COVENTRY GROUP LIMITED — Investor Presentation 2021

Aug 26, 2021

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FY21 Full Year Results Presentation
27 August 2021
At the Coventry Group we create a sustainable future by
empowering our people to deliver great customer
experiences
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Health, Safety and Wellbeing

Improved health, safety and well-being outcomes in FY21

The health, safety and wellbeing of our people is our number one priority

We value the health, safety and wellbeing of our people first and foremost.

• 7 Lost Time Injuries (LTI’s) for a total of 56 lost days for FY21 (13 LTI’s for 108 lost days in FY20)

• Detailed root cause analysis (RCA) investigations completed and shared across the business for all LTI’s and serious near misses to ensure we minimise risks and improve our safety systems

• Dedicated Safety Managers recruited for each business unit

Our aspiration is zero incidents

• Safety audits completed as part of our acquisition due diligence process

• Improved steel and manual handling systems implemented in the Nubco network

Continuous improvement plans for our health, safety and wellbeing systems in FY22

• We will continue to prioritise the health, safety and wellbeing of our people during the COVID-19 pandemic

• Group Health, Safety and Environmental Manager role being established in FY22

• Introducing new business wide safety app to streamline safety audits and actions Improving return to work and rehabilitation procedures

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FY21 Snapshot

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Trading performance improved despite the COVID-19 backdrop

Trading performance improved during FY21 with the Group delivering underlying profitability growth for both EBITDA and EBIT.

FY21 Trading performance

Fourth consecutive year of sales and EBITDA growth.

Group sales growth for FY21 including acquisitions of +16.5% and excluding acquisitions of +13.6% when compared with the prior year. Group sales including acquisitions at $288.5m ($247.6m FY20). Group underlying EBITDA of $13.4m ($6.6m FY20), a $6.8m improvement on the prior year. Statutory net profit for the year $7.2m (Loss of -$0.5m FY20).

The Group has a solid balance sheet with Net Assets of $109.8m as at 30 June 2021. Inventory levels have been increased to minimise the impact of global supply chain issues and stock shortages.

Net assets

Completed the acquisition of the business and assets of H.I.S. Hose Pty. Ltd. (“H.I.S. Hose”) and the business and assets of Fluid Power Services Pty Ltd (FPS), funded through the Company’s debt facilities.

Acquisitions

Entered a new financing arrangement including a $45m Borrowing Base facility with the National Australia Bank (NAB).

Financing arrangements

COVID-19

Managed lockdowns and restrictions throughout our operations and markets across the period.

Note 1: Underlying EBIT and EBITDA exclude the impact of AASB 16 – Leases Note 2: Statutory net profit includes the impact of cloud based accounting $507k

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FY21 Highlights

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Continuing our journey of sustainable profitable growth

People

EBITDA year on year growth

Reduced LTI’s Improved retention rates Excellent engagement rates

Group +6.8m TD +$5.0m FS +3.5m

Sales growth

Digital

E-commerce on- line ordering sites going live

Group +16.5% TD +11.8% FS +24.1%

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Notable events

Managed COVID-19 backdrop KAA small profit after 10+ years of losses NAB banking /debt facility in place Redcliffe WA property close to fully tenanted

Acquisition growth

Nubco and Torque performing to expectations Acquired H.I.S. Hose and FPS

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KAA return to profit after 10+ years of losses

Historical Highlights

Significant achievements over the last four years

• Four consecutive years of sales and profit growth

• KAA returned to profit after 10 plus years of losses

• Transformed the culture in the Group based on our core values

• Completed four acquisitions – Torque Industries, Nubco, H.I.S. Hose and Fluid Power Systems

• Divested the AA Gaskets business

• Navigating the COVID-19 pandemic and cyber-attack in 2018

• Secured banking arrangements with the NAB

• Resumption of dividend payments

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Note: Underlying EBIT and EBITDA exclude the impact of AASB 16 - Leases
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FY21 Financial Results

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EBITDA improvement of $6.8m on the prior year

($m)	FY21 inc. acquisitions	FY21 exc. acquisitions	FY20	% change inc. acquisitions
Revenue from sale of goods	288.5	281.1	247.6	+16.5%
EBIT	10.6	9.9	4.1	+159.4%
EBITDA	13.4	12.6	6.6	+99.9%
Net profit/(loss) after tax	7.2		-0.5
Net debt	16.3		3.3
Net tangible assets	109.8		100.9	+8.8%

• Sales growth of +16.5% (including acquisitions) compared to the prior year

• Sales growth +13.6% excluding acquisitions compared to the prior year

• Sales of $288.5m (FY20: $247.6m)

• Solid growth of +24.1% in Fluid Systems (FS) and +11.8% in Trade Distribution (TD)

• Underlying EBITDA of $13.4m (including acquisitions) a +$6.8m improvement on the prior year.

• Underlying EBIT of $10.6m (including acquisitions)

• Statutory profit after tax $7.2m

• Net profit increase of +$7.7m on the prior year

• Final fully franked dividend of 3 cents per share declared

Note 1: Underlying EBIT and EBITDA exclude the impact of AASB 16 – Leases Note 2: Statutory net profit includes the impact of cloud based accounting $507k

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FY21 Financial Results

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Sales and profit growth achieved in both segments

Fluid Systems

($m)	FY21 inc. acquisitions	FY21 exc. acquisitions	FY20	% change inc. acquisitions
Revenue from sale of goods	119.0	111.6	95.9	+24.1%
EBIT	13.1	12.4	9.7	+35.3%
EBITDA	13.8	13.1	10.3	+34.2%

Trade Distribution

($m)	FY21 inc. acquisitions	FY21 exc. acquisitions	FY20	% change inc. acquisitions
Revenue from sale of goods	169.6	169.6	151.7	+11.8%
EBIT	11.1	11.1	6.1	+81.9%
EBITDA	11.7	11.7	6.7	+75.3%

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Fluid Systems

• An excellent year for the FS division with sales up +24.1% and EBITDA up +34.2% on the prior year

• The large previously reported $7.9m order had a positive impact on the result

• The acquisition of H.I.S. Hose was completed on 1 December 2020 and FPS on 1 May 2021. Integrations are progressing to plan

Trade distribution

• TD sales for FY21 up +11.8% and EBITDA up +75.3% on the prior year

• All business units in TD improved

• contribution in FY21

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Net assets increased to $109.8m

• Net debt position at 30 June 2021 of $16.3m (net debt position as at 30 June 2020 of $3.3m)

• Net debt was impacted by:

• Acquisition related payments ($7.6m)

• Increasing stock holdings to maintain service levels during FY21 due to global supply chain issues ($5.5m)

• Capital expenditure ($3.5m)

• The Group has a strong working capital position with Net Assets of $109.8m and Current Assets exceeding Current Liabilities by $33.6m as at 30 June 2021

• Tax losses of $77.3m available for use in Australia

• Franking credits available at balance date of $11.1m

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Balance Sheet and Cash Flow

($m)	Jun-19	Jun-20	Jun-21
Cash & cash equivalents Trade and other receivables Inventories Other financial assets Other current assets Total current assets	5.3 35.8 59.9 2.0 1.5	7.5 33.5 53.6 2.1 3.5	8.2 43.5 63.9 4.0 3.7
	104.5	100.2	123.3
Trade receivables Deferred tax assets Property, Plant & Equipment Right of use assets Intangible assets Non-current assets Total assets Trade and other payables Employee benefits Interest bearing loans and borrowings Lease liability Provisions Income tax (refundable)/payable Non-current liabilities Employee benefits Other payables Provisions Lease laibility Non current liabilities Total Liabilities Net Assets	- 1.2 5.9 - 46.6	1.8 19.6 6.8 39.8 46.1	1.8 23.8 9.2 41.4 49.2
	53.7	114.1	125.4
	158.2 38.2 5.7 9.4 - - 0.5	214.3 40.8 5.8 10.9 9.7 - -	248.7 49.1 6.8 24.5 9.3 - -
	53.8 0.2 3.2 - -	67.2 0.3 0.2 3.1 42.6	89.7 0.4 0.3 3.8 44.7
	3.4	46.2	49.2
	57.2	113.4	138.9
	101.0	100.9	109.8
Issued capital Retained earnings & reserves Total equity	149.6 - 48.6	149.6 - 48.7	149.8 - 40.0
	101.0	100.9	109.8
NTAper share(cents)	0.59	0.39	0.41

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Fluid Systems

Fluid Systems markets have to date continued to perform well

COVID-19

Markets

  - No Government JobKeeper support received

• Mining and resources

• Iron Ore – performing very well and expected to stay solid

• Minimal impact to date from COVID-19

• Coal – performing very well despite China sanctions

• Supply chain disruption overseas and locally is being managed

• Defence – major opportunity for FS

• Suppliers are reporting difficulties obtaining raw materials – we are expanding our forward order program to increase stock holdings

• Transport – growing sector

• Agriculture – growing sector

• Recycling – growing sector

• The majority of suppliers are increasing prices – we are passing on where possible

• Infrastructure – growing sector

Opportunities

Key wins/recent developments

• Delivery of additional services and geographic branch expansion

• Major refueling systems mining and resources customer order $7.9m delivered Sep 2020 through to Jan 2021

• Expand hydraulic cylinder market share – investment already made into required equipment

• Relocation and merge of Coopers and Torque operations to new custom built facility in Adelaide

• Expand hydraulics, fluid dispensing and refuelling systems capabilities and customers

• Expanding Redcliffe WA operations to second location

• Increase exposure to other sectors such as agriculture, oil & gas, defence, transport, recycling and manufacturing

• Completion of the H.I.S. Hose acquisition 1 Dec 2020

• Completion of the FPS acquisition 1 May 2021

• Acquisitions

• New branch opened in Port Hedland

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Trade Distribution

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Trade Distribution continues to be a big opportunity for growth

COVID-19

Markets

• No Government JobKeeper support received in Australia or New Zealand in FY21

• Industrial – performing well

• Commercial construction – performing well with some localised softness due to lockdowns

• Supply chain disruption overseas and locally is being managed – we are increasing stock holdings where we can.

• Infrastructure – market is expanding and will continue to do so with significant Federal and State Government spend commitments

• The majority of suppliers are increasing prices – we are passing on where possible

• Oil and gas – sector is recovering

• Cabinet making – performing well

• Roofing and cladding – performing well

• Agriculture and aquaculture – performing well and expected to grow

Key wins/recent developments

Opportunities

• KAA return to profit

• Store expansion and makeovers in Australia and New Zealand

• Supply chain optimisation project completed

• Product range expansion

• Increasing size and capability of business development and sales representative field team

• Opened a new branch in Invercargill, New Zealand

• Opening a new branch in Rockhampton, Australia

• Steel reinforcing and concrete formwork market growth

• Mount Gambier branch, Mount Manganui and Auckland CBD branches expanded, Gold Coast, Cairns and Burnie store makeovers completed

• Infrastructure market and large national customers

• Digital customer engagement – e-commerce

• Sales growth following installation of Off-Coil Bender in Nubco

• Acquisitions

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H.I.S. Hose Acquisition

H.I.S. Hose is performing to expectations and integration is proceeding to plan

Acquisition criteria	H.I.S. Hose	Alignment with CGL strategy
Industrial Supply market	Excellent fit for CGL and FS segment. Provides geographical expansion (Victoria) and further diversification
Turnover scale > $10m	A$11.5m turnover
Profitable business	Yes
Disciplined approach to value	Less than 5 times EBITDA multiple
Management to be retained	Owners retained for handover GM contracted for three years
Clear post- acquisition integration strategy	Will operate as the Victorian region operation of Fluid Systems CGL operating system transition July 2020
Conservative funding strategy	Using existing finance facility

• Completed the acquisition of the business and assets of H.I.S. Hose on 1 December 2020, funded through the company’s debt facility

• H.I.S. Hose is a market leader in the supply of industrial hose, fittings, flexible ducting and associated equipment including pneumatic and hydraulic components in Victoria. The business operates 3 store locations across Melbourne with its Head Office and largest branch in West Sunshine and branches in Campbellfield and Dandenong.

• H.I.S. Hose has a diversified customer base across industrial, manufacturing, government departments, marine, waste and agriculture industries, with little exposure to mining and resources.

• In FY20, H.I.S. Hose generated sales revenue of $11.5m and adjusted EBITDA of $1.2m.

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FPS Acquisition

Fluid Power Services acquisition completed 1[st] May 2021

Acquisition criteria	Fluid Power Services	Alignment with CGL strategy
Industrial Supply market	Excellent fit for CGL and FS segment. Provides geographical expansion (Tasmania) and further diversification
Turnover scale >10m	Less than $10m but growth opportunity
Profitable business	Yes
Disciplined approach to value	Less than 5 times EBITDA multiple
Management to be retained	Owners to be retained for handover
Clear post- acquisition integration strategy	Will operate as the Tasmanian branch of Fluid Systems
Conservative funding strategy	Using new NAB finance facility

• Completed the acquisition of the business and assets of FPS funded through the company’s debt facility.

• FPS is a leading provider of specialised hydraulic products and engineering solutions in Tasmania serving clients in the infrastructure, transport and logistics, building and construction, industrial and mining and resources markets.

• FPS is headquartered in Devonport, Tasmania with 8 employees. FPS has a diversified customer base and strategic supplier alliances with Rexroth and Hydac.

• In FY20 FPS had total revenue of $4.9m and adjusted EBITDA of $1.2m.

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New Financing Arrangements

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Partnership with the National Australia Bank

• The Coventry Group has entered a new 3 year financing arrangement with the National Australia Bank (NAB). The financing agreement provides a holistic banking offering including a:

• $45m Borrowing Base Facility against eligible inventory and debtors. The facility limit is scalable for future growth.

• $5m Senior Secured Ancillary Facility to provide security for Transactional Banking, Bank Guarantees, FX, and any other transactional facilities required by the Coventry Group. The intention is for these facilities to transition to NAB during the first half of FY22.

• The migration to NAB transactional banking is progressing to plan.

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Our Values

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We refreshed our vision and values during the year

• During the year we refreshed our vision and values of Fairness, Integrity, Respect, Safety and Teamwork (FIRST)

• We live our values and strive to do the right thing in all our dealings with our people, customers and suppliers

• Despite a competitive recruitment market, our reputation for having a values-based culture is attracting quality people into the organisation

• Our employee retention and engagement results continued to improve during the year.

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Source: Chandler
Macleod survey August
2021
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We are focussed on our customers needs

• Our customers needs are our priority

• We continue to strengthen our business development and sales teams to meet our customers needs

• We have prioritized service levels over reducing inventory – particularly in the current uncertain times and with global supply issues

• We are investing in our store network to improve the customer experience

 We are introducing digital engagement strategies for customers who want to deal with us electronically

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Our Value Proposition

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Vision and Strategic Direction

To be Australia and New Zealand’s leading industrial supply and services group where we do the right thing by our people, customers and partners to create a sustainable future.

EXCITING OPPORTUNITY TO BUILD A LEADING SCALED INDUSTRIAL SUPPLY GROUP

Growth can be achieved through a combination of:

The Board and Coventry Leadership Team (CLT) have developed a clear vision and strategy for the business over the next five years.

The Board and

A clear opportunity exists to build a highly focused scaled Industrial Supply and Services business with leading market positions across multiple geographies, market sectors and product categories.

CLT have significant experience in B2B trade / industrial supply and service distribution markets and have

• Organic growth market share gains, e- commerce, new branches, store makeovers, marketing and promotion, new products and new geographies

developed a blueprint for success.

We are on a journey of long term sustainable profitable growth through delivery of our mission and strategic objectives.

The CLT also has substantial

experience identifying, completing and integrating acquisitions.

• Sensible strategic acquisitions

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Our Story

The Coventry Group has a proud history over 90+ years

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1929 - 1967 - 1984 -
1929 1966
1965 1983 2000
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The business prospers.

Listed on the ASX.

Mr Ronald James Kyle acquires a car dealership from a liquidator and Coventry Motor Replacements is born.

Acquires a number of businesses:

Numerous acquisitions including diversification into a number of Fasteners businesses and Cooper Fluid Systems.

Appointed both Ford and Holden products distributor.

– 1972 Industrial Sales Holdings. – 1975 West Coast Automatics. – 1977 Motor Traders in SA (first interstate expansion).

Acquires Raphaels Pty Ltd in 1958.

Establishment of

Grows to six branches in WA with 450 people.

Coventry Auto Parts (CAP) in 1998.

By 1999 the Group has 1,900 people.

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2000 - 2007 -
2006 2016
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2017
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2018 -
2019
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2020 +
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Group revenue reaches $500m.

Sale of automotive divisions.

Acquisition of Torque and capital raising.

New senior

Acquisition of H.I.S. Hose and Fluid Power Systems.

management team.

Business is focused on two verticals with key competitive advantages.

Board restructure.

Period of declining sales in remaining businesses.

Losses occur in CAP business.

Sale of AA Gaskets.

Acquisition of Nubco and capital raise.

Implement turnaround in Konnect and Artia Australia and drive sustainable profitable growth.

Konnect and Artia Australia strategy reset.

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Corporate Snapshot

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Market capitalisation of $132.2m

Key Market Metrics

SHARES ON ISSUE 90.0M

SHARE PRICE

MARKET CAPITALISATION $ 132.2M

NET DEBT

26 August 2021 $1.47

30 June 2021 $- 16.3M

We acknowledge the support of our substantial Shareholders

28.5[%]

9.5[%]

5.7[%]

11.3[%]

DIVIDEND

Fully franked

3 cents

5.0[%]

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• Appointed as a director September 2014 and Chairman January 2015.

• Currently a Non-executive director of Experience Co Limited, independent board advisor and chairman at Middendorp Electric and independent Board advisor at Bowens Timber & Hardware.

• Previously Chief Financial Officer, Company Secretary and GM Finance and IT at Australia’s largest and most successful plumbing and bathroom distributor Reece Ltd and Nonexecutive director of Millennium Services Group Ltd.

• Fellow of CPA Australia (FCPA), graduate member of the Australian Institute of Company Directors (GAICD) and a Fellow of the Governance Institute of Australia (FGIA).

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• Appointed CEO in May 2017 after holding the role of CFO and company secretary since October 2016.

• 15 years within the Australian division of Bunzl plc.

• Experience across Finance, Strategy, Human Resources, Health, Safety and Environment, ICT and Technology, Operations, Project Management and all aspects of acquisitions.

The Board

• Appointed in September 2017.

• Appointed in September 2018.

• Appointed May 2020.

• Extensive career in senior management roles at Reece Ltd.

• Former Managing Director of • Strong background in the banking Wolseley Private Equity, an and finance industry and has held independent private equity firm executive positions in government, which he co-founded in 1999. regional and major banks as well Non-executive director of ASX as building societies and listed companies IVE Group Ltd, stockbroking. •

• HRL Holdings Ltd and Bapcor Currently a Non-executive director Limited.

• Graduate of the Australian Institute of Company Directors and advisor to a number of private companies.

• Currently a Non-executive director of Alinta Energy, BWP Management Ltd, Viburnum Funds and is Chairman of St John of God Foundation Inc.

• Member of the Australian Institute of Company Directors.

• Previously held public company roles including Non-executive director of Wesfarmers Ltd, where he was Chairman of the company’s Audit and Risk Committee; Managing Director of Challenge Bank Ltd; Chairman of Alinta Ltd; MMA offshore Ltd; Home Building Society Ltd and Deputy Chairman of Bank of Queensland Ltd.

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Business Overview

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We supply a range of fastening systems, industrial products and hydraulics, lubrication, fire suppression and refuelling systems, cabinet hardware systems and other products.

Trade Distribution (TD)

Fluid Systems (FS)

Comprises Konnect and Artia Australia (KAA), Konnect and Artia New Zealand (KANZ), and Nubco. Supplies a range of fastening systems, cabinet hardware systems, industrial and construction products through a network of 49 branches in Australia and 16 branches in New Zealand. Customers are in the manufacturing, construction, infrastructure, agriculture and mining sectors.

Comprises Cooper Fluid Systems, Torque Industries, H.I.S Hose and Fluid Power Services. Designs, manufactures and sells hydraulics, lubrication, fire suppression and refuelling systems and products through 17 branches in Australia. Customers are in the mining, manufacturing, defence, recycling and agriculture sectors.

FS

TD

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Trade Distribution – Business Overview

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Solid progress on our journey of sustainable profitable growth

Trade Distribution (TD) comprises our network of Konnect and Artia Australia (KAA), Konnect and Artia New Zealand (KANZ) and Nubco branches.

• KAA is one of Australia’s leading fastener specialists and supplier of cabinet ware, operating through 42 branches.

• KANZ is New Zealand’s leading fastener specialist and supplier of cabinet ware, operating through 16 branches.

• Nubco is a major supplier of Steel, Reinforcing, Fasteners, Construction Products, Power Tools, Hand Tools, PPE and consumables in Tasmania.

The business has significant opportunity for growth:

• We have a strong value proposition based on our large range of quality products, high stock availability, having inventory where and when the customer wants it, our expertise, extensive branch network and our flexible and adaptable service model.

• Expansion through:

• Greenfield store growth and targeted makeovers for KAA and KANZ branches

• Broader product range and commercial construction and infrastructure market growth and major contract opportunities. Experienced business development team now in place

• E-commerce and marketing and promotions

• Potential for acquisitions

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Nubco 7 branches KANZ 16 branches KAA 42 branches

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Trade Distribution – Branch & DC Network

• New Mount Gambier branch in Australia and Invercargill branch in New Zealand opened in FY21.

• New store opening in Rockhampton early in FY22 and plans in place for an additional location in New Zealand.

• Completed a number of branch re-configurations in Australia applying enhanced store merchandising, marketing and promotion concepts completed successfully.

• Relocated a number of locations to larger store footprints in better locations.

• No store closures in FY21 and none planned for FY22.

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Fluid Systems – Business Overview

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Fluid Systems is a market leader

• Fluid Systems is an innovative service provider to the mining, agriculture, defence, construction, manufacturing and allied industries – specializing in hydraulics, lubrication, fire suppression, refuelling and fluid transfer systems/products.

The business still has substantial room to grow both through organic expansion and acquisition opportunities

• Delivery of additional services and geographic branch expansion to increase market share.

• Expand hydraulic cylinder market share – investment already made into required equipment.

• Expand hydraulics, fluid dispensing and refuelling systems capabilities and customers.

• Increase exposure to other sectors outside of mining such as agriculture, oil & gas, defence, transport, recycling and manufacturing.

• Acquisition opportunities to diversify away from mining and resources.

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Fluid Systems – Branch Network

• The H.I.S. Hose acquisition added three additional branches in Melbourne

• The FPS Tasmania acquisition added our first location in Tasmania in Devonport.

• Opened a new branch in Port Hedland late in FY21.

• Perth operation being expanded to a second location (utilizing part of our existing Redcliffe WA facility)

• Plans in place for an additional branch in FY22.

Torque 1 branch Coopers Fluid Systems 12 branches Fluid Systems 17 branches

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Outlook

The Group is cautiously optimistic for the FY22 financial year

• There are significant growth opportunities across all segments of the business – market share gains, new branches, product range extension and acquisitions.

• Medium-term target to achieve 7.5% group EBITDA margins.

• Whilst pleased to report improving performance for FY21, we are not providing FY22 guidance due to continuing COVID-19 uncertainty.

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Reliance on third party information

The information and views expressed in this presentation were prepared by Coventry Group Ltd (the Company ) and may contain information that has been derived from publicly available sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of the information. No responsibility or liability is accepted by the Company, its officers, employees, agents or contractors for any errors, misstatements in or omissions from this presentation.

Presentation is a summary only

This presentation is information in a summary form only and does not purport to be complete. It should be read in conjunction with the Company’s 2021 full year financial report. Any information or opinions expressed in this Presentation are subject to change without notice and the Company is not under any obligation to update or keep current the information contained within this presentation.

Not investment advice

This presentation is not intended and should not be considered to be the giving of investment advice by the Company or any of its shareholders, directors, officers, agents, employees or advisers. The information provided in this presentation has been prepared without taking into account the recipient’s investment objectives, financial circumstances or particular needs. Each party to whom this presentation is made available must make its own independent assessment of the Company after making such investigations and taking such advice as may be deemed necessary.

No offer of securities

Nothing in this presentation should be construed as either an offer to sell or a solicitation of an offer to buy or sell Company securities in any jurisdiction.

Disclaimer

Forward looking statements

This presentation may include forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, these statements are not guarantees or predictions of future performance, and involve both known and unknown risks, uncertainties and other factors, many of which are beyond the Company’s control. As a result, actual results or developments may differ materially from those expressed in the statements contained in this presentation. Investors are cautioned that statements contained in the presentation are not guarantees or projections of future performance and actual results or developments may differ materially from those projected in forward-looking statements.

No liability

To the maximum extent permitted by law, neither the Company nor its related bodies corporate, directors, employees or agents, nor any other person, accepts any liability, including without limitation any liability arising from fault or negligence, for any direct, indirect or consequential loss arising from the use of this presentation or its contents or otherwise arising in connection with it.

For more information, please contact:

Robert Bulluss

CEO and Managing Director Coventry Group Ltd (03) 9205 8219

Authorised for release by the Board of Directors of Coventry Group Limited.

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