ENERGY ACTION LIMITED — AGM Information 2012

Nov 21, 2012

==> picture [596 x 84] intentionally omitted <==

ASX Release

For immediate release

22 November 2012

Annual General Meeting Chairman’s address and Managing Director presentation

---

Please find attached the Chairman’s address and the Managing Director’s presentation to be presented at today’s Annual General Meeting of Energy Action Limited, commencing at 2.30pm (Sydney time). The meeting is being held at the Holiday Inn, Heritage Room, 18-40 Anderson Street, Parramatta.

For those that are not attending the meeting a live webcast of the meeting can be viewed from the Group’s website at www.energyaction.com.au.

ENDS

Further information:

Valerie Duncan: Managing Director: (61 2) 9633 6403

Nathan Francis: Chief Financial Officer & Company Secretary: (61 2) 9633 6405

==> picture [596 x 92] intentionally omitted <==

==> picture [720 x 189] intentionally omitted <==

Annual General Meeting 22 November 2012

1

==> picture [720 x 189] intentionally omitted <==

CHAIRMAN’S ADDRESS

2

Welcome

Good morning ladies and gentlemen. My name is Ron Watts and I am the Chairman of Energy Action. On behalf of the Board and staff of Energy Action, I would like to welcome shareholders to our inaugural annual general meeting as a listed company.

As a courtesy to shareholders and guests, could I please ask that all mobile phones be turned off or to silent while we conduct the meeting. I also wish to advise everyone present that proceedings are being webcast live.

We will be serving refreshments later and I look forward to meeting as many of you as possible then.

Quorum

As we have a quorum, I now declare the general meeting open at 2:30pm.

Introductions

I would like to introduce the directors:

Mr Murray Bleach, Non-Executive Director, and Chairman of Audit and Risk Management Committee and of Remuneration Committee;

Mrs Val Duncan, Managing Director.

Mr Ed Hanna, Executive Director, responsible for the Sustainable Energy Development, or Activ8+, business;

Mr Paul Meehan, Non-Executive Director, and Member of Remuneration and Nomination Committees;

Mr Stephen Twaddell, Non-Executive Director, and Chairman of IT Committee;

We also welcome Mr Schalk Barnard, representing Ernst and Young, the company’s auditor, and we would also like to introduce, Mr Nathan Francis, our Chief Financial Officer and Company Secretary.

Lastly, an especially warm welcome to Ms Jenny Ward, whose company merged with Energy Action this year, and who is now a valued member of our senior team.

Chairman’s Address

I will shortly hand over to Val Duncan to provide the Managing Director’s presentation which will include details on our achievements in 2012 and our plans for growth.

Before doing so, I would like to make some comments of my own about the environment in which our company has been operating over the past year and some of the broader developments impacting the electricity supply industry.

Energy Action has performed close to most of its prospectus forecasts since the listing on 13th October 2011. In 2011/12, many sectors of the economy showed a lack of confidence due to a combination of global financial uncertainty and local political instability. To a limited extent, this might have helped Energy Action as managers are keen to reduce costs, and that is what we can do.

Although the carbon tax was approved by Parliament the day before our listing last year, and did not take effect until 1st July this year, it has impacted on our market significantly. While there is now a tendency towards shorter contracts (which stems from the uncertainty mentioned above rather than the tax itself), a positive impact has been greater awareness of energy costs by managers. This and the greater media prominence of energy issues have brought further opportunities for our sustainable energy solutions and increased activity in the small site business market, somewhat diversifying our revenue base.

Wholesale prices (ex carbon tax) have remained subdued, and offer attractive opportunities for businesses to lock in these rates.

Regulation

Electricity supply is one of the most highly regulated industries in the world. It is also complex.

As an agent for competition, Energy Action seeks to navigate and, if possible, influence regulation to improve price and service quality for end-user customers. We have put our views to the Australian Energy Regulator on simplification of regulation, and sought ways to enable our customers to switch supply more easily.

As an example of a move to greater transparency, we urge the Australian Energy Regulator to require price and volume disclosure for all wholesale market contracts, as is the case in parts of Europe, not just futures and spot market trades.

The most significant recent regulatory development is, of course, the carbon tax. Energy Action takes the view that some form of price on carbon is inevitable, so the sooner suppliers and customers adapt to one the better. Uncertainty over the future of the tax is hurting both our customers and our business partners.

We have concerns at the trend towards vertically integrated utilities, combining generation with retailing. This lends market power to a decreasing number of participants, requiring continual vigilance on the part of the Australian Competition and Consumer Commission. Countering that has been the growth of small-scale generation that can switch off without the severe capital cost penalties that large generators would suffer. We envisage continued growth in this sector, and plan to be part of that growth.

The year ahead is one in which we see opportunities, and your Board will not be slow to take them.

Board and staff

I would like to record my appreciation to my fellow directors, who have provided wisdom and support in developing strategy and overseeing growth, and, especially, to our CEO, Val Duncan. Val and her staff have been the key to our success for many years.

Contents

1. About Energy Action

2. FY12 financials

3. Operational highlights

4. Ward Consulting

5. Outlook

==> picture [310 x 200] intentionally omitted <==

6. Formal business

3

==> picture [720 x 189] intentionally omitted <==

1. ABOUT ENERGY ACTION

4

Australia’s Leading Energy Management Company

• Formed in 2000 – management buy out in 2002 by 3 of the current executive team and 2 of the existing non- executive directors

• Significant growth with year on year double digit profit growth and history of paying dividends

• Created the market for online reverse auctions for electricity and has settled over $3 billion worth of electricity contracts since 2005

• Now provides integrated management services to a diverse range of commercial and industrial customers throughout Australia

==> picture [216 x 252] intentionally omitted <==

• Listed on the ASX in October 2011 with a market capitalisation of $25 million which has grown to $60 million

• Head office in Parramatta (NSW) with sales offices in Melbourne, Brisbane, Adelaide and Perth

5

Share price performance and register

• Listed at $1.00 in October 2011

• now trading at $2.65

• Significantly outperformed peer index

• Number of shareholders has increased from 500 at IPO to approximately 760

• Liquidity and volumes have improved

• Directors hold approximately 50% of issued capital – significant alignment of interests

• Strong institutional investor interest and presence on EAX‟s register

==> picture [445 x 317] intentionally omitted <==

6

Overview of the Energy Market

==> picture [576 x 271] intentionally omitted <==

“In geographic span, the NEM is the largest interconnected power system in the world, covering a distance of 5,000 kilometres” (AER)

7

Electricity pricing

• Energy Action Pricing Index

 Raw wholesale cost (ex network & other charges) of electricity is at historic lows

• Price increases have

been driven by network and environmental charges

• Networks (poles and wires) are being „gold plated‟

• Other forms of energy becoming more compelling (solar,

==> picture [512 x 338] intentionally omitted <==

cogeneration)

8

Regulatory environment

• Australian energy market is highly regulated and very complex = opportunities for EAX

• Impact of carbon tax on EAX - > carbon inclusive

contracts....but falling contract periods

• Australian Energy Market Commission‟s (AEMC) “Power of Choice” draft report

• Energy White Paper 2012

==> picture [472 x 279] intentionally omitted <==

• Energy Action seeks to influence regulation to improve price and service quality for end users

9

Australia’s Leading Energy Management Company

AEX - Australian Energy Exchange Assisting businesses to secure the best value and most suited energy contract on the market

Activ8 - Monitoring and Assessment Through contract management and monitoring Activ8 makes sense of complex energy data, transforming it into useable business intelligence

Activ8+ - Energy Efficiency and Sustainability Activ8+ helps businesses to understand, manage and optimise their investment in energy efficiency and onsite generation

==> picture [258 x 246] intentionally omitted <==

Services offered by Energy Action

10

Procurement, management, efficiency

AEX – Australian Energy Exchange

• Online real time reverse auction platform delivers energy contract prices to commercial and industrial energy customers

==> picture [184 x 38] intentionally omitted <==

• EAX receives a % commission (of the energy only component of a customers bill) from the Energy Retailer (e.g AGL, Origin, Energy Australia)

• Energy retailers competitively bid to supply our customers

• In FY12, the AEX facilitated ~2,500 online energy auction scenarios and procured over $720 million in energy contracts ($3.5 billion since 2006)

• Small business customer contract process

==> picture [255 x 176] intentionally omitted <==

• Commenced 2011

• Over 8,000 sites taken to market in FY12

• Usually 2 year contracts, up front fees paid by Energy Retailer

11

Procurement, management, efficiency

Activ8 – Energy monitoring and contract management

• Provides energy management solutions via automated monitoring reports – control and reduce energy costs and promote energy efficient behaviour

• Fee for service – paid monthly by the Metering Data Provider – e.g Energex, Ausgrid, Data & Measurement Services (part of SP Ausnet)

• Services include:

==> picture [171 x 60] intentionally omitted <==

• Energy and emissions monitoring and reporting

• Bill validation

• Monthly, weekly and daily detailed technical reporting

• Desktop energy efficiency reviews

• Network tariff analysis

Activ8+ - Energy Efficiency and Sustainability

• Offers a range of advisory and project services provided by engineers and commercial specialists across a range of energy efficient and onsite generation technologies

==> picture [171 x 56] intentionally omitted <==

• Provides consultancy services to assist customers with government regulations, initiatives and funding proposals

12

Customer Process

Customer (e.g. McDonalds)

==> picture [158 x 33] intentionally omitted <==

Energy Action takes Electricity and Gas contracts to market

Energy Retailer A*

Energy Retailer B Energy Retailer C (Best Value Contract )

Customer signs agreement for additional services

==> picture [34 x 33] intentionally omitted <==

Contract management & monitoring

==> picture [34 x 33] intentionally omitted <==

Identifying energy efficiency opportunities

Customer understands usage & reduces energy consumption and costs

13

e.g AGL, Origin, TRUenergy

Competitors & market share

 Energy Action’s Competitors include:

• The Energy Retailers – AGL, Origin, TRUenergy etc

• Private companies – E-utility, Energetics, Energy Advice, Creative Energy (soon to be Schneider Electric)

• Various smaller consultants

• A 2010 independent study found that the use of a advisor/broker/consultant for handling electricity commercial & industrial contracts increased by 33% from 2008 (as opposed to direct with an energy retailer)

• Energy Action has approximately 6% share of the total commercial and industrial procurement market, and 15% of the broker market

14

==> picture [720 x 189] intentionally omitted <==

2. FY12 FINANCIALS

15

FY12 financial highlights

• Operating profit[1] of $4 million was 4% above prospectus forecast

• Future income[2] up 20% to $65 million

000’s	FY12	FY12	FY11	Change	Change	Prospectus	Change	Change
Revenue	17,371		14,037	3,334	24%	17,506	(135)	(1%)
Statutory NPAT **Operating profit1 **	3,611		2,935	676 1,040	23% 35%	3,834	(223) 141	(6%) 4%
	3,975		2,935			3,834
EBITDA margin	34%		32%			34%
EPS **Operating EPS1 **	15.13		14.07		8% 23%	15.30		-1%
	17.31		14.07			15.30
1H DPS (cents) 2H DPS FY DPS		3.48
		3.72	Note 3			Note 3
		7.20
Op’ing cash flow Net assets Cash at bank **Future income2 **	4,465		2,712	1,753 5,834 5,191 10,874	65% 128% 20%	n/a
	10,394		4,560			n/a
	6,758		1,567			n/a
	64,974		54,100			n/a

==> picture [50 x 64] intentionally omitted <==

Revenue up 24% to $17.4 million

Operating NPAT up 35% to $4 million, 4% above prospectus

Statutory EPS 15.13 cents Operating[1] EPS 17.31 cents

FY12 DPS 7.20 cents[3]

Strong operating cash flow up 65% on FY11

Future income[2] 20% higher than PCP (now at $70 million)

• 1- Operating profit excludes $520,087 IPO listing expenses (above is on an after tax basis)

• 2- Future income is not recorded in the balance sheet – it represents contracted revenue which is recognised in the income statement over the term of the contract

• 3 – As per the IPO Prospectus the dividend policy is to pay approximately 50% of NPAT. The Prospectus did not contain a dividend forecast and a comparison with FY11 is not provided as it is not comparable

16

FY12 Income Statement

000’s	Jun-12	Jun-11	Change	Prospectus	Change
	$	$
Revenue & other income	17,372	14,037	24%	17,506	(1%)
Employee benefits expense	(8,167)	(7,126)	15%	(8,803)	(7%)
Depreciation and Amortisation	(526)	(402)		(648)
Rental expenses	(356)	(325)		(369)
Advertising	(280)	(207)		(243)
Cost of goods and rebates	(552)	(131)		(144)
Listing related expenses	(520)	-		-
Other expenses	(1,830)	(1,666)		(1,822)
Profit before income tax	5,141	4,180	23%	5,477	(6%)
Income tax expense	(1,530)	(1,245)	23%	(1,822)	(7%)
Net profit after tax	3,611	2,935	23%	3,834	(6%)
Add back–IPO costs (after tax)	364	-		-
Operating profit after tax	3,975	2,935	35%	3,834	4%
EBITA margin	34%	32%		34%
Basic earnings per share (cents)	15.13	14.07	8%	15.30	(1%)

3 revenue streams....

• Activ8 - $10.8m (up $1.7m)

• AEX - $5.2m (up $1m)

• Large $4.3m

• Small sites $0.9m

• Activ8+ - $1m (up $0.4m)

One off IPO costs... required to be expensed

EBITDA margin = 34% (FY12 excludes IPO costs post tax)

17

FY12 Cash Flow Statement

000’s	Jun-12 Jun-11
	$ $
CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers Payments to suppliers and employees Interest received Income tax paid Net cash provided by operating activities CASH FLOWS FROM INVESTING ACTIVITIES Purchase of property, plant and equipment Purchase of intangible assets Net cash provided used in investing activities CASH FLOWS FROM FINANCING ACTIVITIES Dividends paid Proceeds from capital raising IPO raising costs Net cash provided by (used in) financing activities Net increase in cash held Cash at beginning of financial year Cash at end of financial year	18,884 15,282 (13,057) (11,174) 183 45 (1,546) (1,441)
	4,464 2,712
	(256) (154) (696) (644)
	(952) (798)
	(1,342) (1,322) 3,800 - (779) -
	1,679 (1,322)
	5,191 592 1,567 975
	6,758 1,567

Driven by a 10% reduction in debtor days

Strong operating cashflow – up 65%

Continued investment in internally developed software

IPO proceeds

18

Balance sheet – platform for further

growth

	Jun-12 Jun-11
	$ $
ASSETS CURRENT ASSETS Cash and cash equivalents Trade receivables Other assets TOTAL CURRENT ASSETS NON-CURRENT ASSETS Other receivables Property, plant and equipment Deferred tax assets Intangible assets TOTAL NON-CURRENT ASSETS TOTAL ASSETS CURRENT LIABILITIES Trade and other payables Current tax liabilities Provisions TOTAL CURRENT LIABILITIES NON-CURRENT LIABILITIES Provisions and other payables TOTAL NON-CURRENT LIABILITIES TOTAL LIABILITIES NET ASSETS EQUITY Issued capital Retained earnings Reserves TOTAL EQUITY	6,758 1,567 2,785 2,539 162 259
	9,705 4,365
	23 29 334 196 376 286 1,722 1,434
	2,455 1,945
	12,160 6,310
	907 892 12 387 588 420
	1,507 1,699
	259 51
	259 51
	1,766 1,750
	10,394 4,560
	3,979 449 6,380 4,111 35 -
	10,394 4,560

$6.7m cash at bank – note Ward acquisition part payment ($2m) made August 12, $0.9m dividend paid 14 September

Intangibles = internally developed software , amortised over 5 years

No debt

IPO proceeds

19

Revenue by Product ($’000)

FY Jun 2011 FY Jun 2012

• Activ8 - 63% of revenue

$10,826

==> picture [96 x 29] intentionally omitted <==

----- Start of picture text -----

$5,227
$4,248
----- End of picture text -----

==> picture [50 x 14] intentionally omitted <==

----- Start of picture text -----

$9,110
----- End of picture text -----

==> picture [87 x 21] intentionally omitted <==

----- Start of picture text -----

$1,006
$634
----- End of picture text -----

• AEX – 31% of revenue  large – 26%

• small sites – 5%

• Activ8+ - revenue surpassed $1 million in FY12 - seeing positive momentum into FY13

• 87% of customers took up Activ8 services via AEX

==> picture [41 x 10] intentionally omitted <==

----- Start of picture text -----

Activ8
----- End of picture text -----

Activ8+

AEX

20

Future Income - by Product ($’000)

FY Jun 2011 FY Jun 2012

==> picture [166 x 49] intentionally omitted <==

----- Start of picture text -----

$56,804
$54,100
$46,300
----- End of picture text -----

$64,974

 Future income was at a record high $65 million at 30 June 12 (now $70 million)

• Provides secure, recurring revenue streams

 Future income is not recognised on the balance sheet

$7,800 $8,170

Total

Activ8

AEX

21

==> picture [720 x 189] intentionally omitted <==

3. OPERATIONAL HIGHLIGHTS

22

FY12 Operational Highlights

• NPAT growth driven by a number of factors:

• 4% increase in use of EAX‟s reverse auction platform – Australian Energy Exchange

• 14% increase in auction sites under contract to 8,183 at 30 June 2012

• 17% increase in Activ8 sites under contract to 7,354 at 30 June 2012

• 11% increase in average Activ8 contract duration

• Substantial growth in small sites revenue – contributing $877,000 in sales commission (8,318 sites, up from 760 sites in FY11)

• Maintained our strong customer retention rates – 95%

• Successfully strengthened sales support capabilities – driving greater sales

• Increased cross selling of services across business products – total energy solution

23

Operational highlights

• Australia’s largest intermediary for large Commercial and Industrial (AEX) customers with over 8,000 sites under active or future energy contracts

• Broad industry and customer mix

==> picture [536 x 222] intentionally omitted <==

24

Diversified Customer Base

==> picture [179 x 129] intentionally omitted <==

==> picture [209 x 81] intentionally omitted <==

==> picture [233 x 147] intentionally omitted <==

==> picture [221 x 117] intentionally omitted <==

==> picture [253 x 111] intentionally omitted <==

==> picture [124 x 91] intentionally omitted <==

==> picture [103 x 184] intentionally omitted <==

25

==> picture [720 x 189] intentionally omitted <==

26

Acquisition - Ward Consulting

• A leading and profitable energy management business founded in 1999 by Jenny Ward

• Provides sustainability and efficiency reporting (NGERS, EEO) to a range of customers with a focus on property management companies

Ward Consulting Services (nsw) Pty Ltd ABN 12 087 790 903

• EAX remains well-funded for further growth with no debt

• Immediately EPS accretive

• Funded through staged cash payments and issue of scrip

• Ward Consulting has integrated into Energy Action very well and Ward’s Q1 results are in line with expectations

• Ward Consulting Services will continue to operate on a stand-alone sales business with all back-office functions progressively integrated into EAX’s operations.

27

==> picture [720 x 189] intentionally omitted <==

28

Drivers for Growth

• AEX is an unrivalled service offering and a foundation for growth:

• Gives EAX access to large potential customer base

• Can market complementary services to AEX customers

• Growing trend amongst companies to outsource noncore services such as energy management

• Offer advice to our customers through a complex regulatory and legislative environment

• Rising electricity prices forcing businesses to look at measures to reduce consumption

• Impact of carbon tax on electricity prices

==> picture [255 x 281] intentionally omitted <==

• Scalable business model

29

FY13 Outlook

• Very well placed to continue delivering strong revenue and NPAT growth

• Future revenue at over $70 million from broad mix of stable and long-term customers

• Company expanding geographical footprint – recently opened WA sales office

• Expansion of energy management services well underway

• Focus on organic growth as well as M&A opportunities

==> picture [493 x 135] intentionally omitted <==

30

==> picture [720 x 189] intentionally omitted <==

31

Procedural Matters

• If there are any Shareholders who are eligible to vote who have not received their yellow voting card, please see a representative from Link Market Services at the registration desk

• Shareholders holding a red card are not eligible to vote but can speak at the meeting

• Visitors holding a blue card are not eligible to vote or speak at the meeting

• Copies of the Notice of Meeting and Annual Report are available from the front desk

32

General Business

• First Item of business: Consideration of the annual report, financial report, Directors report and Auditors report for the financial year ended 30 June 2012

• No questions for Ernst & Young were received

• Mr Schalk Barnard of Ernst & Young will answer any questions relating to the conduct of the 30 June 2012 audit, the preparation of the financial statements, and the independence of the auditor

33

General Business

Formal Resolutions:

• Resolutions 1, 2, 3 and 4 are proposed as ordinary resolutions and will be approved if passed by more than 50% of votes cast by members entitled to vote on the resolution.

• Resolutions 5 is proposed as a special resolution and will be approved if passed by at least 75% of votes cast by members entitled to vote on the resolution.

• Voting on resolutions 1, 2 and 4 will take place on a show of hands, with resolutions 3 and 5 to be decided on a poll.

• Your Directors’ support the resolutions being put to Shareholders, except for situations where they have an interest in that resolution, in which case, they individually make no recommendation. Where permitted to do so, the Chairman of the Meeting will vote all open proxies ‘for’ each item of business.

34

Resolution 1

"That Mr Paul Meehan, a Director of Energy Action Limited retiring in accordance with the Constitution, is re-elected as a Director of Energy Action Limited.“

Resolution 1 is an ordinary resolution, and will be approved if passed by more than 50% of the votes cast by members entitled to vote on the resolution.

35

Resolution 1 - Proxies

For: 12,619,054 (99.74%) Open: 28,275 (0.22%) Against: 5,000 (0.04%) Abstain: 0

36

Resolution 2

"That Mr Murray Bleach, who was appointed as a Director of Energy Action Limited by the Board to fill a casual vacancy, is elected as a Director of Energy Action Limited.”

Resolution 2 is an ordinary resolution, and will be approved if passed by more than 50% of the votes cast by members entitled to vote on the resolution.

37

Resolution 2 - Proxies

For: 12,624,054 (99.78%) Open: 28,275 (0.22%) Against: 0 (0.00%) Abstain: 0

38

Resolution 3

"That the Remuneration Report included in the Financial Report for the year ended 30 June 2012 be adopted."

Resolution 3 is an ordinary resolution, and will be approved if passed by more than 50% of the votes cast by members entitled to vote on the resolution.

39

Resolution 3 - Proxies

For: 1,356,354 (97.26%) Open: 28,275 (2.03%) Against: 10,000 (0.72%) Abstain: 25,000

40

Resolution 4

“That, for the purpose of section 327B of the Corporations Act and for all other purposes, Ernst & Young, having:

a) been nominated by a Shareholder of the Company; and b) provided, and not withdrawn, written consent to act as auditor of the Company,

be appointed as an auditor of the Company effective from the conclusion of this Annual General Meeting.”

Resolution 4 is an ordinary resolution, and will be approved if passed by more than 50% of the votes cast by members entitled to vote on the resolution.

41

Resolution 4 - Proxies

For: 12,624,054 (99.78%) Open: 28,275 (0.22%) Against: 0 (0.00%) Abstain: 0

42

Resolution 5

“That, for the purposes of Listing Rule 7.1A of the ASX Listing Rules and for all other purposes, the Shareholders of the Company approve and authorise the Company to issue by way of placements, up to 10% of the issued capital of the Company:

a) calculated:

• i. at the time of the issue; and

ii. in accordance with the formula prescribed in Listing Rule 7.1A.2; and

b) on the terms and conditions in the Explanatory Memorandum accompanying the Notice of Meeting.”

Resolution 5 is a special resolution, and will be approved if passed by at least 75% of the votes cast by members entitled to vote on the resolution.

Resolution 5 - Proxies

For: 12,588,384 (99.57%) Open: 33,275 (0.26%) Against: 20,670 (0.16%) Abstain: 10,000

44

==> picture [720 x 189] intentionally omitted <==

45

Disclaimer

This presentation has been prepared by Energy Action Limited.

This presentation is not intended as an offer or solicitation with respect to the purchase or sale of any security nor does it constitute an offer or solicitation in any jurisdiction in which such an offer or solicitation is not authorised or to whom it is unlawful to make such solicitation or offer.

Any investment decision with respect to any transaction involving Energy Action Limited should be made based Solely upon any offering documents, if applicable, and appropriate due diligence by the prospective investor.

We believe the information provided herein is reliable, as of the date hereof, but do not warrant its accuracy or completeness. In preparing these materials, we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources.

Past performance is not a reliable indicator of future performance. This presentation may include forward-looking statements that represent opinions, estimates and projections, which may not be realised. Forecasts, by their very nature, are subject to uncertainty and contingencies, many of which are outside the control of Energy Action Limited. Actual results may vary from any forecasts and any variation may be materially positive or negative. This presentation includes forward-looking statements that represent opinions, estimates and projections, which may not be realised. We believe the information provided herein is reliable, as of the date hereof, but do not warrant its accuracy or completeness. In preparing these materials, we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources.

All information contained herein is current as at 30 June 2012 unless otherwise stated.

46

Further information

Val Duncan Managing Director 02 9633 6403 valduncan@energyaction.com.au

Nathan Francis Chief Financial Officer & Company Secretary 02 9633 6405 nathanfrancis@energyaction.com.au

47