Business SummaryHunter Hall Global Value Limited (HHV) is an investment holding companyfocussing on medium to long-term concentrated portfolio in both domesticand international markets. HHV is managed by Hunter Hall InvestmentManagement Limited.

Investment Objective: The objective of HHV is to achieve substantial growthin the value of each share through ownership of a portfolio of undervaluedinternational and Australian equities, augmented by a tax efficient capitalmanagement policy.

Portfolio Summary: As at 31 July 2011, the ten largest holdings of thecompany are Sirtex Medical (5.6%), InterDigital (3.5%), Gold (3.5%), StBarbara (2.4%), M2 Telecommunications (2.2%), Proto Corp (2.2%),Woongjin Thinkbig (2.2%), PMP (2.2%), Decmil (2%), and Fairfax Media(1.9%).

GICS - Div. Financials

Hunter Hall Global Value Limited

ASX Code: HHV Price: $0.690

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Snapshot

DateMarket Cap.Shares on issue12 Month High12 Month Low

10 July 2012$165m238.7m$0.82$0.66

Investment FundamentalsFYE 30 Jun 2008A 2009A 2010A 2011A

Profit $m -57.7 -58.0 24.9 11.4Profit (norm)* $m -57.7 -58.0 24.9 11.4

EPS* ¢ -15.2 -17.6 8.7 4.3EPS Growth % 0.0 0.0 0.0 -50.1P/E* x 0.0 0.0 7.9 15.9P/E Relative % 0.0 0.0 0.7 1.5

DPS ¢ 5.0 0.0 6.0 0.0Yield % 7.2 0.0 8.7 0.0Franking % 100.0 0.0 100.0 0.0* Adjusted for unusual itemsSource: Aspect Huntley historical financials

Share Price Chart

Total Return on $10,000 Investment

Profit & Loss ($M)2007A 2008A 2009A 2010A 2011A

Investment Income 55 56 6 5 30Other Income 0 0 0 0 0Profit Before Tax 82 -83 -83 35 15Income Tax -24 26 25 -10 -4Outside Equity Int. -- -- -- -- --Profit after Tax 58 -58 -58 25 11Significant Items after Tax -- -- -- -- --Reported Profit after Tax 58 -58 -58 25 11Preference Dividends -- -- -- -- --

Cash Flow ($M)2007A 2008A 2009A 2010A 2011A

Receipts from Customers -- -- -- -- --Funds from Operations 9 16 5 4 5Net Operating Cashflow -11 -26 0 -0 1Capex -- -- -- -- --Acquisitions & Investments -276 -205 -105 -90 -106Sale of Invest. & Subsid. 167 288 131 103 139Net Investing Cashflow -109 84 26 13 33Proceeds from Issues 190 -- -- -- --Dividends Paid -24 -29 -- -- -16Net Financing Cashflow 146 -57 -36 -23 -24Net Increase Cash 26 1 -9 -11 10Cash at Beginning 18 44 45 35 25Exchange Rate Adjust. -0 0 -0 1 -1Cash at End 44 45 35 25 35

Ratios and Substantial Shareholders2007A 2008A 2009A 2010A 2011A

Profitability RatiosNTA/share % 1.23 1.01 0.90 1.00 0.99Net Gearing % -9.25 -12.52 -13.20 -9.49 -13.60Net Interest Cover x -36.30 31.64 41.41 -101.91 -37.79

Top 5 Substantial ShareholdersCogent Nominees Pty Limited 7.3%Select Asset Management Limited 5.0%

Balance Sheet ($M)2007A 2008A 2009A 2010A 2011A

Cash 44 45 35 25 35Receivables 6 2 1 2 2Investments -- -- -- -- --Other Current Assets -- -- -- 1 --Current Assets 50 47 36 28 37Investments 465 300 198 220 200Property -- -- -- -- --Other 9 16 34 21 21Non-Current Assets 473 316 232 242 221Total Assets 524 363 268 270 258Trade Creditors 14 2 1 1 2Provisions 3 -- -- -- --Other (inc Borrowings) -- -- -- -- --Current Liabilities 18 2 1 1 2Borrowings -- -- -- -- --Deferred Tax 31 0 0 0 0Other -- -- -- -- --Non-current Liabilities 31 0 0 0 0Total Liabilities 49 2 1 1 2Net Assets 475 361 267 269 256Share Capital 384 358 322 299 291Reserves -- -- -- -- --Retained Earnings 91 3 -55 -30 -35Minorities -- -- -- -- --Total Shareholders Equity 475 361 267 269 256

Price vs. EPS Principals & DirectorsPrincipals

Company Secretary Mrs Ouafaa Karim

Directors

Mr Peter James MacDonald Hall(Executive Chairman)Mr Julian David Constable(Non-Executive Director)Mr Alex Koroknay(Non-Executive Director)Mr Adam Paul Blackman(Non-Executive Director)

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