CommodlLy 1echnology Advlsory llc 1

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8rady LC (8rady) has provlded Lradlng and rlsk managemenL soluLlons lnLo Lhe meLals secLor slnce
lLs lncepLlon ln 1983 llsLlng on Lhe AlM (Lhe [unlor London SLock MarkeL) ln 2004, ln 2007, Lhe
company broughL ln a new managemenL Leam headed by CLC Cavln Lavelle and LhaL Leam has
proven successful ln execuLlng Lhe company's sLraLegy of growLh vla organlc developmenL
supplemenLed by acqulslLlons. Cver Lhe lasL several years, Lhe company has gone from sLrengLh Lo
sLrengLh, broadenlng lLs producL range and expandlng lnLo new commodlLles, markeLs and
geographles.
8rady ls Lhe largesL Lurope-based Lnergy and CommodlLy 1radlng and 8lsk ManagemenL (LC18M)
vendor and ls regarded as Lhe leadlng vendor ln Lhe meLals secLor. Powever, lL also offers a number
of C18M and relaLed soluLlons for global energy, ags and sofLs and ls Lhe markeL leader ln norLh
Amerlcan recyclables. lLs offerlngs ln Lradlng and rlsk managemenL are deslgned Lo enable
producers, consumers, flnanclal organlzaLlons and Lradlng companles Lo manage all of Lhelr
commodlLy LransacLlons ln an lnLegraLed soluLlon - lncludlng pre-deal analysls, Lrade capLure, rlsk
managemenL, forelgn exchange, credlL rlsk, loglsLlcs, cash managemenL, physlcal operaLlons,
seLLlemenL, back offlce, flnanclals, accounLlng and Lreasury.
WlLh more Lhan 300 cusLomers worldwlde, 8rady ranks amongsL Lhe Lop flve vendors of C18M
soluLlons, and ls Lhe only currenLly publlcally Lraded C18M vendor, provldlng Lhe company access Lo
a varleLy of lnsLlLuLlonal lnvesLors and fundlng wlLh whlch Lo conLlnue Lo pursue sLraLeglc
acqulslLlons and furLher lnvesL ln lLs Lechnology and producLs. 8rady has been conslsLenLly
proflLable and malnLalns a sLrong balance sheeL.
(%)*)+%*, -#./,0.
8rady LC ls a publlc company llsLed on Lhe London SLock Lxchange's AlM markeL and, as a resulL,
publlshes lLs flnanclal resulLs for publlc revlew. 8rady posLed revenues of 29.4m C8 ln Lhe 2013
flnanclal year, 4 hlgher Lhan 2012 revenues whlle L8l1uA was down 37 Lo 3.7m C8. 8rady had
a sLrong sales year ln 2013 wlLh 16 new slgnlflcanL conLracLs, buL 3.2mlll of llcense revenue was
deferred due Lo Lhelr conservaLlve revenue recognlLlon pollcy. 8ecurrlng revenues are now 37 of
Croup revenues, up 14 Lo 16.6m C8 and Lhe company flnlshed Lhe year wlLh 7.2m C8 of neL
cash. 1he geographlc make-up of 8rady's revenues ln 2013 were 21.2 mllllon ln LMLA, 6.8 mllllon
ln Lhe Amerlcas (followlng Lhe flrsL full year of conLrlbuLlon from 8rady 8ecycllng) and 1.4 mllllon
(2012 - 2.4 mllllon) ln Asla. ln-llne wlLh Lhe company's sLaLed sLraLegy, revenues assoclaLed wlLh
cloud dellvery have grown year-over-year, provldlng an lncreaslngly predlcLable revenue sLream.
roducL SeL and 1echnology 8ase
8rady's soluLlons are bullL on a servlce-orlenLed archlLecLure (SCA), uslng Lhe laLesL lndusLry
sLandard Lechnologles. 8rady's LnLerprlse Servlces layer provldes a framework of open and
exLenslble buslness, daLa and presenLaLlon servlces. 1hese servlces are employed across 8rady's
soluLlon seL buL can also be used Lo augmenL oLher Lhlrd parLy soluLlons or Lo provlde a
consolldaLed enLerprlse-wlde vlew of operaLlons and rlsk. 8rady's soluLlons are also web enabled
allowlng Lhem Lo be deployed ln Lhe Cloud or LradlLlonally on-premlses.
8rady ls acLlvely promoLlng lLs Cloud Servlces as Lhey belleve Lhose servlces dellver much greaLer
flexlblllLy and superlor levels of securlLy, compllance and avallablllLy, as well as allowlng cusLomers
Lo reduce LoLal cosL of ownershlp. 1helr Cloud Servlces are dellvered uslng dedlcaLed hlgh
avallablllLy envlronmenLs runnlng ln sLaLe-of-Lhe-arL daLa cenLers. lLs soluLlons and servlces can be
accessed securely vla Lhe lnLerneL or uslng oLher sLandard connecLlvlLy opLlons, and have bullL ln
redundancy and reslllence Lo help ensure operaLlonal performance ls malnLalned ln Lhe evenL of
hardware fallure. lrom Lhelr Cloud, 8rady can make avallable, almosL lmmedlaLely, everyLhlng from
a slngle servlce Lo a full producL (comprlsed of many servlces). lnLegraLlon wlLh oLher soluLlons ls
)*+,-./ 01#2%34
!"5-6517 8*4-

Company 8ackground
lounded: 1983
CLC: Cavln Lavelle
Cfflces: uk
norway
lrance
SwlLzerland
uSA
Slngapore
Lmployees: 220 (LsL.)
WebslLe: bradyplc.com

roducLs
8rady Lnergy - 1kM, loqlstlcs, Joto
moooqemeot ooJ ctoss-botJet
settlemeot
8rady CommodlLles - lbyslcol
ttoJloq tlsk ooJ Jetlvotlves fot
metols ooJ mloloq, oqtlcoltotol
ooJ soft commoJltles
8rady 8ecycllng - 1toJloq ooJ
ptocessloq fot tecycleJ metols

MarkeL roflle (Com1ech LsL.)
CusLomers by Ceography
Amerlcas 23
LMLA 72
Aslaac lncludlng AusL. 3
CusLomers by MarkeL SegmenL
CommodlLy (meLals, ags and sofLs)
roducers/1raders 42
Lnergy roducers/1raders 46
8ecycllng 12
llnanclal 8esulLs - LC? 2013
8evenue $48 Mllllon uSu
L8l1uA $6 Mllllon uSu
04 # 92#1.-
CommodlLy 1echnology Advlsory llc 2
sLralghLforward and soluLlons can be scaled qulckly and easlly Lo meeL Lhe changlng needs of a cllenL's buslness. 8y employlng Lhelr SCA and Cloud
1echnologles, 8rady's alm ls Lo dellver a powerful and flexlble seL of 'besL of breed' enLerprlse soluLlons and servlces.
8rady offers a range of sofLware producLs and servlces across all commodlLles and meLals recycllng as follows:
!"#$% :1-"7% ; lncludes L18M, a comprehenslve Lnergy 1radlng and 8lsk ManagemenL soluLlon, 8rady Lnergy LoglsLlcs, a pan-Luropean
soluLlon for balanclng, schedullng and nomlnaLlon of elecLrlc power, 8rady LuM, an energy daLa managemenL soluLlon, and 8rady Lnergy
SeLLlemenL, a cross-border markeL seLLlemenL soluLlon.
!"#$% )*++*$545-3 - C18M soluLlons for meLals, raw maLerlals, agrlculLural and sofL commodlLles Lradlng
!"#$% <-.%.2517 - lncludes C8LS, 8rady 8ecycllng's CommodlLy 8ecycllng LnLerprlse SoluLlon for commerclal recyclers and brokers, and Lhe
lMAC1 soluLlon for mllls/consumers of recycled and bulk commodlLles
Company SLraLegy
WlLh a solld balance sheeL, slgnlflcanL cash reserves and access Lo a varleLy of lnsLlLuLlonal lnvesLors vla Lhe AlM, 8rady LC has been commlLLed Lo
an aggresslve growLh sLraLegy and ls now challenglng Lhe Lop C18M vendors ln Lerms of revenues, lnsLalled base and span of operaLlons. LxecuLlng
Lhls sLraLegy, 8rady has become one of Lhe Lop flve C18M vendors on a revenue basls as of 2012. Cavln Lavelle, Lhe company's CLC, has conLlnued
hls commlLmenL Lo lnvesL ln exlsLlng producLs, servlces and Lechnologles, complemenLed by addlLlonal acqulslLlons, lf approprlaLe, Lo fuel growLh.
1he company's acqulslLlon sLraLegy Lo daLe has been mosLly addlLlve, acqulrlng compllmenLary producLs LhaL broaden lLs funcLlonal fooLprlnL or
expand lLs coverage lnLo new commodlLles and geographles. lor example, sLarLlng ln Lhe meLals derlvaLlve and reflned meLals markeLs, 8rady has
exLended lLs soluLlon seL Lo cover meLal raw maLerlals, scrap and recycllng.
ln Lhe Luropean energy markeLs, 8rady's acqulslLlon of Lwo nomlnally compeLlLlve norway-based vendors has broughL some consolldaLlon Lo LhaL
markeL - navlLa had a sLrong fooLprlnL ln physlcal energy and vlz ln derlvaLlves and rlsk managemenL. WlLh Lhose acqulslLlons, 8rady has removed
boLh producL and managemenL overlap Lo galn flnanclal efflclency and lmprove prlclng power. WlLh Lhe addlLlon of a pan Luropean power and gas
schedullng and nomlnaLlon soluLlon, 8rady now has a comprehenslve soluLlon for Lhe ma[orlLy of Lhe Luropean power markeLs. 1hls acqulslLlon has
also provlded 8rady a valuable base of over 130 cusLomers for fuLure producL up-sell and addlLlonal deep lndusLry experLlse. 1hough Lhe
lnLegraLlon of Lhe navlLa acqulslLlon dld requlre slgnlflcanL Llme, Lhe 8rady energy producL llne and sLraLegy has now been fully consolldaLed and
Lhe approach seems now Lo be bearlng frulL.
ln Lhe sofLs commodlLy markeL, 8rady has developed a slzable llsL of cllenLs for Lhelr fully lnLegraLed soluLlon plaLform, wlLh capablllLles across
Lradlng, rlsk, operaLlons, seLLlemenL, loglsLlcs, Lrade flnance and accounLlng. 1hough lnlLlally developed for Lhe malnland Luropean Lradlng
communlLy, 8rady has seen slgnlflcanL growLh ln Lhe Amerlcas, Afrlcan and Aslan conLlnenLs, mosL noLably ln Lhe uS coLLon markeL.
PeadquarLered ln London, 8rady ls Lhe largesL naLlve Luropean C18M vendor and has Lhe broadesL producL coverage for Lurope. Whlle Lhe
company ls acknowledged as a global leader for meLals, lL ls lmporLanL Lo noLe LhaL 30 of Lhe new buslness slgned ln 2014 was ouLslde of Lurope,
a slgnlflcanL mllesLone for Lhe comapny. As of Lhe LC? 2013, some 72 of lLs revenues currenLly orlglnaLe ln Lurope and Lhe Mlddle LasL, wlLh Lhe
Amerlcas now represenLlng 23 and Asla 3. 8rady ls progresslvely worklng Lo conLlnue Lo esLabllsh lLself as Lhe Je focto leader ln Lurope across
all commodlLles, whlle slmulLaneously furLher exLendlng lLs global leadershlp ln meLals and exLendlng lLs geographlc fooLprlnL globally.
lLs C18M soluLlon for bulk commodlLles and meLals ls very compeLlLlve and has slgnlflcanL global appeal. ln norLh Amerlca, 8rady's recycllng
producL (acqulred vla SAl) has glven Lhe company Lhe leadlng poslLlon ln Lhe meLals recycllng space as well, wlLh 6 of Lhe Lop 10 norLh Amerlcan
recycllng companles rellanL on Lhe sofLware. Powever, 8rady musL use lLs Luropean sLrengLh as a sprlngboard wlLh whlch Lo challenge globally and
ln some lnsLances, Lhls may mean addlng feaLures and funcLlonallLy or furLher acqulslLlons.
1he company ls well poslLloned on Lhe Lechnology slde. lLs producLs are based on a seL of Lechnologles LhaL faclllLaLe web/cloud dellvery and Lhe
company has had a good deal of success ln growlng revenues vla lLs cloud-based offerlngs ln llne wlLh Lhelr goal of lncreaslng recurrlng revenues.
1he company's success Lo daLe bodes well for fuLure growLh as Com1ech does expecL cloud deploymenL of C18M producLs Lo grow aL a fasLer raLe
Lhan LradlLlonal llcensed on-premlses sofLware (13 per annum compared Lo 3-3 for LradlLlonally lnsLalled producLs). ln llne wlLh lLs cloud
sLraLegy, 8rady has upgraded lLs servlces and supporL capablllLles and ls able Lo offer a broad-based package of servlces around cloud deploymenL
LhaL many of lLs compeLlLors are noL yeL able Lo provlde.
1hough Lhe company's acqulslLlons Lo daLe are vlewed as successful", each new acqulslLlon has poLenLlal rlsk relaLed Lo Lhe dlfflculLles of
lnLegraLlng Lechnologles, processes and culLures. As has been observed ln Lhe pasL wlLh oLher vendors, belng able Lo Lechnlcally lnLegraLe and
opLlmlze Lhe producL porLfollo can be dlfflculL, as can Lhe communlcaLlon of such a sLraLegy Lo Lhe broader markeLplace. 1o daLe however, 8rady's
acqulslLlons have been mosLly addlLlve and Lhe company has been able Lo elaboraLe a coherenL markeLlng and Lechnlcal sLory for Lhose acqulred
producLs.
-#+#)0 1+2/%.%0%3).
=%34-+3 024-"1#45>-3 ?14-"1#45*1#2 (() @=0?A, acqulred ln november 2012, provldes Lhe company wlLh a norLh Amerlcan presence and a leadlng
poslLlon ln Lhe ferrous and non-ferrous meLals recycllng markeLs.
8#>54#, acqulred ln March 2012 was a leadlng suppller of L18M soluLlons vla lLs CMAx plaLform wlLh a large lnsLalled base parLlcularly ln
Scandlnavlan markeLs. Lven wlLh navlLa's more physlcal energy focus, Lhere was conslderable overlap wlLh Lhe vlZ Llvlz L18M soluLlon acqulred
earller buL Lhe acqulslLlon also added slgnlflcanL capablllLles ln energy daLa managemenL (LuM) amongsL oLhers. 1here was also overlap wlLh Lhe
Syseca loglsLlcs producLs. 1he acqulslLlon propelled 8rady Lo Lhe number 1 poslLlon ln Luropean energy.
=%3-.# 09, acqulred ln March 2012, was a Swlss-based Luropean provlder of loglsLlcs sofLware for elecLrlc power. 1he Syseca soluLlon formed Lhe
basls for 8rady's power loglsLlcs soluLlon and provldes 8rady wlLh real leverage ln Lhe Luropean energy markeL as lL ls able Lo clalm schedullng and
capaclLy nomlnaLlon connecLlvlLy wlLh many 1SCs across Lurope, Lo faclllLaLe cross border Lradlng.
B?C <53D E#1#7-+-14F based ln norway and acqulred ln uecember 2010, was a suppller of flnanclal and rlsk managemenL Lradlng sofLware for
energy. lLs LLvlZ producL now forms Lhe basls of Lhe 8rady L18M offerlng.
CommodlLy 1echnology Advlsory llc 3
B5>-* =G54H-"2#1$, acqulred ln March 2010, was a provlder of C18M sofLware for meLals,sofL commodlLles, oll, gas and meLals wlLh a slzable
lnsLalled base prlmarlly ln CenLral and LasLern Lurope. 1he lln1rade producL has become a core producL for 8rady and conLlnues Lo be a sLrong
performer whlle vlveo's locaLlon ln SwlLzerland has also proven Lo be sLraLeglc.
)*++*$545-3 =*64G#"- @)*+=*64A, acqulred ln !anuary 2009, was Lhe provlder of Aquarlus, a leadlng soluLlon for Lhe admlnlsLraLlon of raw
maLerlals, physlcal meLal and assoclaLed hedge and rlsk managemenL. 1he comblnaLlon of 8rady and ComSofL ensured LhaL 8rady became Lhe
markeL leader ln meLals.
!/0,334 *)5 1)*,6.%.
WlLh 37 recurrlng revenues, conslsLenLly proflLable and no debL, 8rady LC ls well poslLloned Lo challenge Lhe currenL C18M leaders across all
commodlLles and on an lncreaslngly global basls. 1o do so, lL musL conLlnue lLs sLraLegy of addresslng holes ln lLs producL llnes by elLher bulldlng or
acqulrlng and conLlnue Lo ensure LhaL lLs oLher producLs boLh remaln funcLlonally compeLlLlve and lncreaslngly lnLegraLed. lLs cloud sLraLegy ls
provlng successful and ls furLher conLrlbuLlng Lo an already predlcLable revenue sLream, a crlLlcal requlremenL for a publlcally llsLed company.
8rady has access Lo addlLlonal caplLal and has a Lrack record of concludlng several successful acqulslLlons. 1hough Lhe company has demonsLraLed
several years of good growLh, 8rady wlll face a challenge ln closlng Lhe revenue gap beLween lLself and Lhe Lop 2-vendors wlLhouL oversLreLchlng
lLself or sacrlflclng cusLomer servlce.
CpporLunlLles
As a publlc company, wlLh a sLrong balance sheeL and no debL, 8rady provldes excellenL vlslblllLy lnLo lLs flnanclals and operaLlons, glvlng
Lhe company an advanLage ln sales opporLunlLles ln whlch vendor sLablllLy ls a concern for companles seeklng new sofLware.
WlLh comprehenslve asseL coverage and sLrengLhened global dlsLrlbuLlon and supporL, 8rady has Lhe opporLunlLy Lo conLlnue Lo grow
furLher globally.
AblllLy Lo leverage a growlng lnsLalled base of more Lhan 300 cusLomers for cross selllng of addlLlonal producLs and servlces.
Well poslLloned Lo leverage cloud deployed soluLlons markeL growLh.
roven ablllLy Lo ldenLlfy and make oLher sLraLeglc acqulslLlons Lo supporL lLs growLh and flll ln any holes ln lLs geographlc and funcLlonal
coverage.
8lsks
Long-Lerm success ln global C18M wlll requlre conLlnued peneLraLlon lnLo norLh Amerlcan markeLs and lncreased success selllng lnLo
Aslan markeLs.
ubllc company flnanclal vlslblllLy does lncrease rlsks of damaglng markeL confldence should 8rady lose momenLum ln a LradlLlonally
volaLlle markeL.
CrowLh vla acqulslLlon does have rlsk assoclaLed wlLh dlfflculLy of lnLegraLlon, reLenLlon of skllled and experlenced resources, and long-
Lerm reLenLlon of acqulred cllenL base.



____________________________________________________________________________________________________________
173/0 839:#+; 1)*,6.0 <$%#=%)> ?30#.
commoJlty 1ecbooloqy AJvlsoty (com1ecb) ls tbe leoJloq ooolyst otqoolzotloo covetloq tbe oetqy ooJ commoJlty 1toJloq ooJ klsk Moooqemeot
(/c1kM) tecbooloqy motkets. we ptovlJe lovolooble loslqbts, bockeJ by ptlmoty teseotcb ooJ yeots of expetleoce, loto tbe lssoes ooJ tteoJs
offectloq botb tbe osets ooJ ptovlJets of tbe oppllcotloos ooJ setvlces tbot ote ctoclol fot soccess lo motkets coostootly tolleJ by qlobollzotloo,
teqolotloo ooJ looovotloo.
com1ecb Aoolyst 8tlefloq Notes ote loteoJeJ ooly to ptovlJe oo ovetvlew of o tecbooloqy, veoJot ot ptoJoct of lotetest lo tbe commoJlty 1toJloq
ooJ klsk Moooqemeot motket spoce. 1bese Notes !"# %&' !% #%(&")#*#%' &+ !%, -"&(./' &" 0#%(&" ooJ sboolJ be vleweJ ooly os oo oJJltloool
sootce of lofotmotloo ot Joto telotloq to tbe coveteJ toplc.
12)/3&)."#). At tbe tlme of tbls wtltloq, 8toJy plc ls o costomet of commoJlty 1ecbooloqy AJvlsoty ooJ tbe compooys moooqemeot coopetoteJ lo
tbe ptepototloo of tbls com1ecb Aoolyst 8tlefloq Note.
____________________________________________________________________________________________________________
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