ASX INVESTOR HOUR. Uncovering the best value stocks

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ASX INVESTOR HOUR Uncovering the best value stocks SPEAKER: Roger Montgomery LOCATION: Melbourne Investor Hour DATE: 2 May 2012 DISCLAIMER: The following

The views, opinions or recommendations of the presenters are solely their own and do not in any way reflect the views, opinions, recommendations, of ASX Limited

Information and material presented at the seminar is for educational purposes only and does not constitute financial product advice.

1 ASX INVESTOR HOUR Uncovering the best value stocks SPEAKER: Roger Montgomery LOCATION: Melbourne Investor Hour DATE: 2 May 2012 DISCLAIMER: The following material was presented at ASX Investor Hour. The views, opinions or recommendations of the presenters are solely their own and do not in any way reflect the views, opinions, recommendations, of ASX Limited ABN and its related bodies corporate ( ASX ). Information and material presented at the seminar is for educational purposes only and does not constitute financial product advice. Investors should obtain independent advice from an Australian financial services licensee before making investment decisions. No responsibility is accepted by ASX for any loss or damage arising in any way (including due to negligence) from anyone acting or refraining from acting as a result of this information or material. Copyright 2012 ASX Operations Pty Limited ABN All rights reserved 2012.

2 ROGER J. MONTGOMERY Uncovering the best Value Stocks Wednesday, May 5, 2012

3 Important Information This presentation does not constitute personal advice. It provides educational information and content only. All comments made are for educational purposes only and should not be regarded as advice regarding the purchase or sale of securities, options, futures or any other financial instrument of any kind. You should consult your professional, licensed, financial advisor before making any financial or investment decisions. The information contained in this presentation has been obtained from public sources that are believed to be accurate, but the accuracy of this information has not been checked or verified. Except to the extent that liability cannot be excluded, neither Roger Montgomery nor any associated entities, accept any liability for any loss or damage caused by any error in, or omission from, this presentation. Past performance is not a reliable indicator of future performance. Forecasts used in this presentation are intended as a guide only. They are predictive in character and as such may be affected by inaccurate assumptions or by known or unknown risks and uncertainties and therefore may differ materially from results ultimately achieved. Any information concerning taxation is general information and does not constitute advice. This presentation has been prepared without taking account of your objectives, financial situation or needs and therefore you must consider its appropriateness having regard to your objectives, financial situation and needs and consult your professional, licensed, financial advisor. Securities trading has large potential rewards but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in securities markets. Don't trade with money you can't afford to lose. This presentation is neither a solicitation nor an offer to Buy/Sell securities, options, futures or any other financial instrument of any kind. No representation is being made that any person will or is likely to achieve profits or losses similar to those [if] discussed in this presentation. The past performance of any methodology is not necessarily indicative of future results.

4 Thank You...

5 Today s Agenda How I invest How I find great value opportunities Evaluating companies Is anything cheap right now?

6 How I invest for MIM clients Companies not stocks, value not price. We use Skaffold.com. You can too! Quality first. Demonstrated track record. Value second. Only when all conditions are met do we invest

7 How I find great value A1, A2, A3, B1 or B2 only. Little or no debt. High ROE. Significant discount to intrinsic value. Rising expected intrinsic values (note: these can change). Strong cash flow and position.

8 Evaluating Quality

9 No more ploughing through a decade of reports

10 Quality and Value summary

11 Ten years of Annual Reports on screen: Capital History

12 Ten years of Annual Reports on screen: Capital History

13 Evaluating Capital History

14 Strong Cash Flow? Yes.

15 Strong Cash Flow? No.

16 Is the Market cheap or expensive?

17 Anything cheap? Evaluate very stock instantly.

20 Saving time every day: Potential Value? QuickTime and a decompressor are needed to see this picture.

23 Thank You.

24 KEEP LEARNING Take a short online course Subscribe to the Investor Update e-newsletter Play the ASX Sharemarket Game Watch another Investor Hour presentation VISIT

DISCLAIMER: The following material was presented at ASX Investor Hour.

ASX Investor Hour DISCLAIMER: The following material was presented at ASX Investor Hour. The views, opinions or recommendations of the presenter are solely those of the presenter and do not in any way