Book are typically advisory or consulting in style, or involve an
Australian company that is either seeking to expand into a market or has assets within that market. Today LCC is a licensed wholesale securities dealer in Australia only

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