Company Name: RBS Morgans Limited Interviewee 1: Brian Sheahan (BS) Position: Managing Director Interviewee 2: Tim Crommelin

(TC) Position: Executive Chairman

DR: If I could I ask you to please introduce yourself to the recorder, so we can recognize your voice. BS: My name is Brian Sheahan, Im the Managing Director of RBS Morgans. DR: Thank you. And as Anna said, weve done a little bit of research and we understand that RBS Morgans is actually a merger between RBS and Morgan Stockbroking Limited in 2000. BS: Yeah, its its ??00:21??its described by RBS as a joint as a joint venture DR: Yeah. BS: --between what was TC: Hello there. DR: Hi. TC: Hi. Im Tim Crommelin. DR: Im Anna and nice to meet you. DR: Im ??00:33??Nice to meet you. TC: How are you? DR: Im good. DR: Fantastic. TC: Brian. DR: Well just have this start again. Now, if I could ask you please, to introduce yourself to the recorder, so we can recognize your voices. TC: Right now? DR: Yes please. TC: Tim Crommelin. BS: Brian Sheahan, Managing Director of RBS Morgans. DR: Again, we just begun to understand a little bit about the joint ventured that occurred in 2000 in October 2000 between RBS and Morgan Stockbrokering. Could you give us a brief overview of the synergistic the synergies between the relationship and where the company is today? TC: Fairly good. Well, youve already been back to history of 2000, have you?

BS: No. TC: No. ABN AMRO which was a Dutch bought 50 percent of their business, the other 50 percent is owned by the management and staff. In Im not sure, what year, but probably three or four years ago, RBS took over ABN worldwide its operations worldwide. And as part of that taking over ABN AMRO, they acquired ABN AMRO in Australia and ABN AMRO in Australia and 50 percent of their business. So we changed their name to RBS and ??1:26??part of the UK. Its a significant UK bank or Scottish UK bank. And the synergies we are very much a large stockbrokering, investment banking group in Australia focusing on the retail market and mid-sized companies for purposes of capital rising and the institutional market and fund management market for mid-sized companies. Reach outside of Australia is into Asia, parts of Europe and we conduct that when we do it, we could do it in our own right as RBS Morgans, but the synergistic benefit of having a shareholder the size of RBS is that they have far greater operations in Asia, in Europe and America than we do, so we get the benefit of being able to operate in those parts of the world for our clients, principally, our corporate clients. BS: I think its probably, in terms of the first??2:37??rationale, the ABN AMRO presence at that time was largely in the top 100 stocks thats where they focused. And that they also have a retail presence in Sydney and Melbourne and here. That states have about 35 branches around Australia. So that consider it a marriage of convenience in some respect because they werent largely into the small to midcap there in the market. We were dealing with the BHPs, retail banks, if you will. So, putting the two together was quite a powerful sort of the quite powerful synergies in doing that, particularly, I think for the Asian market and the general focus that we had. We had focus on some core sectors which Australia specialize in which were resources, energy, agriculture, some technology and probably tourism. And we always focus on those sectors because thats really where Australias specialists were and its probably good leverage points for the Asian market as well. DR: Yeah. BS: So, given that background, we were well-positioned here. ABN AMRO obviously was well-positioned globally. It was a good marriage and ??3:44?? it goes. The retail??3:45??their business came to us and we work together on corporate institutional and research driven to our clients, to get the best outcome for the clients the corporate clients and also the clients the investing clients that we have. TC: And pick picking up from that, but the synergy for them is our strengths wherein there is like retail, agriculture, small and medium-sized resources all the areas they wanting. So, we not only had corporate ability in those areas, capital rising experience in those areas, we have very detailed research DR: Yeah. TC: --on hundreds of companies in that area. They covered all the main large 100 ASX 100 listed companies. So they get all the benefit of that research, so BS: But the benefits for them, I supposed also that they have if theres a company from Asia and they have some good Asian clients who want a coverage the Australian market, they can provide them with a listing or asset or eventually, which can give you a broad retail shareholder base, a domestic institutional shareholder base from the smallest to the largest and a global institutional base from the rest of the their networks. So, its quite a powerful, sort of, luck in this fund market to have, you know. TC: And theres good example of that in if you look at the last Telstra raising T3 in Australia which is $16 billion raising, RBS was one of the lead managers or of that. ABN AMRO RBS lead manager, but we give them the ??5:30??in being able to provide enormous distribution capacity of Telstra shares across Australia. And more recently, QRN which is the privatization of Queensland government railways its been the largest IPO in Australia since Telstra 3 and again, RBS were a lead manager in that and RBS Morgans was in-charge of all the retail distributions. So, its a relationship that works well for us, so

DR: I think you start to see more in more interest particularly in things like infrastructure and things like resources coming from Asia. TC: Yeah. DR: Could you share with us the core focus areas that you have today is it the same as it was, you know, almost a decade ago and some of the niche expertise that you have been able to built up built up and continue to build up? BS: Yeah, I think that the the areas are pretty similar. As far as one area thats growing up, probably a bit more significantly than existed at that point was the services around, for example, the energy and the mining space and infrastructure. So, we were sort of the forefront in listing a few of the service companies that provide them with the ??6:47??and the same ??6:48??and get good ??6:50??which are in the technology services. So, those those companies have been very successful in expanding off their technology base which was based around, you know, sort of a very active market in resources, or technologies or infrastructure and tourism here and become sort of world leaders or yet small, I mean, they used that as a leverage point and the listing that that had to lead offshore. So, while there wasnt really a publicly-listed sector in some of those areas or a large one, at the time of the merger, some of that has ties I think quite significant ties in the market and they have done very successfully. So, thats probably the only new area, I think, that were really focusing on. There has been obviously some more ??7:34??but then, more ??7:35??rather, yeah, more rather than strategic sort of sectors, as you know. DR: Yeah. And in regards to some of the current offerings that you that you do have, how would you say, that youre positioned comparatively within the Australian market. TC: Well, in terms of what we call small to medium cap sector, I think were positioned number one in terms of number of rising and size of companies. But I have it here thats probably one of that, using that pictures obviously is our client. DR: Yes. DR: Yeah, yeah ??8:15?? TC: And we have unequalled, unrivaled distribution capacity in the country. We have 60 offices across Australia. Every capital city you know, Australia every state of Australia, we are the only brokering house that has that. So we have distribution capacity thats second to none. So, when it comes to transactions of a quite a broad based distribution, we are number one. BS: Oh, promotion as well. I mean it varies from a lot of big retail issues because people they keep promoting the stuff up a story across a broad front which is a retail, whether its Virgin or a Dominos Pizza but they get involved in those ones because the company gets added benefits because they can, not only, get ??9:04??as Tim said, but also get promotions like -- if you sort of rather than just the people in Sydney or Melbourne or Brisbane. DR: Its actually that international focus, as far as being able to branch out perhaps, even internationally. BS: Yeah. So, a lot of the corporate clients as well, use the backflow of RBS to go to my clients. So we have a single research platform with RBS. So, we research on to that platform, so that gave us quality. So for Australian companies that go for that quality and for investors in Asia, they can see probably the largest cross section of Australian ASX-listed businesses of any group through the RBS network, even the contribution of the small to mid-cap sector with the large-cap sector and now, obviously they are doing some stuffs in the mid cap sectors as well so, its product of straightforward research strategy.

DR: Do you think theres tremendous benefit as Asian countries coming, they are looking for, for example when we met with ??10:01??Inventions Grand Cayman saying We want some mining expertise. We want the mining companies and we are just they just said the companies, with the looks of you, but increasingly, they are really looking towards, you know, sort of Australian expertise in the equities here. So, do you think that basic capability is a tremendous help for the Asian investors coming into the market? BS: Yeah. I mean, we sort of get a lot of requests and lot of visits, the people coming in. I mean, a lot of them are asking the same sort of questions right here in our company thats doing this now and they want the same ??10:31??but we have a team a team of research team I think that comprise about 17 or 18 within RBS Morgans and obviously if you have the within RBS, it would be 50. So its quite a big research team. In our research team we have two or three geologists, engineers, metallurgists so we got resources team thats five people, just in the research side and corporate side another specialty. I started as a geologist, so we have an interest there, so DR: ??11:06??you have geologist somewhere? BS: I dont know. DR: So, looking then at sort of the broader Australian landscape, where with the research background that you have and the understanding of the market, what do you see as some of the trends coming from Asia and where do you see some of the growth potential for Asian investors? TC: Well, significantly, in recent times, the resource sector has attracted a lot of capital and continues to the agriculture sector which is an area that we are very strong in and thats in sugar, coffee, grains. BS: Like, infrastructure is another one. One of the things that, you know, the that I think weve seen over the last few years in Australia has been, in fact, that we probably would have compared infrastructure-wise for the rise of Asia and you know, but Australia is very obviously, a very large country with a relatively small amount of people and so their ability to subsidize very efficient infrastructure across the country is limited. However, obviously, where its needed to service the coal base or gas field to a port or to a unexplored tunnel, thats probably where, I think, that there will be some infrastructure, there will be some strong interest from Asian investors because its helping them achieve their end gain, which is sourcing a material, whereas, you know, Australias that other side of the country doesnt, sort of, have that same sort of, you know the necessity is more about the streets streets to schools, streets to work. So I think infrastructure will be key. I think importantly, youll find that tourism industry will be become more important. Australia is while a lot of Australians are going to Asia because its different, I think a lot of Asians might will say the same. Its sort of we have similar time zones, plus, not too stressful on the body in terms of jet lag. Its a reasonably easy going to a friendly place, got a pretty good climate, foods its healthy place its got good infrastructure and good security. I think that tourism will be something or its probably starting at the moment with the currencies, with the relativities with the yuan and the Hong Kong dollar, for example, competes with the U.S. dollar, the way they are. I think its that change somewhat that might get a closer arrangement or more attractive Australian dollar or currency for Asian tourists. So, I think that will be two key areas where would expect certain interests. But I think, generally, there will be a lot of there will be industries where which will open up in Australia because I think you made a point. I think business will get closer together. The obvious ??13:50??where the resources that we had which could help the mine problem from China, but I think, more and more, you will find, it will come from technology-sharing or all, you know, using best efficiencies get from other side of the fence or the Asian side.

DR: And so looking from a domestic perspective, what kind of what kind of investment or what kind of growth areas do you see from Australian companies that might be looking to attract investors and how would you position yourself to help? TC: Position ourselves with Australian companies? DR: As far as, again, sort of bridging bridging the two where you got investors that are looking to Australia but may not have the expertise or the right technologies that you have, but then youve got the Australian companies here who might be looking then to attract potential investors, so where do you see from a domestic perspective? BS: From our side, I think that we we got to be realistic and understand that in understanding that we would be you are better as an introducer to people who do know what they are talking about, as opposed to pretending you can do it. So, when we get approaches from people from Australia and saying that they would sort of, like to put them in contact with someone in Asians field, just like if youre in Hong Kong, theyll be happy to know all that we trust and that we can we have a relationship with that, we can do some solid and sound advice to that person without pretending to do it ourselves. DR: Yes. BS: On the in-boards, I think thats we obviously, were happy to talk on the sectors that we are comfortable with which is pretty good or we can just do something which is probably a larger scale obviously RBS, we could recommend them to a private person they can talk to, depending on the nature of the ??15:34??. DR: Yeah. BS: So to answer the question, but we just try to be if youre looking after clients, just trying to be honest. If you got the skills, you can help them, otherwise, recommend help them by finding the person thats the best place to help them. DR: Which comes back to the network that youve got BS: Yeah. DR: --as far as your reach that expand beyond BS: Absolutely, yeah. DR: --some connections. BS: And that works very powerful if you have a good network with a good cultural fit, that they understand how you are working. So its good, like element of trust and sharing all of information and youre going to direct for them, but you should speak to them and they should speak to you. DR: So in regards then to the investors coming from Asia, what kind of investors are you looking to attract or are you looking to strengthen your relationships with BS: From investors? Yeah, I mean, I think were happy to talk to any investor that comes down. I mean, were we are a global investment bank that but we are Im sorry, we are a niche player in the market in Australia. So we can do a very TC: With some key specialties BS: With key specialties

TC: -- in the special areas. BS: -- in those specialty areas, so we have a very good research on these areas, we understand them, you know, very deeply. We have a lot of a tender in our area, we have some businesses, in terms of being 25 years here and Morgan 14. And thats sort of pretty good, you know, so much ??16:49??onto. But so, theres a lot of experience. So what we can give you is that you know, is that, as far as a great experience and how well we can take in terms of our efforts, thats what happens after ??17:00??years. But yeah, we probably TC: But its for only if investors are equity investors and want to invest in listed companies and the sectors of our expertise, we can certainly offer, not only research, but experience and expertise in those sectors. So if they want to earn direct shares, the other area where we can assist any investors from Asia is clearly in the areas that they wish to listed companies in Australia. DR: Okay. TC: Acquire assets in Australia, again in the areas of our expertise or raise capital. Many investors people from Asia already have equity interest or investments in Australia and maybe they want to grow their business, want to get new partners, want to BS: Ill let you take this. DR: Yeah. BS: Just to give you an example, this is a ??17:57??sheet with our capabilities that I supposed has a quick turn, but you get one of this. Ill just give you a background of who we are and how we recognize things. This one goes as far as strategy that we use, this is to show that we dont take a relationship purely to companies as opposed to try and unsold that. DR: Yeah. BS: When we talk about your ??18:20?? we are very good relationships, were not a one of ??18:23?? for the day wont be long. We like to have relationships. Because being a traditional broker, we sort of operating with the corporate client potentially the company and the investors, we are matching the two thats what the broker does. DR: Yeah. BS: So you got to make sure that youre giving a good deal for everyone, okay. So, if we do that, youll get a good outcome and its ??18:40??some companies are, you know, given that??18:43??or in other places, big Asian groups, so listed in 1995 and I dont know how that worked for them. Those formed and 20 other the market cap, the multi-billion dollars, sort of companies, Bank of Queensland, similarly Carol Brothers which is one of those technology companies. So theres quite a few listing here in ??19:00?? engineering. Then in terms of corporate advice, weve done the IPOs, for instance. ??19:05??work in terms of IPOs, mergers and acquisitions so we do all these services. This one is what were doing offshore. Thats the corporate advisory thats take over the ??19:14??Gas their assets. DR: We met with them. DR: We met with them, so we know the ??19:21??, a character. TC: You do? DR: Yes. TC: For sale of their drilling business. And so we do a lot of that merger and acquisitions

DR: Yeah. TC: --or sale of assets, active recently for company in the sugar industry. ??19:35??Sugar which ?? 19:37??took over, the big Chinese DR: Yeah. So can you talk a bit about that in terms of the cross-border mergers and acquisitions that you have, and do you see increase in the Asian and Chinese businesses going into the realm and how do you work to facilitate the TC: We got a lot there. Industry from selling coal mines, to coal mines to gas companies, to also, its interesting, but how do we see our role or how do we see it generally? DR: Sure. How do you is it of course both relationships from the Chinese investors looking to come into Australia and acquire companies here and then what is your increasing role in facilitating these types of transactions? BS: Well, were probably not so much facilitating on this. We would get people coaches we have to sort of scale the Chinese or Asian market who wants to take over a company that we know. Thats probably not an element a strong element of our business. TC: We are not knocking on their door, saying, we are doing a great idea for you, going to take over this company. But really, we have a lot of relationships in certain sectors of the Australian market from here as we talk, from oil and gas, to agriculture or whatever. So if people are interested the companies in that area and have some ambition to maybe get an equity stake or take them over, well, we certainly got that capacity. I mean, active before, some very large and very small acquisitions. BS: We normally are focused I supposed are focusing on people who are our clients and not trying to find new client in Asia that take somehow his business. DR: Of course. BS: So for our client, it might be that those seeking to get an investor or strategic investor on board that might be from Asia and if that turned out to be an acquisition like end up that way DR: Right. BS: But but, I supposed that it generally or one of our clients said, well, I want to put myself on the market, it scale them up, in which case, we do that, which the folks who just want to sell a coal mine and they might go and actually supply to someone offshore to do that. But, we wouldnt normally go into a company in Asia and say, Why dont you come out and get that? Because from a marketing perspective, we would be spending a lot of time trying to sort all of that, when actually TC: And we dont have relationship with the Asian company, we have a strong relationship with the Australian-based company. BS: Yeah. TC: But, were more than happy to facilitate and we are currently doing work for an overseas people in the sugar industry now because its an area of expertise that we have. DR: We are actually meeting with Queensland Sugar tomorrow. TC: Okay. DR: Or Friday, I believe. But I think

TC: ??22:16??saying ??22:16?? DR: ??22:17?? TC: It feels like??22:22??, whats his name? DR: Frank. DR: I think whats interesting in that because there is more and more interest in some of the key areas knowing that there is a company, there is RBS Morgans who actually has the network, who has the expertise and can actually help reach the ??22:43?? TC: Yeah. DR: But ??22:44??and this is where, again, I think, obviously with the South China Morning Post the readers quite sophisticated financial investors, but they are also looking to see where theres opportunities in the Australian market because there is a growing demand for many of the key business that youve just highlighted here. What then do you see in your business development priorities, in the next, say, three to six months? TC: Our business development priority on the fact thats its really making money in the areas that we really concentrate on today, you know, like stockbrokering and investment banking our branch network, were not looking to BS: Our business development plan is all about relationship with our clients and work clients with their We like being a broker. So then its the corporate clients that we so what we got to do is make sure we keep servicing them and looking for opportunities for them and make whether a corporate client, you know, making sure they are up to speed with whats going on in the market. And if we see theres opportunity there, put it in front of them, yeah, help them raise capital, if they need to raise their capital assets, and for the investor clients, making sure research goes and they are board, if the clients not doing at all, making sure they got the good ideas and they do it in their business, put them on top of the game. And if we do that, their business will flow and grow because thats what weve done in the past and its been successful doing that. Its just that, youre looking after your clients. TC: Yes exactly. ??24:14?? in on Asia if you call Asia, big amount there. We would like to grow at I guess, the depth of the business relationships that we may have in Asia and that might be in stockbrokering, capital and why do we want to do that we want to do that because we act for a number of very interesting Australian companies that have grown wealthy of in agriculture, food, mining, infrastructure, mining services, particularly which is a big area very attractive companies for which we think there will be expanding interest or level of interest out of Asia. So, I supposed, business development we would like to grow and develop deeper context, I guess, throughout Asia. I mean, its a very big place a very big place indeed. And I want to mention, a number of a group of advisors went to China. BS: Everybody went few weeks ago just trying to understand, so they can again educate or whatever. TC: Who are with us now, Connie? BS: Only 15 or another two or three weeks. ??25:35??one of them. Yeah, through in about 12 days I think, pretty intense so too. So thats all part of the education DR: Yeah. BS: --and perhaps they want to gain an understanding, but other things, there are people who got a similar has similarity, obviously, we got to use the obvious connections in Asia where we need to use

them. But in some of the areas that we are dealing, they are bit probably below the top 100 level and thats where, I supposed we are looking to strengthen relationships with similar sorts of peers on the organizations in the Asian market or few relationship out there that we can work together and a bit to the yeah, thats probably the key factors for us and the other one is really client TC: How many days have you got in Brisbane? ??26:20??understand. What companies are you here for? DR: Were here until the end of the week and then we head to Sydney for a week and then to Melbourne and then back home. TC: So, youve been in Brisbane for a couple of days. DR: We arrived only week or two. DR: I arrived on Monday, yeah Europe and London. TC: Yeah, you must spend the weekend here. DR: Whats in Brisbane? DR: I dont know if we can stay. TC: Youve seen many companies or? DR: Yeah. We have Industrea for example, they will be taking part in the report, ??26:48?? Transport which is up in Gold Coast. DR: And Qantas Defence Service and much like you, they talked a lot about the importance of the relationships that they got here, but also obviously, reinforcing the relationships that they have in Asia particularly with the government officials and their existing partners because thats how they are going to basically leverage some of the growth in the region. So we have quite a range of different companies and I think this is a way to show the overall strength of the Australian business community and theyre going to be in the report. TC: Okay. DR: So before we as we begin to wind up, are there any other business opportunities or announcements or developments that you like to share with us, bearing in mind the nature of the readership? TC: I think that in terms of business its reasonable, it can always get better. But we are doing pretty well, we get a ??27:46??in front. DR: So, what then will be your key message to our readers who are business leaders across a variety of industries and sectors, potential partners, potential investors? TC: From RBS Morgans? Yeah, Australia is ??28:02??parts of the world, a pretty exciting place and particularly in the resource sector, agriculture sector, mining services area. As Brian mentioned earlier, we think tourism has got moves and de-valued opportunities. Probably sectors are a bit flat, but it will come again. We know that weve seen that for 30 years. Theres just an awful lot of opportunities now. That means that theres no I dont think theres deals that can be ??28:40??anywhere, but I think the world isnt coming to an end and this country has got to opportunity and were fortunate to really fortunate to be in a country thats got a lot of opportunities and in industries that are growing in terms of export, not just I dont mean just food and minerals, but technology in Australia, services, environmental areas. There are some tremendous opportunities here and Asia is a much, much bigger place and much wealthier place than Australia, they will make us in the next decade or so, theyll continue to see more

of Australia. So and we think we got the level of ex well, we know, we got a level of expertise and background and experience in a lot of those sectors. So, we think, were in a reasonable place to help them. BS: I think the other thing thats really interesting about the Australian part of the world is that I dont know if you read the economists interesting article in Mail Australia which promoted as new Golden State like California, they are only number two. And I think theres some truth in that. Australians are probably quite conservative genuine by that. Theres always the expectation, high ??30:08??, but they are generally pretty conservative and I think I dont know if he was to talking to ??30:11??When I saw him the last time, it was ??30:15??company directors, ??30;19??people saying the??30;19??some promotion and saying how the rest to the world, to Australia are a lot more kinder the Australians. Australians are very passionate about their country. But I think there a lot of conservatives, but I think the opportunities for Australia, a lot of growth here, that people will see. Therefore, we do look outside for sort of, yeah, almost, a recognition now and ??30:42??where its going. Theres question then on how our relationship is sort of whether the future is still as much tied to the U.K. in terms of these relationships. All the U.S. word has been since the first and second World War, but now, I think people are really saying that they are much comfortable with the Asian connection. Theres been a lot more, I supposed, flow of people, streams of traveling, theres an incredible number of high proportion of Australian managers who had stayed in Asia and come back. They got there, probably became a 20-man organization, theyve done that. So the gaps the cultural gaps are these??31:23??thing. I do think what youll find in the future, youll find that close working, I think that will come through tourism. It comes it hasnt been strong coming through the agriculture or the mining side because they are not great employers, you know, they normally are big companies with big trucks and stuff or another company with a big steel with them. They are not sort of people that direct these sort of industries, but the educational side and the tourism side is where people get together. I think the integration of the two of the two areas like Australia and Asia is going to be much more significant over the next 20 and 30 years. I think thats really good. DR: Yes. And for the economy as well, it really helps for the hold together for them to be ?? 32:03??in terms of the business relationships across the financial primarily have to save rest of that and sort and make sure the you keep facilitating that to ??32:10?? BS: Yeah, and the cultural side is also really ??32:12??like the Asia Pacific ??32:14??. Theres lot of the ??32:15??we spent times on there, the Asia focus, so its very, very popular. So its not just the business side, its actually more on the cultural side and ??32:26?? DR: So we met with ??32:29??and they talked a lot about working with their partners in Shanghai that have an educational basis to hone in some of the services. I guess that their experience the coffee that they want to bring to the market, but that went beyond just like the products and services, they are actually tied much closer, so I think that Australian companies are starting to recognize and appreciate some of the strength in relationships that they will develop. DR: And ??32:57??is one. I mean, we can show you some of the food and beverage coming in. We have met with, like OBP ??33:03??here in Australia. They are really focused on Asian relationship and sort of the corporate sustainability practices that they have here in Australia, that something that it can educate the market. Of course, increasingly in Asia, about that, some of the well also be featuring sandalwood players, wine companies, we featured ??33:22??honey, ??33:23??as well as veterinary distributors and some mining players as well. So we have some of the more medium-sized companies like Mirkinson taking part this time around. TC: When was this done, this one? DR: This one was done in 2010. Yes. This is ??33:40??for example, took part in our report. For them, it was really about showing the quality and sustainability and value. So I think increasingly of course, they

are inviting investment as well from the Asian business community and I think for RBS specifically, its really an opportunity to really show you as a cement that holds the small medium-sized business community here in Australia, showing your commitment to the customer base that you have here because this is our focus this time around in the Australian report, is the small to medium-sized businesses within this type of arena that you talked about, agriculture, infrastructure, mining this is exactly the focus for our report. But also to show the growth in terms of your Asian business relationships, I think to further your growth in the region and really to cement your role here in facilitating finance and trade in Australia. And I think these are some of the key points. Of course, highlighting that youre raising your profile as having the largest cross-section of ASX businesses in your research profile would be interesting as well. BS: Yeah, thats with RBS and the combination of the two, yeah. DR: Right. So those are just some simple key simple key messages I think we can put in the potential article. TC: Well of course on optimistic end of it which will be truly optimistic would be a quarter page, but well not be this. And that really we need to talk about the message we want, not only just promoting. The thing that we can do I think very well for potential Asian interest in Australia is partner with people, partner with really bring introduction across the resources, agriculture, tourism, all those sectors, mining services, technology-related business. And we have research, we have knowledge, we have competency. We know that might be in East Coast of Australia or West Coast of Australia. So given that geographic distribution, whether we whether that ??47:14??Well, Im not sure ??47:19??enough for that. DR: We the focus, our reports are be to be focused. So weve been doing it for over 10 years and this is where because we release, obviously country reports weve been to Australia this is our third time. So the reports that we produced tend to pulled out as a supplement, tend to be pulled out and kept but then a way for companies or individuals that are interested in the country. TC: I think I have decision now on what you put in the ??51:45??, it all depends on the message. You know, we make a big ??51:56??If we agree with what our message is. In Australia, we have list of our services and the list of some companies. BS: Thats the other way. We might include some of the companies. TC: Yeah, we might be able to list some of the companies where we have special expertise that really are a good opportunities for Asian investors, corporate and private to look at DR: But of course, the research is about the same regardless of how long the article is. [End of transcript]

Company Overview: The company is originally a JV between ABN AMRO (now RBS) and 50% owned by management and staff. Number 1 ranked small and mid cap corporate finance house in Australia since 2007. Australias largest private client stockbrokering and wealth management network with over 60 branches, 520 advisers and $32 billion in finds under advise. Specialist small and mid cap institutional sales team with direct access to all of Australias leading fund managers. Voted #1 Australian research house with the Australias largest equities research coverage. They have access to international markets through the RBS global network. Their niches are specifically resources, energy, agriculture, property and retail in Australia. They recently brokered a capital raising for Telstra. They were also the leading manager for the privatization of QRN.

Key points or must mention for story (if its a sale): We will send additional information via mail and maybe some case studies of transactions that they have brokered if we can get them in from marketing. Emphasize their long term commitment to their partnerships in Australia by demonstrating through case studies -they have a solid reputation and track record for successfully bringing new companies to market and building long term relationships with those companies through after market support this is illustrated with their high level of repeat business through secondary raisings. Please reference some of their recent capital raising activities. _