2 0

201 Risin
R ng Sttarss
Miicroequ
uitie
es Conf
C fere
ence
e
 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
2010 Rising Stars
Microcap Conference

CASH CONVERTERS
ASX‐CCV
Presented by
Ian Day (GM) and Ralph Groom (CFO) 

SYDNEY HILTON, 10 of June 2010

Brand Journeyy
Customers – a glimpse
Legislation
Products & Services Growth Trend
Strategic Plan
Strategic Plan 
Group Financial Information 
 Brand Journey

Brand Journey

5 years ago we revisited our Brand Journey!
 Brand Journey

Stretching the Brand

Brand Journey
An alternative  Unique
Last resort  First choice
Staid Upbeat/confident
Out‐dated Up‐to‐date
Misunderstood Open
Predictable  Surprising 
Competent
Competent  Savvy
Autocratic Collaborative
Overpriced Good value
Supportive Dependable
Down‐to‐earth Down‐to‐earth
 Brand Journey
Proposition 
“Cash Converters is a unique National franchise providing retail 
trading and financial solutions to enable me to get on with life”

Essence
Cash Converters helps me to get on with my life.

Brand Journey

Brand Expression 
In all Aspects
Being Modernised
 Brand Journey
• Cash Converters has completed a re‐branding exercise to:
p
• Contemporize the look and feel
• Broaden customer appeal
• Remove barriers
• Brand of last resort to Brand of choice

Brand Journey

Creative Strategy, Communication 
and Media have all evolved
 Brand Journey
Year 1 Year 2 Year 3 Year 4 Year 5

Brand New Brand Year of Brand

Definition Brand Targeting Opportunity Positioning
Presence

• Enhanced consumer insights

g and understanding
g
• One, consistent brand positioning
• Supporting all products and being supported by all products
• Continue to test and push

2010 Communications Strategy
Brand Journey
Communications Objectives

• Own the brand position - ‘Helping you get on with life’

• Drive sales through a focus on product benefits
• Maintain brand awareness throughout the year
• Support the retail network
• Re-focus and continue to tackle some of the perception issues for
non-customers
 Brand Journey

Brand Journey

Brand Experience has also changed as a result 
Community Outlook has improved
p
Less polarised view 
Customers view us as enablers 
Helping people get on with their lives
 Brand Journey

Cash Converters is moving towards
LEGITIMISATION 
• The people’s champion
• A smarter way
• Solutions tailored to customers 
• Being part of Australia and the Community
• Being an admired Australian Brand

Customers
A Glimpse
 Cash Converters and PFC
Profile of current Cash Converters PFC users 
• 25 – 54, skew to 25 – 45 and females
• Predominantly single income and/or single parent 
families
• 50% have an income of greter than $35k
g $
• 25% have an income greater than $50k
• Primarily tradespersons, sales‐persons, clerical & 
manual workers

Regulatory Environment
 Regulatory Environment
Regulatory Issues 
g y
Phase 1
Single, standard National Credit Code 
Principle based requirements (NCCP Bill) operate efficiently, 
honestly, fairly – not prescriptive 
Onerous expectations demanded disciplined review 
Implications
Internal and External Dispute Resolution Process EDR 
General Conduct
Registration from 1 April 2010  Resp Lending
Licensing  from 1 July 2010 
Transition plan in place 
Our products and processes and disclosures meet new 
requirements

Regulatory Environment

Regulatory Issues
Phase 2
Interest rate caps review shift in focus to ‘Market Failure’ 
Close working relationship with government – state and federal 
‐ lobbying ASIC 
‐ treasury working party via NFSF
‐ contribution to white and green papers     
Product and Services Growth Trend

Products and Services Growth Trend

Buys

30,000,000.00

14.84%
25,000,000.00
5.83%
5.22%
3.66%
20,000,000.00

15,000,000.00
25,081,750
0
18,920,871

19,614,076

20,637,850

21,841,514

10,000,000.00

5,000,000.00

0.00
2005 2006 2007 2008 2009
 Products and Services Growth Trend
Pawnbroking Loans
Pawns
90,000,000.00

7.66%
80,000,000.00
10.21%

70,000,000.00 9.74%
1.40%
60,000,000.00

50,000,000.00

78,688,742
40 000 000 00
40,000,000.00

73,090,448
59,599,780

66,321,422
60,435,039

30,000,000.00

20,000,000.00

10,000,000.00

0.00
2005 2006 2007 2008 2009

Products and Services Growth Trend

Sales
Pawn Street Value
120,000,000.00
4.86%
9.11%

8.75%
100,000,000.00
3.50%

80,000,000.00
112,,396,693
107,189,944

60,000,000.00
375
97

90,340,995
87,284,59

98,244,3

40,000,000.00

20,000,000.00

0.00
2005 2006 2007 2008 2009
 Products and Services Growth Trend

Street Value

16,000,000.00
7.34%
10.06%
14,000,000.00
10.26%

12,000,000.00 4.42%

10,000,000.00

043,162
8,000,000.00

258
34

14,014,2

15,0
12,733,43
11,059,972
2

11,548,594

6,000,000.00

4,000,000.00

2,000,000.00

0.00
2005 2006 2007 2008 2009

Products and Services Growth Trend
 Products and Services Growth Trend

Products and Services Growth Trend
 Products and Services Growth Trend 19.5%

£60,000,000
Sales
10.3%
£50,000,000 7.6%
14.0%
12.1%
£40,000,000
13.6%
13.6%
£30,000,000

£20 000 000

£20,000,000

£10,000,000

£0
2002 2003 2004 2005 2006 2007 2008 2009

Products and Services Growth Trend
£18,000,000 21.1%
Buys
£16,000,000
10.8%
£14,000,000
6.5%
17.4%
£12,000,000
15.3%
£10,000,000 14.6%
6.7%
£8,000,000

£6 000 000
£6,000,000

£4,000,000

£2,000,000

£0
2002 2003 2004 2005 2006 2007 2008 2009
 Products and Services Growth Trend
3,500,000 24.9%
BuyBacks – Street  Value
3 000 000
3,000,000
29.2%
2,500,000

2,000,000 13.7%
28.7%
1,500,000 40.0%
0 6%
0.6%
1,000,000

500,000

0
2003 2004 2005 2006 2007 2008 2009

Products and Services Growth Trend
3,000,000 42.9%
Pawns – Street  Value
2 500 000
2,500,000

40.1%
2,000,000

1,500,000 20.1%
19.5%
41.3%
1,000,000
, ,
34 0%
34.0%

500,000

0
2003 2004 2005 2006 2007 2008 2009
 Products and Services Growth Trend
0.2%
10.5%
£100,000,000 Cheque Cashing 20.5%
£90,000,000
, , -17.4%

£80,000,000 25.7%

£70,000,000
27.7%
£60,000,000
19.1%
£50,000,000

£40,000,000
£30,000,000
£20,000,000

£10,000,000
£0
2002 2003 2004 2005 2006 2007 2008 2009

Strategic Plan 
 Strategic Plan 

• Growth strategy in place
• Cash Converters is very well funded to execute its growth strategy
• Growth strategy is focusing on: 
– Opening of new company owned stores in the UK
– Increasing the penetration of financial products in Australia 
– Market development with financial products in UK 
– Acquire available franchised stores
– New franchisee store openings in the UK 
– Creating a Cash Converters online lending business in Australia and the UK
– Developing an acquisition plan and model to acquire the best international 
franchised networks, beginning with Spain 

Strategic Plan
Strategy:
• Continue to open new franchised and company owned stores in both 
Australia and the UK to maintain our competitive advantage
UK – potential store numbers 600 Australia – potential store numbers 200
Current store numbers 150 Current store numbers 139
F
Franchised
hi d stores
t tto open 14 F
Franchised
hi d stores
t 3 per yr x 3 yrs 9
164 Company stores 5 per yr x 3 yrs 15
Franchised stores 20 per yr x 3 yrs 60 163
Company stores 12 per yr x 3 yrs 36
260
 Group Financial Information 

Cash Converters International Limited
Historical Information
Important ratio’s
 Earnings Before Interest & Tax 
35,000,000
31,893,882

30,000,000

24,442,457
25,000,000
22,561,597

20,000,000
16,908,177

15,000,000
, ,

10,000,000

5,904,466 6,311,802
4,674,396
5,000,000 4,002,045
2,800,949 2,665,803
1,871,461

0
2000 2001 2002 2003 2,004 2005 2006 2007 2008 2009 2010AF

2006 – EBIT $6,311,802

• PDA Commissions ‐ $3,213,266
• 15 year licence sales CCUK – Nil 
• 10 year renewals ‐ $234,569
• Cheque cashing ‐ $1,235,787 
• Weekly franchise fees ‐ $7,045,182
• Brand awareness in Australia 97% 
• Safrock $270,948 – loans offered in WA/VIC & SA
 2007 – EBIT $16,908,177 (up 167.8%)

• MON‐E & Safrock acquired October 2006 
• Ten year renewals ‐ $181,273
• Cheque cashing ‐ $1,323,926
• Weekly franchise fees ‐ $7,636,844
Weekly franchise fees 

2008 – EBIT $22,561,597 (up 33.4%)

• MON‐E & Safrock figures consolidated for full 12 months
• Ten year renewals ‐ $162,736
• Cheque cashing ‐ $1,145,638
• Weekly franchise fees ‐ $7,598,199
• 6L d
6 Leeds stores acquired July 2007
i d J l 2007
• 8 Victorian stores acquired October 2007
 2009 – EBIT $24,442,457 (up 8.3%)
• Safrock loan book June 2009 
Safrock loan book June 2009 ‐ $21.5 million
• Seven stores acquired in UK
• Eight stores acquired in AUS
• Total corporate stores UK – 20
• Total corporate stores AUS – 17
• Weekly franchise fees ‐ $7,650,729
• Safrock EBIT $9.8 mill ‐ MON‐E EBIT $7.5 mill

2010 – EBIT $31,893,882 (up 30.4%)
• Safrock loan book March 2010 ‐ $36.5 million
• Total corporate stores UK – 28
• Total corporate stores AUS – 25
• Financial services launched in the UK
• Safrock  EBIT $15.7 million
• MON‐E  EBIT $8.7 million
 EBIT by Segment
35,000,000
31,893,882

30,000,000

25,003,104
25,000,000 22,561,597

18,904,571
20,000,000

15,000,000
2008
9,114,850 2009
10,000,000
7,184,419 6,664,222
2010

5,000,000
1,607,919

-5,000,000

-7,065,743 -6,957,863
-10,000,000
Franchising Financial Services Corporate Stores Head Office costs (Aus Total
& UK)

Franchise Fees

12,000,000 10,630,878

10,000,000

8,000,000 6,719,425 6,833,854

6,821,123 7,636,844
6,580,896 6,660,497 7,045,182 7,598,199 7,650,729
6,000,000

Initial fees
4,000,000
3651743 Weekly fees

2,000,000 2 333 508

1,437,206 1,470,757 2,333,508
728,763
1510275
0
812529
797959
2000 707375
2001
2002 606348
2003
2004
2005
2006
2007
2008
2009
 Important Ratio’s
Debt/Equity Net Interest Cover
• 2002 74 4%
74.4% • 2002 10
1.0
• 2003 63.5% • 2003 3.1
• 2004 30.9% • 2004 8.7
• 2005 12.4% • 2005 15.4
• 2006 10.5% • 2006 26.2
• 2007 2.3% • 2007 58.7
• 2008 16.5% • 2008 15.8
• 2009 20.5% • 2009 14.2
• 2010 8.0% • 2010 21.1
Most companies below 60% Most companies above 5 times

Borrowings
18,000,000

16,920,346
16 000 000
16,000,000

14,000,000

12,000,000 12,228,746
12,229,000

10,000,000

8,000,000

5,976,030
6 000 000
6,000,000

3,950,699
4,000,000 3,727,626

2,000,000 1,804,509
1,880,562
1,579,165
0
2002 2003
2004 2005 2006 2007 2008 2009
2010AF
 Interest cost
1,200,000

1,000,000

800,000

600,000

400,000

200,000

0
2002
2003
2004
2005
2006
2007
2008
2009
2010AF

Important Ratio’s (continued)
Return on Assets Free Cash Flow/Equity
/ q y
• 2002 6.9% • 2002 8.0%
• 2003 11.6% • 2003 33.1%
• 2004 20.0% • 2004 38.9%
• 2005 15.4% • 2005 11.7%
• 2006 17.6% • 2006 23.4%
• 2007 14 7%
14.7% • 2007 20 0%
20.0%
• 2008 16.3% • 2008 24.1%
• 2009 15.1% • 2009 20.4%
• 2010 12.0% • 2010 12.0%
Most companies above 9% Most companies above 10%
 Operating Cash Flow
20,000,000
18,620,714

18,000,000

15,699,925
16,000,000 15,299,135
14,488,813

14,000,000

12,000,000

10,000,000

8,000,000

6,000,000
4,771,192 4,784,357

4,000,000
2,252,431 2,328,566

2,000,000 994,582

0
2002 2003 2004 2005 2006 2007 2008 2009 2010AF

What we have acquired
• MON‐E Sept 2006 $17,508,600
• Safrock Sept 2006 $18,433,214
• 6 stores UK July 2007 $  4,113,580
• 7 stores Victoria Oct 2007 $11,994,458
• 15 stores UK & Aus  2008/2009 $11,980,447
• 4 stores UK & Aus 2nd half 2009 $  3,572,197
• Quickdraw March 2010 $  5,750,000
• 6 Stores Aus May 2010 $  3,309,716
• Investment GLA April/May 201 $  1,250,000
Total Investment $77,912,212
 Money Raised
• YE June 2007 
YE June 2007 Shares Issued
Shares Issued $18,310,500
$18 310 500
• YE June 2008 Borrowings $12,425,837
• YE June 2009 Borrowings $  7,349,143
• YE June 2010 Shares Issued $59,109,000

Total shares issued and borrowings $97,194,480

Safrock Loan Book Details

140,000,000 

120,000,000  126,101,787 

103,688,358 
100,000,000 

80,000,000 
65,438,673 
60,000,000 
44,368,937 
28,546,127 
40,000,000  14,519,340 
2,287,715 
12,998,626
12,998,626 
20,000,000  14,188,420 
13,804,714  31,896,883
15,474,278  21,522,390  36,520,187
‐

200707
200712
200806
200812
200906
200912
201003

Loan book Cum principal
 Net Cumulative Bad Debt % to Cumulative Principal Advanced
8.00%

7.00%

6.00%

5.00%

4.00%
7.79%
6.12% 6.85%
7.42%
3.00%
6.85%

2.00% 6.07%
6.11%

1.00%

0.00%
200707
200712
200806
200812
200906
200912
201003

Safrock Cumulative Principal Advanced

126,101,787 

103,688,358 

65,438,673 

44 368 937
44,368,937 

28,546,127 
14,519,340 
2,287,715 

200707
200712
200806
200812
200906
200912
201003
 MON‐E Principal Collected

160,000,000

140,000,000 158,796,802
146,805,580
120,000,000
120,485,173 121,280,754
100,000,000 110,712,293

80,000,000

60,000,000 63,496,993

40,000,000
11,473,801 27,269,944
20 000 000
20,000,000 13 244 185
13,244,185

2002
2003
2004
2005
2006
2007
2008
2009
2010AF

MON‐E EBIT
12,000,000

10,000,000
10,030,982
8,000,000
9,291,052
7,213,377 8,171,337
6,000,000

4,000,000

3,213,266
2 000 000
2,000,000
244,804 1,755,754
399,775 798,808
0

2002
2003
2004
2005
2006
2007
2008
2009
2010AF
Cash Converters International Limited
31.12.09 31.3.10 %
        $            $         $            $ INC/(Dec)
Cash in the business 57,888,519 44,229,066 ‐23.6
Personal loans: UK 256,974 588,182 128.9
AUS 31,897,034 36,520,394 14.5
Total Personal loans 32,154,008 37,108,576 15.4
Pawn‐broking loans: UK 1,361,200 1,297,033 ‐4.7
AUS 2,003,620 2,217,697 10.7
Total pawn‐broking loans 3,364,820 3,514,730 4.5
Cash advance loans: UK 534,892 464,498 ‐13.2
AUS 1,693,717 1,943,895 14.8
Total cash advance loans 2,228,609 2,408,393 8.1
CCFCL loans to franchisees 2,378,043 2,397,517 0.8
Total debt due from loans 40,125,480 45,429,216 13.2
Loan provision ‐3,126,882 ‐4,120,127 31.8
Net loan debtors 36,998,598 41,309,089 11.7
Trade & other debtors: UK 2,453,711 2,016,876 ‐17.8
AUS 4,406,446 5,495,083 24.7
Total trade & other debtors 6,860,157 7,511,958 9.5
Inventories/Buybacks: UK 3,260,524 3,853,796 18.2
AUS 3,843,048 4,202,465 9.4
Total inventories 7,103,572 8,056,262 13.4
Fixed Assets: UK 2,284,704 2,411,664 5.6
AUS 3,095,339 3,108,058 0.4
Total fixed assets   5,380,043   5,519,721 2.6
Other assets 65,918,712 71,018,408 7.7

Total group assets 180,149,601 177,644,504 ‐1.4

Corporate Store Numbers
160 160

140 138

120
116

100
94

80 88
72
Australia
76
60 UK
53 64
72 Total
37 52 62
40
40 52
22
28 42
20 1 2 6 20 32
3 13
1 2 25
3 6 17
9
0
2004 2005 2006 Total
2007
2008 UK
2009
2010F
2011F Australia
2012F
2013F
2014F
What Safrock earns from the Australian 
corporate store network
corporate store network
Safrock
For every dollar of Safrock commission received by an 
Australian corporate store Safrock will convert this by a 
factor of 2.3 times to net profit before tax.
Total Safrock commission received by the Australian 
corporate store network in 2009/2010 of $1,386,274 
delivered $3,188,430 net profit to Safrock.  

What MON‐E earns from the Australian 
corporate store network
corporate store network
MON‐E
For every dollar of monthly fees (35%) received by the 
Australian corporate stores MON‐E will earn 22% in net 
profit before tax
profit before tax.
Total monthly fees  (35%) received by the corporate store 
network in 2009/2010 of $8,621,921 delivered $1,900,260 
in net profit before tax to MON‐E.
 2010 – EBIT Split
17%
19%

Franchising
Financial Services
Corporate Stores

64%

2015 – EBIT Split
4%

27%

Franchising
Financial Services
Corporate Stores

69%