SIETEL LIMITED — AGM Information 2015

Jan 22, 2015

Sietel Limited

Annual General Meeting of Shareholders

Held at the Company registered office commencing 1.00 pm Thursday 23 January 2015

Chairman’s Address

Shareholders, Ladies and Gentlemen

Welcome to this year’s Annual General Meeting, and particularly to those who have been able to join us today in person.

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 to a few matters which I consider are of interest to shareholders.

The result although substantially lower than last year was anticipated in my comments to you at last year’s meeting. The result reflects an absence of property sales and levelling off in the appreciation of our listed company share portfolio generally in line with the ASX 200 for our specific balance date.

Our manufacturing operations continue to under perform but showed some signs of improvement in a very competitive market environment especially for local producers of automotive accessories.

The investment operations experienced a year of consolidation with stronger market prices in the property market of interest to Sietel leaving little opportunity for new acquisitions at prices viewed by the board as advantageous value.

The listed ASX company share portfolio has been expanded via participation in dividend reinvestment plans and modest purchases generally in existing top 200 listed companies.

The company’s cash position remains strong and available for any opportunity which may present if market conditions move against vendors with assets in areas of interest to us. The new venture in the hot water appliance market provides us with an opportunity and scope for expansion.

One final matter which deserves attention, is dividends, and you will be aware from our announcement in our Appendix 4E to the market in December 2014 of our payment in full of the accumulated arrears of preference dividend.

We have not paid or anticipated a payment of an ordinary dividend. The Board maintained a policy of retaining earnings for investment in assets and or businesses considered advantageous to maintenance of long term growth in shareholder value as reflected in share price and asset backing of the company’s issued shares.

The policy of re investment of profits has been a major feature of the company for many years and although always subject to review and changes in light of the market place conditions, a change of that direction is not on the agenda at present.

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

Sie Chairman’s Address AGM Fri 23 Jan 2015