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4 May 2011

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Company Announcements O f fice ASX Limited Exchange Centre 20 Bridge Street SYDNEY NSW 2001

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Dear Sir/Madam

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Macquarie Australia Conference

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Please find attached the M acquarie Australia Conference presentatio n to be delivered in Sydney today.

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Yours faithfully

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Imdex Limited

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Paul Evans

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Company Secretary

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Imdex Limited

Macquarie Australia Conference Sydney – 4 May 2011

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.

Overview

ASX listed industrial company (ASX: IMD), head office in Perth, WA
Global operations – presence in all major mining regions, niche Oil & Gas markets (Fluids), global Oil & Gas (Instrumentation/services)
~380 people globally (>50% outside Australia)
Products:
Drilling Fluids & Chemicals (cool bit, keep hole open, cuttings to surface)
Down Hole Instrumentation (survey, core orientation)
Markets:
Mining
Oil & Gas

Structured to meet client needs

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Market Minerals Oil & Gas
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Fluids Instruments

Instrumentation Fluids service

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Brand
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Key points

Financial performance strong: 1H11 – record half year performance, 3Q11 – record quarter revenue performance (Rev: $49.2m, EBITA: $12.0m)
Consistent revenue and EBITA improvement since 2H09 low
Investing and repositioning through the GFC facilitated early benefits from improved industry dynamics
Simplification of brands, regionalised business delivering benefits
Market leading technology and exciting new product pipeline
Continued revenue and EBITA growth expected in 4Q11
Growth in FY12 and beyond driven by:
Acquisitions (e.g. Mud-Data – Oil & Gas, geothermal – Europe
DHSO Oil & Gas services joint venture – Global
Specific organic initiatives: e.g. Solids control technology

Imdex’s competitive advantages

Well positioned
Own our Intellectual Property, do our own research & product development and manufacturing
We have a global presence; sell/rent our products to market
Specialist skill set – both Minerals and Oil & Gas
Drilling Fluids and Chemicals differentiators
Strong client service philosophy, focused on minerals segment
Drilling fluid engineers spend “face time” with customers, training
Investment in stock points close to customers
Competitors – Schlumberger and Halliburton (O&G focus)
Down Hole Instrumentation differentiators
Technology leadership – rental model
Robust product development pipeline
Competitors – small, privately owned family businesses

Strong revenue growth

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Revenue
($m) unaudited
49.0 49.2
46.9
43.2 42.9
39.0
37.1
33.0
30.5
29.5 28.9
26.2
4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11
excludes other income & discontinued operations
Macquarie Conference – 4 May 2011 7
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Strong EBITA growth

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EBITA
($m)
unaudited
12.5
12.0
11.4
9.8
9.9
8.0
7.5
5.2
4.2
3.3
2.6
1.9
4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11
excludes other income & discontinued operations
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Minerals Division

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81.5
Revenue
Africa
($m) 15%
Americas
68.4
Europe
64.7
63.5
Asia Pacific 61.4
26%
26%
54.0
unaudited
46.4
2%
42.6 43.3
40.5
19%
57%
28%
4%
49%
1H07 2H07 1H08 2H08 1H09 2H09 1H10 2H10 1H11 3Q11
NB: Regional structure adopted 1 July 10 – Comparatives have been
reconstructed using assumptions for illustrative purposes
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excludes other income & discontinued operations

Record mining tool rental fleet

• Significant growth ( � 252%) from April 09 low point • Seasonal slowdown over December – highlighted • New record at 31 March, 2011

Oil & Gas Division

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Revenue
16.2
($m)
14.4
11.8 11.9
11.1
9.3
7.7
unaudited
5.9
3.9
3.3
1H07 2H07 1H08 2H08 1H09 2H09 1H10 2H10 1H11 3Q11
excludes other income & discontinued operations
Macquarie Conference – 4 May 2011 11
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Solids Control Technology

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Traditional drilling fluid sumps
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N o sumps – f u ll y enc ose l d sys em t
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No environmental damage
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Solids removal and fluid property management
Small environmental site footprint
Reduced site set up and remediation costs
Reduced water consumption
Less wear and tear to drilling components by abrasive fluid;
Quicker to mobilise

DHSO (Lime Rock) Oil & Gas Services J/V

DHSO an existing customer of Imdex
Majority owned by Lime Rock
50:50 joint venture based in Dubai
Contributions:
DHSO – cash/clients
Imdex – technology
I m d ex se ll s ec t h no ogy o l t th e JV a cos + marg n t t i
Initial target market the Middle East then expand globally
Main competitors – Scientific Drilling International, Gyrodata
Global onshore and offshore surveying and steering market ~US$500mUS$600m
Aggressive growth planned over next 5-7 years

Mud-Data Acquisition

Drilling fluids and chemicals:
Complementary to the current fluids & chemicals businesses
Good strategic fit – footprint into Europe
Strong markets:
Conventional oil & gas
Geothermal
Shale gas/Tight gas
Gas storage and CO 2 storage
Environmental
Civil industries
Solids control and high quality equipment
Potential cost effective manufacturing base for AMC mineral solids control equipment

Key business drivers and outlook

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Client rig utilisation % Estimated full drill rig utilisation levels around mid
C2011
Level of tool rentals New tool records set at 31 March, 2011
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Development of new Product development spending ongoing on both
instrumentation mining and oil & gas tools
Revenue and cost 3 global brands (AMC, Reflex, Flexit)
synergies Regional structure = more effective cross selling
Key growth strategy Underpenetrated mining markets, oil & gas industry
Macquarie Conference – 4 May 2011 15
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Increasing estimated global exploration spend (non-ferrous) (US$Bn)

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22.5
20.8
20.4
19.0 19.3
18.0
17.1
16.0
13.2
11.5
10.4
7.5 7.7
5.1
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Source: McKinsey analysis; Metals Economics Group; Boart Longyear
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Projected 2011 levels are highest ever
Future levels expected to be maintained above previous peak

Non-ferrous exploration spend (by commodity, by stage)

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Other Worldwide Exploration
16% Budgets (2010)
Minesite
Source: Metals Economics Group Grass
25%
roots
33%
Gold
51%
Base
Metals
33% Late
Stage
42%
Spend by Target Spend by Stage
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Approx. half on gold. Of the base metals, 60% is copper
Despite increased spending, # of new world class discoveries in decline
Deeper, more complicated ore bodies
Longer lead times from discovery to mine development

On track with strategy

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15%
Oil & Gas
Minerals
100% 85%
Instruments
33%
Fluids
67%
Services
Sales 29%
Rentals
71%
¹ Based on actual or anticipated EBITA
2
End market
1
Profit
2
mix
Rent / Sell
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¹ Based on actual or anticipated EBITA
2 Based on actual or anticipated Revenue
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Summary

Strong financial results delivered
1H11 record revenue and profit levels
1.75 cents per share fully franked interim dividend
Record mining tool rental numbers at 31 March, 2011
Strong balance sheet with comfortable gearing
Record revenue in 3Q11
Growth initiatives
Mud-Data acquisition drives Oil & Gas fluids growth in Europe
DHSO joint venture drives Oil & Gas instrumentation/services market growth
Further market growth and market share gains expected from new/improved instrumentation
Organic growth in DFC and DHI, primarily in Africa and the Americas
Proven solids control technology in FY12 and beyond

Appendices

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Macquarie Conference – 4 May 2011 20
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Strong revenue growth

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Revenue
($m)
95.9
80.3
72.9 75.9
69.1
58.4
57.9 56.7
unaudited
49.2
45.9
29.5
23.3
O&G
1H06 2H06 1H07 2H07 1H08 2H08 1H09 2H09 1H10 2H10 1H11 3Q11
excludes other income & discontinued operations
Macquarie Conference – 4 May 2011 21
Minerals
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Strong EBITA growth

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EBITA
($m)
21.2
19.8 20.0
19.0
13.2 unaudited
12.2 12.0
10 1.
7.5
4.3 4.5
3.0
1H06 2H06 1H07 2H07 1H08 2H08 1H09 2H09 1H10 2H10 1H11 3Q11
excludes discontinued operations and non-operational items
Macquarie Conference – 4 May 2011 22
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Conservative balance sheet

($ millions)	Dec 10	Jun 10
Net cash	15.9	9.0
Receivables	39.8	41.2
Inventory	36.5	28.6
Investment in SEH	16.6	6.8	•
Fixed assets	15.1	13.6
Intangibles Other assets / Deferred tax	54.9 14.2	50.0 14.2	•
Total Assets	193.0	163.4
Payables	25.6	25.7
Commercial bills Bank loan – Canada	27.4 8.6	19.5 5.7	•
Bank loan – Sweden	1.4	2.9	•
HP Finance	3.2	3.9
Provisions / Current tax	17.2	11.2
Total Equity	109.6	94.5
(CA – Inventory)/CL *	*0.89*	*1.03*
CA/CL *	*1.43*	*1.58*
*Gearing*(net debt / capital)	*18.4%*	*19.6%*

Strong liquidity and working capital ratios Decreased gearing due to strong profits and cash on h an d Low capital intensity Deferred tax asset on unrealised profits in tools

using CIBC repayment terms not reported disclosure

Comfortable gearing levels

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50.0
45.0 14.3 (5.0) •
Additional debt of $14.3m for
40.0
Fluidstar acquisition
(0.7)
35.0 • $5.0m of AUD debt swapped into
CAD. Better natural hedge – no net
30.0
impact on debt levels
25.0
•
$5 . 0m of loan repayments as
20.0 41.2 40.6 40.6 scheduled
32.0 32.0 •
15.0 Net debt $24.7m ($23.0m – June 10)
•
Gearing 18.4% (June 10 – 19.6%)
10.0
•
Interest cover of 16 times (EBITA
5.0
over net interest)
-
Jun-10 Fluidstar Pmts FX Dec-10
Macquarie Conference – 4 May 2011 24
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AI assistant

IMDEX LIMITED Investor Presentation 2011

65119_rns_2011-05-03_7ca095d2-da60-4bef-8947-cae44b869f07.pdf

Macquarie Australia Conference

Imdex Limited

Disclaimer

Overview

Structured to meet client needs

Key points

Imdex’s competitive advantages

Strong revenue growth

Strong EBITA growth

Minerals Division

Record mining tool rental fleet

Oil & Gas Division

Solids Control Technology

DHSO (Lime Rock) Oil & Gas Services J/V

Mud-Data Acquisition

Key business drivers and outlook

On track with strategy

Summary

Appendices

Strong revenue growth

Strong EBITA growth

Conservative balance sheet

Comfortable gearing levels

AI assistant

IMDEX LIMITED — Investor Presentation 2011

65119_rns_2011-05-03_7ca095d2-da60-4bef-8947-cae44b869f07.pdf

Macquarie Australia Conference

Imdex Limited

Disclaimer

Overview

Structured to meet client needs

Key points

Imdex’s competitive advantages

Strong revenue growth

Strong EBITA growth

Minerals Division

Record mining tool rental fleet

Oil & Gas Division

Solids Control Technology

DHSO (Lime Rock) Oil & Gas Services J/V

Mud-Data Acquisition

Key business drivers and outlook

On track with strategy

Summary

Appendices

Strong revenue growth

Strong EBITA growth

Conservative balance sheet

Comfortable gearing levels

More from IMDEX LIMITED

IMDEX LIMITED Investor Presentation 2011