ASPERMONT LIMITED. — Management Reports 2009

Nov 23, 2009

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Dear Shareholders

Your Board would like to take this opportunity to thank you for your kind support during the past 12 months.

Fiscal year 2008-09 saw unprecedented volatility in global financial markets with downward pressure sending national economies into recessionary freefall. Against a backdrop of uncertainty, collapsing spends in online advertising and the subsequent failings of one-time media giants, Aspermont chose its course and successfully navigated the storm.

Income challenges were met with prudent management, optimisation of assets and improved product efficiency. All the Group’s mainstay and long-term revenue plays were well equipped throughout the year and offered protection for the development of new income sources.

The Group delivered yet another year of revenue and underlying earnings growth. Debt/equity levels were reviewed, a new balance struck and consolidation in our banking relationship was found. Management was kept busy with the Group’s three new media investments: Aspermont UK (formerly MCL), Kondinin Group (Aus) and Tonkin Corporation (Aus/US).

New footholds in both hemispheres brought advances in the Group’s heartland industries, while partnerships closer to home yielded sectoral diversification. A widening global footprint, deeper product base and market risk mitigation were fully aligned with the corporate objectives. On the domestic front, new IT builds in systems and processes have realised productivity gains across the Group, which are set to continue in the coming years.

During the last period your Chairman took a more proactive step in the development of the Group’s general investment portfolio by actively taking board positions with each of the most strategic of Aspermont’s assets.

Overall, it has been a challenging but rewarding year. Looking back, having experienced powerful growth in people, assets, revenue and profits over the last eight years, the opportunity for some focused introspection has left us on a stronger footing and well poised for the years to come. As the markets recover, we will be fast out the traps and I do not rule out further acquisitions.

Over the next 12 months I expect continued build in revenue, improving profitability (both in volume and margins) and a very strong focus on growing our global audience.

Now that all our fundraising activities have been completed and the business has returned to a normal shape post the previous year, I am delighted to advise that our previously announced new directors are completing their due diligence and will be joining the board imminently. I would also like to acknowledge the appointment of Ian Elliot as a consultant to the board. Ian is the former chief executive of George Patterson agency and will be bringing skills to both the board and the business. I have tasked Ian to concentrate on opening up new revenue streams for us in the lucrative agency driven consumer market.

It remains for me to thank our staff, customers and shareholders for your ongoing support and I look forward to the coming year.

Andrew Kent Chairman

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