SGH LIMITED — Investor Presentation 2012

May 2, 2012

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3 May 2012

Company Announcements Office ASX Limited Level 6, 20 Bridge Street SYDNEY NSW 2000

By Electronic Lodgement

Total Pages: 29

Dear Sir/Madam

INVESTOR PRESENTATION

Please find attached an Investor Presentation given by Mr Peter Gammell, CEO Seven Group Holdings Limited, to the 14[th] Annual Macquarie Australia Conference today at Sheraton on the Park, 161 Elizabeth Street, Sydney NSW 2000.

Yours sincerely

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Warren Coatsworth Company Secretary

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Seven Group Holdings Limited | ABN 46 142 003 469 38-42 Pirrama Road | Pyrmont NSW 2009 Australia | Postal Address: PO Box 777 | Pyrmont NSW 2009 Australia Telephone +61 2 8777 7777 | Facsimile +61 2 8777 7192

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Group Overview May 2012

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Disclaimer

Basis of preparation of slides

• Additional information including Pro-Forma 6 or 12 month accounts are included in this presentation for the management of Seven Group Holdings Limited (SGH) and other associated entities and investments. This data is included for information purposes only and has not been subject to the same level of review by the company as the statutory accounts and so is merely provided for indic ~~a~~ tive purposes. T ~~h~~ e company and employees do not warrant ~~t~~ he data and disclaim any liability flowing from the use of this data by any party.

• SGH does not accept any liability to any person, organisation or entity for any loss or damage suffered as a result of reliance on this document. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements, and are subject to variation. All forward-looking statements in this document reflect the current expectations concerning future results and events. Any forward-looking statements contained or implied, either within this document or verbally, involve known and unknown risks, uncertainties and other factors (including economic and market conditions, changes in operating conditions, currency fluctuations, political events, labour relations, availability and cost of labour, material and equipment) that may cause actual results, performance or achievements to differ materially from the anticipated results, performance or achievements, expressed, projected or implied by any forward-looking statements.

• Unless otherwise indicated, all references to estimates, targets and forecasts and derivations of the same in this are

• material are references to estimates, targets and forecasts by SGH. Management estimates, targets and forecasts based on views held only at the date of this material, and actual events and results may be materially different from them. SGH does not undertake to revise the material to reflect any future events or circumstances.

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SGH Presentation – May 2012

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Slide 2

Contents

Overview	4
Industrial Services	6
Media	15
Investments	19
Financials	23
Outlook and Subsequent Events	27

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SGH Presentation – May 2012

Slide 3

Overview

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Industrial Services Media Investments
100%
33% + $250m RCPS 25% 11%
~$258m
Australia Seven West Media
~$394m
25%
100% 100%
Listed Portfolio
100%
50%
China
100%
46% 100%
100%
100%
Notes:
1. Group structure as at 29 February 2012
2. Investment values as at 31 December 2011
3. Seven West Media investment includes 33% of SWM ordinary shares on issue
50%
and $250m face value of Redeemable Convertible Preference Shares (RCPS).
4. SGH completed compulsory acquisition of minority interests in National Hire
on 25 January 2012
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SGH Presentation – May 2012

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Slide 4
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P&L Breakdown – H1 FY 2012

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H1 FY11 H1 FY12
Trading and other revenue (AUD m) EBITDA margin
Trading and other revenue
Excluding share of associate profits
46
103 14%
H1 FY11 H1 FY12 12.3%
3% 1,514
5% 1,600
12% 10.9%
1,400 9.9%
1,171 10% 9.0%
WesTrac Australia
322 1,200
16% 1,000 8%
WesTrac China 800 5.4% 5.9%
6% 5.0%
600
National Hire 400 269 322 4%
200 56 103 46 58 2% 1.1%
Other
- 0%
WesTrac WesTrac National Other
WesTrac WesTrac National Group (ex.
Australia China Hire
Australia China Hire associates)
1,514
76%
Trading Other Associate Total
H1 FY12 P&L Breakdown (AUD m) EBIT
Revenue Revenue Profits Revenue
EBIT WesTrac Australia 1,507.3 6.7 - 1,514.0 168.9
WesTrac China 317.8 4.1 - 321.9 12.3
$32m
WesTrac Australia National Hire (excl. Coates) 101.7 1.4 - 103.1 4.9
10%
Coates Hire [1] - - 25.6 25.6 25.6
WesTrac China Seven West Media [1] - - 50.0 50.0 50.0
$73m
$186m Consolidated Media Holdings [1] - - 10.3 10.3 10.3
24%
61%
Other media income - 12.3 - 12.3 12.3
Media Investments
Other investments / corporate 28.9 16.7 0.6 46.2 (15.4)
$35m National Hire Total 1,955.6 41.2 86.5 2,083.4 269.0
5%
1 Equity share of NPAT
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SGH Presentation – May 2012

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Slide 5

 Industrial Services

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SGH Presentation – May 2012

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Slide 6

Overview of WesTrac Group

 WesTrac Group

Key Highlights

WesTrac China (100%)

WesTrac Australia (100%)

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• WesTrac Australia WesTrac China is whollyoperates the sole owned and operates the authorised Caterpillar sole authorised Caterpillar dealership in WA and dealership in North NSW/ACT. Eastern China.

• Market leader in each of The territory covers some these territories. of China’s fastest growing and most mineral rich

• Services the mining, regions.

• infrastructure and construction markets.

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National Hire (100%)

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• National Hire comprises a wholly-owned equipment sales and support business, operating under the AllightSykes brand. Coates Hire (46%)

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• Coates Hire is the largest equipment hire business in Australia with over 200 branches and satellite locations and serves the mining, construction and event management sectors.

SGH Presentation – May 2012

• WesTrac is an equipment management company aiming to provide customer value through cost effective management of equipment throughout its life cycle.

• WesTrac’s value proposition offers end-to-end equipment solutions for its customers including equipment sales, commissioning, servicing, parts and monitoring.

• Chairman Mr. Kerry Stokes AC, SGH CEO Peter Gammell and WesTrac CEO Jim Walker have been instrumental in building the business over the past 20 years.

• One of the leading Caterpillar dealers globally.

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Slide 7

Attractive Business Model with Recurring Earnings Stream From Product Support

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WesTrac Group is an equipment management
company providing end-to-end products and services
Capital Sales [1 ]
Delivery and
commissioning
Rentals of
WesTrac
Product
Fleet
Support
Monitoring of
equipment
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Capital Sales[1 ]

• Large installed base of machines and engines in Australia.

• Leverage to growth in mining.

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Rentals

• Complete range of the latest new and near new CAT heavy earthmoving equipment.

• Services the mining and heavy construction industries.

• Smaller CAT equipment carried by Coates.

Product Support

• 38 service locations in Australia.

• Maintenance contracts account for a substantial portion of parts and service revenue.

Monitoring of Equipment

• Three state of the art condition monitoring laboratories in WA, NSW and Tianjin.

• One of the largest Caterpillar dealer oil laboratories in the world.

• Remote GPS and computer monitoring systems.

• Ability to identify mechanical problems in early stages.

1 Capital sales includes new and used equipment sales and rental revenue.

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SGH Presentation – May 2012

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Slide 8

WesTrac Australia Summary Financials

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Revenue (A$m) EBITDA (A$m) and EBITDA Margin (%) EBIT (A$m) and EBIT Margin (%)
14% 14%
Global financial crisis Global financial crisis Global financial crisis
$2,500
2256
$250 244 12% $250 12%
$2,000 1859 1876
10% 10%
195
1636 $200 192 184 186 $200
1589
169
167
$1,500 161 163 8% 8%
151
143
$150 $150
134
6% 6%
$1,000
$100 H1 $100
H1 H1
186 4% 4%
1,514 169
H1
H1
1,171
$500 H1
H1 $50 H1 116 $50
2% H1 98 2%
802
82
71
$0 $0 0% $0 0%
Margin
Margin
FY 07 FY 08 FY 09 FY 10 FY 11 FY 12 FY 07 FY 08 FY 09 FY 10 FY 11 FY 12 FY 07 FY 08 FY 09 FY 10 FY 11 FY 12
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SGH Presentation – May 2012

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Slide 9

WesTrac China Summary Financials

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Revenue (A$m) EBITDA (A$m) and EBITDA Margin (%) EBIT (A$m) and EBIT Margin (%)
$1,000 $60 7% $60 7%
Global financial crisis
$900
6% 6%
$50 $50
$800
734
FX Impact
5% 5%
$700 651 USD
$40 $40
742
$600 555 35
32 4% 4%
USD
30
$500 586 $30 $30 28
445
25 26 26
3% 3%
$400
USD
USD 19
416 $20 $20
$300 266 401 16
USD 2% 2%
332 12
11
$200
H1
USD H1 $10 H1 $10 7
H1 322 H1 1% 1%
$100 210 249 269 H1 15 16 H1 H1
12
11
9 H1
5
$0 $0 0% $0 0%
Margin Margin
Historical AUD/USD exchange rates were assumed for each historical period. FY07 assumes AUD/USD 0.79, FY08 assumes AUD/USD 0.90 and FY09 assumes AUD/USD 0.75. FY10 average rate was 0.90, FY11 average
rate was 1.012 and H1 FY12 average rate was 1.03.
FY 07 FY 08 FY 09 FY 10 FY 11 FY 12 FY07 FY08 FY09 FY 10 FY 11 FY 12 FY07 FY08 FY09 FY 10 FY 11 FY 12
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SGH Presentation – May 2012

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Slide 10

Bucyrus acquisition

• WesTrac to acquire from Cat the former Bucyrus distribution business which sells and supports products to the Western Australia, New South Wales and ACT territories

• Asset based transaction valued at US$400m

• Purchase price to be funded by a new five year term loan

• Transaction close expected prior to 30 June 2012

• Forecast revenues for year ending 30 June 2013 of between A$600m and A$650m

• Expected to be earnings accretive in FY2013*

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• Approximately 430 former Bucyrus employees and contractors to be employed by WesTrac

• Discussions continuing with Cat in relation to the acquisition of Bucyrus China territories corresponding to WesTrac’s current footprint

*Excluding transaction costs and purchase price allocation adjustments

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SGH Presentation – May 2012

Slide 11

The acquisition of Bucyrus will deliver several strategic benefits for WesTrac

• Complementary product extension

• Expanded product range – 148 unique model configurations to be added to existing offerings

• Increased exposure to Increased exposure

• mining sector to mining sector

• Enhanced access to mining customers operating in underground coal segment will deliver additional growth

• Additional revenue

• ide channel upside

• Potential parts and service market share upside

•  Add management Add management capability capability

• Hiring of experienced personnel will bolster WesTrac’s operations

•  Synergies will deliver Synergies will deliver further value

• further value

• Potential synergies over time by future leveraging of facilities, management and administration

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SGH Presentation – May 2012

Slide 12

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WesTrac’s Interest in National Hire

 WesTrac owns 100% of National Hire.

 National Hire consists of:

• Wholly owned equipment sales and support business operating under the AllightSykes brand

• 46% investment in Coates Hire.

• National Hire was formed in 2008 with the merger of National Hire’s rental operations and Coates Hire.

• Sykes Group was acquired in November 2010 for $50m plus $5m potential future earn-out payments.

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46%

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• Australia’s largest general equipment hire company with over 120 years of experience.

• Supplies a wide range of equipment to the engineering and building construction & maintenance, mining & resources, manufacturing, government, and events markets.

100%

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• Manufacture, assembly and sales of mobile lighting, power generation and dewatering equipment, and the distribution and support of Perkins engines, FG Wilson power generation sets and Godwin pump wet ends.

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100%
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• One of the largest auto prime pump manufacturers in the world with distribution networks in Australia, New Zealand, Indonesia, South Africa, Dubai, UK and the USA.

• Services the growing Australian mining sector and key international mining and construction markets.

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FY11 Revenue
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$136m
11%
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$1,065m
89%
Coates Allight/Sykes
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SGH Presentation – May 2012

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Slide 13

National Hire Summary Financials

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Allight / Sykes Revenue (A$m)
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$160
136
$140
$120 106
103
$100 87
83
$80 69
$60 H1
103
$40
H1 H1
H1
$20 H1 H1 59 56
42
36 34
$0
FY 07 FY 08 FY 09 FY 10 FY 11 FY 12
Coates Revenue (A$m)
$1,200
1,065
978
$1,000
888
$800
637
$600 543
$400
H1
H1
H1 H1 637
591
$200 478 497
$0
FY 07 FY 08 FY 09 FY 10 FY 11 FY 12
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Allight / Sykes EBIT (A$m)

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$12 10.0%
Margin
$10
8.0%
$8
6.0%
$6
4.0%
$4
H1 H1
2.0%
$2 5 5
H1 H1
H1 1
2 2
$0 0.0%
FY 07 FY 08 FY 09 FY 10 FY 11 FY 12
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Coates Share of Associate Profits (A$m)

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$35 32
$30
26
$25 23
$20
$15
H1
26
$10
H1 4 H1
$5 12 11
1
H1, 2
$0
FY 07 FY 08 FY 09 FY 10 FY 11 FY 12
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Coates partial year result shown in FY08 from 9 Jan 2008 acquisition date to 30 June 2008.

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SGH Presentation – May 2012

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Slide 14

 Media

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SGH Presentation – May 2012 Slide 15

Overview of Seven West Media

50% 100% ~33% ~11% Other Investors (Free Float) ~56% 100% FTA Television Newspapers Magazines Online Other 100%	50% 100% ~33% ~11% Other Investors (Free Float) ~56% 100% FTA Television Newspapers Magazines Online Other 100%	50% 100% ~33% ~11% Other Investors (Free Float) ~56% 100% FTA Television Newspapers Magazines Online Other 100%	50% 100% ~33% ~11% Other Investors (Free Float) ~56% 100% FTA Television Newspapers Magazines Online Other 100%	50% 100% ~33% ~11% Other Investors (Free Float) ~56% 100% FTA Television Newspapers Magazines Online Other 100%	50% 100% ~33% ~11% Other Investors (Free Float) ~56% 100% FTA Television Newspapers Magazines Online Other 100%	50% 100% ~33% ~11% Other Investors (Free Float) ~56% 100% FTA Television Newspapers Magazines Online Other 100%	50% 100% ~33% ~11% Other Investors (Free Float) ~56% 100% FTA Television Newspapers Magazines Online Other 100%	50% 100% ~33% ~11% Other Investors (Free Float) ~56% 100% FTA Television Newspapers Magazines Online Other 100%
								Other Media Assets
Australia’s leading FTA television broadcaster with #1 Metro revenue share since June 2007. Operates commercial TV stations in Sydney, Melbourne, Brisbane, Adelaide, Perth and regional Queensland. #1 WA metro newspaper (The West Australian). #1 WA classified newspaper (Quokka). 21 regional WA publications . 17 community newspapers in Perth (49.9% stake). Australia’s second largest magazine publisher. Publication titles include: New Idea, marie claire, Better Homes and Gardens and Who. Magazines reach 7m people each month JV and online partnership with Yahoo!7 and leading WA websites. Yahoo!7 has 8.2m unique users Expanded capability through Spreets acquisition. Nine radio stations across regional WA. 33.3% of SkyNews. 33.3% of OzTAM. 33.3% of TX Australia.

Note: 33% stake in Seven West Media excludes $250m RCPS

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Slide 16

Ratings Supremacy

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• Seven delivered dominant All Commercial Share across Night 1800-2400 for key demographics for Survey Year 2011:

• Total Individuals 39.4% up 11.1% in average audience vs 2010

• People 16-39 34.3% up 12.8%

• People 18-49 35.6% up 9.5%

A Strategy that Underpins Seven’s Audience Growth and Success

  - People 25-54           35.9%    up 9.4%

• Impressive audience numbers recorded for key properties:

• Australia’s Got Talent ‘ The Winner Announced’ averaged 2.98m

• My Kitchen Rules – ‘The Winner Announced’ averaged 2.13m

• The X Factor – ‘The Winner Announced’ average 2.11m

• Australia’s Got Talent – Tues averaged 1.94m viewers

• 7TWO was the No.1 Digital Commercial Network in 2011 Survey Year with 5.8% All Commercial Share.

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• 7mate was No. 1 for Men 16-39 with 8.6% All Commercial Share

• Seven had 16 of the Top 20 Regular Digital Networks Programs.

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SGH Presentation – May 2012

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Slide 17

Seven West Media Summary Financials

H1 FY12 highlights

• SGH is Seven West Media’s largest shareholder with 33% of Seven West Media ordinary shares and $250m of Redeemable Convertible Preference Shares (RCPS).

• Achieved market guidance EBIT of > $300m issued in Nov-2011.

Seven West Media ($m) H1 FY12 Actual H1 FY11 Pro-Forma Change %	Seven West Media ($m) H1 FY12 Actual H1 FY11 Pro-Forma Change %
Total revenue (incl. share of associate profits) Operatingexpenses	1,023.9 1,044.7 -2.0% (683.1) (680.2) 0.4%
EBITDA Depreciation and amortisation	340.8 364.5 -6.5% (31.1) (34.9) -10.9%
EBIT	309.7 329.6 -6.0%

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EBIT Breakdown
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Divisional Breakdown H1’12 Actual H1’11 Pro Forma Change % H1’12 Actual F1’11 Pro Forma Change % H1’12 Actual H1’11 PF	Divisional Breakdown H1’12 Actual H1’11 Pro Forma Change % H1’12 Actual F1’11 Pro Forma Change % H1’12 Actual H1’11 PF	Divisional Breakdown H1’12 Actual H1’11 Pro Forma Change % H1’12 Actual F1’11 Pro Forma Change % H1’12 Actual H1’11 PF	Divisional Breakdown H1’12 Actual H1’11 Pro Forma Change % H1’12 Actual F1’11 Pro Forma Change % H1’12 Actual H1’11 PF
	Revenue	**EBIT1 **	EBIT Margin
Television West Australian Newspapers2 Magazines Other3	655.8 664.8 -1.4% 185.6 188.6 -1.6% 150.0 159.8 -6.1% 32.5 31.5 2.9%	205.7 220.0 -6.5% 66.5 72.0 -7.6% 22.3 22.3 - 15.2 15.3 -0.7%	31.4% 33.1% 35.8% 38.2% 14.9% 14.0% 46.8% 48.6%
Total	1,023.9 1,044.7 -2.0%	309.7 329.6 -6.0%	30.3% 31.6%

Notes: 1. EBIT includes share of profit of equity accounted investees. 2. WAN results include The West Australian, Regionals.

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67m
21%
206m
66%
TV EBIT WAN EBIT
15m
22m
5%
7%
Magazine EBIT Other EBIT
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3.Other result includes equity accounted investees, Radio, Quokka ColourPress, Digital and other.

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SGH Presentation – May 2012

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Slide 18

 Investments

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SGH Presentation – May 2012 Slide 19

Overview of SGH Investments

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$258m
$394m
Listed equities 24%
portfolio
$358m
11%
$27m
100%
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Note: market value of investments shown as at 31 December 2011

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SGH Presentation – May 2012

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Slide 20
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Consolidated Media Holdings Limited (CMH)

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• CMH is a media investment company, investing in key new media. CMH has a 25% investment in Australia's leading subscription television business Foxtel and a 50 per cent investment in subscription television content provider Fox Sports Australia (formerly Premier Media Group), producer of leading sports channels including Fox Sports 1, 2 and 3. SGH owns 25% of CMH and interests associated with James Packer own 50% of this entity.

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Foxtel and PMG EBITDA (A$m) Operating NPAT (A$m)
$600 Foxtel Fox Sports 551 $100 90 95
$90
477
$500
$80
70
406
$70 62
$400 351
$60
280
$300 $50 42
237 40
$40
$200 133 152 153 146 $30
106
$100 75 $20
$10
$0 $0
FY 07 FY 08 FY 09 FY 10 FY 11 FY12H1 FY 07 FY 08 FY 09 FY 10 FY 11 FY12H1
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Highlights and Outlook

• Foxtel and Fox Sports results were in line with CMH management expectations

• Continued improvement in Foxtel ARPU to $100 compared to $94 pcp

• 1.66m subscribers, up 2% on pcp – net subscriber additions is one of the key focuses Foxtel’s management team

• Fox Sport’s investment in key sports content continuing to generate strong interest and excellent ratings

• Interim unfranked dividend of 10.5 cents per share

• $63m of cash on hand

• CMH remains committed to Foxtel’s proposed acquisition of Austar by 30 June 2012.

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• CMH equity accounted result of $19.7m (post tax) up 3% on pcp

• $15m distribution received in H1, further distribution expected in H2

• Foxtel EBITDA up by 1% to $280.4m ($278.0m pcp)

• High subscriber quality:

• 42% of subscribers on premium package

• 42% of subscribers with multi-room packages

• 76% of subscribers have iQ package and 38% have HD

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• CMH equity accounted result of $25.8m (post tax), down 1% on pcp

• $20 million in distributions received in H1, further distributions expected in H2

• Fox Sports continues to produce the top rating sports programs on subscription TV across all major codes

• Delivered 7 of the 10 highest rating programs in Foxtel history during the period.

Source: 31-Dec-11 half year results announcement and presentation.

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Slide 21

Agricultural Bank of China (ABC)

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Strategic Investment Rationale	Key Points
As a shareholder	One of the big 4 banks in China. It’s the largest by retail reach and the third largest commercial bank in China. Has approximately 320 million retail customers with 23,624 domestic branch outlets (44% more than its nearest rival, ICBC) Covers 99.5% of all counties in China. Won the title for the world's largest initial public offering (IPO) after raising 22.1 billion U.S. dollars. Listed on both Shanghai and HongKongbourses.
As a customer	Transactional banking support in China Funding support both in China and internationally WesTrac customer funding
As a strategic partner	Demonstration to other PRC clients and the Chinese government of our commitment in China. Joint financing solutions to WesTrac’s large fleet customers involved in developing China’s mining and infrastructure sectors
Highlights Investment valued at AUD 258m (based on HKD 3.35 share price) at 31 December 2011 compared to AUD 293m initial investment. Share price of HKD 3.71 as at 5 March 2012 is 16% higher than IPO issue price of HKD 3.20 in July 2010. AUD gain impacted by currency appreciation.

• Net profit of RMB 100,776 for the nine months to 30-Sep-2011 was 44% higher than the prior corresponding period driven by 28% growth in net interest income (resulting from expanded interest-earning assets and widening of net interest margins), plus growth of 61% in fees/commissions due to an increase in fees generated from investment banking, credit cards, international settlement and wealth management.

• Net interest margin of 2.80% in the period compared to 2.55% in full year 2010 and 2.28% in full year 2009.

• Annualised return on weighted average net assets of 23.0% compared in 22.5% in full year 2010 and 20.5% in full year 2009.

• Non-performing loan (NLP) ratio decreased by 0.43% to 1.60% since the end of 2010.

Source: ABC HY 2011 and FY 2010 results announcements, Hong Kong Stock Exchange

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SGH Presentation – May 2012

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Slide 22

 Financials

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Slide 23

Consolidated Profit and Loss Total Group

$m	6 months to 31 Dec 2011	6 months to 31 Dec 2010	% Change
Revenue	1,955.6	1,512.4	29%
Other income	39.2	29.1	35%
Share of results from equity accounted investees	88.7	103.8	-15%
Total revenue and other income	2,083.5	1,645.3	27%
Expenses (excl.depreciation, amortisationandinterest)	(1,794.9)	(1,425.3)	26%
EBITDA	288.6	220.0	31%
Depreciationand amortisation	(34.6)	(32.2)	7%
EBIT	254.0	187.8	35%
Net finance costs	(49.5)	(22.9)	116%
Significant Items:
Net gains / fair value movements	5.8	-	-
Impairment of assets	(167.5)	-	-
Other	8.2	-	-
Profit before tax	51.0	164.9	-69%
Tax expense	(35.3)	(37.3)	-5%
Taxbenefit onsignificantitems	46.1	-	-
NPAT	61.8	127.6	-52%
Profit attributable to shareholders of SGH	52.1	123.6	-58%

Note: refer to Appendix 4D for statutory presentation

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Slide 24

Summary of Significant Items

$m	6 months to 31 Dec 2011	6 months to 31 Dec 2010
Impairment - SWM equity to market value	(161.8)	-
Impairment - CMH equity to market value	(3.4)	-
Impairment - Other	(2.4)	-
Other - Gains / Fair value movements	5.8	-
Unusual share of result from equity accounted investee	8.2	-
Net tax benefit of the items above	46.1	-
Total Significant Items	(107.5)	-
Statutory NPAT	61.8	127.6
NPAT excluding Significant Items	169.3	127.6

Note: No items were classified as significant in the six months ended 31 December 2010 results presentation due to their size

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Seven West Media
SWM Price
4.40
4.20 30 Jun 2011: $4.05
31 Dec 2011: $3.24
4.00
27 Apr 2012: $2.88
3.80
3.60
3.40
3.20
3.00
2.80
2.60
2.40
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Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12

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Consolidated Media Holdings CMH Price
3.60
3.40 30 Jun 2011: $2.61
3.20 31 Dec 2011: $2.60
3.00 27 Apr 2012: $3.25
2.80
2.60
2.40
2.20
2.00
1.80
1.60
Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12
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Slide 25

Consolidated Balance Sheet Total Group

$m	6 months to 31 Dec 2011	6 months to 31 Dec 2010	% Change
Trade and other receivables + other current assets	650.7	578.7	12%
Inventories	1,376.7	989.6	39%
Intangible assets	542.9	526.2	3%
Investments	2,361.1	2,366.4	0%
Fixed assets	297.3	264.9	12%
Trade and other payables	(651.6)	(504.6)	29%
Provisions	(98.0)	(96.3)	2%
Net tax assets / (liabilities)	(353.3)	(355.0)	0%
Deferred revenue	(78.4)	(131.6)	-40%
Derivative financial instruments - Debt related	(64.4)	(109.0)	-41%
Derivative financial instruments - Other	(5.7)	(10.5)	-46%
Net (debt)	(1,448.1)	(837.1)	73%
Total Shareholders Equity	2,529.3	2,681.9	-6%

Notes:

1.The reduction in the derivative financial instruments relates predominantly to the impact of the exchange rate movements on fully hedged US Notes. The favourable exchange rate impact on hedging instruments is offset by unfavourable exchange rate movements on the actual Notes.

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Slide 26

Subsequent events & outlook

Subsequent events

• On 25 January 2012, SGH completed the compulsory acquisition of minority interests in National Hire, moving to 100% ownership.

• On 20 February 2012, SGH announced the sale of vividwireless to Optus for a sale price of $230m. The contract remains subject to a number of material conditions including ap ~~p~~ rovals by ACCC and FIRB and re-issue of the spectrum license by ACMA.

• WesTrac Pty Ltd announced on 12 April 2012 that it had reached an agreement for WesTrac to acquire from Caterpillar Inc. the distribution and support business formerly operated by Bucyrus in Western Australia, New South Wales and Australian Capital Territory for a consideration of approximately US$400m which will be funded through a new five year debt facility. Excluding transaction costs, the acquisition is expected to be EPS neutral for the remainder of FY 12 and accretive thereafter.

Outlook – refer disclaimer

• Excluding significant items and the impact of transactions, assuming current market conditions and growth continue, the company anticipates the full year Underlying Net Profit After Tax (excluding significant items) to be up 20% to 30% compared to the prior year 2011 result.

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Slide 28