ASTRON LIMITED — AGM Information 2007

Nov 29, 2007

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Astron Limited

ACN 000 285 272

Annual General Meeting 2007

Presentation agenda

• Introduction

• Highlights

• Operating Review

• 2008 Outlook

Gerry King Alan Guy Alan Guy Alex Brown

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• Q and A

Introduction

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· Record sales revenue of $182M · After tax profit of $11.4M

· Net assets increased to $97.9M · Emphasis on strategic review and new direction · Project development milestones achieved · Future growth prospects from new areas

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Highlights

2007 Summary

Sales revenue Net Profit Employees Earning/share Price/share Capitalization ASX Code Website

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A$ 182.0 million A$ 11.4 million

630 A$ 0.19 A$ 2.6 A$ 157 million ATR www.astronchem.com

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Products Groups

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Fused Zirconia Zirconium Chemicals Zircon Materials Other products*

*Shaded Area proportional to 2007 sales value

Business Highlights

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· Zircon availability improvement (from 2006) · Fused zirconia- revenue and margin growth · Zirconium chemicals- revenue increased · Zircon materials- prices/margins down · EHS performance improvement · Export sales increase of 19%

Segment Growth

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Fused Zirconia Chems/oxides
Zircon Materials Other products
％
+22
％ +14
-4.8%
+218
％
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• Includes Ti products and silicas

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• Price increases in Fused and Other products

• Prices down in zircon materials

Financial Highlights

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· Revenue growth of $30.6M · Net profit after tax of 11.4M · R.O.N.A. of 15.4% · Net Assets increased to $97.9M · Cash and marketable securities of $16M · Debt : Equity = 14% · Current ratio = 2.1

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2007 Review

Revenue

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A$M 82.4 104.7 140.3 151.2 181.8

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Year 2003 2004 2005 2006 2007

Sales Geographies

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China 72.3%

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N.America 11.3%
Europe 13%
Asia 3.4%
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Sales revenue contributors A$M

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+$ 53.0 -$ 17.4
-$ 4.7
-11.5%
-3.2% +35.2%
181.6
150.7
2006 sales Exchange rates Volumes Price/Mix 2007 sales
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Net Profit

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A$m 6.2 15.2 26.1 20.6 11.4

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Year 2003 2004 2005 2006 2007

Operating profit (EBIT) comparison (A$M)

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+6.0
-2.5
-7.36
-0.61
19.6
15.1
2006 Ex rates Volumes Price/Mix Costs 2007
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Operating Cash Flow

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A$m -2.9 17.7 19.5 14.9 -6.5

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Year 2003 2004 2005 2006 2007

Interest, taxation and net profit, A$M

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2007 2006 EBIT 15.1 19.6 - Interest expense (1.2) PROFIT BEFORE TAX 13.9 19.6 Taxation (2.5) 1.0 NET PROFIT 11.4 20.6

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Balance Sheet summary

June 2007 June 2006 % Change

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A$M

Cash/marketable securities	15.9	29.1	-45.4
Receivables	29.7	21.5	38.1
Inventories	49.9	28.6	74.5
Plant property & equipment	21.7	21.1	2.8
Other	27.5	19.7	39.6
TOTAL ASSETS	144.8	120.0	20.7
Payables	31.9	20.6	54.9
Interest Bearing Liabilities	13.6	3.5	288.6
Tax liabilities	0.3	1.2	-75
TOTAL LIABILITIES	46.9	25.3	85.4
NET ASSETS	97.9	94.7	3.4

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Astron Limited

ACN 000 285 272

Strategic Update and Outlook ALEX BROWN

Earnings performance

A$M 6.2 15.2 26.1 20.6 11.4

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Forward-looking

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Statements

Year 2003 2004 2005 2006 2007

This part of the presentation contains forward looking statements and information. Its basis is our current expectations along with certain assumptions and therefore such statements carry certain risks and uncertainties.

Company objectives

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• EPS and dividend growth -25% p.a.

• Target earnings $50M A.S.A.P. • Improve share liquidity

Company Strategy

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• Build on core competencies

• Position in growth markets • Maximize China advantage

• Cost leadership

• Differentiation- relations/R&D • Invest in people/technology

Strengths-core competencies

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• Technical

• China expertise

• Mineral sands & downstream products

Current business growth limitations

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• Lower margins limiting business expansion:

- Working capital - Project fixed capital

2008 business plan

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• Imerys offer

• Complete new business plan • Implement plan • Liquidity and shareholder relations

Development plan

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• Retained assets

- Mineral sands

- TiO 2

- New technologies Ceramic opacifiers Chlorination of Ti/Zr/Si Metals

• Other (incl. M&A synergies)

Conclusions

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• China

• New technologies

• Growth

Astron Limited ACN 000 285 272 Thank You!