IMDEX LIMITED — Investor Presentation 2008

Apr 7, 2008

8 April 2008

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

Dear Sir/Madam

UBS Emerging Companies Conference

Please find attached a copy of the presentation being made to the attendees of the UBS Emerging Companies Conference held in Sydney on 9 April 2008.

Yours faithfully

Imdex Limited

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Paul Evans

Company Secretary

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Imdex Limited ACN 008 947 813 ABN 78 008 947 813 Level 1 15 Rheola Street, West Perth Western Australia 6005 PO Box 1325 West Perth WA 6872 Phone +61 8 9481 5777 Fax +61 8 9481 5377 E-mail imdex@imdexlimited.com Page 1 of 1

Quality Endorsed Company ISO 9002 LIC: QEC 2807 Standards Australia

Imdex Limited

Emerging Companies Presentation

9 April 2008

1

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.

How Are We Structured?

Listed entity

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Operating
divisions
Trading
companies
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What Do We Sell?

Drilling Fluids

• Purpose: cool and lubricate the drill bit, keep the drill hole open and return cuttings to the surface

• Consumable

• Manufacture and sell

• Range of industries globally

• Mineral exploration

• Mining

• Oil & Gas

• Water Well

• Civil Industries

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Australian Mud Company products in
environmentally friendly packaging
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What Do We Sell?

Down Hole Instrumentation

• Types

• Survey instruments

• Core orientation

• Leading technology

• MEMS solid state gyro

• Inertial navigation systems

• Electronic/digital core orientation tool

• We manufacture and rent/sell

• IP ownership

• Strong R&D function

Solid state gyro with the relative size of the MEMS chip shown

• Complementary to Fluids business

Who Are Our Customers?

Global distribution and supply agreements with:

Oil and Gas clients:

And a broad range of medium to smaller sized clients globally

Where is Imdex?

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Global Reach
Americas Europe
East Vallentuna (Sweden)
Calgary Sussex
Timmins Riegel
Aktau (Kazakhstan)
Africa Asia Pacific
Brisbane
Johannesburg
Perth
Santiago Kalgoorlie
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What Do Our Customers Want?

Increased efficiency, increased efficiency, increased efficiency

• Global supply and service capability

• Quality of service

• Imdex staff product knowledge

• Client training

• On site advice

• Fluids – resource industry focus

• Fit for purpose quality products

• Competitive pricing

• Down hole instruments

• Unique/leading technology

• Speed and accuracy of data

• User friendly

• Minimum disruption to drilling process

• Competitive pricing

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Training of clients in the use
of Reflex tools
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What Are Our Critical Skills?

• Quality people

• Industry respected operational personnel

• Experienced locally based management

• Globally mobile people

• 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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Core orientation in Canada
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• Quality products

• Powerful R&D capability

Who Are Our Key People?

Industry respected operational management

Gary Weston Group GM – founder of AMC and over 20 years experience, Imdex and Baroid Derek Loughlin Divisional Manager - Instrumentation – 19 years experience, Boart Longyear and others Keith Steel Divisional Manager - Fluids – 37 years experience, Baroid, Schlumberger and others Peter Jacobs GM Reflex – 21 years experience, Boart Longyear and others Richard Parfitt R&D Manager – vendor of Chardec, ex Schlumberger Dag Billger GM Flexit – 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 Paul Mander Key Account Manager – 17 years industry experience, Boart Longyear and others

What Have We Achieved?

Revenue ($M)

Normalised Revenue by Division

Normalised Revenue by Region

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Forecast
Forecast
$160.0 $152m
$160.0 $152m
$140.0
$140.0
$120.0
$120.0 $60.8m
$100.0
$100.0 $41.5m
$80.0
$80.0
$60.0 $60.0
$40.0 $40.0
$20.0 $20.0
$0.0 $0.0
FY04 FY05 FY06 FY07 FY08 * FY04 FY05 FY06 FY07 FY08
Fluids and Chemicals Products and Services Minerals Processing Asia Pacific Africa Americas Europe
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Fluids and Chemicals Products and Services Minerals Processing

Normalised results include Surtron trading * - Mix of FY08 numbers are estimates only

What Have We Achieved?

Organic vs. Acquisition Growth ($M)

Normalised Revenue Growth

Normalised EBITA Growth

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+16%
$80.0
$25.0
+29%
$70.0 +24%
$60.0 $20.0 +63%
$50.0
$15.0
$40.0
$30.0 $10.0
$20.0
$5.0
$10.0
$0.0 $0.0
1H07 Organic Acquisition 1H08 1H07 Organic Acquisition 1H08
The majority of our revenue and profit growth has been organic
Normalised results include Surtron trading
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What Have We Achieved?

EPS, DPS and Profits

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Earnings and Dividends per Share Normalised EBITA
Forecast
14.0 c $45.0 $42m
12.0 c $40.0
$35.0
10.0 c
$30.0
8.0 c
$25.0
6.0 c
$20.0
4.0 c $15.0
2.0 c $10.0
$5.0
0.0 c
$0.0
-2.0 c
-$5.0
-4.0 c
FY04 FY05 FY06 FY07 FY08 -$10.0
FY04 FY05 FY06 FY07 FY08
Dividends per Share Earnings per Share
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FY08 EPS and DPS based on forecast EBITA of $42m
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Normalised results include discontinued operations and exclude non-operational items

How Do We Compare?

Profit per Employee

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EBIT/Employee Number of
A$ ‘000 Employees
100 Labour intensity - EBIT/employee, FY07 30,000
90
25,000
80
70
20,000
60
50 15,000
40
10,000
30
20
5,000
10
0 0
IMD FWD NOD NWH ORI AAX IDL BOL TBG SDM BLY ASL EAL HST BKN SWK LYL LEI MAH MND CPB UGL GRD AJL WOR DOW CDD RCR TSE NFK
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Source: ABN AMRO Construction & Engineering Sector Research dated 31 March 2008

How Do We Compare?

Profit Margins

Forced ranking by EBIT margin, FY08F

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25%
20%
15%
10%
5%
0%
Source: ABN AMRO Construction & Engineering Sector Research dated 31 March 2008
IMD IDL MRM SWK EHL BLY ORI NMS CPB FWD ANG BOL NWH AAX LYL BKN TBG NOD CDD ASL EAL SDM VMG MND WOR AJL GRD UGL MAH RCR TSE HST LEI DOW NFK
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What Have We Achieved?

Balance Sheet

Goodwill & intangible assets Other assets Property, plant & equipment Investment in SGE Inventory Receivables Cash	Dec 07 $000’s	Jun 07 $000’s
	67,809 965 8,481 16,746 17,158 32,381 16,614	62,779 888 13,207 16,056 13,839 27,806 15,271
Total Assets	160,154	149,846
Provisions / Deferred tax liabilities Vendor finance – Chardec Other borrowings Hire purchase borrowings Bank loan Commercial bills Payables	6,905 5,218 223 421 14,940 11,000 20,909	7,141 10,088 502 2,407 15,140 12,300 25,654
Total Equity	100,538	76,614

� Strong cash � Reduced debt position � Uplift in assets due to acquisitions � SGE disposal expected prior to June 2008 � Commercial bills are AUD based with $10m capped at 7% p.a. � Bank loan is SEK based and bears interest at ~7% per annum � Gearing reduced to 24% at 31 Dec 07. Increased to 28% following the purchase of SEG in Jan 08.

What Is Our Strategy?

Short Term Priorities

• Integrate new acquisitions and expand manufacturing

• Suay

• Poly-Drill

• Southernland

• SEG

• Expand global footprint

• Africa

• Latin America

• Caspian Sea region

• Tool improvements/upgrades

• New tools

• Dispose of non core SGE investment

• Access new markets - oil and gas

Mud testing at client drill site

Major Growth Initiative

Down hole instrumentation – oil & gas industry

• Penetrate oil & gas down hole instrumentation market (Estimated market size US$500m p.a.)

• Major service providers are Scientific Drilling and Gyrodata who use their proprietary technology (not available to other service providers)

• Imdex will provide world class competing technology to the independent service providers as follows:

• Target INS – mechanical north seeking gyro

• GyroSmart – MEMS based, solid state gyro

• High Temperature Multishot Tool – multishot survey instrument

• Drop Tool – stand alone gyro system

What Are Our Strategic Objectives?

Become a leading global supplier of products to the drilling industry

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Global Growth
Shareholder
Increased global representation Returns
Expand oil & gas business
Profitability
Maintain quality people Fluids/Tools
Dividends
Growth - Organic/Acquisition
Expand market leadership
Capital growth
Deliver customer value
Industry diversification - oil & gas
Strengthen brands
Maintain quality R&D people
Next generation tools
New tools
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What Are Our Business Risks?

• Exploration expenditure levels

• Mineral

• Oil & gas

• Push back from competitors

• New entrants

Core orientation being performed on client site

Global Mineral Exploration Spend

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Estimated Exploration Spend Worldwide (Non Ferrous)
US$ Billions
$14.0
$12.0
$10.0
$8.0
$6.0
$4.0
$2.0
$0.0
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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• Budgeted mineral exploration expenditure a record US$13.1B in 2008 - up 25% on US$10.5B in 2007

• Exploration by commodity is Gold (42%), Base Metals (36%), Diamonds (10%), Uranium (9%), PGM’s (3%)

• Uranium exploration US$936m, up from US$92m four years ago

• Strong demand

• Capacity constraints

• Dearth of new discoveries

• Deeper and more complicated ore bodies

• Longer timeframes from discovery to production

• Rising exploration, development and production costs

Global Mineral Exploration Spend

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Worldwide Exploration Budgets Worldwide Exploration Budgets
by Region 2007 (%) by Stage 2007 (%)
Pacific / SE Asia 4%
United States 8%
Minesite 20%
Australia 12%
Africa 16% Grass roots 39%
Rest of World 17%
Late stage 41%
Canada 19%
Latin America 24%
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• 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

• 1,980 companies’ budgets totalling US$11.4B. Source: MEG, Mar 2008

What Is The Imdex Value-Add?

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Strong
Employees choose Investors choose
Imdex growth Imdex
Leading
Quality service technology,
IP ownership
Suppliers choose Customers choose
Imdex Imdex
Global
reach
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IMDEX Limited

Australia’s Global Drilling Products & Services Company

24

Appendix – ASX Details

		Current share price		$1.85
		Number of shares		183.34m
		Market capitalisation		$339.18m
		**December 2007 Key **		Ratios
		Gearing(D/D+E)		24%
		Current Ratio(CA/CL)		2.73
		Quick Ratio(CA-Inv/CL)		2.17
		Interest Cover(NPBT/Int)		12.7x

Appendix – Register/Corporate

Top 10 Shareholders
(as at 4 April 2008)
Fiberform Vinidic Holding AB	11.3%
HSBC Custody Nominees (Australia)	6.9%
National Nominees	6.0%
J P Morgan Nominees	5.6%
ANZ Nominees	4.5%
RBC Dexia Investor Services Australia Nominees PtyLtd(PIIC Account)	3.2%
Queensland Investment Corporation	3.2%
UBS Nominees	2.4%
RBC Dexia Investor Services Australia Nominees PtyLtd(PIPOOLED Account)	2.4%
RBC Dexia Investor Services Australia Nominees Pty Ltd (BKCust Account)	2.3%

Ian Burston	Non-Exec Chairman
Bernie Ridgeway	Managing Director
Ross Kelly	Non-Exec Director
Kevin Dundo	Non-Exec Director
Magnus Lemmel	Non-Exec Director
	Contact Details
Level 1, 15 Rheola Street, West Perth
	Western Australia, 6005
Telephone: +61 8 9481 5777
	Fax: +61 8 9481 5377
Email: imdex@imdexlimited.com