SIETEL LIMITED — AGM Information 2014

Jan 22, 2014

Sietel Limited

Annual General Meeting of Shareholders Held at the Company registered office commencing 11.00 am Thursday 23 January 2014

Chairman's Address

Ladies and Gentlemen

Welcome to this year's Annual General Meeting.

I refer you to the Annual Report and more specifically the Directors' Report and Financial Accounts.

Rather than repeat the information already contained in the Annual Report I now limit my current comments and confirm that overall the result was pleasing yet leaving room for improvement especially in relation to our manufacturing operations and that the investment operations would not be expected to achieve year on year results of the level experienced over the last twelve months both in realised and un realised gains

The Group is in business for the long term and has over many years not been over influenced by market conditions or results relating to time lines of three or four years.

All operations including manufacturing operations especially Cook's Body Works which has not performed in recent years are under review and the level of investment or de investment may be subject to change from that in the past.

Information generated for internal management purposes including strategies', specific asset details, proposed changes and the like are generally not disclosed publicly until significant events occur.

The Directors are mindful of current accounting standards and Australian Stock Exchange disclosure requirements and aim to meet their legal obligations while retaining a relatively straightforward Annual Report which is brief and to the point.

If a number of shareholders representing a significant percentage of the shareholding of the company were to express the view either via correspondence and or at the Annual General Meetings that the Board's long term view was not appropriate then change would be considered.

Any significant change to the capital structure of Sietel is not currently proposed or under contemplation.

I would like to thank management and staff for their efforts over the past twelve months and look forward to continued steady growth over the coming years.

Mr Delwyn G Rees Chairman of Directors Sietel Limited