LINWAR Corporate Finance

Executive Summary

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LINWAR Securities Pty Ltd ("LINWAR") is 50% owned by The Australian and New Zealand Banking Group Limited ("ANZ").

LINWAR is a highly respected institutional securities house, specialising in small to mid-cap Australian equities.

LINWAR provides high quality research and execution services to the majority of Australia and New Zealand's institutional fund managers.

The LINWAR sales and research teams were recently ranked No. 11 in the 2008 East Coles survey for Industrials, ranking above all but the "bulge bracket" international investment banks which cover the entire ASX stock list (please see the survey results).

LINWAR's research analysts cover 55 stocks across 14 sectors and have a watching brief over a further 30 stocks.

LINWAR and its Corporate Finance team have extensive experience in the conduct and underwriting of Initial Public Offerings and secondary equity raisings as well as the provision of merger, acquisition and divestment advice.