BABYLON PUMP & POWER LIMITED — AGM Information 2013

Nov 21, 2013

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**ASX

Announcement 22 November 2013**

**–

Annual General Meeting – Chairman’s Address**

Melbourne, Friday 22 November 2013. The Directors of IM Medical Limited are pleased to welcome shareholders to this year’s AGM and to present a summary of the Company’s progress.

As I stated in the Annual Report, this year our priority has been to complete an acquisition that will bring optimal value to our shareholders.

During the year we have worked on sourcing and investigating a number of opportunities across a range of industries and sectors. On average we have undertaken a review of at least one new opportunity a month over the past year.

To date, we have rejected potential acquisitions on the basis that they have not met our criteria in terms of potential to grow shareholder value, have not had sufficiently attractive risk return parameters, or would have exposed the Company to unacceptable financing or execution risks.

Given the relatively weaker investor sentiment towards the small company resources sector over the last year, the Company has shifted strategy to focus on opportunities in the technology sector. The Company has one opportunity at an advanced stage of discussions, which your Directors hope to progress to the point of providing more detailed information in the near term.

In pursuing the Company’s acquisition strategy, we have been mindful of the need to preserve shareholders’ funds as far as possible, and we have taken steps to reduce unnecessary expenditure. We will continue to manage the Company prudently to maximise value for shareholders.

The Board will continue to keep its composition under review in order to ensure that the Board has the appropriate skills and experience to implement the Company’s revitalisation strategy going forward.

We will not hesitate to make recommendations of changes to our Board composition as the Company’s strategies evolve.

Decisions regarding any material investment or acquisition will be subject to shareholder approval in compliance with ASX requirements.

Please be assured your Board is working as hard as it can to effect the restructure and protect shareholder value. Your Directors look forward to being in a position to announce a transaction in due course and thank you for your continuing support.

Nigel Blaze Chairman IM Medical Limited

IM Medical Limited T 03 9607 8280 Level 40 F 03 9613 4111 140 William St. Melbourne VIC 3000 Aust E im.medical@icloud.com ACN 009 436 908 W immedical.com.au