Issues June 2001 December Recommendation Report

Transcription

1 Issues June 2001 December 2012 Recommendation Report 2012

2 Contents 3 Letter to members 4 Strong Buy performance statistics tables 5 Buy Performance statistics tables 9 Long Term Buy performance statistics tables 18 Buy for Yield performance statistics tables 21 Speculative Buy performance statistics tables 25 Subscribe performance statistics tables 26 Notes to the schedule of performance statistics All performance statistics tables as at 31 December Important information Intelligent Investor PO Box Q744 Queen Vic Bldg NSW 1230 T F (02) info@intelligentinvestor.com.au DISCLAIMER Please note that past performance is not a reliable indicator of future results, so we can t promise we ll do as well in the future. Stocks can rise and fall and returns may be negative, as you can see from the tables. These performance figures are hypothetical and have been based on recommendations from Intelligent Investor newsletter, using the prices as at date of publication. Brokerage will also be incurred on buying and selling, but these transaction costs have not been included. We believe investment is a long-term pursuit, as you can see from the holding periods, and we encourage you to think likewise. WARNING This publication is general information only, which means it does not take into account your investment objectives, financial situation or needs. You should therefore consider whether a particular recommendation is appropriate for your needs before acting on it, seeking advice from a financial adviser or stockbroker if necessary. COPYRIGHT The Intelligent Investor Publishing Pty Ltd Intelligent Investor and associated websites and publications are published by The Intelligent Investor Publishing Pty Ltd ABN (AFSL No ). PO Box 1158 Bondi Junction NSW Ph: (02) Fax: (02) No part of this publication, or its content, may be reproduced in any form without our prior written consent. DISCLOSURE As at 27 February 2013, in-house staff of Intelligent Investor held the following listed securities or managed investment schemes: AIQ, ARP, ASX, AWC, AWE, AZZ, BBG, BER, BRG, CBA, CPU, CRC, CSL, EBT, EGG, EPW, FKP, IFM, KRM, MAU, MCE, MFG, MQG, NWS, PAG, PTM, QBE, RCU, RMD, RNY, SEK, SKI, SLR, SRV, STW, SYD, TAP, TAU, TGP, UXC, VMS, VRL, WDC, WES, WHG and WRT. This is not a recommendation. DATE OF PUBLICATION 27 February

3 Dear Member, Let s skip the guff and get straight down to the numbers. Here are the returns from all recommendations made by Intelligent Investor s Share Advisor from 1 June 2001 to 31 December Table 1: Recommendations summary Recommendation number Average annual return from June 2001 Strong Buy % Buy % Long Term Buy % Spec Buy % Buy for Yield % Subscribe % TOTAL 575 Total Annual (exc. Subscribe) 13.3% All Ords Accum Index (per year) 7.0% Outperformance (per year) 6.3% What can we learn from these figures? With appropriate humility and self-effacement, that value investing works and that we aren t bad practitioners of it. It is in the nature of the strategy that our strongest returns will generally be made when markets are weak, because that s when we can buy cheaply. When markets are strong, the reverse tends to apply. Over the long term though, value investing makes eminent theoretical sense. These figures embolden that theory with evidence. The 6.3% difference in annual returns between what we ve achieved over the years and the All Ordinaries Accumulation index, the chosen comparison, makes a big impact. A $100,000 investment in the All Ords in 30 June 2001 would have produced $218,645 by 31 December Had members replicated our total overall recommendation performance over the same period, that sum would be $419,564. Now here s the caveat: replicating the recommendations in this and previous reports is impossible. There are some obvious problems: it s impossible to follow every buy and sell recommendation and the comparison assumes you don t have to sell any stocks to buy the ones we recommend. This report is a fantastic (and as yet unaudited) tool for evaluating every single recommendation we ve ever made. But as a proxy for our overall stock-picking skills it s inadequate. Frankly, we ve struggled with this issue for years. So, after much deliberation, we re making a few changes. First, whereas previous reports were called Performance Report, this is the first to be titled Recommendations Report. That s a more accurate description of what this report is about. To our members, we want to be an open book. What follows is a page-by-page, line-by-line account of every recommendation we ve made. We want you to be able to review this history and, stock-by-stock, see how we ve done. This report does that job very well. It is, however, more about transparency and openness than it is about performance. Members wanting a more accurate assessment of our stock-picking skills are best advised to examine the performance of our model Income and Growth portfolios. These operate under the same constraints as your own investments and are a more reliable and accurate real-life comparison. Happily, as Table 2 shows, what might be implied from the Recommendations Report is made explicit in the performance of the model portfolios. Table 2: Model portfolios performance Growth portfolio Income portfolio Portfolio All Ords Portfolio All Ords return Accum return Accum (%) Index (%) (%) Index (%) 1 Year (p.a.) years (p.a.) Since GFC (p.a.) (31 Dec 08) Since inception (p.a.) ^ Growth portfolio since 7 Aug 2001 and Income portfolio since 10 Jul Second, we re switching the period the report covers to a financial rather than calendar year-end. Given that we all do our tax returns and are thus examining the performance of our own stocks over this period, it makes sense for the Recommendations Report to track the same time frame. There are a number of other ideas under consideration concerning how we make and report on our recommendations. In April, we ll be floating some of them to see what you think and in July we ll be releasing a fully-audited version of the Recommendations Report. In the meantime, please enjoy the newly-named Recommendations Report and let me know your thoughts via Ask the Experts or over the phone on Yours sincerely, Nathan Bell, Research Director, Intelligent Investor Share Advisor Our recommendations delivered a 13.3% average annual return* * 575 total recommendations between 1 June 2001 and 31 December

4 Intelligent Investor Strong Buy All recommendations ASX original BUY SALE Recommendation Date code recommendation PRICE Issue A at SALe held return 84 24/07/01 Forrester Kurts (FKP) FKP Strong Buy $ /02/03 Take Part Profits $1.48 $ % 66% 66% /03/08 Infomedia IFM Strong Buy $ /08/11 Coverage Ceased $0.22 $ % 1% 1% /10/02 Macquarie Group MQG Strong Buy $20.39 Not Sold $35.49 $ % 15% 15% 325 5/08/11 Macquarie Group MQG Strong Buy $22.97 Not Sold $35.49 $ % 65% 65% /09/02 Miller s Retail MRL Strong Buy $ /03/06 Sell $1.70 $ % 2% 2% /05/04 Miller s Retail MRL Strong Buy $ /03/06 Sell $1.70 $ % 9% 9% /04/08 Mortgage Choice MOC Strong Buy $ /04/09 Sell $0.93 $ % N/A 11% /01/08 Platinum Asset Management PTM Strong Buy $4.06 Not Sold $3.97 $ % 6% 6% 325 5/08/11 QBE Insurance QBE Strong Buy $14.62 Not Sold $10.90 $ % 18% 18% /04/07 Timbercorp TIM Strong Buy $ /04/09 Sell $0.07 $ % 78% 78% /05/07 Timbercorp TIM Strong Buy $ /04/09 Sell $0.07 $ % 78% 78% /01/08 Timbercorp TIM Strong Buy $ /04/09 Sell $0.07 $ % 90% 90% Number of Strong Buy recommendations 12 Annualised (IRR) 3.8% Strong Buy TOP 5 ASX original BUY SALE Recommendation Date code recommendation PRICE Issue A at SALe held return 84 24/07/01 Forrester Kurts (FKP) FKP Strong Buy $ /02/03 Take Part Profits $1.48 $ % 66% 66% 325 5/08/11 Macquarie Group MQG Strong Buy $22.97 Not Sold $35.49 $ % 65% 65% /10/02 Macquarie Group MQG Strong Buy $20.39 Not Sold $35.49 $ % 15% 15% /04/08 Mortgage Choice MOC Strong Buy $ /04/09 Sell $0.93 $ % N/A 11% /05/04 Miller s Retail MRL Strong Buy $ /03/06 Sell $1.70 $ % 9% 9% Strong Buy Bottom 5 ASX original BUY SALE Recommendation Date code recommendation PRICE Issue A at SALe held return /01/08 Timbercorp TIM Strong Buy $ /04/09 Sell $0.07 $ % 90% 90% /05/07 Timbercorp TIM Strong Buy $ /04/09 Sell $0.07 $ % 78% 78% /04/07 Timbercorp TIM Strong Buy $ /04/09 Sell $0.07 $ % 78% 78% 325 5/08/11 QBE Insurance QBE Strong Buy $14.62 Not Sold $10.90 $ % 18% 18% /09/02 Miller s Retail MRL Strong Buy $ /03/06 Sell $1.70 $ % 2% 2% 4

5 Performance report Decemeber 2012 Buy all recommendations ASX original BUY SALE Recommendation Date code recommendation PRICE Issue A at SALe held return 122 4/03/03 ANZ Bank ANZ Buy $ /04/09 Sell $16.77 $ % 8% 8% /11/03 ANZ Bank ANZ Buy $ /04/09 Sell $16.77 $ % 7% 7% 179 5/07/05 ARB Corporation ARP Buy $3.05 Not Sold $10.90 $ % 25% 25% /08/06 ARB Corporation ARP Buy $3.14 Not Sold $10.90 $ % 29% 29% /01/09 ARB Corporation ARP Buy $2.96 Not Sold $10.90 $ % 57% 57% /06/03 Aristocrat Leisure ALL Buy $ /03/04 Take Part Profits $2.73 $ % N/A 141% /07/10 Aristocrat Leisure ALL Buy $3.44 Not Sold $3.15 $ % 3% 3% 319 2/05/11 Aristocrat Leisure ALL Buy $2.73 Not Sold $3.15 $ % 12% 12% 88 21/09/01 Australian Infrastructure AIX Buy $ /01/05 Sell $2.56 $ % 30% 30% /03/08 Australian Wealth Mgmt (now IFL) AUW Buy $ /02/11 Take Part Profits $7.95 $ % 16% 16% 252 7/07/08 Australian Wealth Mgmt (now IFL) AUW Buy $ /02/11 Take Part Profits $7.95 $ % 23% 23% 83 24/07/01 BankWest BWA Buy $ /08/02 Sell $4.15 $ % 0% 0% /10/05 Carter Holt Harvey CHY Buy $ /04/06 Accept Offer $ % N/A 0% /06/11 Challenger Infrastructure Fund CIF Buy $0.94 Not Sold $ % 29% 29% 93 27/11/01 CMI CMI Buy $ /02/04 Sell $ % 32% 32% /09/02 CMI CMI Buy $ /02/04 Sell $ % 46% 46% /03/04 Cochlear COH Buy $19.04 Not Sold $79.10 $ % 23% 23% 81 12/06/01 Colorado Group CDO Buy $ /05/02 Sell/Switch $3.05 $ % N/A 89% /11/02 Commonwealth Bank CBA Buy $ /04/09 Sell $35.71 $ % 11% 11% 107 9/07/02 Computershare CPU Buy $2.08 Not Sold $8.99 $ % 20% 20% 326 9/08/11 Computershare CPU Buy $6.97 Not Sold $8.99 $ % 36% 36% /10/08 Corporate Express CXP Buy $ /07/10 Accept Offer $4.86 $ % 16% 16% /04/10 Elders Hybrids ELDPA Buy $57.00 Not Sold $ % 16% 16% 177 7/06/05 Flight Centre FLT Buy $ /03/10 Take Part Profits $21.04 $ % 11% 11% /11/08 Flight Centre FLT Buy $ /03/10 Take Part Profits $21.04 $ % 58% 58% 85 7/08/01 Forrester Kurts (FKP) FKP Buy $ /02/03 Take Part Profits $1.48 $ % 44% 44% /05/03 Gowing Bros GOW Buy $ /09/11 Coverage Ceased $2.20 $ % 8% 8% /02/03 Great Southern Plantations GTP Buy $ /03/04 Take Part Profits $2.55 $ % 331% 331% /04/08 GTP TREES2 GTPGA Buy $ /04/09 Sell $7.08 $ % 89% 89% 122 4/03/03 Harvey Norman HVN Buy $2.28 Not Sold $1.90 $ % 3% 3% 258 1/10/08 Harvey Norman HVN Buy $2.99 Not Sold $1.90 $ % 6% 6% /08/04 Infomedia IFM Buy $ /08/11 Coverage Ceased $0.22 $ % 3% 3% 166 7/12/04 Infomedia IFM Buy $ /08/11 Coverage Ceased $0.22 $ % 6% 6% 248 7/05/08 Infomedia IFM Buy $ /08/11 Coverage Ceased $0.22 $ % 8% 8% 5

6 Intelligent Investor Buy all recommendations ASX original BUY SALE Recommendation Date code recommendation PRICE Issue A at SALe held return /11/09 ING Private Equity Access IPE Buy $ /03/11 Sell $ % 23% 23% 326 9/08/11 Insurance Australia Group IAG Buy $ /09/12 Take Part Profits $4.40 $ % 66% 66% 80 1/06/01 Just Jeans JJS Buy $ /09/01 Accept Offer $ % N/A 25% /05/04 Leighton Holdings LEI Buy $ /03/06 Sell $17.70 $ % 56% 56% /11/02 Macquarie Airports MAP Buy $ /03/05 Sell $3.26 $ % 79% 79% /05/03 Macquarie Airports MAP Buy $ /03/05 Sell $3.26 $ % 74% 74% /02/09 Macquarie Airports MAP Buy $1.575 Not Sold $3.38 $ % 49% 49% 80 1/06/01 Macquarie Group MQG Buy $ Not Sold $35.49 $ % 6% 6% /11/02 Macquarie Group MQG Buy $ Not Sold $35.49 $ % 13% 13% /05/04 Macquarie Group MQG Buy $ Not Sold $35.49 $ % 7% 7% /03/08 Macquarie Group MQG Buy $ Not Sold $35.49 $ % 1% 1% 325 2/08/11 Macquarie Group MQG Buy $ Not Sold $35.49 $ % 40% 40% /10/11 Macquarie Group MQG Buy $ Not Sold $35.49 $ % 52% 52% /07/12 Macquarie Group MQG Buy $ Not Sold $35.49 $ % N/A 53% 299 6/07/10 MAp Group MAP Buy $2.590 Not Sold $3.38 $ % 44% 44% 326 9/08/11 Metcash MTS Buy $ /08/12 Sell $3.68 $ % 8% 8% /05/02 Miller s Retail MRL Buy $ /03/06 Sell $1.70 $ % 5% 5% /10/03 Miller s Retail MRL Buy $ /03/06 Sell $1.70 $ % 1% 1% 157 3/08/04 Miller s Retail MRL Buy $ /03/06 Sell $1.70 $ % 10% 10% /09/05 Miller s Retail MRL Buy $ /03/06 Sell $ % N/A 98% /01/04 MMC Contrarian MMA Buy $ /09/11 Coverage Ceased $0.47 $ % 2% 2% 170 1/03/05 MMC Contrarian MMA Buy $ /09/11 Coverage Ceased $0.47 $ % 5% 5% /02/09 MMC Contrarian MMA Buy $ /09/11 Coverage Ceased $0.47 $ % 10% 10% /02/08 Mortgage Choice MOC Buy $ /04/09 Sell $0.93 $ % 38% 38% 256 4/09/08 Mortgage Choice MOC Buy $ /04/09 Sell $0.93 $ % N/A 10% /11/02 National Australia Bank NAB Buy $ /04/09 Sell $21.43 $ % 0% 0% /11/09 Oceania Capital Partners OCP Buy $ /02/11 Sell $1.55 $ % 26% 26% /11/08 Perpetual PPT Buy $ /02/12 Sell $24.43 $ % 3% 3% /07/11 Perpetual PPT Buy $ /02/12 Sell $24.43 $ % N/A 3% 332 4/11/11 Perpetual PPT Buy $ /02/12 Sell $ % N/A 18% /08/07 Platinum Asset Management PTM Buy $6.250 Not Sold $3.97 $ % 4% 4% /10/07 Platinum Asset Management PTM Buy $6.170 Not Sold $3.97 $ % 4% 4% /03/08 Platinum Asset Management PTM Buy $5.090 Not Sold $3.97 $ % 1% 1% /06/10 QBE Insurance QBE Buy $ Not Sold $10.90 $ % 14% 14% 6

7 Performance report Decemeber 2012 Buy all recommendations ASX original BUY SALE Recommendation Date code recommendation PRICE Issue A at SALe held return /03/12 QBE Insurance Group QBE Buy $13.00 Not Sold $10.90 $ % N/A 13% /11/12 QBE Insurance Group QBE Buy $11.83 Not Sold $ % N/A 8% /10/07 RAMS Home Loans Group RHG Buy $ /09/11 Sell $0.56 $ % 50% 50% /06/09 RHG Group RHG Buy $ /09/11 Sell $0.56 $ % 71% 71% /06/03 ROC Oil ROC Buy $ /02/10 Sell $ % 11% 11% /05/06 ROC Oil ROC Buy $ /02/10 Sell $ % 40% 40% /09/08 ROC Oil ROC Buy $ /02/10 Sell $ % 37% 37% 80 1/06/01 Santos STO Accumulate $ /08/08 Sell $17.28 $ % 17% 17% /06/03 Santos STO Buy $ /08/08 Sell $17.28 $ % 26% 26% /04/02 SecureNet SNX Buy $ /08/03 Sell $ % 49% 49% /07/02 SecureNet SNX Buy $ /08/03 Sell $ % 94% 94% /09/07 Select Harvests SHV Buy $ /01/10 Sell $4.45 $ % 12% 12% /11/07 Servcorp SRV Buy $5.20 Not Sold $3.49 $ % 4% 4% /10/09 Servcorp SRV Buy $3.82 Not Sold $3.49 $ % 0% 0% 227 3/07/07 Sigma Pharmaceuticals SIP Buy $ /04/10 Sell $0.47 $ % 37% 37% 238 3/12/07 Sigma Pharmaceuticals SIP Buy $ /04/10 Sell $0.47 $ % 35% 35% /05/10 Sonic Healthcare SHL Buy $10.03 Not Sold $13.33 $ % 18% 18% 85 7/08/01 Sons of Gwalia SGW Buy $ /05/03 Sell $2.14 $ % 56% 56% /04/07 Souls Private Equity SOE Buy $ /03/11 Sell $0.08 $ % 21% 21% 241 4/02/08 Souls Private Equity SOE Buy $ /03/11 Sell $ % 28% 28% /10/10 Spark Infrastructure SKI Buy $ /04/12 Sell $1.42 $ % 33% 33% /03/11 Spark Infrastructure SKI Buy $ /04/12 Sell $1.42 $ % 40% 40% /07/02 Strathfield SRA Buy $ /08/03 Sell $ % 59% 59% 107 9/07/02 STW Communications SGN Buy $3.95 Not Sold $1.11 $ % 6% 6% 190 6/12/05 STW Communications SGN Buy $3.08 Not Sold $1.11 $ % 9% 9% /06/08 STW Communications SGN Buy $1.68 Not Sold $1.11 $ % 4% 4% 284 9/11/09 STW Communications SGN Buy $0.725 Not Sold $1.11 $ % 23% 23% 95 22/01/02 Suncorp Metway SUN Buy $ /02/05 Take Part Profits $18.55 $ % 13% 13% 86 21/08/01 Tab TAB Buy $ /04/04 Sell $4.69 $ % 31% 31% 84 24/07/01 TAB Qld (UNiTAB) TQL (UTB) Buy $ /08/04 Take Part Profits $9.31 $ % 57% 57% /12/02 Tabcorp TAH Buy $ /09/03 Take Part Profits $11.39 $ % N/A 16% 80 1/06/01 Tap Oil TAP Accumulate $ /08/05 Take Part Profits $ % 23% 23% /04/02 Telstra TLS Buy $ /02/10 Sell $3.19 $ % 1% 1% 144 3/02/04 Templeton Global Growth TGG Buy $ /03/12 Sell $0.72 $ % 1% 1% 7

8 Intelligent Investor Buy all recommendations code recommendation PRICE Issue date at SALe held return /05/04 Templeton Global Growth TGG Buy $ /03/12 Sell $0.72 $ % 2% 2% 80 1/06/01 Tempo Services TEM Buy $ /04/04 Sell $1.14 $ % 14% 14% /04/07 Timbercorp TIM Buy $ /04/09 Sell $0.07 $ % 80% 80% /07/07 Timbercorp TIM Buy $ /04/09 Sell $0.07 $ % 88% 88% 80 1/06/01 Toll Holdings TOL Accumulate $ /10/01 Take Part Profits $6.81 $ % N/A 59% 326 9/08/11 Westfield Group WDC Buy $7.62 Not Sold $10.56 $ % 50% 50% 326 9/08/11 Westfield Retail Trust WRT Buy $2.3 Not Sold $3.02 $ % 45% 45% /01/03 Westpac Banking Corp WBC Buy $ /04/09 Sell $19.76 $ % 12% 12% /11/03 Westpac Banking Corp WBC Buy $ /04/09 Sell $19.76 $ % 11% 11% /11/08 WHK Group WHG Buy $0.735 Not Sold $0.99 $ % 15% 15% /05/11 WHK Group WHG Buy $0.885 Not Sold $0.99 $ % 16% 16% /06/05 Wilson Invest. Fund (now WAX) WIL Buy $ /03/12 Sell $0.76 $ % 3% 3% 326 9/08/11 Woolworths WOW Buy $ Not Sold $29.33 $ % 32% 32% Number of Buy recommendations 115 Annualised (IRR) 15.3% Buy top 10 code recommendation PRICE Issue date at SALe held return /02/03 Great Southern Plantations GTP Buy $ /03/04 Take Part Profits $2.55 $ % 331% 331% /06/03 Aristocrat Leisure ALL Buy $ /03/04 Take Part Profits $2.73 $ % N/A 141% /09/05 Miller s Retail MRL Buy $ /03/06 Sell $ % N/A 98% /07/02 SecureNet SNX Buy $ /08/03 Coverage Ceased $ % 94% 94% 81 12/06/01 Colorado Group CDO Buy $ /05/02 Sell/Switch $3.05 $ % N/A 89% /11/02 Macquarie Airports MAP Buy $ /03/05 Sell $3.26 $ % 79% 79% /05/03 Macquarie Airports MAP Buy $ /03/05 Sell $3.26 $ % 74% 74% /06/09 RHG Group RHG Buy $ /09/11 Sell $0.56 $ % 71% 71% 326 9/08/11 Insurance Australia Group IAG Buy $ /09/12 Take Part Profits $4.40 $ % 66% 66% 80 1/06/01 Toll Holdings TOL Accumulate /10/01 Take Part Profits $6.81 $ % N/A 59% 8

9 Performance report Decemeber 2012 Buy Bottom 10 code recommendation PRICE Issue date at SALe held return /04/08 GTP TREES2 GTPGA Buy $ /04/09 Sell $7.08 $ % 89% 89% /07/07 Timbercorp TIM Buy /04/09 Sell $0.07 $ % 88% 88% /04/07 Timbercorp TIM Buy /04/09 Sell $0.07 $ % 80% 80% /07/02 Strathfield SRA Buy $ /08/03 Sell $ % 59% 59% 85 7/08/01 Sons of Gwalia SGW Buy $ /05/03 Sell $2.14 $ % 56% 56% /05/06 ROC Oil ROC Buy $ /02/10 Sell $ % 40% 40% /02/08 Mortgage Choice MOC Buy $ /04/09 Sell $0.93 $ % 38% 38% /09/08 ROC Oil ROC Buy $ /02/10 Sell $ % 37% 37% 227 3/07/07 Sigma Pharmaceuticals SIP Buy $ /04/10 Sell $0.47 $ % 37% 37% 238 3/12/07 Sigma Pharmaceuticals SIP Buy $ /04/10 Sell $0.47 $ % 35% 35% long term BuY all recommendations code recommendation PRICE Issue date at SALe held return /01/12 Abacus Property Group ABP Long Term Buy $1.91 Not Sold $2.16 $ % N/A 22% 301 4/08/10 Abacus Property Group ABP Long Term Buy $2.10 Not Sold $2.16 $ % 9% 9% 155 6/07/04 ABB Grain ABB Long Term Buy $ /09/09 Accept Offer $8.70 $ % 9% 9% /10/04 ABB Grain ABB Long Term Buy $ /09/09 Accept Offer $8.70 $ % 8% 8% 80 1/06/01 Abigroup ABG Long Term Buy $ /10/03 Coverage Ceased $3.90 $ % 32% 32% 80 1/06/01 Adsteam ADZ Long Term Buy $ /07/03 Sell $1.50 $ % 9% 9% 89 2/10/01 Amalgamated Holdings AHD Long Term Buy $ /02/02 Sell $ % N/A 68% 82 26/06/01 Amcor AMC Long Term Buy $ /03/03 Coverage Ceased $8.11 $ % 14% 14% /11/02 ANZ Bank ANZ Long Term Buy $ /04/09 Sell $16.77 $ % 5% 5% /04/03 ANZ Bank ANZ Long Term Buy $ /04/09 Sell $16.77 $ % 7% 7% /03/04 ANZ Bank ANZ Long Term Buy $ /04/09 Sell $16.77 $ % 4% 4% 92 13/11/01 APN News & Media APN Long Term Buy $ /02/07 Sell $5.98 $ % 15% 15% /03/06 APN News & Media APN Long Term Buy $ /02/07 Sell $5.98 $ % N/A 28% /07/08 APN News & Media APN Long Term Buy $ /10/10 Sell $1.95 $ % 19% 19% /08/04 ARB Corp ARP Long Term Buy $3.53 Not Sold $10.90 $ % 20% 20% 170 1/03/05 ARB Corp ARP Long Term Buy $3.78 Not Sold $10.90 $ % 19% 19% 181 2/08/05 ARB Corp ARP Long Term Buy $3.35 Not Sold $10.90 $ % 23% 23% /10/06 ARB Corp ARP Long Term Buy $3.70 Not Sold $10.90 $ % 24% 24% /08/10 ARB Corp ARP Long Term Buy $6.14 Not Sold $10.90 $ % 38% 38% 9

10 Intelligent Investor long term BuY all recommendations code recommendation PRICE Issue date at SALe held return 81 12/06/01 Aristocrat Leisure ALL Long Term Buy $ /03/04 Take Part Profits $2.73 $ % 26% 26% 122 4/03/03 Aristocrat Leisure ALL Long Term Buy $ /03/04 Take Part Profits $2.73 $ % N/A 58% /06/03 Aristocrat Leisure ALL Long Term Buy $ /03/04 Take Part Profits $2.73 $ % N/A 95% /06/08 Aristocrat Leisure ALL Long Term Buy $6.76 Not Sold $3.15 $ % 15% 15% /11/09 Aristocrat Leisure ALL Long Term Buy $3.92 Not Sold $3.15 $ % 6% 6% /12/10 Aristocrat Leisure ALL Long Term Buy $3.03 Not Sold $3.15 $ % 4% 4% 347 2/07/12 Aristocrat Leisure ALL Long Term Buy $2.45 Not Sold $3.15 $ % N/A 33% 345 8/06/12 ASX Limited ASX Long Term Buy $29.87 Not Sold $31.21 $ % N/A 7% 97 19/02/02 Auriongold AOR Long Term Buy $ /09/02 Sell/Switch $3.55 $ % N/A 27% /01/10 Australand Holdings ALZ Long Term Buy $ /10/12 Sell $2.98 $ % 18% 18% /05/10 Australand Holdings ALZ Long Term Buy $ /10/12 Sell $2.98 $ % 16% 16% 86 24/08/01 Australian Infrastructure AIX Long Term Buy $ /01/05 Sell $2.56 $ % 20% 20% 90 19/10/01 Australian Infrastructure AIX Long Term Buy $ /01/05 Sell $2.56 $ % 22% 22% 120 7/02/03 Australian Infrastructure AIX Long Term Buy $ /01/05 Sell $2.56 $ % 50% 50% /11/03 Australian Leisure & Hospitality ALH Long Term Buy $ /10/04 Accept Offer $3.76 $ % N/A 69% /05/05 Australian Wealth Mgmt (now IFL) AUW Long Term Buy $ /02/11 Take Part Profits $7.95 $ % 20% 20% /01/08 Australian Wealth Mgmt (now IFL) AUW Long Term Buy $ /02/11 Take Part Profits $7.95 $ % 8% 8% /04/08 Australian Wealth Mgmt (now IFL) AUW Long Term Buy $ /02/11 Take Part Profits $7.95 $ % 6% 6% /04/09 Australian Wealth Mgmt (now IFL) AUW Long Term Buy $ /02/11 Take Part Profits $7.95 $ % 49% 49% 100 2/04/02 Bank of Queensland BOQ Long Term Buy $ /04/03 Sell/Switch $7.70 $ % 16% 16% /10/08 Billabong International BBG Long Term Buy $ /08/11 Sell $3.75 $ % 26% 26% /06/10 Billabong International BBG Long Term Buy $ /08/11 Sell $3.75 $ % 40% 40% 88 18/09/01 Brambles Industries BIL Long Term Buy $ /06/04 Sell $6.04 $ % 18% 18% 86 21/08/01 Brazin BRZ Long Term Buy $ /03/03 Sell/Switch $ % 7% 7% /01/07 Brickworks BKW Long Term Buy $12.45 Not Sold $11.54 $ % 2% 2% 289 5/02/10 Brickworks BKW Long Term Buy $12.03 Not Sold $11.54 $ % 2% 2% 199 9/05/06 Burns Philp BPC Long Term Buy $ /10/06 Accept Offer $ % N/A 14% /05/03 Cabcharge CAB Long Term Buy $ /06/09 Sell $4.99 $ % 16% 16% /08/08 Cabcharge CAB Long Term Buy $ /06/09 Sell $4.99 $ % N/A 21% /02/05 Century Australia CYA Long Term Buy $ /01/11 Sell $0.77 $ % 5% 5% /11/10 Challenger Infrastructure Fund CIF Long Term Buy $1.12 Not Sold $ % 17% 17% /10/11 Challenger Infrastructure Fund CIF Long Term Buy $1.09 Not Sold $ % 26% 26% /11/02 CMI CMI Long Term Buy $ /02/04 Sell $ % 24% 24% 10

11 Performance report Decemeber 2012 long term BuY all recommendations code recommendation PRICE Issue date at SALe held return /01/04 Cochlear COH Long Term Buy $22.00 Not Sold $79.10 $ % 20% 20% /09/04 Cochlear COH Long Term Buy $24.00 Not Sold $79.10 $ % 20% 20% /10/05 Cochlear COH Long Term Buy $36.39 Not Sold $79.10 $ % 15% 15% /02/07 Cochlear COH Long Term Buy $59.33 Not Sold $79.10 $ % 8% 8% 252 3/07/08 Cochlear COH Long Term Buy $44.00 Not Sold $79.10 $ % 20% 20% /05/02 Coles Myer CML Long Term Buy $ /06/03 Sell $6.94 $ % 11% 11% 90 16/10/01 Colorado Group CDO Long Term Buy $ /05/02 Sell/Switch $3.05 $ % N/A 72% /06/05 Colorado Group CDO Long Term Buy $ /10/06 Accept Offer $4.18 $ % 9% 9% 89 2/10/01 Commonwealth Bank CBA Long Term Buy $ /04/09 Sell $35.71 $ % 10% 10% /06/03 Commonwealth Bank CBA Long Term Buy $ /04/09 Sell $35.71 $ % 10% 10% /08/10 Commonwealth Bank CBA Long Term Buy $50.73 Not Sold $62.18 $ % 14% 14% /04/02 Computershare CPU Long Term Buy $2.56 Not Sold $8.99 $ % 16% 16% 111 3/09/02 Computershare CPU Long Term Buy $2.31 Not Sold $8.99 $ % 19% 19% /08/10 Computershare CPU Long Term Buy $9.23 Not Sold $8.99 $ % 3% 3% 332 8/11/11 Computershare CPU Long Term Buy $8.31 Not Sold $8.99 $ % 12% 12% 205 1/08/06 Corporate Express CXP Long Term Buy $ /07/10 Accept Offer $4.86 $ % 4% 4% 230 7/08/07 Corporate Express CXP Long Term Buy $ /07/10 Accept Offer $4.86 $ % 0% 0% /10/09 Corporate Express CXP Long Term Buy $ /07/10 Accept Offer $4.86 $ % N/A 26% /01/10 CSL CSL Long Term Buy $31.30 Not Sold $53.90 $ % 27% 27% /04/10 CSL CSL Long Term Buy $34.12 Not Sold $53.90 $ % 22% 22% 81 12/06/01 CSR CSR Long Term Buy $ /08/04 Sell $ % 6% 6% 96 5/02/02 Downer EDI DOW Long Term Buy $ /06/03 Coverage Ceased $ % 8% 8% 98 5/03/02 Fantastic Holdings FAN Long Term Buy $ /08/06 Sell $2.85 $ % 28% 28% 179 5/07/05 Fantastic Holdings FAN Long Term Buy $ /08/06 Sell $2.85 $ % 7% 7% /07/08 Fantastic Holdings FAN Long Term Buy $ /02/10 Take Part Profits $4.05 $ % 63% 63% 223 4/05/07 Fisher & Paykel Appliances FPA Long Term Buy $ /06/11 Coverage Ceased $0.49 $ % 35% 35% 273 3/06/09 Fisher & Paykel Appliances FPA Long Term Buy $ /06/11 Coverage Ceased $ % 13% 13% 319 9/05/11 Fisher & Paykel Healthcare FPH Long Term Buy $2.19 Not Sold $1.98 $ % 0% 0% /11/05 Fleetwood FWD Long Term Buy $ /04/09 Take Part Profits $6.06 $ % 4% 4% /11/08 Fleetwood FWD Long Term Buy $ /04/09 Take Part Profits $6.06 $ % N/A 46% /06/03 Fletcher Building FBU Long Term Buy $ /05/07 Take Part Profits $ % 37% 37% 168 1/02/05 Flight Centre FLT Long Term Buy $ /03/10 Take Part Profits $21.04 $ % 9% 9% 219 1/03/07 Flight Centre FLT Long Term Buy $ /03/10 Take Part Profits $21.04 $ % 16% 16% 11

12 Intelligent Investor long term BuY all recommendations code recommendation PRICE Issue date at SALe held return /07/07 Flight Centre FLT Long Term Buy $ /03/10 Take Part Profits $21.04 $ % 12% 12% /06/08 Flight Centre FLT Long Term Buy $ /03/10 Take Part Profits $21.04 $ % 12% 12% 88 18/09/01 Foster s Group FGL Long Term Buy $ /10/05 Take Part Profits $5.49 $ % 9% 9% /03/10 Foster s Group FGL Long Term Buy $ /12/11 Coverage Ceased $5.40 $ % 18% 18% /01/07 Goodman Fielder GFF Long Term Buy $ /03/09 Sell $1.06 $ % 27% 27% 107 9/07/02 Gowing Bros GOW Long Term Buy $ /09/11 Coverage Ceased $2.20 $ % 9% 9% 131 8/07/03 Gowing Bros GOW Long Term Buy $ /09/11 Coverage Ceased $2.20 $ % 6% 6% /09/06 Gowing Bros GOW Long Term Buy $ /09/11 Coverage Ceased $2.20 $ % 1% 1% /09/06 GrainCorp GNC Long Term Buy $ /10/09 Sell $7.15 $ % 2% 2% 81 12/06/01 Great Southern Plantations GTP Long Term Buy $ /03/04 Take Part Profits $2.55 $ % 84% 84% 107 9/07/02 Great Southern Plantations GTP Long Term Buy $ /03/04 Take Part Profits $2.55 $ % 180% 180% /05/03 Great Southern Plantations GTP Long Term Buy $ /03/04 Take Part Profits $2.55 $ % N/A 217% /07/12 Guinness Peat Group GPG Long Term Buy $0.37 Not Sold $ % N/A 31% /02/06 GWA International GWT Long Term Buy $ /11/08 Sell $2.90 $ % 7% 7% /05/02 Harvey Norman HVN Long Term Buy $3.00 Not Sold $1.90 $ % 0% 0% /04/03 Harvey Norman HVN Long Term Buy $2.25 Not Sold $1.90 $ % 3% 3% /02/04 Harvey Norman HVN Long Term Buy $2.84 Not Sold $1.90 $ % 0% 0% /03/08 Harvey Norman HVN Long Term Buy $3.63 Not Sold $1.90 $ % 9% 9% /04/09 Harvey Norman HVN Long Term Buy $2.84 Not Sold $1.90 $ % 6% 6% /04/10 Harvey Norman HVN Long Term Buy $3.45 Not Sold $1.90 $ % 18% 18% /11/10 Harvey Norman HVN Long Term Buy $3.12 Not Sold $1.90 $ % 18% 18% 88 18/09/01 Harvey World Travel HWT Long Term Buy $ /03/04 Take Part Profits $1.40 $ % 55% 55% /04/05 HGL HNG Long Term Buy $ /09/11 Coverage Ceased $1.06 $ % 0% 0% 90 16/10/01 Hill 50 HFY Long Term Buy $ /03/02 Sell/Accept Offer $1.40 $ % N/A 59% 85 7/08/01 Hills Motorway HLY Long Term Buy $ /04/05 Sell $10.94 $ % 28% 28% 168 1/02/05 HPAL HPX Long Term Buy $ /01/07 Sell $2.28 $ % 23% 23% /07/08 Hunter Hall Global Value HHV Long Term Buy $ /03/12 Sell $0.73 $ % 1% 1% /11/04 Infomedia IFM Long Term Buy $ /08/11 Coverage Ceased $0.22 $ % 8% 8% 286 4/12/09 Insurance Australia Group IAG Long Term Buy $ /09/12 Take Part Profits $4.40 $ % 9% 9% /10/11 Insurance Australia Group IAG Long Term Buy $ /09/12 Take Part Profits $4.40 $ % N/A 45% /04/09 IOOF IFL Long Term Buy $ /02/11 Take Part Profits $7.95 $ % 53% 53% /07/10 Iress Market Technology IRE Long Term Buy $8.40 Not Sold $8.24 $ % 5% 5% 94 11/12/01 James Hardie JHX Long Term Buy $ /07/04 Sell $6.07 $ % 9% 9% 12

13 Performance report Decemeber 2012 long term BuY all recommendations code recommendation PRICE Issue date at SALe held return /05/05 JB Hi Fi JBH Long Term Buy $ /03/06 Take Part Profits $4.90 $ % N/A 45% 87 4/09/01 Lang Corp (Patrick Corp) LAC (PRK) Long Term Buy $ /07/02 Sell/Switch $15.36 $ % N/A 39% 98 5/03/02 Leighton Holdings LEI Long Term Buy $ /03/06 Sell $17.70 $ % 18% 18% /08/04 Leighton Holdings LEI Long Term Buy $ /03/06 Sell $17.70 $ % 57% 57% /09/02 Macquarie Airports MAP Long Term Buy $ /03/05 Sell $3.26 $ % 52% 52% /01/03 Macquarie Airports MAP Long Term Buy $ /03/05 Sell $3.26 $ % 75% 75% /06/03 Macquarie Airports MAP Long Term Buy $ /03/05 Sell $3.26 $ % 57% 57% /04/08 Macquarie Airports MAP Long Term Buy $3.05 Not Sold $3.38 $ % 16% 16% /05/09 Macquarie Airports MAP Long Term Buy $2.18 Not Sold $3.38 $ % 32% 32% 133 5/08/03 Macquarie Group MQG Long Term Buy $30.63 Not Sold $35.49 $ % 9% 9% /03/04 Macquarie Group MQG Long Term Buy $34.17 Not Sold $35.49 $ % 7% 7% /10/04 Macquarie Group MQG Long Term Buy $39.00 Not Sold $35.49 $ % 5% 5% /11/07 Macquarie Group MQG Long Term Buy $80.55 Not Sold $35.49 $ % 11% 11% /04/08 Macquarie Group MQG Long Term Buy $61.85 Not Sold $35.49 $ % 7% 7% /11/08 Macquarie Group MQG Long Term Buy $26.44 Not Sold $35.49 $ % 15% 15% /06/10 Macquarie Group MQG Long Term Buy $36.42 Not Sold $35.49 $ % 3% 3% 337 8/02/12 Macquarie Group MQG Long Term Buy $26.84 Not Sold $35.49 $ % N/A 41% /02/10 MAp Group MAP Long Term Buy $2.90 Not Sold $3.38 $ % 27% 27% 295 7/05/10 MAp Group MAP Long Term Buy $3.06 Not Sold $3.38 $ % 24% 24% /08/10 MAp Group MAP Long Term Buy $2.96 Not Sold $3.38 $ % 32% 32% 87 4/09/01 Mayne Nick. (Mayne Group) MAY Long Term Buy $ /10/01 Take Part Profits $ % N/A 18% 98 5/03/02 Mayne Nick. (Mayne Group) MAY Long Term Buy $ /06/04 Sell $3.18 $ % 23% 23% 290 1/03/10 Metcash MTS Long Term Buy $ /08/12 Sell $3.68 $ % 3% 3% /08/11 Metcash MTS Long Term Buy $ /08/12 Sell $3.68 $ % 2% 2% 135 2/09/03 MIA Group MIA Long Term Buy $ /08/04 Sell $1.03 $ % N/A 63% 82 26/06/01 Miller s Retail MRL Long Term Buy $ /03/06 Sell $1.70 $ % 11% 11% 166 7/12/04 MMC Contrarian MMA Long Term Buy $ /09/11 Coverage Ceased $0.47 $ % 5% 5% /04/05 Mortgage Choice MOC Long Term Buy $ /04/06 Take Part Profits $2.48 $ % N/A 161% /06/02 National Australia Bank NAB Long Term Buy $ /04/09 Sell $21.43 $ % 2% 2% /04/04 National Australia Bank NAB Long Term Buy $ /04/09 Sell $21.43 $ % 1% 1% /10/10 News Corp Class A (non voting) NWSLV Long Term Buy $14.61 Not Sold $23.94 $ % 29% 29% /10/10 News Corp Class B (voting) NWS Long Term Buy $16.30 Not Sold $24.50 $ % 23% 23% /05/08 NIB Holdings NHF Long Term Buy $ /11/09 Sell $1.40 $ % 67% 67% 13

14 Intelligent Investor long term BuY all recommendations code recommendation PRICE Issue date at SALe held return 297 4/06/10 Oceania Capital Partners OCP Long Term Buy $ /02/11 Sell $ % N/A 25% /10/05 OFM Group OFG Long Term Buy $ /03/10 Sell $0.60 $ % 17% 17% 100 2/04/02 OPSM OPS Long Term Buy $ /02/05 Coverage Ceased $4.20 $ % 10% 10% /05/11 Origin Energy ORG Long Term Buy $16.09 Not Sold $11.62 $ % 16% 16% 85 7/08/01 Pacifica PBB Long Term Buy $ /11/04 Sell $3.74 $ % 4% 4% 241 7/02/08 Perpetual PPT Long Term Buy $ /02/12 Sell $24.43 $ % 14% 14% /03/09 Perpetual PPT Long Term Buy $ /02/12 Sell $24.43 $ % 1% 1% /03/10 Perpetual PPT Long Term Buy $ /02/12 Sell $24.43 $ % 13% 13% /12/10 Perpetual PPT Long Term Buy $ /02/12 Sell $24.43 $ % 12% 12% 328 7/09/11 Perpetual PPT Long Term Buy $ /02/12 Sell $ % N/A 5% 92 13/11/01 Perpetual Trustees PPT Long Term Buy $ /08/04 Take Part Profits $46.00 $ % 13% 13% /09/02 Perpetual Trustees PPT Long Term Buy $ /08/04 Take Part Profits $46.00 $ % 19% 19% 225 4/06/07 Platinum Asset Management PTM Long Term Buy $7.90 Not Sold $3.97 $ % 8% 8% 234 8/10/07 Platinum Asset Management PTM Long Term Buy $6.93 Not Sold $3.97 $ % 7% 7% 271 5/05/09 Platinum Asset Management PTM Long Term Buy $4.18 Not Sold $3.97 $ % 4% 4% /05/10 Platinum Asset Management PTM Long Term Buy $4.55 Not Sold $3.97 $ % 0% 0% 299 8/07/10 Platinum Asset Management PTM Long Term Buy $4.60 Not Sold $3.97 $ % 0% 0% /04/06 Premium Investors PRV Long Term Buy $ /09/09 Sell/Take Part Profits $0.87 $ % 2% 2% /11/09 Prime Infrastructure PIH Long Term Buy $ /09/10 Sell $4.56 $ % N/A 5% 95 22/01/02 Publishing & Broadcasting PBL Long Term Buy $ /08/04 Take Part Profits $13.64 $ % 17% 17% /02/06 Pub. & Broad. (now CWN & CMJ) PBL Long Term Buy $ /07/09 Sell $13.86 $ % 4% 4% /03/09 QBE Insurance QBE Long Term Buy $19.10 Not Sold $10.90 $ % 8% 8% 354 4/10/12 QBE Insurance Group QBE Long Term Buy $13.54 Not Sold $ % N/A 19% 358 6/12/12 QBE Insurance Group QBE Long Term Buy $10.37 Not Sold $ % N/A 5% /10/06 QM Technologies QMT Long Term Buy $ /03/08 Sell $3.40 $ % 27% 27% /03/05 Rebel Sport REB Long Term Buy $ /02/07 Sell $4.57 $ % 35% 35% 90 16/10/01 Rio Tinto RIO Long Term Buy $ /08/08 Sell $ $ % 22% 22% /02/04 ROC Oil ROC Long Term Buy $ /02/10 Sell $ % 18% 18% /01/05 ROC Oil ROC Long Term Buy $ /02/10 Sell $ % 24% 24% /05/06 Salmat SLM Long Term Buy $ /01/09 Sell $3.21 $ % 11% 11% 142 9/12/03 Santos STO Long Term Buy $ /08/08 Sell $17.28 $ % 26% 26% /08/04 Santos STO Long Term Buy $ /08/08 Sell $17.28 $ % 31% 31% /11/09 Santos STO Long Term Buy $15.02 Not Sold $11.10 $ % 7% 7% /10/08 Seek SEK Long Term Buy $ /02/10 Take Part Profits $7.14 $ % 39% 39% 14

15 Performance report Decemeber 2012 long term BuY all recommendations code recommendation PRICE Issue date at SALe held return /07/07 Select Harvests SHV Long Term Buy $ /01/10 Sell $4.45 $ % 26% 26% 177 7/06/05 Servcorp SRV Long Term Buy $2.60 Not Sold $3.49 $ % 10% 10% /08/07 Servcorp SRV Long Term Buy $4.80 Not Sold $3.49 $ % 2% 2% /10/09 Servcorp SRV Long Term Buy $4.65 Not Sold $3.49 $ % 6% 6% /04/10 Servcorp SRV Long Term Buy $3.56 Not Sold $3.49 $ % 3% 3% 124 1/04/03 Seven Network SEV Long Term Buy $ /09/03 Sell $ % N/A 47% /05/07 Sigma Pharmaceuticals SIP Long Term Buy $ /04/10 Sell $0.47 $ % 39% 39% /03/09 Sigma Pharmaceuticals SIP Long Term Buy $ /04/10 Sell $0.47 $ % 56% 56% 82 26/06/01 SimsMetal (Sims Group) SMS Long Term Buy $ /09/03 Take Part Profits $10.60 $ % 33% 33% 100 2/04/02 SimsMetal (Sims Group) SMS Long Term Buy $ /09/03 Take Part Profits $10.60 $ % 43% 43% 87 4/09/01 Singleton Group (STW Comms) SGN Long Term Buy $3.82 Not Sold $1.11 $ % 5% 5% 90 16/10/01 Sonic Healthcare SHL Long Term Buy $ /03/02 Sell $ % N/A 26% /12/09 Sonic Healthcare SHL Long Term Buy $14.62 Not Sold $13.33 $ % 1% 1% /06/10 Sonic Healthcare SHL Long Term Buy $10.85 Not Sold $13.33 $ % 14% 14% /10/02 Sons of Gwalia SGW Long Term Buy $ /05/03 Sell $ % N/A 20% 225 4/06/07 Souls Private Equity SOE Long Term Buy $ /03/11 Sell $0.08 $ % 24% 24% 88 18/09/01 Southcorp SRP Long Term Buy $ /04/02 Sell/Switch $ % N/A 19% 203 4/07/06 SP Telemedia SOT Long Term Buy $ /09/07 Sell $0.45 $ % 24% 24% /01/07 SP Telemedia SOT Long Term Buy $ /09/07 Sell $0.45 $ % N/A 30% 308 2/11/10 Spark Infrastructure SKI Long Term Buy $ /04/12 Sell $1.42 $ % 28% 28% 316 1/04/11 Spark Infrastructure SKI Long Term Buy $ /04/12 Sell $1.42 $ % 35% 35% 124 1/04/03 Spotless Group SPT Long Term Buy $ /02/07 Sell $5.05 $ % 11% 11% /06/02 Strathfield SRA Long Term Buy $ /08/03 Sell $ % 57% 57% /09/02 Strathfield SRA Long Term Buy $ /08/03 Sell $ % N/A 65% /10/04 STW Communications SGN Long Term Buy $3.20 Not Sold $1.11 $ % 6% 6% /01/06 STW Communications SGN Long Term Buy $3.03 Not Sold $1.11 $ % 10% 10% /08/07 STW Communications SGN Long Term Buy $2.22 Not Sold $1.11 $ % 8% 8% /09/09 STW Communications SGN Long Term Buy $0.89 Not Sold $1.11 $ % 15% 15% /08/10 STW Communications SGN Long Term Buy $0.83 Not Sold $1.11 $ % 27% 27% 334 8/12/11 STW Communications SGN Long Term Buy $0.85 Not Sold $1.11 $ % 41% 41% 82 26/06/01 Suncorp Metway SME (SUN) Long Term Buy $ /02/05 Take Part Profits $18.55 $ % 9% 9% 131 8/07/03 Suncorp Metway SUN Long Term Buy $ /02/05 Take Part Profits $18.55 $ % 38% 38% /01/10 Sunland Group SDG Long Term Buy $0.78 Not Sold $ % 11% 11% /01/03 Sydney Aquarium SAQ Long Term Buy $ /06/05 Take Part Profits $5.64 $ % 21% 21% 15

16 Intelligent Investor long term BuY all recommendations code recommendation PRICE Issue date at SALe held return /05/02 Tab TAB Long Term Buy $ /04/04 Sell $4.69 $ % 29% 29% 83 10/07/01 TAB Qld (UNiTAB) TQL (UTB) Long Term Buy $ /08/04 Take Part Profits $9.31 $ % 60% 60% /08/02 TAB Qld (UNiTAB) TQL (UTB) Long Term Buy $ /08/04 Take Part Profits $9.31 $ % 61% 61% 84 24/07/01 Tabcorp TAH Long Term Buy $ /09/03 Take Part Profits $11.39 $ % 21% 21% 157 3/08/04 Tap Oil TAP Long Term Buy $ /08/05 Take Part Profits $ % 92% 92% 201 6/06/06 Tap Oil TAP Long Term Buy $ /11/07 Sell $ % 20% 20% /09/05 Tattersall s TTS Long Term Buy $ /01/09 Sell $2.78 $ % 1% 1% /03/08 Tatts Group TTS Long Term Buy $ /01/09 Sell $2.78 $ % N/A 15% 93 27/11/01 Telstra TLS Long Term Buy $ /02/10 Sell $3.19 $ % 0% 0% 135 2/09/03 Telstra TLS Long Term Buy $ /02/10 Sell $3.19 $ % 0% 0% /10/05 Telstra TLS Long Term Buy $ /02/10 Sell $3.19 $ % 1% 1% /03/03 Templeton Global Growth TGG Long Term Buy $ /03/12 Sell $0.72 $ % 0% 0% /02/04 Templeton Global Growth TGG Long Term Buy $ /03/12 Sell $0.72 $ % 2% 2% /09/04 Templeton Global Growth TGG Long Term Buy $ /03/12 Sell $0.72 $ % 2% 2% /03/05 Templeton Global Growth TGG Long Term Buy $ /03/12 Sell $0.72 $ % 3% 3% 238 3/12/07 Templeton Global Growth TGG Long Term Buy $ /03/12 Sell $0.72 $ % 11% 11% 113 1/10/02 Tempo Services TEM Long Term Buy $ /04/04 Sell $1.14 $ % 25% 25% /02/03 Ten Network Holdings TEN Long Term Buy $ /09/04 Take Part Profits $3.50 $ % 49% 49% /01/06 Ten Network Holdings TEN Long Term Buy $ /02/09 Sell $0.81 $ % 30% 30% 88 18/09/01 Toll Holdings TOL Long Term Buy $ /10/01 Take Part Profits $ % N/A 20% /06/03 Toll Holdings TOL Long Term Buy $ /04/06 Take Part Profits $13.44 $ % 27% 27% 99 19/03/02 Transurban TCL Long Term Buy $ /07/03 Sell $4.66 $ % 14% 14% /09/06 Treasury Group TRG Long Term Buy $10.90 Not Sold $5.24 $ % 7% 7% /11/08 Treasury Group TRG Long Term Buy $5.21 Not Sold $5.24 $ % 6% 6% 96 5/02/02 United Energy UEL Long Term Buy $ /06/03 Accept Offer $3.15 $ % 44% 44% 358 6/12/12 Village Roadshow VRL Long Term Buy $3.80 Not Sold $ % N/A 6% /11/05 Volante VGL Long Term Buy $ /04/06 Accept Offer $1.05 $ % N/A 11% 190 6/12/05 Wattyl WYL Long Term Buy $ /02/06 Sell $ % N/A 43% 155 6/07/04 Westfield Group WDC Long Term Buy $15.33 Not Sold $10.56 $ % 2% 2% /08/11 Westfield Group WDC Long Term Buy $8.14 Not Sold $10.56 $ % 36% 36% 82 26/06/01 Westfield Holdings WSF Long Term Buy $13.39 Not Sold $11.27 $ % 4% 4% 308 9/11/10 Westfield Retail Trust WRT Long Term Buy $2.75 Not Sold $3.02 $ % 9% 9% /08/11 Westfield Retail Trust WRT Long Term Buy $2.44 Not Sold $3.02 $ % 31% 31% /11/02 Westpac Banking Corp WBC Long Term Buy $ /04/09 Sell $19.76 $ % 12% 12% 16

17 Performance report Decemeber 2012 long term BuY all recommendations code recommendation PRICE Issue date at SALe held return /06/03 Westpac Banking Corp WBC Long Term Buy $ /04/09 Sell $19.76 $ % 9% 9% 144 3/02/04 Westpac Banking Corp WBC Long Term Buy $ /04/09 Sell $19.76 $ % 11% 11% /05/04 Westpac Banking Corp WBC Long Term Buy $ /04/09 Sell $19.76 $ % 10% 10% /07/10 Westpac Banking Corp WBC Long Term Buy $22.63 Not Sold $26.04 $ % 16% 16% /01/07 WH Soul Pattinson SOL Long Term Buy $8.80 Not Sold $13.68 $ % 13% 13% 308 3/11/10 WH Soul Pattinson SOL Long Term Buy $13.18 Not Sold $13.68 $ % 6% 6% 259 8/10/08 WHK Group WHG Long Term Buy $1.02 Not Sold $0.99 $ % 5% 5% /04/09 WHK Group WHG Long Term Buy $1.06 Not Sold $0.99 $ % 4% 4% /02/12 WHK Group WHG Long Term Buy $0.83 Not Sold $0.99 $ % N/A 27% /11/03 Wilson Invest. Fund (now WAX) WIL Long Term Buy $ /03/12 Sell $0.76 $ % 2% 2% /03/05 Wilson Invest. Fund (now WAX) WIL Long Term Buy $ /03/12 Sell $0.76 $ % 3% 3% /08/06 Wilson Invest. Fund (now WAX) WIL Long Term Buy $ /03/12 Sell $0.76 $ % 2% 2% 86 21/08/01 Woodside Petroleum WPL Long Term Buy $ /08/08 Sell $51.80 $ % 25% 25% /04/02 Woodside Petroleum WPL Long Term Buy $ /08/08 Sell $51.80 $ % 26% 26% /02/10 Woolworths WOW Long Term Buy $25.90 Not Sold $29.33 $ % 11% 11% /08/11 Woolworths WOW Long Term Buy $25.57 Not Sold $29.33 $ % 23% 23% Number of Long Term Buy recommendations 269 Annualised (IRR) 14.5% long term BuY Top 10 code recommendation PRICE Issue date at SALe held return /05/03 Great Southern Plantations GTP Long Term Buy $ /03/04 Take Part Profits $2.55 $ % N/A 217% 107 9/07/02 Great Southern Plantations GTP Long Term Buy $ /03/04 Take Part Profits $2.55 $ % 180% 180% /04/05 Mortgage Choice MOC Long Term Buy $ /04/06 Take Part Profits $2.48 $ % N/A 161% /06/03 Aristocrat Leisure ALL Long Term Buy $ /03/04 Take Part Profits $2.73 $ % N/A 95% 157 3/08/04 Tap Oil TAP Long Term Buy $ /08/05 Take Part Profits $ % 92% 92% 81 12/06/01 Great Southern Plantations GTP Long Term Buy $ /03/04 Take Part Profits $2.55 $ % 84% 84% /01/03 Macquarie Airports MAP Long Term Buy $ /03/05 Sell $3.26 $ % 75% 75% 90 16/10/01 Colorado Group CDO Long Term Buy $ /05/02 Sell/Switch $3.05 $ % N/A 72% /11/03 Australian Leisure & Hospitality ALH Long Term Buy $ /10/04 Accept Offer $3.76 $ % N/A 69% 89 2/10/01 Amalgamated Holdings AHD Long Term Buy $ /02/02 Sell $ % N/A 68% 17