ACUMENTIS GROUP LIMITED — Interim / Quarterly Report 2012

Feb 7, 2012

Appendix 4D

Half Year report

GIVEN IN ACCORDANCE WITH ASX LISTING RULE 4.2A

LandMark White Limited

ACN 102 320 329

Results for announcement to the market

The information provided in the Half-Yearly Report should be read in conjunction with the Company's 2011 Annual Financial Report.

DOWN UP UP UP Revenues from continuing operations am Profit after tax from continuing operations Profit after tax attributable to members Profit Before tax from continuing operations	DOWN UP UP UP Revenues from continuing operations am Profit after tax from continuing operations Profit after tax attributable to members Profit Before tax from continuing operations	DOWN UP UP UP Revenues from continuing operations am Profit after tax from continuing operations Profit after tax attributable to members Profit Before tax from continuing operations	ounts in $000s -$865 -7.6% to $10,528 $184 $111 152.1% to $227 $82 56.6% to $128 to $392 48.5%	ounts in $000s -$865 -7.6% to $10,528 $184 $111 152.1% to $227 $82 56.6% to $128 to $392 48.5%	ounts in $000s -$865 -7.6% to $10,528 $184 $111 152.1% to $227 $82 56.6% to $128 to $392 48.5%
Dividends			Amount per security	Franked amount per security
Final dividend (paid 7 October 2011) Interim dividend			2 cents 1 cent		2 cents 1 cent
Interim dividend for previous corresponding period			1cent		1 cent
+Record date for determining entitlements to the dividend, Date the dividend is payable
			21 March 2012
			4th April 2012
NTA backing(see note 5)			Current period	Previous corresponding period
11.1 Net tangible asset backing per +ordinary security
			$0.0651	$0.0754

Discontinued Operations

On 4 August 2011, LMWI Managed Investments Limited, which was the loss making funds management business, was sold for the sum of $51,070.

LANDMARK WHITE LIMITED ACN 102 320 329

AND ITS CONTROLLED ENTITIES

HALF-YEAR FINANCIAL STATEMENTS

FOR THE HALF-YEAR ENDED 31 DECEMBER 2011

CONTENTS

Directors' Report	1
Lead Auditor's Independence Declaration	2
Consolidated Interim Statement of Comprehensive Income	3
Consolidated Interim Statement of Financial Position	4
Consolidated Interim Statement of Changes in Equity	5
Consolidated Interim Statement of Cash Flows	6
Notes to the Consolidated Interim Financial Statements	7 - 11
Directors’ Declaration	12
Independent Auditor's Review Report to the Members	13

- 1 - LANDMARK WHITE LIMITED ACN 102 320 329

DIRECTORS' REPORT

The directors submit the financial report of the consolidated group for the half year ended 31 December 2011.

DIRECTORS

The Directors of the company in office at any time during or since the end of the half-year are:

Name	Appointed
Stuart Gregory - appointed chairman 12 July 2011	9 October 2003
Independent Non-Executive Chairman
Brad Piltz	26 September 2002
Executive Director
Chief Executive Officer
Glen White - resigned as chairman 12 July 2011	26 September 2002
Non-Executive Director
David Hobart - resigned 12 July 2011	1 May 2005
Independent Non-Executive Director
Andrew Meakin - resigned 12 July 2011	23 February 2009
Independent Non-Executive Director

PRINCIPAL ACTIVITIES

The principal activities of the group during the course of the period were property valuation services and property funds management. The property funds management business was disposed of on 4 August 2011.

There were no other significant changes in the nature of the activities of the group during the period.

REVIEW OF OPERATIONS

The net profit after income tax attributable to equity holders of the company for the half-year ended 31 December 2011 amounted to $184k (2010: profit $73k), representing an increase of 152% from the corresponding period. Revenue from continuing operations for the half-year ended 31 December 2011 totalled $10,528k (2010:$ 11,393k), which represents a 7.6% decrease from the previous corresponding half year period. Revenues continued to be impacted by the soft property market along with the loss of some senior personnel. On the other hand Profit before Tax from continuing operations of $392k increased by 48.5% compared to the corresponding result last year of $264k. Better cost control and lower debtor provisioning contributed to the improved result. Cost reduction initiatives included reduction of administrative staff, reduction by two in the size of the company's Board, renegotiation of communications contracts, movement of the Gold Coast office to lower cost premises and sale of the loss making funds management business. IT costs are higher in 2011-12 than they will be in future years. We are currently in the process of installing new industry specific valuation software to replace two less efficient software packages. This will assist both in giving LandMark White a competive advantage in communicating with banking valuation

software as well as reducing ongoing IT costs. The second half of the financial year is historically stronger than the first half. Subject to no significant further deterioration in the economy and property market, we anticipate an improved result from that achieved in 2010-11.

EVENTS SUBSEQUENT TO THE END OF THE REPORTING PERIOD

There have been no subsequent events since 31 December 2011 which have materially affected the company performance or financial position.

LEAD AUDITOR’S INDEPENDENCE DECLARATION UNDER SECTION 307C OF THE CORPORATIONS ACT 2001

The Lead Auditor’s Independence Declaration is set out on page 2 and forms part of the Directors' report for the half-year ended 31 December 2011.

ROUNDING OF AMOUNTS TO THE NEAREST THOUSAND DOLLARS

The company satisfies the requirements of Class Order 98/0100 issued by the Australian Securities and Investments Commission relating to "rounding off" of amounts in the director's report and financial statements in accordance with that Class Order.

Signed in accordance with a resolution of the Board of Directors:

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Stuart Gregory Director 8/02/2012

AUDITOR’S INDEPENDENCE DECLARATION UNDER SECTION 307C OF THE CORPORATIONS ACT 2001 TO THE DIRECTORS OF LANDMARK WHITE LIMITED

I declare that, to the best of my knowledge and belief during the half-year ended 31 December 2011 there have been:

• no contraventions of the auditor independence requirements as set out in the Corporations Act 2001; and

• no contraventions of any applicable code of professional conduct in relation to the review.

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William Buck Chartered Accountants

ABN: 16 021 300 521

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L.E. Tutt Partner Sydney, 8 February 2012

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- 3 -

LANDMARK WHITE LIMITED AND ITS CONTROLLED ENTITIES CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED 31 DECEMBER 2011

Total expenses from continuing operations 9 Loss from discontinued operations after income tax expense 10 Profit for the period attributable to members of the parent entity Total comprehensive income 5 5 5 5 Profit from continuuing operation after income tax for the half year Expenses from continuing operations Results from operating activities Basic earnings per share from total operations Diluted earnings per share from total operations Employee expenses Report presentation expenses Marketing expenses Financial income Depreciation and amortisation expenses Other operating expenses Administration expenses Financial expenses Net financing income Basic earnings per share from continuing operations Diluted earnings per share from continuing operations Revenue from continuing operations Occupancy expenses Profit before income tax Income tax expense Notes	31 December 2011 31 December 2010 $000's $000's 10,528 11,393 7,446 7,974 545 608 155 231 901 1,075 673 697 99 193 363 383 10,182 11,161 346 232 56 42 (10) (10) 46 32 392 264 165 119 227 145 (43) (72) 184 73 184 73 $0.0082 $0.0053 $0.0067 $0.0026 $0.0082 $0.0053 $0.0067 $0.0026 Consolidated Entity	31 December 2011 31 December 2010 $000's $000's 10,528 11,393 7,446 7,974 545 608 155 231 901 1,075 673 697 99 193 363 383 10,182 11,161 346 232 56 42 (10) (10) 46 32 392 264 165 119 227 145 (43) (72) 184 73 184 73 $0.0082 $0.0053 $0.0067 $0.0026 $0.0082 $0.0053 $0.0067 $0.0026 Consolidated Entity
		11,161
		232
		42 (10)
		32 264 119
		145
		(72)
		73
		73
		$0.0053 $0.0026
		$0.0053 $0.0026

The statement of comprehensive income is to be read in conjunction with the notes to and forming part of the financial statements.

- 4 -

LANDMARK WHITE LIMITED AND ITS CONTROLLED ENTITIES CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2011

Note 6 Current tax liability Provisions TOTAL EQUITY 4 Inventories Property, plant and equipment Term deposits and other Total assets Total non current assets Employee benefits Reserves Total current assets NON CURRENT ASSETS Intangible assets Total current liabilities Retained earnings NET ASSETS Employee benefits Total non-current liabilities Total liabilities CURRENT LIABILITIES Trade and other payables Liabilities directly associated with assets held for sale Deferred tax liabilities Other current assets Trade and other receivables CURRENT ASSETS Cash and cash equivalents Assets classified as held for sale NON-CURRENT LIABILITIES Deferred tax assets EQUITY Issued capital	31 December 2011 30 June 2011 $000's $000's 1,101 2,547 2,543 2,747 193 249 872 305 - 51 4,709 5,899 716 729 447 401 473 606 4,937 4,918 6,573 6,654 11,282 12,553 2,374 3,095 877 1,437 85 86 - 30 3,336 4,648 58 75 852 364 304 365 1,214 804 4,550 5,452 6,732 7,101 6,008 6,008 40 40 684 1,053 6,732 7,101 Consolidated Entity	31 December 2011 30 June 2011 $000's $000's 1,101 2,547 2,543 2,747 193 249 872 305 - 51 4,709 5,899 716 729 447 401 473 606 4,937 4,918 6,573 6,654 11,282 12,553 2,374 3,095 877 1,437 85 86 - 30 3,336 4,648 58 75 852 364 304 365 1,214 804 4,550 5,452 6,732 7,101 6,008 6,008 40 40 684 1,053 6,732 7,101 Consolidated Entity
		5,899
		729 401 606 4,918
		6,654
		12,553
		3,095 1,437 86 30
		4,648
		75 364 365
		804
		5,452
		7,101
		6,008 40 1,053
		7,101

The Statement of financial position is to be read in conjunction with the notes to and forming part of the financial statements.

- 5 -

LANDMARK WHITE LIMITED AND ITS CONTROLLED ENTITIES

CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY

FOR THE SIX MONTHS ENDED 31 DECEMBER 2011

Consolidated

Balance 1 July 2010

Profit for the period Dividends to shareholders

Balance 31 December 2010 Balance 1 January 2011 Profit for the period Dividends to shareholders Balance 30 June 2011 Balance 1 July 2011 Profit for the period Dividends to shareholders Balance 31 December 2011

Share Capital	Option Reserve	Retained Earnings	Total
$000's	$000's	$000's	$000's
6,008	40	1,427	7,475
-	-	73	73
-	-	(551)	(551)
6,008	40	949	6,997
6,008	40	949	6,997
-	-	389	389
-	-	(285)	(285)
6,008	40	1,053	7,101
6,008	40	1,053	7,101
-	-	184	184
-	-	(553)	(553)
6,008	40	684	6,732

The statement of changes in equity is to be read in conjunction with the notes to and forming part of the financial statements.

- 6 -

LANDMARK WHITE LIMITED AND ITS CONTROLLED ENTITIES

CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED 31 DECEMBER 2011

Note Acquisition of intangible assets Repayment of borrowings CASH FLOW FROM FINANCING ACTIVITIES Cash and cash equivalents at 31 December Net cash (used in) financing activities Net cash (used in) investing activities Cash generated from operations CASH FLOW FROM OPERATING ACTIVITIES Interest received Income taxes (paid)/refunded Cash receipts from customers Cash paid to suppliers and employees Interest paid CASH FLOW FROM INVESTING ACTIVITIES Acquisition of property, plant and equipment Net cash from / (used in) operating activities Dividends paid Net increase/(decrease) in cash and cash equivalents Cash equivalents at 1 July	31 December 2011 31 December 2010 $000's $000's 11,867 11,930 (12,610) (10,978) (743) 952 (10) (10) 56 42 (152) (297) (849) 687 (19) - (30) (38) (49) (38) (46) - (553) (552) (599) (552) (1,497) 97 2,598 2,480 1,101 2,577 Consolidated Entity	31 December 2011 31 December 2010 $000's $000's 11,867 11,930 (12,610) (10,978) (743) 952 (10) (10) 56 42 (152) (297) (849) 687 (19) - (30) (38) (49) (38) (46) - (553) (552) (599) (552) (1,497) 97 2,598 2,480 1,101 2,577 Consolidated Entity
		952 (10) 42 (297)
		687
		- (38)
		(38)
		- (552)
		(552)
		97 2,480
		2,577

The statement of cash flows is to be read in conjunction with the notes to and forming part of the financial statements.

- 7 -

LANDMARK WHITE LIMITED AND ITS CONTROLLED ENTITIES NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2011

1. SIGNIFICANT ACCOUNTING POLICIES

The accounting policies applied by the consolidated entity in these consolidated interim financial statements are the same as those applied by the consolidated entity in its consolidated financial statements as at and for the year ended 30 June 2011.

(a) Reporting Entity

LandMark White Limited (the “Company” or “LandMark White”) is a company domiciled in Australia. The consolidated interim financial statements of the Company as at and for the six months ended 31 December 2011 comprises the Company and its subsidiaries (together referred to as the “group”).

(b) Statement of compliance

The consolidated interim financial statements are general purpose financial statements which have been prepared in accordance with AASB 134 Interim Financial Reporting and the Corporations Act 2001.

The consolidated interim financial statements do not include all of the information required for full annual financial statements, and should be read in conjunction with the consolidated annual financial report of the group as at and for the year ended 30 June 2011 together with any public announcements made during the interim period in accordance with the continuous disclosure requirements of the ASX listing rules and the Corporations Act 2001.

The consolidated interim financial statements were authorised for issue by the directors on 8 February 2012

(c) Estimates

The preparation of interim financial statements in conformity with AASB 134 Interim Financial Reporting requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates.

In preparing these consolidated interim financial statements, the significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements as at and for the year ended 30 June 2011.

- 8 -

LANDMARK WHITE LIMITED AND ITS CONTROLLED ENTITIES NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2011

2. SIGNIFICANT REVENUE AND EXPENSE ITEMS

The following revenue and expense items are relevant in explaining the financial

performance for the interim period:

performance for the interim period:
	31	December	2011	31	December	2010
		$000's			$000's
Bad and doubtful debts expense			(25)			177

3. SEGMENT REPORTING

Segment information is presented in respect of the group’s business segments. The group’s operations and clients are located entirely in Australia. This note should be read in conjunction with the notes to and forming part of the consolidated financial statements as at and for the year ended 30 June 2011.

The group comprises the following main business segments:

Valuation: - The provision of valuation, research and advice services in relation to property and businesses. Funds Management: - Management of the Diversified Property Fund. ( discontinued operation )

Total revenues Total segment revenue Segment result Net finance income Income Tax Expense/(benefit) Profit/(loss) for the period	31/12/11 31/12/10 31/12/11 31/12/10 31/12/11 31/12/10 $000's $000's $000's $000's $000's $000's 1 23 10,528 11,393 10,529 11,416 Valuation - Division Continuing Operation Funds Management Discontinued Operation Consolidated
	1 23 10,528 11,393 10,529 11,416
	(61) (105) 346 232 285 127 - - 46 32 46 32 (18) (33) 165 119 147 86
	(43) (72) 227 145 184 73

Segment assets Total assets Segment liabilities Total liabilities Capital expenditure Depreciation	31/12/11 30/06/11 31/12/11 30/06/11 31/12/11 30/06/11 $000's $000's $000's $000's $000's $000's - 51 11,224 12,502 11,224 12,553 Funds Management Discontinued Operation Consolidated Valuation - Division Continuing Operation
	- 51 11,224 12,502 11,224 12,553
	- 30 7,018 5,422 7,018 5,452
	- 30 7,018 5,422 7,018 5,452
	- - 30 66 30 66
	1 1 99 302 100 303

- 9 -

LANDMARK WHITE LIMITED AND ITS CONTROLLED ENTITIES NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2011

4. CAPITAL AND RESERVES

Share capital

The group recorded the following amounts within shareholders’ equity as a result of the issue of ordinary shares.

Dividends During the six months ended 31 December On issue at 31 December On issue at 1 July The following dividends were paid by the group. Ordinary shares on issue $0.02 per ordinary share (2010: $0.02)	31 December 2011 $000's 6,008 No. of shares 27,588,781 27,588,781 31 December 2011 $ 551,776	30 June 2011 $000's 6,008
		No. of shares 27,588,781
		27,588,781
		31 December 2010 $ 551,776

- 10 -

LANDMARK WHITE LIMITED AND ITS CONTROLLED ENTITIES NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

FOR THE HALF-YEAR ENDED 31 DECEMBER 2011

5. EARNINGS PER SHARE

Basic earning per share

The calculation of basic earnings per share for the six months ended 31 December 2011 was based on the profit attributable to ordinary shareholders of $184k (six months ended 31 December 2010: profit of $73k) and a weighted average number of ordinary shares outstanding during the six months ended 31 December 2011 of 27,588,781 (six months ended 31 December 2010: 27,588,781), calculated as follows:

Weighted average number of ordinary shares at 31 December Issued ordinary shares at 1 July Profit attributable to ordinary shareholders for the six months ended 31 December for the six months ended 31 December Profit attributable to ordinary shareholders of the company. Weighted average number of ordinary shares Profit from continuing operations (Loss) from discontinuinued operations	31 December 2011 $000's 227 (43) 184 27,588,781 27,588,781 No. of shares	31 December 2010 $000's 145 (72)
		73
		27,588,781 No. of shares
		27,588,781

Diluted earning per share

The calculation of diluted earnings per share for the six months ended 31 December 2011 was based on the profit attributable to ordinary shareholders of $184k (six months ended 31 December 2010: profit of $73k) and a weighted average number of ordinary shares outstanding during the six months ended 31 December 2011 of 27,588,781 (six months ended 31 December 2010: 27,588,781), calculated as follows:

Weighted average number of ordinary shares at 31 December Weighted average number of potential ordinary shares (diluted) at 31 December Profit attributable to ordinary shareholders of the company. for the six months ended 31 December Weighted average number of potential ordinary shares (diluted) for the six months ended 31 December Profit/(loss) attributable to ordinary shareholders Profit from continuing operations (Loss) from discontinuinued operations	31 December 2011 $000's 227 (43) 184 No. of shares 27,588,781 27,588,781	31 December 2010 $000's 145 (72)
		73
		No. of shares 27,588,781 27,588,781

- 11 -

LANDMARK WHITE LIMITED AND ITS CONTROLLED ENTITIES NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2011

6. INTANGIBLES

The following units have significant carrying amounts of goodwill:

LandMark White Commercial LMW Residential	31 December 2011 $000's 1,833 3,085 4,918	30 June 2011 $000's 1,833 3,085
		4,918

Goodwill is not amortised. The goodwill amount is tested for impairment at least annually by estimating the recoverable amount of the cash generating units based on value in use.

Goodwill was impairment tested as at 31 December 2011 and no impairment was recognised.

Other Intangible assets - Computer software: 19 -

7 INTEREST BEARING LIABILITIES

During the half year the group repaid financing arrangement in relation to professional indemnity insurance and did not enter any financing arrangements for payment of the current year professional indemnity insurance arrangements.

8 CONTINGENT LIABILITIES

There has been no change in contingent liabilities since the end of the last annual reporting period.

9 INCOME TAX EXPENSE Profit before income tax from continuing operations (Loss) before income tax from discontinued operations Total Profit before income tax Prima facie income tax expense at 30% (2010: 30%) Effect of non deductible items including entertainment Under provision from prior year Income tax expense Income tax expense from continuing operations Income tax (credit) from discontinued operations	31 December 2011 $000's 392 (61) 331 99 19 29 147 165 (18) 147	31 December 2010 $000's 264 (105)
		159 48 34 4
		86
		119 (33)
		86

10 DISCONTINUED OPERATIONS - FUNDS MANAGEMENT SEGMENT

The funds management business of LandMark White was sold on 4 August 2011 for the sum of $51k. The carrying value of assets at the date of sale was $51k and there were no liabilities. Consequently there was no profit or loss on the sale of the business itself. The following were the results of the discontinued operation prior to the sale. Cashflows from the discontinued operation were not materially different to these figures:

Revenues Employee expenses Other expenses Profit before tax Income tax (credit)	31 December 2011 $000's 1 (6) (56) (61) (18) (43)	31 December 2010 $000's 23 (50) (78)
		(105) (33)
		(72)

11 EVENTS SUBSEQUENT TO THE END OF THE REPORTING PERIOD

There have been no subsequent events since 31 December 2011 which have materially affected the company performance or financial position.

- 12 - LANDMARK WHITE LIMITED ACN 50 102 320 329

DIRECTORS’ DECLARATION

In the opinion of the Directors of LandMark White Limited (“the company”):

1. the financial statements and notes set out on pages 3 to 11, are in accordance with the Corporations Act 2001 including:

2. (a) giving a true and fair view of the groups financial position as at 31 December

3. 2011 and of its performance for the half-year ended on that date; and

4. (b) complying with Australian Accounting Standard AASB 134 Interim Financial Reporting; and the Corporations Regulations 2001:

5. there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable.

Dated at Sydney this 8th day of February 2012.

Signed in accordance with a resolution of the directors:

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__ Stuart Gregory Director

INDEPENDENT AUDITOR’S REVIEW REPORT TO THE MEMBERS OF LANDMARK WHITE LIMITED AND CONTROLLED ENTITIES

Report on the Half-Year Financial Report

We have reviewed the accompanying half-year financial report of LandMark White Limited, which comprises the consolidated condensed statement of financial position as at 31 December 2011, the consolidated condensed statement of comprehensive income, consolidated condensed statement of changes in equity and consolidated condensed statement of cash flows for the half-year ended on that date, notes comprising a summary of significant accounting policies and other explanatory information, and the directors’ declaration of the company and the consolidated entity comprising the company and the entities it controlled at the year’s end or from time to time during the financial year.

Directors’ Responsibility for the Financial Report

The directors of the company are responsible for the preparation of the half-year financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such control as the directors determine is necessary to enable the preparation of the half-year financial report that is free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express a conclusion on the half-year financial report based on our review. We conducted our review in accordance with Auditing Standard on Review Engagements ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity, in order to state whether, on the basis of the procedures described, we have become aware of any matter that makes us believe that the financial report is not in accordance with the Corporations Act 2001 including:

• giving a true and fair view of the company’s financial position as at 31 December 2011 and its performance for the half-year ended on that date; and

• complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001.

As the auditor of LandMark White Limited, ASRE 2410 requires that we comply with the ethical requirements relevant to the audit of the annual financial report.

A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Independence

In conducting our review, we have complied with the independence requirements of the Corporations Act 2001.

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INDEPENDENT AUDITOR’S REVIEW REPORT TO THE MEMBERS OF LANDMARK WHITE LIMITED AND CONTROLLED ENTITIES (CONT)

Conclusion

Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the half-year financial report of LandMark White Limited is not in accordance with the Corporations Act 2001 including:

• a. giving a true and fair view of the consolidated entity’s financial position as at 31 December 2011 and of its performance for the half-year ended on that date; and

• b. complying with Accounting Standard AASB 134 Interim Financial Reporting and Corporations Regulations 2001.

Matters Relating to the Electronic Presentation of the Audited Financial Report

This auditor’s report relates to the financial report of LandMark White Limited for the year ended 31 December 2011 included on LandMark White Limited’s web site. The company’s directors are responsible for the integrity of the LandMark White Limited’s web site. We have not been engaged to report on the integrity of the LandMark White Limited’s web site. The auditor’s report refers only to the financial report and remuneration report. It does not provide an opinion on any other information which may have been hyperlinked to/from these statements. If users of this report are concerned with the inherent risks arising from electronic data communications they are advised to refer to the hard copy of the audited financial report to confirm the information included in the audited financial report presented on this web site.

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William Buck Chartered Accountants ABN: 16 021 300 521

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L.E. Tutt Partner Sydney, 8 February 2012

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