in shape for a stronger second half, and maintains …

1. Net profit after tax after adding back the non-cash charges for the amortization of intangible assets and equity based remuneration, together with the add back of the non-current elements of the income tax charge

286 Sussex Street

Sydney NSW 2000 Australia

www.saiglobal.com

SAI Global Limited

ABN 67 050 611 642

MEDIA & ASX ANNOUNCEMENT 12 February 2008

IN SHAPE FOR A STRONGER SECOND HALF, AND MAINTAINS FULL YEAR GUIDANCE Sydney, Australia, 12 February 2008. SAI Global Limited (ASX: SAI) today announced an 11.4% increase in revenue to $113.1M for the six-month period ended on 31 December 2007, on the back of strong performances by its publishing and assurance businesses, and despite the weaker US dollar.

Earnings before interest, tax, depreciation and amortization (EBITDA) also increased, up 6.1% to $20.5M before significant charges, compared with $19.3M in the corresponding period.

Short-term weakness in the compliance and North American standards training businesses contributed to a 19.9% decrease net profit after tax before the impact of significant charges. Higher depreciation charges relating to product development expenditure, and finance costs on the Group’s higher debt levels also contributed to the lower profitability.

Significant, non-recurring, charges of $3.3M incurred predominantly in reducing the cost base reduced the bottom line to $4.3M, down from $8.1M in the corresponding period.

A re-negotiation of the Group’s borrowing facilities has seen the earliest maturity pushed out to February 2010, and the establishment of a committed A$60M standby facility.

The directors expect the full-year result, before significant charges, to be ahead of the result achieved last year and have reiterated the guidance provided at the AGM that the result, after significant charges, will be broadly in line with last year. An unchanged interim dividend of 5.2 cents per share, 85% franked, has been declared.

SUMMARY

Revenue $113.1M Up from $101.6M

EBITDA – before significant charges $20.5M Up from $19.3M

Net Profit After Tax – before significant charges

$6.5M Down from $8.1M

Cash earnings1 - before significant charges $7.9M Down from $12.2M

Cash EPS – before significant charges 5.5 cents Down from 8.5 cents

Net Profit After Tax – after significant charges

S4.3M Down from $8.1M

On the half-year result the Chief Executive of SAI Global Limited, Mr Tony Scotton, said: “The publishing and assurance businesses performed extremely well in the first half and we have tackled the issues facing the other businesses head on. The Australian based operations of the compliance and professional services businesses also recorded robust revenue and profit growth, reinforcing the overall business model and we expect

significantly improved performance in the second half. SAI has assembled a portfolio of attractive assets and built an international management structure that is well positioned to capitalise on the favourable macro trends across all of our businesses.”

Business Publishing Division

6 months ended 31 December 2007


Change (%)

Revenue ($M) 42.3 36.7 15.4

EBITDA ($M) 13.6 11.7 16.7

EBITDA Margin (%) 32.2 31.9 0.3% The last six months has been an important period of transition for the Publishing Division. A new global head for the division was appointed and a management transition took place that saw the original proprietors of the acquired Anstat and ILI businesses replaced. This transition has gone extremely well as reflected in the strong financial performance for the division in the first half. Organic revenue grew by 15.4% to $42.3 million and EBITDA by 16.7% to $13.6 million. EBITDA margins increased slightly from 31.9% to 32.2%. All segments of the division performed close to or above expectations with Standards Publishing (driven by the release of the revised Wiring Rules) and the Property Information business standing out. The operating focus over the last six months was to ensure a smooth management transition, creating a coherent global business from the originally acquired entity, commencing integration of IT platforms and driving revenue growth.

Compliance Services Division



Change (%)

Revenue ($M) 16.6 10.1 64.8

EBITDA ($M) 1.7 1.6 3.5

EBITDA Margin (%) 10.2 16.3 (6.1%) First half performance was adversely impacted by problems that emerged in the last quarter of the previous financial year. Issues associated with business integration, failure to establish strong sales and marketing functions in the USA and UK, and leadership issues together with moderating market conditions resulted in a loss of momentum in the business. During the half, these issues have been addressed. The business now has strong leadership, an established results focussed sales and marketing team and functions as a coherent global division. The impact of these changes is becoming evident in growing sales pipelines and new customer contracts. In contrast to the US and UK business, the Australian compliance business, which was largely unaffected by the issues outlined above, has performed well, growing revenue and profit strongly.

2

Revenue grew by 64.8% over the corresponding period, to $16.6 million and EBITDA grew marginally by 3.5% to $1.7 million. EBITDA margins fell to 10.2%, but will increase in the second half. Revenue growth was driven primarily by the inclusion of 6 months of Midi and margins fell because of the failure of revenue to grow at the rate required to offset necessary investment in product development and sales resources.

Assurance Services Division



Change (%)

Revenue ($M) 46.3 43.2 7.3

EBITDA ($M) 7.3 6.1 20.4

EBITDA Margin (%) 15.7 14.0 1.7

Continued organic growth and the inclusion of a full six months of Certo, resulted in strong revenue and profit growth for the Assurance Division in the December half. Revenue grew by 7.3% and EBITDA by 20.4%. The EBITDA growth benefited from improved margins across the division, most notably within the recently acquired EFSIS and Certo businesses, which continue to deliver ahead of acquisition expectations. Operational focus during the six months was on improving customer service and operational efficiencies, driving new product development and revising the divisional structure to better manage geographic development. Newer product areas, especially within Food Safety, were the primary driver of organic growth although the core ISO suite of products and their derivatives continue to grow in selected market sectors.

Professional Services Division



Change (%)

Revenue ($M) 9.1 10.8 (15.5)

EBITDA ($M) 0.0 0.8 (97.9)

EBITDA Margin (%) 0.0 7.9 (7.9%)

The financial results for Professional Services show a significant decline in EBITDA over the previous period on the back of a 15.5% reduction in revenue. Whilst the Australia operations continue to perform strongly, personnel changes in North America coupled with tightening economic conditions within core Automotive and Telecoms sectors have had an adverse impact on short-term performance. Specific initiatives are underway to address the performance in North America and complete the integration into the assurance business.

Outlook for the Full Year 2008

3

The second half is expected to be significantly stronger than the first half as the initiatives undertaken in the first half begin to have a positive impact on profitability.

The directors expect the full-year result, before significant charges, to be ahead of the result achieved last year and have reiterated the guidance provided at the AGM that the result, after significant charges, will be broadly in line with last year.

Dividend Payment

The interim dividend of 5.2 cents will be paid on the 27th March 2008 to shareholders registered as at the 22nd February 2008.

Media & Investor Inquiries

Tony Scotton – Chief Executive Officer, SAI Global Limited +612 8206 6182, 0419 527 592

Geoff Richardson – Chief Financial Officer, SAI Global Limited +612 8206 6805, 0429 314 698

SAI Global (ASX: SAI) is an applied information services company that helps organizations manage risk, achieve compliance and drive business improvement through: Delivering standards, regulatory and technical information; Adding value to this information; Creating training, communication and monitoring solutions; and providing assurance through independent assessment. For further information please visit www.saiglobal.com.

4

http://www.saiglobal.com/

1

SAI Global LimitedABN: 67 050 611 642

12 February 2008

“Our publishing and assurance businesses are in great shape and we have tackled the operational issues facing our other businesses head on”

Tony ScottonChief Executive

Half-Year Results PresentationHalf-Year Ended 31 December 2007ASX Code: SAI

2

Agenda

1. Overview

2. Financial Overview

3. Operational Performance

4. Outlook

5. Q and A

3

1. Overview

Tony ScottonChief Executive Officer

4

Overview • Excellent performance by the Business Publishing division which achieved

organic revenue growth of 15.4% and EBITDA growth of 16.7%

• Assurance Services achieved solid revenue growth of 7.3% and excellent growth in EBITDA of 20.4%

• Compliance Services lost momentum in the second half of FY07, which adversely impacted on the first half result

• Positive signs emerging that the operational issues facing the compliance business have been resolved. The Australian operations performed well

• Professional Services in Australia delivered strong revenue and profit growth, but losses were incurred in North America

5

Overview • Corporate overheads increased by 12.9% to $10.6 million over the

corresponding half

• Over A$4M taken out of the overhead run-rate - but had little impact on first-half. A focus on reducing these costs further remains a key priority

• As a result of these factors revenue and EBITDA are up but net profit and earnings per share are down as a result of higher depreciation, higher financing costs and the restructuring costs

• All borrowing facilities re-negotiated at lower cost. Earliest maturity now February 2010

• A$60M undrawn committed borrowing facility established

• Positive outlook for the second half, and the AGM guidance that the full year result will be broadly in line with last year is reiterated

6

Geoff Richardson Chief Financial Officer

2. Financial Overview

7

Financial Summary6 Months 1H08 1H07 ChangeBefore non-recurring charges $M $M %

Revenue1 112.9 100.8 12.0Expenses (92.4) (81.5) 13.4EBITDA 20.5 19.3 6.2EBITDA Margin 18.1% 19.2%

Depreciation & Amortization (7.2) (6.0) 20.0EBIT 13.3 13.3 -Finance costs - net (3.7) (1.7) 117.6Share of Associates (0.1) - -Profit before tax 9.5 11.6 (18.1)Tax expense (2.9) (3.5) (17.1)Minorities (0.1) - -

Profit after tax before non-recurring charges 6.5 8.1 (19.9)EPS (before non-recurring charges) 4.5c 5.7c

1 Excludes interest income

8

Significant, non-recurring charges$M

Costs incurred in reducing company overheads (primarily employee retrenchment costs)1 2.3

Write-off of the investment in CEFEX Limited 0.6

Costs incurred in relation to an unsuccessful acquisition opportunity 0.3

3.2Tax impact of non-recurring items (1.0)

After tax impact of non-recurring charges 2.2

Reported NPAT 4.3

EPS 3.0c

1. Resulting in just over $4 million in annualised cost savings

9

Reconciliation of NPAT1 to Cash Earnings1H08 1H07 Change

$'000s $'000s %

NPAT before significant, non-recurring charges 6,507 8,126 (19.9%)

Non-cash items:Equity based remuneration 28 794Amortization of identifiable intangible assets 3,910 4,105Unwind of discount on earn-out - 350

3,938 5,249Non-cash tax items2 (2,527) (1,221)

Underlying cash earnings 7,918 12,154 (34.9%)

Underlying cash earnings per share (cents) 5.5 8.5 (35.3%)

1. Before impact of non-recurring charges2. The amount by which the actual tax payments in respect of the half-year ended 31 December 2007 will exceed the income tax expense reported. The income tax expense reported includes movements in deferred tax balances and over/under provisions from prior years.

10

Balance Sheet31-Dec-07 30-Jun-07 Change

$M $M %

Cash 9.5 14.9 (36.2)Intangibles 288.3 298.4 (3.4)Other assets 82.3 74.5 10.5Total assets 380.1 387.8 (2.0)

Debt 109.1 101.6 7.4Deferred revenue 44.2 41.6 6.3Other liabilities 47.8 58.5 (18.3)Total liabilities 201.1 201.7 (0.3)Net assets 179.0 186.1 (3.8)

Net gearing1 35.8% 31.8%

Interest cover2 5.6x 9.2x

Net asset backing (cents) 124.6 132.8

1. Net debt/(net debt plus equity)2. EBITDA/interest expense

11

Debt facilities and maturity analysis• Since the end of the period, all debt facilities have been renegotiated, on

more favourable terms. The earliest maturity is now February 2010

• A$60M undrawn committed facility established

• New maturities of current borrowings of A$109M equivalent are:

Currency Amount Maturity

GBP 11.1M February 2010

USD 6.4M February 2011

GBP 4.5M February 2011

AUD 5.0M February 2011





12

Consolidated TrendsRe v e n u e

73.5 83.248.5 51.3 68.7

100.8 112.948.1 54.6

91.0

112.0

0.0

50.0

100.0

150.0

200.0

250.0

FY 02 FY 03 FY 04 FY 05 FY 06 FY 07 1H 08

A$M

1st Ha lf 2n d Ha lf

E B IT D A

1 0 .3 1 2 .27 .7 9 .1

1 2 .81 9 .3 2 0 .5

8 .51 0 .1

1 7 .2

2 3 .9

0 .0

1 0 .0

2 0 .0

3 0 .0

4 0 .0

5 0 .0

F Y 0 2 F Y 0 3 F Y 0 4 F Y 0 5 F Y 0 6 F Y 0 7 1 H 0 8

A$ M

1st H a lf 2n d H a lf

E B IT D A M arg in

1 8 .1 %

1 4 .0 % 1 4 .7 %1 6 .7 %

1 8 .2 % 1 8 .8 %2 0 .3 %

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

F Y 02 F Y 03 F Y 04 F Y 05 F Y 06 F Y 07 1H 08

EPS

5 .2 5 .1 5 .5 5 .7

3 .0

1 .5

6 .47 .0 7 .4

5 .6

0 .0

3 .0

6 .0

9 .0

1 2 .0

1 5 .0

F Y 0 4 F Y 0 5 F Y 0 6 F Y 0 7 1 H 0 8

C e n ts

1st Ha lf Ab n o rm a ls 2n d Ha lf

13

3. Operational Performance

Tony Scotton Chief Executive Officer

14

Business Publishing

6 Months 1H08 1H07 Change$M $M %

Revenue 42.3 36.7 15.4

EBITDA 13.6 11.7 16.7

EBITDA margin (%) 32.2% 31.9% 0.3%

Revenue

0.0

20.0

40.0

60.0

80.0

FY02 FY03 FY04 FY05 FY06 FY07 1H08

A$M

EBITDA

0.0

10.0

20.0

30.0

FY02 FY03 FY04 FY05 FY06 FY07 1H08

A$M

15

Business Publishing• Strong revenue and profit growth driven by:

– Strong organic growth in Property Information and Standards Publishing

• EBITDA margin higher at 32.2%

• Operational Focus– Integration of acquisitions into a single global Publishing Division

• Global database and web shop development well advanced

• New leadership team

• Second half outlook - continued solid performance

16

Compliance Services

1H08 1H07 Change$M $M %

Revenue 16.6 10.1 64.8

EBITDA 1.7 1.6 3.5

EBITDA margin (%) 10.2% 16.3% (6.1%)

Revenue

0

5

10

15

20

25

30

FY02 FY03 FY04 FY05 FY06 FY07 1H08

A$M

EBITDA

0

1

2

3

4

5

6

7

FY02 FY03 FY04 FY05 FY06 FY07 1H08

A$M

17

Compliance Services• Revenue growth reflects contribution from Midi

• First half profitability adversely impacted by:– Integration issues – Delay in establishing a strong sales and marketing function

• Issues now resolved – new leadership team in place, pipeline strengthening and the positive impact will emerge in the second half

• North America signed SAI’s largest ever deal in November 2007

• Australian operations performed well, reinforcing the business model

• Assets of 80-20 Software acquired in February 08 for $1.6M. These assets are complimentary to SAI’s existing compliance solutions assets. Little impact on FY08, but $450k EBITDA contribution expected in FY09

• Second half outlook – revenue growth and improved operating margins

18

Assurance Services


Revenue 46.3 43.2 7.3

EBITDA 7.3 6.1 20.4

EBITDA margin (%) 15.7% 14.0% 1.7%

Revenue

0.0

20.0

40.0

60.0

80.0

100.0

FY02 FY03 FY04 FY05 FY06 FY07 1H08

A$M

EBITDA

0.0

5.0

10.0

15.0

FY02 FY03 FY04 FY05 FY06 FY07 1H08

A$M

19

Assurance Services• Revenue growth at top end of expectations – assisted by full 6mths

contribution from Certo (3.5mths in corresponding period)

• Organic revenue growth at 4% (after impact of stronger A$)

• Improving profitability and operating margin expansion driven across the business, but most noticeably from the recent acquisitions of EFSIS and Certo

• Focus remains on higher growth products and markets

• Solid growth in Food, OHS and Product Certification

• Second half outlook – continued solid performance

20

Professional Services


Revenue 9.1 10.8 (15.5)

EBITDA 0.0 0.8 (97.9)

EBITDA margin (%) 0.0% 7.9% (7.9)

Revenue

0.0

5.0

10.0

15.0

20.0

25.0

30.0

FY02 FY03 FY04 FY05 FY06 FY07 1H08

A$M

EBITDA

(0.2)

0.8

1.8

2.8

FY02 FY03 FY04 FY05 FY06 FY07 1H08

A$M

21

Professional Services• Provides business development support to Assurance division and

management integrated into Assurance Services from July 1

• Australian operations achieved strong revenue and EBITDA growth

• Tough conditions in North America resulted in revenues falling and trading losses being incurred

• Initiatives underway to address profitability of the North American operations, which will be completed by 30 June 2008

• Second half outlook – continued strong performance from Australian operations and improved performance from the North American operations

22

4. Outlook• Macro trading environment remains generally favourable

• Operating margins expected to be significantly stronger in the second half:

– Natural second half bias, plus– Continued solid performance from Publishing and Assurance– Stronger contribution from Compliance & Professional Services– Cost reduction initiatives implemented in first half

• Opportunities to secure further cost savings are being examined

• AGM guidance reiterated – we expect the full year result, before significant charges, to be ahead of last year, and the result after significant charges to be broadly in line with last year1

1. Forex Assumptions: 1 AUD = .435 GBP and .89 USD

23

5. Q & A

SAI Global Limited Half-year report

Period ending 31 December 2007

Appendix 4D

Half-year report


Name of entity SAI Global Limited

ABN Half-year ended

(current period) Half-year ended (previous period)

67 050 611 642 31 December 2007

31 December 2006

2. Results for announcement to the market The following information is to be read in conjunction with the accounts for the six months ended on 31 December 2007, attached to this document. A$’000 Revenues from ordinary activities Profit from ordinary activities before significant charges Net profit for the period attributable to members

up down down

11.4%

19.9%

47.6%

to to to

113,096

6,507

4,262

Brief explanation of any of the figures reported above: The growth in revenue reflects a combination of contributions from acquisitions made in prior periods, together with organic growth in existing businesses. Profitability has been reduced predominantly as a result of weaknesses in the North America Operations and the impact of previously announced restructuring measures aimed at reducing the ongoing cost base of the business. For more details please refer to the attached financial report and other attachments.



3. Net tangible assets Current

period Previous period

Net tangible assets per security (cents per share)

(76.0)

(40.4)

As a professional services organization, a large proportion of the company’s assets are intangible in nature, consisting of value assigned to the Publishing Licence Agreement with Standards Australia Limited, the “5-Tick” trademark, goodwill and identifiable intangibles relating to businesses acquired. Identifiable intangible assets consist of customer relationships and contracts, product delivery platforms and intellectual property. These assets are excluded from the calculation of net tangible assets per security, which results in a negative outcome. Net assets per share at 31 December 2007 were 124.6 cents per share, down 6% compared to the 132.8 cents per share at 31 December 2006. The reduction includes the impact of the weaker US dollar on the group’s assets denominated in US dollars. 4. Control gained/lost over entities Details of businesses over which control has been gained or lost during the period. Name of, or nature of, businesses acquired

Date of gain of control

Contribution to entity’s profit from ordinary activities

(NPAT)

Nil 5. Dividends Dividends Amount per

security Franked

amount per security

Interim dividend

5.2 cents

4.4 cents

Previous corresponding period

5.2 cents

4.4 cents



Record date for determining entitlements to the dividend: 22 February 2008 Payment date of the dividend: 27 March 2008 6. Dividend reinvestment plans Dividend Reinvestment Plan Shareholders may elect to have some or all of their shareholding participate in the Dividend Reinvestment Plan (DRP), up to a maximum participation of 30,000 shares per shareholding. In the operation of the DRP for any dividend, the Company may in its discretion either issue new shares or cause existing shares to be acquired on-market for transfer to shareholders who participate in the DRP. Shares issued or transferred are free of brokerage, commission and stamp duty costs, and rank equally with existing SAI Global shares. Directors have decided that for this dividend, shares will be purchased on market. Shares will be allotted or transferred at a price which is equal to the arithmetic average of the daily volume weighted average market price (rounded to the nearest cent) of all SAI Global shares sold on the Australian Stock Exchange during the ten trading days immediately following the record date for payment of the relevant dividend. No discount applies to shares bought and allotted under the DRP. Application for participation in the DRP must be made on a duly completed and executed DRP Notice. Last date of receipt of an election notice 22 February 2008



7. Associates and joint ventures Name of associate/joint venture

Reporting entity’s percentage holding

Contribution to net profit/loss (where

material) Current

period Previous

corresponding period

Current period

Previous corresponding

period

CEFEX Limited

34

34

($445k)*

Not material CQC-SAI Management Technologies (Beijing) Co., Ltd

50

50

Not material

Not material

Telarc SAI Limited

25

-

Not

material

Not material * post tax effect of write-off of investment in CEFEX Limited 8. Foreign entities The results of foreign entities are presented in accordance with the Australian equivalents to International Financial Reporting Standards (AIFRS). 9. Audit or review status Audit or review status This report is based on accounts to which one of the following applies:

The accounts have been audited

The accounts have been subject to review

The accounts are in the

process of being audited or subject to review

The accounts have not yet been audited or reviewed

The remaining information required by Appendix 4D is contained in the attached accounts.

SAI GLOBAL LIMITED

Half-Year Ended 31 December 2007

Financial Report

ABN 67 050 611 642

SAI Global Limited and controlled entities Directors’ report The directors present their report on the consolidated entity consisting of SAI Global Limited and the entities it controlled at the end of, or during, the half-year ended 31 December 2007. Directors The following persons were directors of SAI Global Limited during the whole of the half-year and up to the date of this report unless otherwise stated: George E Edwards (Chairman) Tony Scotton (Chief Executive Officer) Anna Buduls John S Castles AM Philip M Holt AM John Murray AM Robert Wright Tony Scotton was appointed Chief Executive Officer on 5 September 2007. Prior to that date Tony Scotton was the Chief Operating Officer and an executive director. Ross Wraight was Chief Executive Officer and a director from the beginning of the period until his resignation on 5 September 2007. Review of operations As reported at the Annual General Meeting in October 2007, the first half result has been adversely impacted by:

• Weakness in the North American Professional Services business • Internal issues in the Compliance Services business • A higher overhead base • Weakness in the US dollar • Significant non-recurring charges incurred predominantly in reducing the

corporate overheads

In response to these issues:

• The group’s cost base has been reduced by over $4 million on an annualized basis as a result of initiatives undertaken during the period

• A major restructure of the North American Professional Services business is underway and will be completed by 30 June 2008

• There are positive indications that the Compliance Services business has successfully addressed the operational issues which have had an adverse impact on the first half result

The operating result of the consolidated entity attributable to shareholders, before the impact of significant non-recurring items, was $6,507k. This represents a decrease of 19.9% over the result for the corresponding period of $8,126k.

1

The operating result after the impact of significant charges was $4,262k. This represents a decrease of 47.6% over the result for the corresponding period of $8,126k. Notwithstanding the issues noted above, revenue growth of 12.0% (excluding interest income) was achieved over the corresponding period, to $112,909k. Of this growth, 3.6% was organic growth and 8.4% related to the impact of the acquisitions of Certo (acquired in September 2006) and Compliance Ethics and Learning Solutions Corporation (“Midi”, acquired in January 2007). On a constant currency basis the revenue growth was 14.9%, of which 5.7% was organic and 9.2% related to acquisitions. Business Publishing was the standout performer, achieving organic revenue growth of 15.4%. This growth was assisted by the updated Wiring Rules which were released in November 2007. The initiatives undertaken in the first half have placed the group in a stronger position to drive improved profitability in the second half. The interim dividend of 5.2 cents is unchanged from the interim dividend for the corresponding period. Operating cash inflows of $7,368k were down 40.2% from the $12,315k achieved in the corresponding period last year, reflecting the weaker trading conditions in North America, higher interest charges, and cash based significant non-recurring charges. A summary of the consolidated revenues and results for the half-year is set out below. Revenue $’000s 6 months

ending 31 Dec 07

6 months ending

31 Dec 06

Change

Revenue (excluding interest income) 112,909 100,778 12.0% Revenue increased by 12.0% over the corresponding period (14.9% in constant currencies), driven by organic growth of 3.6% (5.7% in constant currencies) and the contribution from recent acquisitions. Earnings before interest, tax, depreciation and amortization (EBITDA), before the impact of significant charges $’000s 6 months

ending 31 Dec 07

6 months ending

31 Dec 06

Change

EBITDA, before the impact of significant charges (Note 2)

20,482

19,310

6.1%

EBITDA, before the impact of significant non-recurring charges, also grew compared to the corresponding period, up 6.1%.

2

Earnings before interest and tax (EBIT), before the impact of significant charges $’000s 6 months

ending 31 Dec 07

6 months ending

31 Dec 06

Change

EBITDA before the impact of significant charges

20,482

19,310

6.1%

Less: Depreciation

(3,278)

(1,946)

68.4%

Less: Amortization of identifiable intangible assets

(3,910)

(4,105)

(4.8%)

EBIT before the impact of significant charges (Note 2)

13,294

13,259

0.3%

The increase in the charge for depreciation reflects the impact of the recent acquisitions and in particular the depreciation of the product development spend incurred by the Compliance Services business. The amortization charge relating to identifiable intangible assets has decreased by 4.8% reflecting the reducing balance method of amortization applied to the carrying value of customer relationships and contracts. The intangible assets consist of the assessed values of customer relationships and contracts, product delivery platforms and intellectual property acquired. EBIT, before the impact of significant non-recurring charges increased marginally, (0.3%) compared to the corresponding period. Net profit after tax (NPAT), before the impact of significant charges $’000s 6 months

ending 31 Dec 07

6 months ending

31 Dec 06

Change

EBIT before the impact of significant charges

13,294

13,259

0.3%

Less: Net finance costs

(3,729) (1,673) 122.9%

Less: Share of losses of associates

(87) -

Net profit before income tax and significant charges

9,478

11,586

(18.2%)

Less: Income tax expense relating to net profit before significant charges

(2,926)

(3,448)

(15.1%)

Less: Minority interests

(45) (12)

NPAT before significant charges 6,507 8,126 (19.9%)

3

Net profit after tax before the impact of significant non-recurring charges has decreased by 19.9%. Net finance costs have increased as a result of funds borrowed to acquire Certo and Midi. The underlying effective income tax rate for the period increased to 30.7%, up from 29.8% in the corresponding period, reflecting the changing mix of the group’s profit flows. Impact of significant charges As noted above, the operating results for the half–year have been impacted by significant non-recurring charges which are summarized below: $’000s Costs incurred in reducing company overheads (primarily employee retrenchment costs)

2,276

Write-off of the investment in CEFEX Limited

636

Costs incurred in relation to an unsuccessful acquisition opportunity

355

Significant charges before income tax 3,267 Income tax credit relating to significant charges

1,022

After tax impact of significant charges 2,245 The initiatives taken to reduce the cost base have focussed mainly on the corporate centre, with some reductions also achieved within the operating businesses. In total, these initiatives have reduced the annual overhead cost run-rate by just over $4 million. The company has a minority (34%) interest in CEFEX Limited, a company created to develop and exploit a conformance and rating product that assesses fiduciary risk. The joint venture partners have resolved to dissolve the operating company, and, as a consequence, the funds invested in this entity have been expensed. Business combinations Subsequent to the balance date, on 4 February 2008, the company acquired the operating assets of 80-20 Software Pty Ltd and its North American associated company, 80-20 Software Inc. 80-20 operates in the GRC (Governance, Risk and Compliance) solutions sector and provides a natural fit with the company’s existing product offerings in this space. Specifically, 80-20 will cement SAI’s leadership position in the Australian market and enhance SAI’s ability to penetrate the USA and European markets.

4

Business operations A summary of the divisional revenues and earnings and related commentary is set out below: $’000 Segment revenues Segment earnings* 6 months

ending 31 Dec 07

6 months ending 31

Dec 06

6 months ending 31

Dec 07

6 months ending 31

Dec 06 Business Publishing 42,345 36,687 13,648 11,697 Compliance Services 16,636 10,092 1,701 1,643 Professional Services 9,089 10,760 18 848 Assurance Services 46,321 43,174 7,292 6,055 114,391 100,713 22,659 20,243 Unallocated expenses less unallocated revenue

(2,177)

(933)

Depreciation and amortization

(7,188)

(6,052)

Net financing charges (3,729) (1,672) Share of losses of associates

(87)

-

Profit on ordinary activities before tax and significant charges

9,478

11,586 Income tax on profit on ordinary activities before tax and before significant charges

(2,926)

(3,448) Profit on ordinary activities after related income tax, before significant charges

6,552

8,138 Minority interests

(45)

(12)

Net profit after tax before significant charges

6,507

8,126 Significant charges, net of income tax

(2,245)

-

Reported net profit after tax

4,262

8,126

*Earnings before interest, tax, depreciation, amortization and significant non-recurring charges

5

Business Publishing The last six months has been an important period of transition for the Publishing Division. A new global head for the division was appointed and a management transition took place that saw the original proprietors of the acquired Anstat and ILI businesses replaced. This transition has gone extremely well as reflected in the strong financial performance for the division in the first half. Organic revenue grew by 15.4% to $42.3 million and EBITDA by 16.7% to $13.6 million. EBITDA margins increased slightly from 31.9% to 32.2%. All segments of the division performed close to or above expectations with Standards Publishing (driven by the release of the revised Wiring Rules) and the Property Information business standing out. The operating focus over the last six months was to ensure a smooth management transition, creating a coherent global business from the originally acquired entity, commencing integration of IT platforms and driving revenue growth. Compliance Services First half performance was adversely impacted by problems that emerged in the last quarter of the previous financial year. Issues associated with business integration, failure to establish strong sales and marketing functions in the USA and UK, and leadership issues together with moderating market conditions resulted in a loss of momentum in the business. During the half, these issues have been addressed. The business now has strong leadership, an established results focussed sales and marketing team and functions as a coherent global division. The impact of these changes is becoming evident in growing sales pipelines and new customer contracts. In contrast to the US and UK business, the Australian compliance business, which was largely unaffected by the issues outlined above, has performed well, growing revenue and profit strongly. Revenue grew by 64.8% over the corresponding period, to $16.6 million and EBITDA grew marginally by 3.5% to $1.7 million before significant items. EBITDA margins fell to 10.2%, but will increase in the second half. Revenue growth was driven primarily by the inclusion of 6 months of Midi and margins fell because of the failure of revenue to grow at the rate required to offset necessary investment in product development and sales resources. Professional Services The financial results for Professional Services show a significant decline in EBITDA over the previous period, on the back of a 15.5% reduction in revenue. Whilst the Australia operations continue to perform strongly, personnel changes in North America coupled with tightening economic conditions within core Automotive and Telecoms sectors have had an adverse impact on short-term performance. Specific initiatives are underway to address the performance in North America and complete the integration into the assurance business.

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Assurance Services Continued organic growth and the inclusion of a full six months of Certo, resulted in strong revenue and profit growth for the Assurance Division in the December half. Revenue grew by 7.3% and EBITDA by 20.4% before significant items. The EBITDA growth benefited from improved margins across the division, most notably within the recently acquired EFSIS and Certo businesses, which continue to deliver ahead of acquisition expectations. Operational focus during the six months, as before, was on improving customer service and operational efficiencies, driving new product development and revising the divisional structure to better manage geographic development. Newer product areas, especially within Food Safety, were the primary driver of organic growth although the core ISO suite of products and their derivatives continue to grow in selected market sectors. Capital Management The debt component of acquisition funding is denominated in the currency of the jurisdiction in which the acquisition predominantly resides, thereby providing a natural hedge against adverse currency movements. The group does not currently undertake hedging activities in relation to its projected foreign currency earnings. The group’s current internal gearing guideline is to target net gearing, measured as interest-bearing debt less cash as a percentage of capital resources (net debt plus equity), at between 40% and 50%. The current gearing ratio is 35.8%. The group finished the year with cash reserves of $9.5 million (excluding bank overdraft of $2.1 million), interest-bearing debt of $109.1 million and shareholders’ funds of $179 million. As noted below, subsequent to the end of the half-year period, the maturity profile of the Group’s borrowing facilities has been extended. Matters subsequent to the end of the financial year Subsequent to the end of the period, SAI has renegotiated its borrowing facilities and lengthened the maturity profile. Under the new arrangements, approximately 25% of the borrowings will now mature in February 2010, 25% in February 2011 and the remaining 50% in February 2012. As noted above, the acquisition of the operating assets of 80-20 Software Pty Limited and its North American associated company, 80-20 Software Inc, was completed on 4 February 2008. Financial details relating to this acquisition are set out in Note 11. The company continues to explore acquisition opportunities with a number of parties. Appropriate announcements to the Australian Stock Exchange will be made at the time the company enters into a binding sale and purchase agreement with any party. Other than matters referred to previously in this report, the directors are not aware of any matter or circumstance which has arisen that has significantly

7

Note2007 2006

$'000s $'000s

Revenue

Sale of goods 38,084 32,094

Services 74,579 68,179

Interest received 187 780

Total revenue 112,850 101,053

Other income 246 505

Revenue 113,096 101,558

Expenses

Employee benefits expense 3 42,358 38,246

Depreciation and amortization expense 3 7,188 6,051

Finance costs 3 3,916 2,452

Other expenses from continuing operations 3 53,336 43,223Share of net losses of associates and joint ventures accounted for using the equity method 87 -

106,885 89,972

Profit before income tax expense 6,211 11,586

Income tax expense 4 1,904 3,448

Profit for the half-year 4,307 8,138

Profit attributable to minority interests 45 12

Profit attributable to members of SAI Global Limited 4,262 8,126

Earnings per share for profit attributable to the ordinary equity holders of the company:

Basic (cents per share) 10 3.0 5.7

Diluted (cents per share) 10 2.9 5.6

The above consolidated income statement should be read in conjunction with the accompanying notes.

Consolidated income statement for the half-year ended 31 December 2007

Half-year ended 31 December

10

Note 31-Dec 30-Jun2007 2007

$'000s $'000sASSETS

Current assetsCash and cash equivalents 9,549 14,898Trade and other receivables 51,938 48,225Inventories 640 637Total current assets 62,127 63,760

Non-current assetsInvestments accounted for using the equity method 1,342 1,843Plant and equipment 17,185 15,242Deferred tax assets 11,223 8,570Intangible assets 5 288,236 298,380Total non-current assets 317,986 324,035

Total assets 380,113 387,795

LIABILITIES

Current liabilitiesTrade and other payables 24,630 23,590Borrowings 11 33,296 11,494Current tax liabilities 5,502 5,948Provisions 4,277 4,319Other current liabilities 6 44,189 52,237Total current liabilities 111,894 97,588

Non-current liabilitiesBorrowings 11 75,774 90,143Deferred tax liabilities 11,029 11,524Provisions 2,381 2,470Total non-current liabilities 89,184 104,137

Total liabilities 201,078 201,725

Net assets 179,035 186,070

EquityContributed equity 179,143 179,143Reserves 7 (12,012) (8,990)Retained profits 11,746 15,801Parent entity interest 178,877 185,954Minority interests 158 116Total equity 179,035 186,070

Consolidated balance sheet as at 31 December 2007

The above consolidated balance sheet should be read in conjunction with the accompanying notes.

11

Consolidated statement of changes in equity for the half-year ended 31 December 2007

Note2007 2006

$'000s $'000s

Total equity at the beginning of the half-year 186,070 192,577

Exchange difference on translation of foreign operations (3,230) (3,230)

Shares issued to employees under the Employee Share Plan and executive equity based remuneration under the Executive Performance Share Rights Plan 162 794

Net (expense) recognized directly in equity (3,068) (2,436)

Profit for the half-year 4,307 8,138

Total recognized income and expense for the half-year 1,239 5,702

Transactions with equity holders in their capacity as equity holders:

Dividends provided for or paid 8 (8,316) (7,731)

Minority interest 42 - (8,274) (7,731)

Total equity at the end of the half-year 179,035 190,548

The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes.

Half-year ended 31 December

12

Note2007 2006

$'000s $'000s

Cash flows from operating activities

Receipts from customers 109,197 101,610

Payments to suppliers and employees (94,590) (85,060)

Interest received 187 780

Interest expense (3,631) (2,102)

Income taxes paid (3,795) (2,913)

Net cash inflow from operating activities 7,368 12,315

Cash flows from investing activities

Payments for purchase of business, net of cash acquired (213) (6,844)

Payment of business development expenses (54) (1,053)

Payment for product development expenses (1,870) (159)

Payment of Anstat earn-out installment (10,600) (9,643)

Payments for plant and equipment (3,319) (3,016)

Proceeds from sale of plant and equipment 21 24

Net cash outflow from investing activities (16,035) (20,691)

Cash flows from financing activities

Proceeds from borrowings 9,500 938

Repayments of borrowings - (1,459)

Dividends paid (8,316) (7,731)Net cash inflow/ (outflow) from financing activities 1,184 (8,252)

Net (decrease) in cash held (7,483) (16,628)Cash and cash equivalents at the beginning of the reporting period 14,898 49,639Cash and cash equivalents at the end of the reporting period 7,415 33,011

Cash at bank 9,549 14,898

Bank overdraft (2,134) -

7,415 14,898

Cash and cash equivalents at the end of the reporting period consist of:

The above consolidated statement of cash flows should be read in conjunction with the accompanying notes.

Half Year ended 31 December

Consolidated statement of cash flows for the half-year ended 31 December 2007

13

Notes to the consolidated financial statements For the half-year ended 31 December 2007

Note 1. Basis of preparation of half-year report This general purpose financial report for the interim half-year reporting period ended 31 December 2007 has been prepared in accordance with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Act 2001. This interim financial report does not include all the notes of the type normally included in an annual financial report. Accordingly, this report is to be read in conjunction with the annual report for the year ended 30 June 2007 and any public announcements made by SAI Global Limited during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001. The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period.

14

Note 2. Segment reporting

Primary reporting - business segments

31 December 2007Business

PublishingCompliance

ServicesProfessional

ServicesAssurance

Services

Corporate Services/

eliminations Consolidated $'000s $'000s $'000s $'000s $'000s $'000s

Sales revenue 42,206 16,658 9,128 46,265 (1,594) 112,663Other income 139 (22) (39) 56 299 433Total segment revenue 42,345 16,636 9,089 46,321 (1,295) 113,096

Less: Interest income - - - - (187) (187)Less: Direct costs (17,105) (4,702) (5,645) (21,092) 1,487 (47,057)Gross margin 25,240 11,934 3,444 25,229 5 65,852

Less: Overheads (11,592) (10,233) (3,426) (17,937) (2,182) (45,370)

Segment earnings before interest, tax, depreciation and amortization (EBITDA), before the impact of significant charges 13,648 1,701 18 7,292 (2,177) 20,482Add back: Apportioned Corporate Services items 4,941 - 1,005 2,429 (8,375) - Adjusted segment EBITDA before significant charges 18,589 1,701 1,023 9,721 (10,552) 20,482

Less: Depreciation (284) (1,414) (240) (333) (1,007) (3,278)Segment result before amortization and significant charges 18,305 287 783 9,388 (11,559) 17,204Less: Amortization of intangible assets (2,619) (945) - (286) (60) (3,910)

Segment result before significant charges 15,686 (658) 783 9,102 (11,619) 13,294

Less: Significant charges (88) (378) (46) (208) (2,547) (3,267)

Segment result after significant charges 15,598 (1,036) 737 8,894 (14,166) 10,027

Interest income 187Interest expense (3,916)

Net financing costs (3,729)Share of net losses of associates and joint venture partnerships accounted for using the equity method (87)

Profit from ordinary activities before related income tax expense 6,211

Less: Income tax expense (1,904)

Profit from ordinary activities after related income tax expense 4,307

Profit attributable to minority interests (45)Profit from ordinary activities after related income tax expense attributable to members of SAI Global Limited 4,262

15

Primary reporting - business segments

Primary reporting - business segments (continued)

31 December 2006Business

PublishingCompliance

ServicesProfessional

ServicesAssurance

Services

Corporate Services/

eliminations Consolidated $'000s $'000s $'000s $'000s $'000s $'000s

Sales revenue 36,714 9,994 10,837 43,152 (424) 100,273Other income (27) 98 (77) 22 1,269 1,285Total segment revenue 36,687 10,092 10,760 43,174 845 101,558

Less: Interest income - - - - (780) (780)Less: Direct costs (15,858) (2,855) (6,206) (19,071) 349 (43,641)Gross margin 20,829 7,237 4,554 24,103 414 57,137

Less: Overheads (9,132) (5,594) (3,706) (18,048) (1,347) (37,827)Segment earnings before interest, tax, depreciation and amortization (EBITDA) 11,697 1,643 848 6,055 (933) 19,310Add back: Apportioned Corporate Services items 4,401 - 961 2,641 (8,003) -

Adjusted segment EBITDA 16,098 1,643 1,809 8,696 (8,936) 19,310Less: Depreciation (285) (750) (140) (251) (520) (1,946)Segment result before amortization 15,813 893 1,669 8,445 (9,456) 17,364Less: Amortization of intangible assets (2,884) (913) - (308) - (4,105)

Segment result 12,929 (20) 1,669 8,137 (9,456) 13,259

Interest income 780Interest expense (2,102)Unwind of discount on potential earn-out payments (350)Net financing costs (1,672)Profit from ordinary activities before related income tax expense 11,586Less: Income tax expense (3,448)

Profit from ordinary activities after related income tax expense 8,138Profit attributable to minority interests (12)Profit from ordinary activities after related income tax expense attributable to members of SAI Global Limited 8,126

16

Notes to the consolidated financial statementsFor the half-year ended 31 December 2007

31-Dec 31-Dec2007 2006

$'000s $'000s

Note 3. Profit from continuing operations after income tax

Profit after related income tax expense includes the following items of revenue and expense which, together with other disclosures in this report, are relevant in explaining the financial performance for the half-year:

Expenses

Depreciation of non-current assets 3,278 1,946Amortization of identifiable intangible assets 3,910 4,105

Depreciation and amortization expense 7,188 6,051

Interest expense 3,916 2,102Unwind of discount on earn-out payment relating to the acquisition of Anstat Pty Limited - 350Finance costs expensed 3,916 2,452

Bad and doubtful debtors - trade debtors 206 (200)

Employee benefits expenses before significant charges 40,082 38,246Significant charges:Costs incurred in reducing company overheads (primarily employee retrenchment costs) 2,276 - Employee benefits expenses after significant charges 42,358 38,246

Cost of providing services 31,766 26,223Administration costs 5,493 5,688Promotional costs 2,765 2,420Lease costs 4,368 3,725Other expenses 7,953 5,167

Total other expenses before significant charges 52,345 43,223

Significant charges:

Write-off of investment: CEFEX Limited 636 - Costs incurred in relation to an unsuccessful acquisition opportunity 355 -

Total other operating expenses after significant charges 53,336 43,223

Gains

Other net foreign exchange gains 60 181

17

Notes to the consolidated financial statements

For the half-year ended 31 December 2007

31-Dec 31-Dec2007 2006

$'000s $'000s

Note 4. Income tax

(a) Numerical reconciliation of income tax expense to prima facie tax payable:

Profit from continuing operations before income tax expense 6,211 11,586

Tax at the Australian tax rate of 30% 1,863 3,476

Tax effect of non-allowable items 184 272

Income tax adjusted for non-allowable items 2,047 3,748

Under/ (over) provision from prior years 71 (392)

Tax effect of different foreign tax rates and other adjustments (214) 92

1,904 3,448

Income tax attributable to profit from ordinary activities 1,904 3,448

(b) Income tax expense

Current tax 4,431 4,669 Deferred tax (2,598) (829)Under/ (over) provided in prior years 71 (392)

1,904 3,448

Deferred income tax (revenue) / expense included in income tax expense comprises:

(Increase) in deferred tax assets (1,748) (222)(Decrease) in deferred tax liabilities (850) (607)

(2,598) (829)

(c) Tax losses

Unused tax losses for which no deferred tax asset has been recognized 4,362 1,213

Potential benefit @ US tax rate of 40% 1,745 485

Unused tax losses relate to US controlled entities.

18


31-Dec 30-Jun2007 2007

$'000s $'000s

Note 5. Non-current assets - intangible assets

Goodwill 213,579 218,355

Identifiable intangible assets:

Trademark 16,100 16,100

Publishing licence agreement 31,520 31,520Less: Accumulated amortization 6,436 5,647

25,084 25,873

Customer relationships and contracts 24,876 25,166Less: Accumulated amortization 6,976 5,646

17,900 19,520

Product delivery platforms 9,187 9,354Less: Accumulated amortization 4,680 3,782

4,507 5,572

Intellectual property 13,353 14,650Less: Accumulated amortization 2,287 1,690

11,066 12,960

Total identifiable intangible assets 74,657 80,025

Total intangible assets 288,236 298,380

The directors have determined that the Trademark has an indefinite life and is therefore not amortized. The trademark is subject to an annual impairment test.

Total intangible assets at 30 June 2007, as set out in note 16 of the 2007 annual report, amounted to $298,380k. The decrease in the balance of $10,144k during the six month period ended on 31 December 2007, consists of the amortization charge for the period and the impact of movements in foreign exchange rates.

1

1

19


31-Dec 30-Jun2007 2007

Note 6. Current liabilities -other $'000s $'000s

Deferred revenue 44,189 41,637 Deferred consideration relating to the acquisition of Anstat Pty Limited - 10,600

44,189 52,237

The balance of deferred revenue is a significant component of current liabilities and is the main reason why the group's balance sheet shows a surplus of current liabilities over current assets.

Note 7. Reserves and retained profits

(a) ReservesShare-based payments reserve 880 718Foreign currency translation reserve (12,892) (9,708)

(12,012) (8,990)

(b) Nature and purpose of reserves:

Share-based payments reserve

Foreign currency translation reserve

The share-based payments reserve is used to recognize the fair value of performance share rights and options issued but not vested or exercised.

Exchange differences arising on translation of foreign controlled entities are taken to the foreign currency translation reserve. The reserve is recognized in profit and loss when the net investment is disposed of.

20


Note 8. Dividends

2007 2006$000's $000's

Ordinary sharesDividends provided for or paid during the half-year 8,316 7,731

Dividends not recognized at the end of the half-year

Since the end of the half-year the directors have declared the payment of an interim dividend of 5.2 cents (2006 - 5.2 cents) per fully paid ordinary share, 85% franked based on tax paid at 30% (2006 - 85% franked). The aggregate amount of the proposed interim dividend expected to be paid on 27 March 2008 (2006 - 29 March 2007) out of retained profits at the end of the half-year, but not recognized as a liability, is 7,473 7,461

Note 9. Equity securities issued

2007 2006Shares Shares

Issued for no consideration:Shares issued under the exercise of performance share rights 231,426 174,784

Employee share scheme issues - 153,791

231,426 328,575

Note 10. Earnings per share

2007 2006Cents Cents

Basic earnings per share 3.0 5.7Diluted earnings per share 2.9 5.6

Reconciliations of earnings used in calculating earnings per share

Profit attributable to the ordinary equity holders of the company used in calculating earnings per share ($'000) 4,262 8,126

Weighted average number of shares used as the denominator in calculating basic earnings per share 143,623,717 143,217,116

Weighted average number of shares used as the denominator in calculating diluted earnings per share 145,674,745 144,128,616

Half-year

Half-year

Half year

21


Subsequent to the end of the period, the Group has renegotiated its borrowing facilities and lengthened the maturity profile. Under the new arrangements, approximately 25% of the borrowings will mature in February 2010, 25% in February 2011 and the remaining 50% in February 2012.

Renegotiation of borrowing facilities

On 4 February 2008, SAI Global Limited, through subsidiary companies, acquired certain assets of 80-20 Software Pty Limited and its North American associated company, 80-20 Software Inc.

Acquisition of 80-20

The consideration, was $1.6m which was funded out of existing cash resources.

Details of the net assets at the date of acquisition are not yet available. At the date of this report it is therefore impracticable to provide details of the individual assets and liabilities acquired and goodwill. The financial effects of the above transaction have not been brought to account at 31 December 2007. The opening results and assets and liabilities of the company will be brought to account with effect from 4 February 2008.

Note 11. Event occurring after the balance sheet date

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in shape for a stronger second half, and maintains …

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