IMDEX LIMITED

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26 March 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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1H12 Investors Roadshow

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Please find attached the 1H12 Investors Roadshow release to b e presented in Brisbane, Sydney and Mel b ourne this week.

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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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1H12 Results and Outlook March, 2012

Providing Innovative Drilling Fluids and Advanced Down Hole Instrumentation Worldwide

1H12 Results and Outlook

Overview

ASX listed industrial company (ASX: IMD), head office in Osborne Park, WA
Global operations – presence in all major mining regions, niche Oil & Gas markets
~500 people globally (Feb,12) (>60% outside Australia)
Markets:
Mining
Oil & Gas
Pr oducts :
Drilling fluids & chemicals (DFC) - cool bit, keep hole open, cuttings to surface
Down hole Instrumentation (DHI) - survey, core orientation
Record revenue ($139.9m) and EBITA ($38.3m) in 1H12
Expectation of further record results in 2H12 as global expansion continues for Imdex

Providing Innovative Drilling Fluids and Advanced Down Hole Instrumentation Worldwide

1H12 Results and Outlook

What we do

Providing Innovative Drilling Fluids and Advanced Down Hole Instrumentation Worldwide

1H12 Results and Outlook

Continued strong financial performance

($m)	1H12 1H11 Var.
Statutory revenue Combined revenue* EBITA NPAT	138.5 95.9 �44% 139.9 95.9 �46% 38.3 21.2 �81% 22.7 12.1 �88%
Pre-tax operating cash flow Gearing (ND / (ND + E)) Interest cover Interim DPS (fully franked)	33.2 15.0 �121% 11.5% 18.4% �38% 54 times 16 times � 3.25 cps 1.75 cps �86%
Number of employees EPS (cents) Pre-tax cash flow from operations	445 310 �44% 11.14 6.17 �81% 33.2 15.0 �121%

*Includes 50% of DHS JV revenue

Providing Innovative Drilling Fluids and Advanced Down Hole Instrumentation Worldwide

1H12 Results and Outlook

Record revenue

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Combined revenue
($m)
139.9
109.2
134.3
96.0
80.3
75.9
72.9
69.1
57.9 58.4
56.7
45.9
O&G
1H07 2H07 1H08 2H08 1H09 2H09 1H10 2H10 1H11 2H11 1H12
Minerals
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�� 46% on 1H11
1H12 above FY10
Minerals
89% of total revenue
strong performance in all regions
Oil& Gas
11% of total revenue
exciting DHS JV opportunity (post 1H12 results)

Minerals Oil & Gas division division

Includes 50% of DHS JV revenue

Providing Innovative Drilling Fluids and Advanced Down Hole Instrumentation Worldwide

1H12 Results and Outlook

Record EBITA

38.3 EBITA * ($m)

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26.9
38.8
21.2
19.8 20.0
19.0
13.2
12.2
10.1
7.5
4.5
1H07 2H07 1H08 2H08 1H09 2H09 1H10 2H10 1H11 2H11 1H12
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�� 81% on 1H11
Strong Minerals performance in all major mining regions
1H12 in line with pre GFC FY08 performance
EBITA margin of 27.4% on combined revenue
JV
equity accounted
will make a positive profit contribution in FY12

*Includes equity accounted DHS JV result

Providing Innovative Drilling Fluids and Advanced Down Hole Instrumentation Worldwide

1H12 Results and Outlook

Strong balance sheet

	($m)	Dec 11	�Strong cash position �Net debt at 31 December 2011: $18m �Pro-forma gearing post DHS JV acquisition comfortable at 23.7% �Controlled working capital growth �JV comprises loan + investment Jun 11 18.4 50.2 40.6 16.1 - 17.3 55.9 20 6 . 219.1 32.8 33.8 2.8 1.3 23.0 125.4 1.04 1.62 13.4%
	Net cash Receivables Inventory Investment in SEH	20.3
		50.7
		49.4
		8.8
	DHS JV Fixed assets Intangibles Other assets/deferred tax	4.3
		19.2
		55.8
		33 0 .
	Total assets	241.5
	Payables Bank loans Vendor finance HP Finance Provisions and current tax	37.0
		37.4
		-
		0.9
		27.5
	Total equity	138.7
	(CA – Inventory)/CL CA/CL Gearing (ND / (ND + E))	1.08
		1.77
		11.5%

Providing Innovative Drilling Fluids and Advanced Down Hole Instrumentation Worldwide

1H12 Results and Outlook

Minerals division

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Revenue 124.0
($m)
Africa 18%
96.2
81.5
Americas 30%
68.4
63.6 64.8
61.4
Europe 4%
54.1
46.5
42.6
40.4
Asia Pac 48%
1H07 2H07 1H08 2H08 1H09 2H09 1H10 2H10 1H11 2H11 1H12
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� 52% on 1H11
Record Reflex fleet numbers
Integration of ADS
Integration of System Mud (Brazil) enhances geographic reach
Outlook for 2H12
strong mining and mineral exploration spending
exciting solids removal technology
further Reflex rental fleet records
continued organic growth in all major mining regions

*Comparative purposes only. Regional structure adopted 1 July 10

Providing Innovative Drilling Fluids and Advanced Down Hole Instrumentation Worldwide

1H12 Results and Outlook

Record Reflex rental fleet

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MAY 08 AUG 08 NOV 08 FEB 09 MAY 09 AUG 09 NOV 09 FEB 10 MAY 10 AUG 10 NOV 10 FEB 11 MAY 11 AUG 11 NOV 11 FEB 12

Reflex rental fleet continued to win market share and created new records in 1H12
Seasonal low in Dec 11 above pre GFC peak. Strong bounce back followed
New records expected in 2H12

Providing Innovative Drilling Fluids and Advanced Down Hole Instrumentation Worldwide

1H12 Results and Outlook

Solids Removal Units (SRUs)

Technology

Unique technology for the diamond drilling industry
Provisional patents lodged
Advantages
Low environmental footprint
Eliminates drilling fluid sumps beside the rig
Reduced water usage & operating costs:
low wear & tear
simple mob/demob

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Significant market demand globally
Rental model to ensure greater economic return
Australian roll-out to begin in 2H12, global roll-out thereafter

The solution for companies committed to safe, environmentally-acceptable drilling operations

Providing Innovative Drilling Fluids and Advanced Down Hole Instrumentation Worldwide

1H12 Results and Outlook

Oil & Gas division

� 10% on 1H11

Combined revenue* ($m)

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16.2
15.9
14.4
13.1
11.8 11.9
11.1
9.3
7.7
3.9
3.3
1H07 2H07 1H08 2H08 1H09 2H09 1H10 2H10 1H11 2H11 1H12
Includes 50% of DHS JV revenue
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Includes $1.4m from DHS JV
AMC Europe building expertise and planning for growth
Outlook for 2H12
Vaughn acquisition to support growth and make a positive profit contribution
continueddevelopmentof instrumentation
opportunities for growth of AMC Europe with large tender volume across Europe
Wet weather in Queensland negatively impacting CBM operations

DHS JV revenue

Providing Innovative Drilling Fluids and Advanced Down Hole Instrumentation Worldwide

1H12 Results and Outlook

DHS Energy Services Joint Venture (30%)

3[rd] largest global provider in the US$400m-US$500m oil & gas down hole survey market
Substantive business in the US onshore oil & gas market, representing approximately one third of the global market
Customers include Schlumberger, Baker Hughes and Weatherford
Main competitors are Scientific Drilling International (SDI) and Gyrodata
Expected to generate revenues of approximately US$70m in CY12
Supports Imdex’s strategy to generate 30 - 40% of revenues from the oil & gas market within the next 3 - 4 years

Providing Innovative Drilling Fluids and Advanced Down Hole Instrumentation Worldwide

1H12 Results and Outlook

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On track with strategy
Past 1H12 Medium term
Oil & Gas
11%
Minerals
89%
Instruments
Fluids 28%
Services 72%
Sales 30%
Rentals 70%
2
End market
1
it
f
Pro
2
mix
Rent / Sell
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¹ Based on actual or anticipated EBITA[2] Based on actual or anticipated combined revenue

Providing Innovative Drilling Fluids and Advanced Down Hole Instrumentation Worldwide

1H12 Results and Outlook

Estimated global exploration spend (non-ferrous) (US$Bn)

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22.5
20.8
20.0 [20.4]
19.3
18.2 18.0
17.1
13.2
11.5
10.4
7.5 7.7
5.2 5.1
4.6
3.5 3.7 3.5
2.5 2.9 2.8 2.6 2.2 2.4
1.9
1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Source: Metals Economics Group (1993-2011); Mckinsey analysis (2012-2018). Reproduced with permission from Boart Longyear
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CY11 � 58% on CY10 to highest level ever
Circa 70%-75% related to gold and copper
Does not include iron ore – estimated at $2.5 billion for 2012

Providing Innovative Drilling Fluids and Advanced Down Hole Instrumentation Worldwide

1H12 Results and Outlook

E & P Expenditure

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• From 2000, there has been an explosion in exploration and production capex. Between 2000 and 2011 this went from $130 to $545 billion in nominal terms and in 2012 g lobal E&P s p endin g will approach $600 billion.

The combination of high prices
and the need to rapidly increase supply led to a period of frantic growth in exploration and production activity.

Providing Innovative Drilling Fluids and Advanced Down Hole Instrumentation Worldwide

1H12 Results and Outlook

Summary

1H12 – Another set of record results

Record revenue, EBITA & NPAT
Record operating cash flow
Strong balance sheet with comfortable gearing
FY12 interim dividend of 3.25 cps, fully franked
2H12 – Positive outlook with continued growth expected
Underlying fundamentals of key industry segments positive
DHS Energy Services has exciting growth prospects in global oil & gas business
Exciting instrumentation releases in 2H12
Solids removal technology initial roll out in Asia Pacific – 4Q12. Global FY13
Further organic growth expected across all global regions

Providing Innovative Drilling Fluids and Advanced Down Hole Instrumentation Worldwide

1H12 Results and Outlook

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.

Providing Innovative Drilling Fluids and Advanced Down Hole Instrumentation Worldwide

1H12 Results and Outlook

AI assistant

IMDEX LIMITED Investor Presentation 2012

65119_rns_2012-03-25_e5750f43-9276-4097-b8e2-b80f5a3fb470.pdf

1H12 Investors Roadshow

Imdex Limited

Overview

What we do

Continued strong financial performance

Record revenue

Providing Innovative Drilling Fluids and Advanced Down Hole Instrumentation Worldwide

Record EBITA

Providing Innovative Drilling Fluids and Advanced Down Hole Instrumentation Worldwide

Strong balance sheet

Minerals division

Providing Innovative Drilling Fluids and Advanced Down Hole Instrumentation Worldwide

Record Reflex rental fleet

Solids Removal Units (SRUs)

Technology

Oil & Gas division

Providing Innovative Drilling Fluids and Advanced Down Hole Instrumentation Worldwide

DHS Energy Services Joint Venture (30%)

Providing Innovative Drilling Fluids and Advanced Down Hole Instrumentation Worldwide

E & P Expenditure

Summary

Disclaimer

AI assistant

IMDEX LIMITED — Investor Presentation 2012

65119_rns_2012-03-25_e5750f43-9276-4097-b8e2-b80f5a3fb470.pdf

1H12 Investors Roadshow

Imdex Limited

Overview

What we do

Continued strong financial performance

Record revenue

Providing Innovative Drilling Fluids and Advanced Down Hole Instrumentation Worldwide

Record EBITA

Providing Innovative Drilling Fluids and Advanced Down Hole Instrumentation Worldwide

Strong balance sheet

Minerals division

Providing Innovative Drilling Fluids and Advanced Down Hole Instrumentation Worldwide

Record Reflex rental fleet

Solids Removal Units (SRUs)

Technology

Oil & Gas division

Providing Innovative Drilling Fluids and Advanced Down Hole Instrumentation Worldwide

DHS Energy Services Joint Venture (30%)

Providing Innovative Drilling Fluids and Advanced Down Hole Instrumentation Worldwide

E & P Expenditure

Summary

Disclaimer

More from IMDEX LIMITED

IMDEX LIMITED Investor Presentation 2012