IMDEX LIMITED — Annual Report 2008

Sep 10, 2008

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11 September 2008

Company Announcements Office Australian Stock Exchange Limited Exchange Centre 20 Bridge Street SYDNEY NSW 2001

Dear Sir/Madam

Brokers Presentations

Please find attached a copy of the presentation being made to brokers in the United Kingdom, North America and Australia between 11 and 25 September 2008.

The Imdex DVD will also be shown at these presentations, a copy of which can be found on the Imdex website. (www.imdexlimited.com)

Yours faithfully Imdex Limited

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Paul Evans

Company Secretary

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Imdex Limited FY08 Full Year Results – Discussion Pack September 2008

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1

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• Group Overview

• Fluids & Chemicals

• Down Hole Instrumentation

• FY08 Results Summary

• Strategy & Outlook

• Summary

• Appendices

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22
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Imdex Snapshot

• Core business - the manufacture , supply and distribution of high quality drilling fluids and down hole instrumentation

• Attractive end markets – strong long term demand for minerals, oil and gas underpinning buoyant global exploration/development activity

• Global Reach – eight acquisitions in 3 years have created true international reach and geographic diversity and technology leadership

• Quality customer base including global distribution and supply agreements with Sandvik, Boart Longyear, Major Drilling and Layne Christensen

• Extracting benefits from new products, synergies and expanded manufacturing capability

• Strong business model with significant upside

• Building Shareholder Value – Management delivering on our growth strategy

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33
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Exposure to High Growth Industries Resources

• Record minerals exploration spend and increased production activity

• US$13.1B in 2008 - up 25% on US$10.5B in 2007

• Strong demand for drilling fluids and down hole instrumentation – essential components of exploration and development

• Industry capacity constraints

• Deeper and more complicated ore bodies

• Longer timeframes from discovery to production

• Rising exploration, development and production costs

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Drill core sample being oriented
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44
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Exposure to High Growth Industries

Oil & Gas

• Strong investment into exploration and development of new reserves

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• Worldwide exploration spend in 2007 was ~US$332b

• Interest in new exploration in all parts of the industry has not been higher for 30 years

• Complex exploration places a premium on technologies that improve performance and reduce risk

• The industry will have to drill more. Fragilities in the oil and gas supply chain are clear indicators of this

• Imdex is well positioned to benefit from this long-term opportunity through our developing sophisticated technology portfolio and competitive drilling fluids

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3D representation of multiple drill holes in
close proximity
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55
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Our Skill Set

• Quality people

• Industry respected operational personnel

• Experienced locally based management

• Customer service

• Strong brands

• IP ownership

• Own manufacture = control of supply

• Scalability

• Low labour component

• High revenue per employee

• Strong global distribution channels

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Drilling fluids research and development
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• Quality products

• Powerful R&D capability

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66
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Our Customers

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And a broad range of medium to smaller sized clients globally

Our Corporate Structure

• Successful

• transformation expansion 2005 – 2008

• Growth achieved via non core asset divestments and eight acquisitions

• � Maximising opportunities through consolidation, synergies and additional resources

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Resources Oil & Gas
focus focus
South Africa Asia Pacific Canada Caspian Sea Latin Global Global
01.08.05 01.07.07 Region America 01.08.06 01.05.07
01.07.07 01.11.07
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88
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• Group Overview

• Fluids & Chemicals

• Down Hole Instrumentation

• FY08 Results Summary

• Strategy & Outlook

• Summary

• Appendices

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99
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Fluids & Chemicals – Overview

� Drilling fluids and chemicals (DFC)

• Main uses: Cool and lubricate the drill bit, keep the drill hole open and return cuttings to the surface

• Primarily servicing the global resources industries

• Building market share in the international onshore oil and gas industry

• Manufacture and sell

• Consumable

• Differentiating factor is service

• Complementary to our Down Hole Instrumentation (DHI) business

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Australian Mud Company products in characteristic green packaging

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DFC Key Highlights – FY08

• Growth across all geographic regions – strong business model with a global footprint – Asia/Pacific, Africa, Canada and Latin America

• Distribution and supply agreements with Sandvik, Boart Longyear, Major Drilling and Layne Christensen

• Increased exposure to the global onshore oil & gas market

• Earnings accretive acquisitions:

• Suay Energy Services, Kazakhstan (Oil & gas)

• Poly-Drill Drilling Systems, Canada

• Southernland in Chile

• Commencement of upgrades/additional plant and manufacturing facilities – Samchem (South Africa) and Southernland (Chile) to reduce costs and meet demand

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Australian Mud Company products on a client drill site

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DFC – Revenue Growth

0 10 20 30 40 50 60 70 80 90		12 12 �Strong organic growth �Balanced global presence �Facilities being upgraded and expanded to reduce costs and meet demand: �Samchem (Africa) �Southernland (Latin America) �Growth experienced from global alliances �Strengthened management team to maintain/extend superior customer service FY04 FY05 FY06 FY07 FY08 Fluids and Chemicals Revenue ($m) 85.7 �37% 1 July 07 100% Canada Poly-Drill 1 Nov 07 100% Chile Southernland 30 June 08 25% Kazakhstan Suay 1 July 07 75% Kazakhstan Suay Company Country Date % Acquired	12 12 �Strong organic growth �Balanced global presence �Facilities being upgraded and expanded to reduce costs and meet demand: �Samchem (Africa) �Southernland (Latin America) �Growth experienced from global alliances �Strengthened management team to maintain/extend superior customer service FY04 FY05 FY06 FY07 FY08 Fluids and Chemicals Revenue ($m) 85.7 �37% 1 July 07 100% Canada Poly-Drill 1 Nov 07 100% Chile Southernland 30 June 08 25% Kazakhstan Suay 1 July 07 75% Kazakhstan Suay Company Country Date % Acquired	12 12 �Strong organic growth �Balanced global presence �Facilities being upgraded and expanded to reduce costs and meet demand: �Samchem (Africa) �Southernland (Latin America) �Growth experienced from global alliances �Strengthened management team to maintain/extend superior customer service FY04 FY05 FY06 FY07 FY08 Fluids and Chemicals Revenue ($m) 85.7 �37% 1 July 07 100% Canada Poly-Drill 1 Nov 07 100% Chile Southernland 30 June 08 25% Kazakhstan Suay 1 July 07 75% Kazakhstan Suay Company Country Date % Acquired	12 12 �Strong organic growth �Balanced global presence �Facilities being upgraded and expanded to reduce costs and meet demand: �Samchem (Africa) �Southernland (Latin America) �Growth experienced from global alliances �Strengthened management team to maintain/extend superior customer service FY04 FY05 FY06 FY07 FY08 Fluids and Chemicals Revenue ($m) 85.7 �37% 1 July 07 100% Canada Poly-Drill 1 Nov 07 100% Chile Southernland 30 June 08 25% Kazakhstan Suay 1 July 07 75% Kazakhstan Suay Company Country Date % Acquired	12 12 �Strong organic growth �Balanced global presence �Facilities being upgraded and expanded to reduce costs and meet demand: �Samchem (Africa) �Southernland (Latin America) �Growth experienced from global alliances �Strengthened management team to maintain/extend superior customer service FY04 FY05 FY06 FY07 FY08 Fluids and Chemicals Revenue ($m) 85.7 �37% 1 July 07 100% Canada Poly-Drill 1 Nov 07 100% Chile Southernland 30 June 08 25% Kazakhstan Suay 1 July 07 75% Kazakhstan Suay Company Country Date % Acquired
		. �37%

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• Group Overview

• Fluids & Chemicals

• Down Hole Instrumentation

• FY08 Results Summary

• Strategy & Outlook

• Summary

• Appendices

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Down Hole Instrumentation – Overview

� Down hole instrumentation (DHI)

• Types of tools

• Down hole survey

• Steering

• Core orientation

• Unique/leading technology in resources sector globally

• Entering oil & gas industry

• Manufacture and rent/sell

• Differentiating factors are technology and service

• Speed and accuracy of data

• Minimum disruption to drilling process

• � Complementary to DFC business Demonstration of Reflex tools to customers

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DHI Key Highlights – FY08

• Growth across all geographic regions

• Strong business model with a global footprint

• Distribution and supply agreements with Sandvik, Boart Longyear, Major Drilling and Layne Christensen

• Acquisition of SEG business in Germany giving access to world class Target INS technology and other products

• SEG technology provides platform for entering the global oil & gas market (est. market size >US$500m p.a.)

• Continued implementation of rental model

• Continued development of technology:

• Ez-Trac – highly successful product launch

• High Temperature GyroSmart

• High Temperature Multishot

• Drop Tool

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EZ-Trac being guided into the drill hole
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DHI – Revenue Growth

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Down Hole Instrumentation Revenue
($m)
70
62.9
� 12%
60
50
40
30
20
10
0
FY04 FY05 FY06 FY07 FY08
•
Divestment of Surtron for $20m cash on 1 Nov 07
•
Acquisition of 100% of SEG (Germany) 1 Jan 08
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• Entry into oil & gas market with industry specific down hole instrumentation

• Continuing to grow rental business

• Maintained technology leadership:

• Digital down hole survey instrumentation

• Electronic core orientation tool

• MEMS digital, solid state down hole gyro survey system

• Growth experienced from global alliances

• Strengthened management team to maintain/extend superior customer service

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• Group Overview

• Fluids & Chemicals

• Down Hole Instrumentation

• FY08 Results Summary

• Strategy & Outlook

• Summary

• Appendices

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FY08 – Results Highlights

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Normalised Revenue by Division Normalised EBITA
($m) ($m)
45
40.1
160 148.6
40
� 25%
140 35 � 62%
120 30
25
100
20
80
15
60 10
40 5
0
20
-5
0
-10
FY04 FY05 FY06 FY07 FY08
FY04 FY05 FY06 FY07 FY08
Fluids and Chemicals Down Hole Instrumentation Minerals Processing
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Normalised results include discontinued operations and exclude non-operational items
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Strong revenue growth across all geographies

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$8.2m
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Asia Pacific
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� 19%
$92.6m
Americas
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$19.1m
Africa
� 26%
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FY08 – EPS, DPS and ROE Growth

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Normalised Earnings & Dividends Return on Equity
14.0 c 50% (EBITA/Equity)
per Share
12.0 c 40%
10.0 c
30%
8.0 c
20%
6.0 c
4.0 c
10%
2.0 c
0%
0.0 c
FY04 FY05 FY06 FY07 FY08
-2.0 c -10%
-4.0 c
-20%
FY04 FY05 FY06 FY07 FY08
Interim Div Final Div Earnings per Share
Imdex is delivering attractive Returns on
Normalised results include discontinued Equity
operations and exclude non-operational items
2020
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Strong Balance Sheet

	Goodwill & intangible assets Other assets Property, plant & equipment Investment in SGE Inventory Receivables Cash	June 08 $000’s	June 07 $000’s
		79,915 1,429 7,140 17,508 21,716 32,079 13,276	62,779 888 13,207 16,056 13,839 27,806 15,271
	Total Assets	173,063	149,846
	Provisions / Deferred tax liabilities Vendor finance – Chardec Other borrowings Hire purchase borrowings Bank loan Commercial bills Payables	6,554 5,404 - - 13,148 17,000 25,314	7,141 10,088 502 2,407 15,140 12,300 25,654
	Total Equity	105,643	76,614
	Current Ratio CA/CL Quick Ratio (CA – Inventory)/CL Debt to Equity D/(D+E)

FY08 Scorecard

Achieved � Integrate acquisitions Yes � Deliver organic growth Yes � Maintain superior customer service Yes, ongoing � Maintain and extend global technology leadership Yes, ongoing � Support global alliances Yes, ongoing � Penetrate oil & gas market – DHI Ongoing � Become 5[th] global player in drilling fluids Ongoing � Dispose of SGE investment Ongoing

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• Group Overview

• Fluids & Chemicals

• Down Hole Instrumentation

• FY08 Results Summary

• Strategy & Outlook

• Summary

• Appendices

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Looking forward – factors underpinning Imdex’s strong growth

• Continue to build strong customer relationships

• Continue to diversify down hole instrumentation into oil & gas industry

• Increase competitive advantage and points of differentiation

• Continue to invest in R & D – instruments easier to operate, more accurate information, multi functional leading to increased productivity for customers

• Expand manufacturing facilities in local jurisdictions – reduces freight/shipping costs

• Continue to implement rental model in down hole instrumentation

• Diligent cost control. Where applicable, pass costs on through price increases

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Onshore oil & gas drill rig

• Business model means profit per employee and EBITA margins highest amongst peer companies

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Looking forward – strong margins continuing to underpin growth

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Forced ranking by EBIT margin, FY08A
30%
25%
20%
15%
10%
5%
0%
Source: ABN AMRO Construction & Engineering Sector Research dated 3 September 2008
2525
IDL IMD MRM BKW EHL JHX BLY ABC ORI CPB NMS NWH BKN AAX BOL TBG CSR NOD SDM CDD WOR MND EAL BLD AJL TOL CLO UGL LEI MAH HST TSE DOW RCR NFK GRD
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Looking forward – what will Imdex look like in the medium term

Strong relationships, leading technology, sustainable growth and attractive end-markets

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Medium Term Objective
(3-5 years)3-5 years)years)ears))
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Past Present (3-5 years)3-5 years)years)ears))
� Greater penetration into
9%
Early Stage 1% oil & gas markets for
Minerals 27% both DFC & DHI
49% 50%
Late Stage �
Minerals exploration:
Minerals 64%
majority of Imdex
Oil & Gas business derived from
Management’s best estimate Management’s best estimate late stage
� Move away from Services
Fluids 19% to reduce fixed costs,
39% capital investment and
50%
Downhole 58% high labour component
31%
Instrumentation
Services 3% � Margin benefit from
growing DHI
20% � Growing DHI rental
Sell
business
Rent
80% � Rental business returns
100%
higher margins and is
more sustainable
¹ Based on actual or anticipated EBITA contribution
2 Based on actual or anticipated Revenue contribution
2626
exposure¹
End-market
1
Profit
Divisional
2
mix
Rent / Sell
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• Group Overview

• Fluids & Chemicals

• Down Hole Instrumentation

• FY08 Results Summary

• Strategy & Outlook

• Summary

• Appendices

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Summary

� Attractive market fundamentals

• Continued growth in mining and mineral exploration spend

• Increased drilling in oil & gas with expenditure at 30 year highs

• Commodity prices expected to drive demand for the foreseeable future

• Balanced global exposure

• Imdex supplies three of the world’s largest drilling contractors servicing mining and exploration representing about 40% of the global market

� Focused divisions

• Fluids and chemicals – offers scale

• Down hole instrumentation – offers scale

• Further bolt-on acquisitions to be pursued for both divisions

� Strong business model

• Continued implementation of rental model

• Market leadership using owned IP and ongoing investment in R&D

• Low capital intensity due to own manufacturing

• Comparatively low staff costs

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Summary

� Strong growth in earnings

• FY08 was a record year for Group revenues and profit

• Fifth successive year of increased revenues and profits

• Profit margins and profit per employee highest amongst peers

� Outlook

• Strong track record in revenue and profit growth expected to continue in FY09

• The Board expects the current strong demand for Imdex products to persist and is forecasting revenue growth in FY09 of between 15%-20% at similar margins to those achieved in FY08

Strong financial and capital position supports Imdex’s strategy of becoming a significant global company in “drilling fluids and down hole instrumentation”

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AMC Representative on site

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• Group Overview

• Fluids & Chemicals

• Down Hole Instrumentation

• FY08 Results Summary

• Strategy & Outlook

• Summary

• Appendices

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Appendix – Resources – market outlook for growth in global exploration spend

• Record minerals exploration spend and increased production activity

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Estimated Exploration Spend Worldwide (Non Ferrous)
(US$b)
12
10
8
6
4
2
0
Data from the Corporate Exploration Strategies report of the Metals
Economics Group – March 2008
1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
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• US$13.1b in 2008 – up 25% on US$10.5b in 2007

• Strong demand for drilling fluids and down hole instrumentation

• Production capacity constraints – longer for supply to meet demand

• Deeper and more complicated ore bodies

• Longer timeframes from discovery to production

• Rising exploration, development and production costs

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Appendix – Resources – market outlook by geography and stage of development

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Worldwide Exploration Budgets
by Region 2007 (%)
Pacific /
United Latin
SE Asia
States America
Australia 8% 4%
24%
12%
16% 19%
Africa 17%
Canada
Rest of
World
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Worldwide Exploration Budgets
by Stage 2007 (%)
Minesite
Grass
20%
roots
39%
41%
Late
Stage
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• 1,980 companies’ budgets totalling US$11.4B. Source: MEG, Mar 2008

• In Latin America, 83% of expenditure is undertaken in Mexico, Peru, Chile, Brazil and Argentina

• In Africa, major exploration destinations include South Africa, DRC, Angola, Tanzania, Botswana and Ghana representing two thirds of Africa’s total spend

• Late stage exploration exceeds grassroots exploration for the third consecutive year

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Appendix – Oil & Gas - market outlook for growth in global exploration spend

• Strong investment into exploration and development of new reserves

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Oil & Gas Exploration Spend
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• Significant uplift in exploration spend over past 4 years

• Worldwide exploration spend in 2007 was ~US$332b (approx. 30 times that of minerals sector)

• Interest in new exploration in all parts of the industry – highest for 30 years

• Complex exploration places a premium on technologies that improve performance and reduce risk

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30,000 Exploration spend as a 30%
% of total E&P spend
25,000 25%
20,000 20%
15,000 15%
10,000 10%
Top 25 IOC exploration
5,000 spend (excluding national oil 5%
companies)
0 0%
Source: SEB Enskilda 2007
$m
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007E
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• Imdex is well positioned to benefit from this long-term opportunity through our developing technology portfolio and competitive drilling fluids

Financial Results Overview

34 34 �18% 21,533 25,323 Operating Cash Flow before Tax 32% 7.72c 13,518 - 21,277 24,707 118,492 56,139 62,353 FY07 $000’s - 12,139 Profit on sale of Surtron (before tax) �12% 62,882 Down Hole Instrumentation Revenue (incl Surtron) �37% 85,711 Fluids and Chemicals Revenue �19% 38% Return on Equity �45% 11.22c Earnings per Share (continuing operations) �137% 32,002 Net Profit after Tax �60% 34,016 EBIT (incl Surtron trading, excl profit on disposal) �62% 40,071 EBITA (incl Surtron trading, excl profit on disposal) �25% 148,593 Normalised Revenue Change FY08 $000’s

Appendix – FY08 Revenue Growth

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Normalised Revenue Growth
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($m)
160 � 5% 148.6
� 20%
140
118.5
120
100
80
60
40
20
0
FY07 Organic Acquisition FY08
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• 25% revenue growth – 20% organic growth and 5% acquisition growth

• Organic growth - all geographic areas

• Highest organic growth - AMC and Reflex

• The growth in AMC was driven by increased mining and mineral exploration activity - Asia Pacific and Africa

• Reflex’s growth driven by increased market penetration - Asia Pacific, Africa and Canada

Normalised results include discontinued operations and exclude non-operational items

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Appendix – FY08 EBITA Growth

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Normalised EBITA Growth
($m)
45
� 5% 40.1
� 57%
40
35
30
24.7
25
20
15
10
5
0
FY07 Organic Acquisition FY08
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• 62% EBITA growth – 57% organic growth and 5% acquisition growth

• Growth in margins achieved by:

• Growing economies of scale

• Controlling back office costs, particularly in newly acquired operations

• Continued implementation of the Imdex business model in all overseas operations

Normalised results include discontinued operations and exclude non-operational items

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Appendix – Senior Management – breadth and depth

Strong operational management

Gary Weston Group GM – founder of AMC and over 30 years experience, Imdex and Baroid Derek Loughlin Divisional Manager – Instrumentation – 19 years experience, Boart Longyear and others Paul Mander Divisional Manager – Fluids – 17 years industry experience, Boart Longyear and others Peter Jacobs GM Reflex – 21 years experience, Boart Longyear and others Richard Parfitt V endor of Chardec, ex Schlumberger. Full time – Product Development Dag Billger GM Flexit/R & D Manager – PhD, qualified scientist, MEMS gyro expert Peter Wright GM Latin America – over 20 years, incl Latin America, African experience with Ausdrill Nick Santarelli Oilfield Manager – over 20 years industry experience, Baker Hughes and others Joe Barker GM Samchem – 25 years experience, Baroid and others globally Dieter Goetze Technical Manager, SEG – over 40 years of tech. development, inertial navigation systems John Sullivan Key Account Manager – many years experience, Boart Longyear and others

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Appendix – Board of Directors

� Non Executive Chairman, Ian Burston AM

• Appointed Chairman 2000

• Experienced leader of many mining and exploration companies including Hamersley Iron, Kalgoorlie Consolidated Gold Mines, Aurora Gold Ltd and Portman Limited

• Current Chairman of NRW Holdings and Director of Mincor Resources

� Managing Director, Bernard Ridgeway B Bus (ACCTG) ACA, AICD

• Appointed MD in 2000

• Led the turnaround performance over recent years & key driver of Imdex’s current strategy

• Hands-on management style with extensive expertise in finance, administration, marketing and business development

� Non Executive Director Ross Kelly BE(Hons) FAICD

• On the Board of the WA Football Commission

• Former Chairman of Clough Limited, Sumich Group Limited, Orbital Engine Corporation Limited, Beltreco Limited and a former director of Aurora Gold Ltd, PA Consulting Services Ltd and the Fremantle Football Club

• Specialised in the mining and heavy process industries

• Consulted to many of Australia's major mining companies and Government

� Non Executive Director Kevin Dundo BCom, LLB

• Practicing lawyer – specialising in the commercial and corporate areas

• Expertise in M & A within resources, mining service and financial services sectors

• Current director of Intrepid Mines (formerly NuStar Mining Corporation)

• Previous director of St Barbara Mines and Defiance Mining Corporation

� Non Executive Director Magnus Lemmel B.A.

• Appointed in 2006 in conjunction with the Reflex acquisition

• Management consultant based in Brussels, with business interests in Sweden

• Former Senior VP Ericsson Telecommunications, CEO Federation of Swedish Industries and Director General for Enterprise Policy of the European Commission

• European and international network brings significant value to the Board

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Disclaimer

This presentation has been prepared by Imdex Limited (“the Company”). It contains general background information about the Company’s activities current as at the date of the presentation. It is information given in summary form and does not purport to be complete. The distribution of this presentation in jurisdictions outside Australia may be restricted by law and you should observe any such restrictions.

This presentation is not (and nothing in it should be construed as) an offer, invitation, solicitation or recommendation with respect to the subscription for, purchase or sale of any security in any jurisdiction, and neither this document nor anything in it shall form the basis of any contract or commitment. The presentation is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any particular investor. These should be considered, with or without professional advice, when deciding if an investment is appropriate.

The Company has prepared this presentation based on information available to it, including information derived from publicly available sources that have not been independently verified. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness, correctness or reliability of the information, opinions and conclusions expressed.

Any statements or assumptions in this presentation as to future matters may prove to be incorrect and differences may be material. To the maximum extent permitted by law, none of the Company, its directors, employees or agents, nor any other person accepts any liability, including, without limitation, any liability arising from fault or negligence on the part of any of them or any other person, for any loss arising from the use of this presentation or its contents or otherwise arising in connection with it.

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