4th pillar issue december 2014

D E C L A R E Y O U R E C O N O M I C I N D E P E N D E N C E

I S S U E F O U R T Y S I X D E C E M B E R 2 0 1 4

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Company with $482 million in cash and real estate assets, but a market value of just $204 millionIf Warren Buffett’s mentor, Benjamin Graham, were alive today,

this is the sort of stock he’d have in his portfolio. Regarded as the

“father of value investing”, Graham’s primary analytical tool was a

company’s balance sheet.

He wanted to know that he could get a significant “margin of

safety” when he risked his capital on stocks. Specifically, he

wanted to see a real, tangible, objectively measurable value on a

company’s balance sheet that was significantly above the price he

was paying for the stock.

That’s exactly the situation we have today with Nam Tai Property (NTP on the New York Stock Exchange).

Intrigued by the value

to price mismatch, I

went and put boots on

the ground at Nam Tai’s

facilities in China this

past week.

RCI up 9.2% already in a month; HOLD for more gains

1. FXA short sale continues to move further and further in our favor as the A$ weakens; keep holding for more gains

2. NZO shares hit by falling oil prices; but the company remains financially strong and a capital return of NZ$0.15 per share is coming your way soon

3. IRN takeover one important step closer to completion; you’re up 3.6% in a month with more to come

4. AJD continues to appreciate steadily with 5.5% gains so far

5. Your Yorkey Optical shares showing 32% gains

6. RFF restructure caused some foreign shareholders to have their shares sold out from under them – what to do if this happened to you

TIM’S RECOMMENDATIONS IN TWO MINUTES:

NAM TAI PROPERTY INC. (NTP ON THE NEW YORK STOCK EXCHANGE) BUY AROUND CURRENT LEVELS OF US$4.57. USE UP TO 1/12TH OF YOUR 4TH PILLAR CAPITAL.

AUSTRALIAN DOLLAR ETF (FXA ON THE NEW YORK STOCK EXCHANGE)HOLD YOUR SHORT POSITION.

NEW ZEALAND OIL & GAS (NZO ON ASX)HOLD.

INDOPHIL RESOURCES (IRN ON ASX)HOLD / BUY UP TO A LIMIT OF A$0.285.

ASIA PACIFIC DATA CENTRE GROUP (AJD ON ASX) HOLD.

YORKEY OPTICAL (STOCK 2788 ON THE HONG KONG STOCK EXCHANGE)HOLD. RURAL FUNDS GROUP (RFF ON ASX)HOLD / BUY IF YOUR SHARES WERE FORCIBLY SOLD.

INSIDE

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D E C E M B E R 2 0 1 4I S S U E F O U R T Y S I X

Nam Tai has a history dating back to 1975. It used

to be in the electronics manufacturing business.

Originally the company was called Nam Tai

Electronics. It began operations in Hong Kong.

In the 1980s, when China began to open up, it

shifted across the border to Shenzhen.

In 1988 the company became one of the earliest Chinese companies to seek a listing on the NASDAQ in

the United States.

The company has always had progressive and high-quality corporate governance. In 2003, it moved its

listing to the New York Stock Exchange, the pinnacle of corporate disclosure and transparency.

Nam Tai Electronics made the most of the ideal business conditions for low-cost assembly and export

of electronics in China for the past two and a half decades. Many clients used Nam Tai to contract

manufacture their own goods, which they then put their own brand names on. (Known as “OEM”

manufacturing.)

Over the years, Nam Tai paid out hefty dividends to shareholders, though the stock price tended to move

up and down with the broad market cycles.

With the recent deterioration in China’s cost-competiveness, especially in the richer, coastal provinces,

such as Guangdong where it is based, and the subsequent loss of its dominant customer, Nam Tai’s

management made the decision earlier this year to completely exit the electronics business.

However, the company is still sitting on two very valuable assets:

1. Its $261 million net cash pile ($301 million in cash and $40 million in debt as of September 30th, 2014).

2. Its buildings and factory land at Gushu and Guangming in Shenzhen, and Wuxi – where it also had a

factory in more recent times.

This land, and the land use rights that come with it, is recorded on Nam Tai’s books at historical cost dating

back to 1992 and 1993.

At that time, while already booming, Shenzhen was only an infant. Today it’s an adolescent metropolis. So,

I don’t need to tell you that the “historical cost” method of valuing Nam Tai’s property on its balance

sheet is way too conservative.

After the decision to exit the electronics manufacturing business, Nam Tai decided to use these valuable

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real estate assets to enter the property development business. As part of that, they commissioned several

different property valuation companies, both Chinese and international, to conduct valuation and feasibility

studies on how best to use these properties going forward.

Those reports are now in. You can read them all for yourself in full at Nam Tai’s website: http://www.namtai.

com/investors#investors/real_estates

The bottom line is that the properties, it can be reasonably argued, are conservatively worth at least RMB

1.364 billion, or about US$221 million at current prices, taking into account transactions for comparable

properties in the same areas, and potential future uses.

Feasibility studies by Nam Tai’s property consultants also came back with robust internal rate of return (IRR)

metrics, under a variety of potential development and sale, or leasing scenarios, all of which would achieve

paybacks that handsomely exceed the cost of capital needed to implement them.

Adding to the profitability, and lowering the risks for Nam Tai, is the fact that it is already sitting on a

significant part of the cash it would need to spend on developing the properties. It also has existing bank

financing facilities that it can draw upon for the balance.

What’s missing now are the necessary government and regulatory approvals for Nam Tai to move forward

full-steam ahead on the redevelopments. If things go to plan, this should happen some time in the first half

of 2015.

In the meantime, the company has been buying back its shares on the market. Every share repurchase at

such a gaping discount to net asset value obviously adds to the value of the remaining shares outstanding.

One buy-back just ended November 30th. Another one may be declared in the near future.

The company has also committed to paying a $0.02 per share quarterly dividend for 2015. This doesn’t

sound like much. But it’s still a yield of 1.75% -- way better than you can get on US dollars in most bank

accounts nowadays.

Of course, Nam Tai is not a certainty to make you money. There’s still plenty of “execution risk.”

While Nam Tai’s management has shown itself to be competent stewards of shareholders’ capital in the

electronics business over a history of almost four decades, that doesn’t necessarily mean they’ll take to the

property development business like fish to water. But, with the right advisors – and their general business

acumen – I have confidence they will make a success of the company’s future business plans.

http://www.namtai.com/investors#investors/real_estates

http://www.namtai.com/investors#investors/real_estates

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NOT A NEW STORY BUT THE TIMING IS NOW RIGHTI have been watching Nam Tai for many months waiting for an opportune moment to enter the stock. Recently

there has been a significant sell-off, which saw the stock drop by 17.8%, from $5.57 to $4.56, in the past 3

weeks.

As a result, I’m very confident the value we’re getting by buying now greatly exceeds the price we’re paying.

And, there is a large enough margin of safety to make it a great risk/reward trade at the current time.

And, having been to Shenzhen to put boots on the ground at Nam Tai’s main property myself, I feel very

comfortable that things are going according to the company’s plans.

My Chinese associate and I deliberately showed up unannounced. I’m never too interested in the

management’s polished spin. I like the unvarnished truth.

We spoke to rank and file employees who are securing and maintaining the site. They confirmed that all the

machinery and equipment had been sold and moved out. They were aware of the company’s redevelopment

plans.

They said that there had been no other foreign investors come to see the site in the recent past. So, while by

no means an “undiscovered” stock, it is reasonable to assume that the story is not all that well known in the

market.

The site itself is in the western part of Shenzhen, not far from the Bao’an International Airport, which is

situated on the city’s northwest outskirts. A second bridge is under construction to link this part of Shenzhen

to Zhongshan, Zhuhai, Macau, across the bay to the west. It will also eventually link it up with Hong Kong, via

the Zhuhai-Macau-Hong Kong bridge – which is also currently under construction.

My impression of the general area was that it has excellent transport links to the rest of the Shenzhen

metropolitan area. It sits along the main national highway from Shenzhen to Beijing via Wuhan. Busses ply this

road all day long and stop right outside the property.

The nearest existing subway stop is less than a mile away. There is another subway line under construction for

which the nearest station will be just over a quarter of a mile away.

The general area is at present very industrial in nature. What retail and office space there is, is quite basic, and

even run down. Apartments in the area cost significantly less than the average for Shenzhen. So, there’s lots of

potential for future improvement to the area and good capital appreciation should follow in the longer term.

Nam Tai expects to take about 4 years to complete a mid-to-high end, combined office, retail, and residential

precinct. It seems a sensible development strategy if one takes a medium to long-term view on the area.

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If it goes to plan, Nam Tai will have the first high-quality, integrated property development in the district.

And, importantly, the Shenzhen municipal government is said to be strongly behind the company’s plans.

If it comes off, I would expect to go back to the area in 10 years’ time and find it almost unrecognizable. It

will have been gentrified substantially and become a much more “up market” neighborhood.

But I don’t expect we’ll have to wait nearly that long to see a return on our Nam Tai Property shares. We’re

buying in at a distressed valuation that is essentially a significant discount to liquidation value.

I would expect a 20%+ pop in the stock price is realistic in the next 12 to 18 months as the pendulum

merely swings back from “stupid cheap” to “cheap.”

And that’s really all that we’re after.

RECOMMENDATION: BUY shares in Nam Tai Property Inc. (NTP on the New York Stock Exchange)

around current levels of US$4.57. Use up to 1/12th of the capital you have available for trading my 4th Pillar

recommendations.

DISCLOSURE: Tim Staermose does not yet own or control any shares in NTP and will wait at least 2

trading days after the release of this report to place any buy orders, to allow you first bite of the cherry.

FXA SHORT SALE CONTINUES TO MOVE FURTHER AND FURTHER IN OUR FAVOR AS THE A$ WEAKENS; KEEP

HOLDING FOR MORE GAINSI’ve been bearish on the Australian dollar for almost 2 years now. And I’ve been right.

My primary concern was that the country’s exports were in for a decline, as the Chinese economy slowed.

I was also vocal in my astonishment at how expensive Australia’s cost-structure had become, and I was

adamant that the economy could not compete in a global market place with costs that high.

Since prices rarely adjust down, except in economies with flexible labor laws and pegged exchange rates,

such as Hong Kong, I concluded that the only logical adjustment would be for the Australian dollar to

weaken.

That’s exactly what has happened.

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Now that the Australian dollar has sunk from a high of about US$1.10 in July 2011 to US$0.85, Australia’s

relative prices are again much more internationally competitive. And, I’m looking forward to going back to

my adopted homeland for the festive season with US dollars in my pocket.

However, it’s a well-documented fact that currency markets nearly always overshoot – both to the upside and

the downside.

So, I would not be at all surprised to see an A$/US$ exchange rate with a “7” in front of it next year.

Accordingly, I don’t think there is any hurry to close out your short position in the Australian Dollar ETF (FXA on the New York Stock Exchange).

RECOMMENDATION: HOLD your short position in FXA.

DISCLOSURE: Tim Staermose doesn’t hold or control any short positions in FXA.

NZO SHARES HIT BY FALLING OIL PRICES; BUT THE COMPANY REMAINS FINANCIALLY STRONG

AND A CAPITAL RETURN OF NZ$0.15 PER SHARE IS COMING YOUR WAY SOON

Unless you’ve been hiding under a rock lately, you’d be well aware of the on-going rout in the oil price, which

has fallen from over $100 per barrel to under $70 now. On Friday alone, oil had an epic one-day decline of

more than 7%.

That’s caused oil stocks to be on the nose among investors. Many have tanked.

New Zealand Oil & Gas (NZO on the New Zealand Stock Exchange; NZO on the Australian Securities Exchange) has not escaped the bloodletting.

Including dividends, and factoring in the share price slide since my recommendation, you’re now showing

just over a 3% loss.

In addition to the company’s chances for exploration success, and existing cash flow from its oil and gas

production, one of the reasons I liked NZO as a low-risk, potentially high-reward investment was that it has a

very strong balance sheet with lots of cash in the bank and no debt.

Well, as it turns out, the company’s management has now decided that they are holding too much cash.

And, rather than pay it out in dribs and drabs in the form of dividends, they are seeking shareholder approval

to dole out as much as NZ$60 million of it in one hit.

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Specifically, subject to approval at an upcoming meeting of shareholders, prior to Christmas, they will pay

you NZ$0.75 in cash and then cancel 1 in every 5 shares in the company.

That’s effectively a 15c per share capital return. And, if the share price falls by less than 15c post-capital

return, you’ll be ahead.

However, it’s not possible at this stage to predict what is going to happen. And, with oil on thin ice, the

stock price may stay under pressure.

However, once the dust settles, I remain convinced that this is a good company to own shares in. They have

every chance of exploration success. The balance sheet will remain strong even after the capital return, and

cash will keep gushing in.

RECOMMEDNATION: HOLD your shares in NZO.

DISCLOSURE: Tim Staermose owns or controls 151,099 shares in NZO purchased for an average of A$0.719.

IRN TAKEOVER ONE IMPORTANT STEP CLOSER TO COMPLETION; YOU’RE UP 3.6% IN A MONTH

WITH MORE TO COMEMy newest recommendation was Indophil Resources (IRN on the Australian Stock Exchange). The company’s second biggest shareholder Alsons Consolidated of the Philippines, via an

investment company subsidiary, is offering to buy all the shares it does not already own via a “Scheme of

Arrangement” at A$0.30 per share.

The biggest shareholder in IRN, Glencore of Switzerland, has already said that it will accept the deal

subject to no superior offer being received.

Another major hurdle has also just been cleared, with the Australian Foreign Investment Review Board

(FIRB) giving the deal its tick of approval.

All that really remains is for shareholders to vote in favor of he deal at the Scheme meeting on December

18th. I don’t expect any hitch with that, in which case you’ll be paid your 30c per share by mid-January, and

pocket a 7.1% gain.

And, it will only have taken 10 1/2 weeks or so, representing about 35% annualized profits. Not bad!

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If you can pick up shares now at A$0.285, that is also a very good trade. The annualized profits on offer

would be even more.

RECOMMENDATION: HOLD/BUY up to a limit of A$0.285.

DISCLOSURE: Tim Staermose owns or controls 528,000 shares in IRN purchased at an average of

A$0.2803.

AJD CONTINUES TO APPRECIATE STEADILY WITH 5.5% GAINS SO FAR

My recommendation to buy shares in data storage center landlord Asia Pacific Data Group (AJD on the Australian Securities Exchange) is working out well so far. You’re up about 5.5% in

just over 2 months.

This is clearly a growth industry. The amount of electronic data in existence is mushrooming exponentially,

and the amount that regulators require companies to keep storing is rising commensurately.

Recently I saw a proposal for a similar data storage facility company to list on the Singapore Stock

Exchange. With interest rates and yields generally much lower in Singapore, when a directly comparable

company lists there, it will just make AJD’s yield look that much more attractive.

RECOMMENDATION: HOLD your shares in AJD.

DISCLOSURE: Tim Staermose owns or controls 22,673 shares in AJD purchased for an average of A$1.083.

YOUR YORKEY OPTICAL SHARES SHOWING 32% GAINSYorkey Optical (2788 on the Hong Kong Stock Exchange) continues to make money

from its manufacturing business. It continues to sit on a net cash balance of more than HK$1.10 per share.

The shares are trading at HK$0.90. The latest dividend has hit our bank accounts. The company has now

paid out HK$0.13 in dividends since I recommended you buy shares back in June 2013.

Along with the share price appreciation, you are already sitting on gains of up to 32%.

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I remain of the opinion that if we continue to hold our shares in Yorkey, we’re eventually going to be on the

receiving end of a whole lot more dividends. Most likely, one large special dividend will be forthcoming at some point.

And, with the HK$ pegged to the US$, there is no currency risk holding these shares.

RECOMMENDATION: HOLD your shares in Yorkey Optical.

DISCLOSURE: Tim Staermose owns or controls 420,000 shares in Yorkey purchased at an average of HK$0.827.

RFF RESTRUCTURE CAUSED SOME FOREIGN SHAREHOLDERS TO HAVE THEIR SHARES SOLD OUT FROM

UNDER THEM – WHAT TO DO IF THIS HAPPENED TO YOUWhen Rural Funds Group (RFF on the Australian Securities Exchange) tweaked its

corporate structure slightly recently, to separate the investment management company from the vehicle that

holds its real estate assets and then stapled the two together to trade as one bundled security, it appears that

the company had to forcibly sell some overseas shareholders’ units.

This is because of securities laws in some jurisdictions – including the United States – requiring the (cost-

prohibitive) issue of a full prospectus in such circumstances.

It’s pretty stupid really, because, once the new, stapled units were listed in Australia, there was nothing to

stop a US-based shareholder immediately purchasing them on the secondary market.

At any rate, if you are an overseas resident, and your broker does not hold your RFF shares via a nominee

account that shows up on the share register as Australia or New Zealand-domiciled, you may find that RFF’s

share registry auctioned off your shares and sent you a check for the proceeds.

This investment is doing well, and I have every confidence it will continue to do so in future. So, if you find

yourself having been turfed out of the stock, my advice is to immediately repurchase your position.

RFF’s business of leasing vineyards, almond groves, and poultry farms to tenants who bear all the risks of

farming, is a good one, and I think it will be a company that continues to gain exposure and popularity

among investors.

RECOMMENDATION: HOLD. BUY shares in RFF if you found your position forcibly sold recently.

DISCLOSURE: Tim Staermose owns or controls 58,700 shares in RFF purchased at an average of A$0.955.

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4TH PILLAR MODEL PORTFOLIO AS OF 30 NOVEMBER 2014

COMPANY TICKER DATE ENTRY CURRENT DIVIDENDS % WEIGHTING NOTIONAL IN USD PURCHASED PRICE PRICE GAIN/LOSS A$100,000 PORTFOLIO

DMX Corporation** DMX 19/12/2011 $2.456 $0.967 $1.800 12.7% 2.5% $2,625.06 $2,233.93 New Zealand Oil & Gas NZO 27/05/2013 $0.695 $0.600 $0.073 -3.2% 7.7% $8,063.55 $6,862.08 Yorkey Optical (HK$) 2788.HK 02/06/2013 $0.780 $0.900 $0.130 32.1% 11.5% $12,013.96 $10,223.88 Australian Dollar short sale (US$)*** FXA 02/01/2014 $89.300 $85.220 $1.383 3.2% 29.7% $30,942.29 $26,331.89 Rural Funds Group RFF 01/07/2014 $0.925 $1.050 $0.021 15.8% 13.9% $14,479.39 $12,321.96 Asia Pacific Data Group AJD 26/09/2014 $1.090 $1.150 $- 5.5% 12.6% $13,188.07 $11,223.05 Indophil Resources IRN 03/11/2014 $0.280 $0.290 $- 3.6% 12.4% $12,946.43 $11,017.41 Cash* 9.6% $10,024.50 $8,530.85

Total* 4.3% 100.0% $104,283.26 $88,745.06

***Assuming 30% margin requirement on short sale of 1,000 shares**Entry price adjusted for A$35 capital return paid 29 Feb 2012, and A$18 capital return paid on 9 April 2012 and 100-1 share consolidation *Including profits/losses to date CLOSED OUT POSITIONS

COMPANY TICKER DATE LIMIT SELLING DIVIDENDS % WEIGHTING PROFIT/ IN USD SOLD PRICE PRICE GAIN/LOSS LOSS

Treasury Wine Estates TWE 02/10/2014 $5.150 $4.240 $0.070 -16.3% 12.5% $(2,038.83) $(1,735.05)Nido Petroleum NDO 02/10/2014 $0.052 $0.055 $- 5.8% 12.5% $721.15 $613.70 David Jones DJS 02/07/2014 $4.000 $3.940 $- -1.5% 12.5% $(187.50) $(159.56)New World China Land 0917.HK 02/07/2014 $6.510 $4.630 $0.040 -28.3% 12.5% $(3,533.03) $(3,006.61)Graincorp GNC 02/06/2014 $12.410 $8.860 $0.200 -27.0% 12.5% $(3,374.29) $(2,871.52)Aurora Oil & Gas AUT 27/05/2014 $4.110 $4.200 $- 2.2% 12.5% $273.72 $232.94 Real Estate Corporation RNC 11/04/2014 $0.360 $0.370 $- 2.8% 12.5% $347.22 $295.49 Xceed Resources XCD 22/02/2014 $0.130 $0.140 $- 7.7% 12.5% $961.54 $818.269 Glory Resources GLY 20/02/2014 $0.160 $0.170 $- 6.3% 12.5% $781.25 $664.844 Yancoal Contingency Notes YALN 02/01/2014 $2.700 $2.960 $- 9.6% 8.33% $802.47 $682.901 Greencap Limited GCG 29/11/2013 $0.076 $0.080 $- 5.3% 12.5% $657.89 $559.868 PrimeAg PAG 04/11/2013 $1.230 $1.302 $- 5.9% 12.5% $731.71 $622.683 Orpheus Energy OEG 01/10/2013 $- $0.062 $- 100.0% na $51.82 $44.100 Bravura Solutions BVA 26/09/2013 $0.270 $0.280 $- 3.7% 12.5% $462.96 $393.981 Australian Gas & Power APK 27/09/2013 $0.505 $0.520 $- 3.0% 12.5% $371.29 $315.965 Norfolk Group NFK 31/07/2013 $0.505 $0.480 $- -5.0% 12.5% $(618.81) $(526.609)ISS Group ISS 06/08/2013 $0.325 $0.330 $- 1.5% 12.5% $192.31 $163.654 Aust. Infrastructure Fund AIX 14/05/2013 $3.060 $3.160 $- 3.3% 12.5% $408.50 $347.631 Flinders Mines FMS 08/05/2013 $0.270 $0.050 $- -81.5% 8.33% $(6,790.12) $(5,778.395)Sundance Resources SDL 06/05/2013 $0.355 $0.105 $- -70.4% 12.5% $(8,802.82) $(7,491.197)Endocoal EOC 10/04/2013 $0.365 $0.300 $- -17.8% 12.5% $(2,226.03) $(1,894.349)LinQ Resources Fund LRF 15/03/2013 $0.675 $0.720 $- 6.7% 12.5% $833.33 $709.167 Discovery Metals DML 11/02/2013 $1.725 $0.960 $- -44.3% 12.5% $(5,543.48) $(4,717.500)Neptune Marine Services NMS 20/12/2012 $0.031 $0.032 $- 3.2% 12.5% $403.23 $343.145 Industrea IDL 30/11/2012 $1.265 $1.270 $- 0.4% 12.5% $49.41 $42.045 Orpheus Energy OEG 28/11/2012 - $0.065 $- 100.0% na $248.28 $211.284 Consolidated Media CMJ 20/11/2012 $3.420 $3.450 $0.060 2.6% 12.5% $328.95 $279.934 Rocklands Richfield RCI 21/09/2012 $0.435 $0.520 $- 19.5% 6.25% $1,221.26 $1,039.296 ENK PLC ENK 16/09/2012 $0.265 $0.296 $- 11.6% 12.5% $1,455.57 $1,238.686 Spotless Group SPT 16/08/2012 $2.560 $2.620 $0.040 3.9% 12.5% $488.28 $415.527 Alesco ALS 08/08/2012 $1.965 $2.060 $- 4.8% 12.5% $604.33 $514.281 Talent Two TWO 08/08/2012 $0.745 $0.785 $- 5.4% 12.5% $671.14 $571.141 Orion Metals ORM 19/07/2012 $0.145 $0.160 $- 10.3% 6.25% $646.55 $550.216 Coalworks*** CWK 15/07/2012 $1.005 $1.000 $- -0.5% 12.5% $(62.19) $(52.923)Nexbis NBS 10/07/2012 $0.094 $0.100 $- 6.4% 12.5% $797.87 $678.989 Customers Limited CUS 04/07/2012 $1.225 $1.270 $- 3.7% 12.5% $459.18 $390.765 Dragon Mountain Gold DMG 09/02/2012 $0.508 $0.540 $- 6.2% 12.5% $808.10 $687.689 Amadeus AMU 02/04/2012 $0.305 $0.230 $- -24.6% 8.33% $(2,049.18) $(1,743.852)Living & Leisure Australia LLA 14/03/2012 $0.049 $0.051 $- 4.9% 8.33% $408.16 $347.347 Gold One GDO 16/12/2011 $0.500 $0.550 $- 10.0% 8.33% $833.33 $709.167 Meridian Minerals MII 09/12/2011 $0.130 $0.140 $- 7.7% 8.33% $641.03 $545.513 Lemarne Corporation LMC 03/12/2011 $3.840 $3.650 $- -4.9% 15.00% $(742.19) $(631.602)Qmastor Limited QML 20/10/2011 $0.220 $0.310 $- 40.9% 8.33% $3,409.09 $2,901.136 DKN Financial DKN 20/10/2011 $0.785 $0.800 $0.025 5.1% 8.33% $424.63 $361.359 ConnectEast CEU 20/10/2011 $0.525 $0.550 $- 4.8% 8.33% $396.83 $337.698 IntraPower IPX 09/09/2011 $0.290 $0.300 $- 3.4% 8.33% $287.36 $244.540 Valad Property Group VPG 26/08/2011 $1.750 $1.800 $- 2.9% 8.33% $238.10 $202.619 Centrebet International CIL 27/07/2011 $1.970 $2.100 $- 6.6% 8.33% $549.92 $467.978 Territory Resources TTY 24/06/2011 $0.440 $0.500 $- 13.6% 8.33% $1,136.36 $967.045 iSOFT Group ISF 22/06/2011 $0.145 $0.155 $- 6.9% 8.33% $574.71 $489.080 White Canyon Uranium WCU 24/06/2011 $0.230 $0.240 $- 4.3% 8.33% $362.32 $308.333 ChemGenex CXS 10/06/2011 $0.650 $0.700 $- 7.7% 8.33% $641.03 $545.513 Mantra Uranium MRU 07/06/2011 $6.680 $7.020 $- 5.1% 8.33% $424.15 $360.953 BC Iron BCI 02/06/2011 $3.100 $2.980 $- -3.9% 4.17% $(161.29) $(137.258)Ascent Pharmahealth APH 27/05/2011 $0.385 $0.400 $- 3.9% 8.33% $324.68 $276.299 Oak Hotels & Resorts OAK 17/05/2011 $0.335 $0.520 $- 55.2% 8.33% $4,601.99 $3,916.294 Redflex Holdings RDF 10/05/2011 $2.600 $1.840 $- -29.2% 8.33% $(2,435.90) $(2,072.949)BC Iron BCI 27/04/2011 $3.100 $2.920 $- -5.8% 4.17% $(241.94) $(205.887)Riversdale Mining RIV 04/04/2011 $15.250 $16.500 $- 8.2% 8.33% $683.06 $581.284

Total 2.9% $(7,091.56) $(6,034.91)

*** Ex in specie distribution of OEG shares paid 27 September, 2012

AUD/USD Exchange rate $0.851

4th pillar issue december 2014

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