Standard and Poors Special Presentation

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Building Wealth Together
Prime Value Asset Management31 March 2007
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Important information

• The information contained in this presentation
  is general in nature and has no regard to the
  specific investment objectives, financial or
  particular needs of any specific recipient. It
  is not intended to constitute investment advice
  or a personal securities recommendation.
• This presentation is not a Product Disclosure
  Statement (PDS) or an offer of units, and
  contains a brief overview of the investment only.
  Any prospective investor wishing to make an
  investment in the Funds must obtain and read the
  PDS dated 31 May 2005 (particularly the risk
  factors discussed) and complete an application
  form attached to the PDS.
• Neither Prime Value Asset Management Limited nor
  its associates or directors, nor any other
  person, guarantees the success of the Prime Value
  Funds, the repayment of capital or any particular
  rate of capital or income return, or makes any
  representation on relation to the personal
  taxation consequences of any investors
  investment.

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Overview

• Prime Value Key Facts
• Prime Value Funds
• Prime Value Growth Fund
• Prime Value Imputation Fund
• The Managed Investment Scheme
• Structure
• Fees and Commissions
• Investment Process and Philosophy
• The Prime Value Team

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Key facts

• Founded by Han Lee Yong Quek as a vehicle to
  manage money for private clients in April 1998
• Prime Value holds an AFS Licence and is 100
  owned by the staff
• Shareholders and investment managers are
  cornerstone investors in the Funds ensuring a
  common objective aligned with investors
• Independent and experienced board of 5 directors
  from diverse backgrounds
• Have consistently expanded our resources now
  employing 12 staff members including 4 dedicated
  investment professionals
• Currently manage more than 300m for retail
  investors and select corporates
• Focus on achieving superior long term absolute
  returns in excess of Australian markets

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Prime Value aims
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Prime Value history
AFSL Licence PDS Independent board Commenced BDM
Committed to o superior performance o
superior service
Information Memorandum PVGF commenced HL YQ
Winner SP Awards 2005
LP FC joined SP Rating
PVIF commenced
Winner SP Award 2006
1998
1999
2000
2001
2003
2004
2005
2006
2007
2008
2002
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The Prime Value Funds

• Performance Calculation Methodology Important
  Information
• Performance figures in this presentation have
  been calculated in accordance with IFSA Standard
  No 6.0, Product Performance Calculation of
  Returns and IFSA Standard No 10.0, Presentation
  of Past Performance Information. The returns are
  for Class A units and are calculated before
  performance fees, which are charged against
  individual accounts. The returns exclude the
  benefits of imputation credits. No allowance has
  been made for taxation. Performance assumes the
  reinvestment of income distributions. Past
  performance is not an indicator of future
  performance.

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Prime Value Growth Fund

• Investment Objective
• To provide superior medium to long-term capital
  growth with some income by managing a portfolio
  of predominantly Australian equities.

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The value of 100,000 invested at inception
Prime Value Growth Fund
10 April 1998 31 March 2007
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Net return by financial year
Prime Value Growth Fund
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Average annual return
Prime Value Growth Fund
As at 31 March 2007
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Portfolio holdings
Holdings by Market Cap (31 March 2007) 
Holdings by Sector (31 March 2007) 
Consumer Discretionary 10.0
Consumer Staples 4.1
Cash 9.1 
Ex ASX100 stocks 33.1 
Industrial 14.6
Other 7.9
Cash 9.1
Materials 26.0
Energy 12.2
ASX100 stocks 57.8 
Financials 16.1
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Prime Value Imputation Fund

• Investment Objective
• To provide capital growth over the medium to
  long-term, combined with a regular, tax-effective
  income, by managing a portfolio of assets
  comprised mainly of Australian equities.
• Will typically have a core position of Australian
  equities with an attractive level of franked
  dividend.

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The value of 100,000 invested at inception
Prime Value Imputation Fund
20 December 2001- 31 March 2007
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Net return by financial year
Prime Value Imputation Fund
For the period between 20 Dec 01 30 June 02
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Average annual returns
Prime Value Imputation Fund
As at 31 March 2007
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Portfolio holdings
Holdings by Market Cap (31 March 2007)
Holdings by Sector (31 March 2007)
Other 4.9
Energy 6.4
Ex ASX100 stocks 37.8
Cash 9.3
Cash 9.3
Utilities 5.4
Industrial 20.3
Financials 29.0
ASX100 stocks 52.9
Materials 11.7
Consumer Discretionary 13.0
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The Managed Investment Scheme
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Structure
RESPONSIBLE ENTITY
THE FUNDS
CUSTODIAN
Compliance Plan Constitution
Prime Value Growth Fund Prime Value Imputation
Fund
ANZ Custodian Services Limited (holds title to
property)
Prime Value Asset Management Ltd
Custody Agreements
IDPS Disclosure Document
PDS (Product Disclosure Statement)
IDPS or IDPS like Scheme
DIRECT INVESTORS (Class A)
INDIRECT INVESTORS (Class B)
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Fees and costs
A 3 exit fee may be charged for investments
of less than 1 year All fees are inclusive of GST
RITC where applicable
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Investment Philosophy and Process
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Investment Philosophy
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Key Philosophy - Minimisation of Mistakes

• Investment decisions are based on market views
  and intelligence that is often faulty
• Investment research is never complete and
  error-free
• Fund managers who make the fewest mistakes
  usually produce superior results

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Stock Selection

• Fundamental approach understand our investment
  like we know our own business
• Research - gathering and analysing data
• Interpretation
• Decision making

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Portfolio Strategy

• Not a stock market, but market of stocks
• Portfolio construction in line with strategy and
  investment objective
• Key considerations
• Industry sectors
• Market cap

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Market Timing

• Very difficult to implement
• Seldom used
• Pay attention to interest rates, economic and
• commodity cycles, etc.
• Cash holding 30

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The Prime Value Team
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Prime Value team
Alan Haintz
Richard Giles
Dr Ed Shann
Han K Lee
Y Yong Quek
MANAGING DIRECTOR / CIO
EXECUTIVE DIRECTOR
Y Yong Quek
Han K Lee
Investment Management
Client Services
Business Administration
Senior Investment Analyst Manager, Investor
Relations
Leanne Pan
Wayne Morrissey
Fiona Clark
Financial Controller
Portfolio Manager
Client Services Officer
Senior Investment Analyst Manager, Investor
Relations
Finance Admin Manager
Fiona Clark
Victoria Scholz
Anna S C Law
Client Administration Officer
Fund Accountant
Andreas Rosenau
Debbie Wilson
Celeste Tsay
Equity Analyst
Accountant
Ganesh Sivakumar
Company Secretary
Catherine Law (P/T)
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Summary
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What are the key strengths of Prime Value?

• Focus on performance
• Alignment of interest
• Funds return is the priority goal
• High conviction, low error approach with proven
  stock picking ability
• Risk appetite in-line with our investors
• Risk appetite (relative in ve market and
  absolute in ve market)
• Focus on medium term consistent absolute after
  tax return
• Absolute return focus has relatively low
  correlation with conventional managers
• Can outperform over various stages of economic
  cycle and growth/value bias
• Personal service
• Large fund discipline with boutique fund
  flexibility
• Transparency and timely in dealing

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Prime Value Asset Management

The shareholders and the investment managers of
Prime Value are cornerstone investors in the
Funds. As fellow Investors, we ourselves demand
superior returns for accepting the investment
risk not just the average return of the market.
This commitment ensures that there is a common
objective aligned with that of the Investors.