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 2010 RISING STARS MICROCAP CONFERENCE
Thursday 10 of June 2010 / Level 4– Room 1/ SYDNEY HILTON (488 George St, NSW 2000)

AGENDA

MORNING SESSION

9:00-9:50 h. SILVER CHEF (ASX SIV) Allan English (CEO)

Charles Gregory (COO)

9:50-10:30 h. KONEKT LIMITED (ASX KKT) Serhat Oguz (CEO)

10:30-11:00 h MORNING COFFEE BREAK

11:00-11:40 h CLOVER CORPORATION (ASX CLV) Dr. Ian Brown (CEO)

11:40-12:20 h BIGAIR LIMITED (ASX BGL) Jason Ashton (Co-CEO)

12:20-13:30 h LUNCH BUFFET

AFTERNOON SESSION

13:30-14:10 h. CASH CONVERTERS INTERNATIONAL Ralph Groom (CFO)

(ASX CCV)

14:10-14:50 h. MANACCOM CORPORATION (ASX MNL) Mike Veverka (CEO)

14:50-15:20 h AFTERNOON COFEE BREAK

15:20-16:00 h PATTIES FOODS LTD (ASX PFL) Greg Bourke (CEO)

16:00-16:40 h XRF SCIENTIFIC LIMITED (ASX XRF) Terry Sweet (CEO)

.

www.microequities.com.au
 2010 RISING STARS MICROCAP CONFERENCE

PROFILES

EVENT ORGANISER

Microequities is a specialised Microcap asset manager. Established in 2005 as an independent

investment research house devoted to Microcaps. Microequities expanded into funds
management in early 2009 by launching our flagship Deep Value Microcap Fund.

Why us? Microequities' investment managers and analysts operate uniquely within the Microcap
asset class. This asset class offers investors access to Australian companies with an attractive
growth profile. However, it also necessitates a systematic and process driven research approach
to investing. We are uniquely positioned within the Microcap asset class and posses research
capabilities, deep knowledge and experience within the Microcap space. Our value-growth
approach, coupled with a long term investment strategy, provides us with an investment ethos
that is particularly well suited to Microcap investing.

The Deep Value Microcap Fund: Launched in March 2009, is a high conviction, value growth
Fund that seeks to identify and invest in growing, profitable undervalued companies. The Fund
does not have a broad based approach to investment. It maintains concentrated holdings in what
we consider the most compelling companies within the Microcap asset class with the most
attractive risk/reward metrics. The fund has returned 83% since inception (net of fees) compared
to 43.12% for the All Ords Index.

Carlos Gil (CIO) / cgil@microequities.com.au / +61 2 9231 6169

EVENT SPONSOR

Fortbridge Consulting is a media and investor relations firm representing publicly listed
companies. Fortbridge works with their clients to build corporate reputation and promote value.

Fortbridge investor communications programs target a range of stakeholders, including

shareholders, institutional investors and funds, as well as the financial media, in the markets in
which their clients operate.

With access to up-to-date research and investor contact information for financial centers around
the world, Fortbridge is able to research and maintain meaningful sector specific investor lists for
their clients. Using this information, Fortbridge target relevant institutional investors and funds to
engage their support for their clients’ IPOs, institutional placements, capital raisings, SPPs or
on-market trades.

Fortbridge consultants in Sydney, Perth, London Toronto and Santiago have a track-record in
working with clients to build shareholders value and to grow business; to communicate the value
of new developments and to manage significant issues that impact reputation.

Bill Kemmery (Managing Director) / bill.kemmery@fortbridge.com / +61 2 9331 0655

2010 Rising Stars
Microcap Conference

CLOVER CORPORATION
CLOVER CORPORATION
ASX‐CLV
Presented by Dr. Ian Brown (CEO) 

SYDNEY HILTON, 10 of June 2010

DISCLAIMER

The release, publication or distribution of this presentation in certain jurisdictions may be restricted by law and
therefore persons in such jurisdictions into which this presentation is released, published or distributed should inform
themselves
h l about
b andd observe
b suchh restrictions.
i i

This presentation does not constitute, or form part of, an offer to sell or the solicitation of an offer to subscribe for or
buy any securities, nor the solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issue or
transfer of the securities referred to in this presentation in any jurisdiction in contravention of applicable law.

Persons needing advice should consult their stockbroker, bank manager, solicitor, accountant or other independent
financial advisor. Certain statements made in this presentation are forward‐looking statements. These forward‐looking
statements are not historical facts but rather are based on Clover Corporation’s current expectations, estimates and
projections about the industry in which Clover Corporation operates, and its beliefs and assumptions. Words such as
"anticipates," "expects," "intends," "plans," "believes," "seeks,” "estimates," and similar expressions are intended to
identify forward‐looking statements.

These statements are not guarantees of future performance and are subject to known and unknown risks,
uncertainties and other factors, some of which are beyond the control of Clover Corporation, are difficult to predict
and could cause actual results to differ materially from those expressed or forecasted in the forward‐looking
statements. Clover Corporation cautions shareholders and prospective shareholders not to place undue reliance on
these forward‐looking statements, which reflect the view of Clover Corporation only as of the date of this
presentation. The forward‐looking statements made in this presentation relate only to events as of the date on which
the statements are made. Clover Corporation will not undertake any obligation to release publicly any revisions or
updates to these forward‐looking statements to reflect events, circumstances or unanticipated events occurring after
the date of this presentation except as required by law or by any appropriate regulatory authority.
 INTRODUCTION

Clover Corporation Limited provides nutritional and functional 
Cl C i Li i d id ii l df i l
ingredients for use in infant formula, foods and specialty 
applications using proprietary technology.  

Future Food
Ingredients
(100%) (50%)

COMPANY OVERVIEW

• Mission is to identify, develop and commercialise specialty 
functional and nutritional ingredients.
• Consistently profitable, strong cash position & zero debt.
• Competitive position in the growing “nutraceutical” market.
• Strong technical, manufacturing and sales organisation.
• Focus on proprietary & patented technology.
F i t & t t dt h l
• Focus on bioactive delivery including microencapsulation.
 HISTORICAL FINANCIAL 
PERFOMANCE

million ($)

HALF YEAR ENDED 
31 DECEMBER 2009

Amount of
% Change
% Change Change $'000
$ 000
$'000
Revenue from ordinary activities Up 58.3% 6,173 to 16,760

Profit before tax   Up 39.1% 882 to 3,140

(excluding FFI)

Profit before tax   Up 30.8% 635 to 2,699

(including FFI)

Profit from ordinary activities Up 18.8% 303 to 1,912

after tax

Net profit for the period Up 18.8% 303 to 1,912

 HALF YEAR ENDED 
31 DECEMBER 2009

Associates and Joint Venture entities
Details of share and results in associates

Interest in 31 Dec 2009 31 Dec 2008

Associates $'000 $'000
Future Food Ingredients Pty Limited 50%
‐ share of net assets 2,730 3,408
‐ share of net loss
share of net loss (441) (195)
‐ loan from Clover Corporation Limited 1,618 1,618

80% INCREASE IN SALES 
REVENUE DURING 1H FY10

Revenue of 80% to $16.4 million
million ($)
 NPAT UP +18.8% 
FOR 1H FY10

Profit after tax up 18.8% to $1.9 million
million ($)
 NU‐MEGA INGREDIENTS 
PTY LTD

Overview
• Australian producer & international supplier of microencapsulated powders.
• Encapsulation process is patented in many countries.
• Current specialties include omega‐3 & omega‐6 oils (marine & algal sources).
• Process protects oil from oxidation (“fishy” taste & smell).
• Refine and prepare high quality tuna oil in Altona, Victoria.
• Extensive expertise in application technology.
• Actively involved in clinical research.
i l i l d i li i l h
• Dedicated & professional staff.

OMEGA‐3 MARKET 
IS GROWING

• Global Omega‐3 ingredient market estimated 
at +US$700 million

• Forecasted CAGR
– North America: 14%
– Europe: 8%

• US market – heavy emphasis on flax however 
there is a growing awareness & trend toward 
marine & algal omega‐3 oils
 NU‐MEGA SALES & 
DISTRIBUTION NETWORK
In association with GTC Nutrition

SALES OFFICE MANUFACTURING SITE AGENTS

GTC NUTRITION MARKET 
COVERAGE IN THE 
AMERICAS AND EUROPE
Europe
GTC Nutrition United Kingdom – GTC Nutrition
Direct Sales Team g
Benelux region – Lithos
Canada, U.S.
Germany, Austria, Switzerland,
Eastern Europe – Chemopharma
CP Ingredientes
Mexico Italy – Azelis, Alesco
Ireland – Norman Lauder

Seeking for:
France, Spain, Scandinavia

Corn Products
A
Argentina
ti
Bolivia
Brazil
Chile
Colombia
Ecuador
Paraguay
Peru The mission of GTC Nutrition is to be a premier provider of science-based,
Venezuela healthy ingredient solutions with unique commercial applications that improve
Uruguay the quality of life for humans and animals and, in doing so, generate
appropriate returns for our stake-owners.
 GTC: OMEGA‐3 DHA 
STRATEGIC FIT

Heart Bone Immune Glycemic Digestive Cognitive

Health Health Health Health Health Health

FOCUS ON 
INFANT FORMULA

Infant & Children’s Formula
• Strongly growing market for infant & children’s formulation.
• Fastest growing region is Asia (CAGR +10 %) but even developed markets such as the 
USA and Europe are positive.
• Demonstrated & acknowledged health benefits.

NuMega’s Position
• Driphorm® tuna and/or algal powders have demonstrated functional benefits.
tuna and/or algal powders have demonstrated functional benefits
• High quality manufacturing facilities
• Nu‐Mega supplies a number of the largest infant formula producers, including Mead 
Johnson Nutritionals.
• Active program to develop new ingredients.
 NU‐MEGA SALES IN FY09

Geographic A li ti
Applications
Australia/New Zealand 25%
Asia 59%

Europe 9%
USA 7%
Products
Oil 15%

Powder 80%

Soy 5%

DIVERSIFYING 
ENCAPSULATED PRODUCTS

Introducing new products in FY09

Revenue from Existing Products 65%
Revenue from New Products 
(released in the past 3 years)
35%
 OVERVIEW 1H FY10

• Increased sales of ingredients for infant formula and foods.
• Increased sales are due to both new customers, particularly in Asia, and the 
success of existing foods.
• Increase in receivables and inventories, associated with expanded sales and the 
related trading terms.
• Commercial introduction of new encapsulated products.
• Sales of value‐added NuSoya ingredients, through the distributor Nu‐Mega 
Ingredients Pty Ltd, increased by 29% during the first half of the financial year 
compared to the same period last year.  

CHALLENGES AND 
OPPORTUNITIES FOR FY10

• Competitive market with pressure on margins.
• Increased input & raw material costs. 
• Invest to build for the future.
• Expand sales through GTC Nutrition. 
• Commercialise the outcomes of the R&D program.
• Expand access to bioactive raw materials including omega‐3 oils.
• Protect & utilize intellectual property.
• Id tif
Identify complimentary business opportunities. 
li t b i t iti
Future Food Ingredients

FUTURE FOOD 
INGREDIENTS

Overview
• Joint Venture of Clover Corporation & Austgrains (50:50)
• Manufacturing facility located in Moree, NSW
– Managed by FFI Board.

• NuSoya™ “bland flavour” technology exclusively licensed by 
FFI

• Sales 
– Eat Rite – FFI / Austgrains
– Nu‐Soya™ – Nu‐Mega Ingredients

• Product range including splits, flakes, grits and flours in 
conventional or organic & plain or toasted
 FFI / 1H FY10 RESULTS

• Equity accounted loss to the company of $441,000 (2008: $195,000) for the 
q y p y $ , ( $ , )
period under review. 
• Even though sales revenue for FFI increased the product mix, operational and 
inventory issues contributed significantly to the loss.
• Under strategic and operational review 
– Management of FFI has reverted from Austgrains to the FFI Board.
– FFI Board has initiated an intensive business development program and a 
financial review of FFI to refocus the company and reduce the losses in the 
second half of the year

Outlook 2010 
Clover Corporation
 OUTLOOK 2010

• Continue strong sales from Omega‐3 ingredients.
g g g
• Restructure FFI
• Capitalise on expanded sales & distribution network.
• Expand the customer base.
• Increase opportunities in food applications.
• Selectively recruit for growth.
• Continue development of encapsulation technology.
• Identify new technical & commercial opportunities.

THANK YOU
Questions?