HUNTER HALL GLOBAL VALUE LIMITED ABN 107 462 966

Level 2, 60 Castlereagh Street, Sydney NSW 2000 GPO Box 4006, Sydney NSW 2001 Australia

Telephone: + 61 2 8224 0300 Facsimile: +61 2 8224 0333 Website: www.hunterhall.com.au Email: invest@hunterhall.com.au

22 November 2012 ASX Company Announcements Office Australian Securities Exchange Limited 20 Bridge Street Sydney NSW 2000

HUNTER HALL GLOBAL VALUE LIMITED

2012 Annual General Meeting Chairman’s Address and Presentation

Please find attached a copy of an address by Peter Hall, Chairman, for the 2012 AGM held today, followed by a presentation by James McDonald, Deputy Chief Investment Officer of Hunter Hall Investment Management Limited, the investment manager of the Company. Also attached is a speech delivered by Non-executive Director Adam Blackman. Yours sincerely,

Jeremy Freeman Company Secretary Hunter Hall Global Value Limited

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HUNTER HALL GLOBAL VALUE LIMITED 2012 ANNUAL GENERAL MEETING

THURSDAY 22nd NOVEMBER AT 4.00pm Good afternoon everyone and thank you for joining us here today for the Ninth Annual General Meeting of Hunter Hall Global Value Limited. Now would be a good time, if you haven’t already, to silence your mobile telephone. Before we begin the meeting of the Company, I would like to introduce the people sitting at this table. I am Peter Hall, Chairman. To my left is the Secretary of the Company, Jeremy Freeman. To his left is Adam Blackman a non-Executive Director of the Company. To my right is Alex Koroknay and to his right is Julian Constable, both are non-Executive Directors of the Company. To their right is James McDonald, Deputy Chief Investment Officer of the Company’s investment manager Hunter Hall Investment Management Ltd. I have asked other members of the investment team of Hunter Hall Investment Management Limited to be seated in the front row. They are happy to greet you once the formal business of the meeting has concluded. Also present are Matt Adam-Smith and Angela White from the Company’s auditors, Grant Thornton and Andrew Lind from Gadens Lawyers, the Company solicitor. I would like to call the ninth Annual General Meeting of Hunter Hall Global Value Limited to order and ask the Secretary to declare whether proper notice has been given to all members and whether we have a quorum for this meeting.

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JF: Yes proper notice has been given and we have a quorum present for this meeting. Before proceeding with the formal business of the meeting, I would like to present my report to the company for the year to 30 June 2012, update you on recent events and address the question of conflict of interest. Financial Results In the 12 months to 30 June 2012 the Company reported a net loss after tax of $16.9m down from a net after tax gain of $11.4m in the previous year. In addition the company wrote off deferred tax assets of $26.7m for a total net loss of $43.6m. The results include investment losses before tax of $24.9m, while in the year to 30 June 2011 investment gains before tax were $15.2m. As the Company reported a net loss for the 2012 financial year, no dividend was paid, as was the case last year. At 30 June 2012 the Company’s franking credit balance was $1.2m or approximately 1 cent per share. Total fully franked dividends paid by the Company since listing in March 2004 remains at 25.3 cents per share. Following a review of the recoverability of the company’s deferred tax asset the Board has considered it prudent to write-off the deferred tax assets from the balance sheet effective 30 June 2012. This decision does not impact the ability of the company to carry forward the full amount of the tax losses for tax purposes. Investment Performance HHV’s pre-tax Net Asset Value (“NAV”) per share fell 9.3% over the 12 months to 30 June 2012 as compared with the 0.8% fall recorded by its benchmark the MSCI World Total Return Index in A$. Between inception and 30 June 2012, including reinvestment of dividends and the benefit of the share buyback, but adjusting for the exercise of options up to 30 April 2007, HHV’s NAV per share has increased 2.4% per annum as compared with MSCI which has risen by 0.3%, an outperformance of 2.1% per annum.

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This result falls short of our relative performance objective and is well below our absolute performance objective. After-tax Net Assets at 30 June 2012 were $196.8m or $0.8303, compared to $256.1m (or $0.9892 per share), inclusive of a $19m net deferred tax asset, last year. Share Buy Back We have been ongoing buyers of HHV shares and in the 12 months to 30 June 2012, the Company bought back and cancelled 21.9m shares. The average price for the buyback was 72 cents per share for a total consideration of $15.7m. In the four months since 30 June 2012 the Company has bought back and cancelled a further 13.5m shares at an average price of 72.0 cents per share. Between listing and 30 June 2012, the Company has bought back and cancelled 181.4m shares at an average price of $0.77 per share. Update As at 31 October 2012 the Post-tax NAV was $0.9228 per share ($206.2m). In the four months to 31 October the NAV per share increased by 11.0%. The benchmark MSCI World Total Return Index in Australian Dollars increased 4.8% over the four month period. The HHV portfolio outperformed its benchmark by 6.2%. At 31 October 2012, the HHV portfolio compound annual return since inception was 3.6% compared to the benchmark return of 0.9%, an outperformance of 2.7% per annum - an improvement on the financial year end result. We continue to seek to improve absolute returns by investing in undervalued securities, paying out all franking credits and aggressively buying back our shares when they trade at prices well below their post-tax hard asset backing. Conflict of Interest

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As most shareholders are aware my role as Chairman of Hunter Hall Global Valued Limited is potentially in conflict with the interests of the company’s Investment Manager Hunter Hall Investment Management Limited, which is a subsidiary of Hunter Hall International Limited, of which I am Chairman. This potential conflict is managed primarily by absenting myself from any Hunter Hall Global Value Limited Board deliberations on the commercial and contractual interests with Hunter Hall Investment Management Limited that have taken place during the year. In addition, this year the Board has asked Adam Blackman to report on behalf of the Board on matters of capital management and company strategy, with particular focus on questions that have been raised by shareholders and the deliberations of the company’s non-Executive directors.

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[Slide: Adam Blackman, Non-executive Director] Adam Blackman, non-executive Director Thank you Peter and I welcome the opportunity to address shareholders about the Board’s deliberations in what has been another difficult year for LICs, particularly those investing in global equities. We have received a large number of questions and comments in response to the question form which was included in the Notice of AGM mail out this year. We are grateful for the response and will be replying by post to each shareholder in coming weeks. The questions helped us to identify the subject of the common and recurring questions. The Board has asked me to speak in response to the issues raised, speaking particularly from the perspective of an independent director. I intend to address five specific issues:

1) The Performance of the Investment Manager 2) The Suggestion that the Company should be Wound-up 3) The Company’s Dividend policy 4) The persistent discount to net asset backing 5) The Company’s Ongoing Buy-back policy

[Slide: Objective]

Objective of the Company Before I attend to those issues I would like to return to the genesis of the Company in its Initial Public Offering on 19 March 2004. The IPO document included the following statement of the objective of the Company: “The objective of Hunter Hall Global Value Limited is to achieve long term growth in after-tax per share value through the management of a relatively concentrated and ethically screened portfolio of undervalued international and Australian equities. Growth in per share value will be complemented by tax-effective capital management. Depending on conditions and subject to the Corporations Law, ASX Listing Rules and the Australian taxation system, this is likely to include an ongoing share buy-back programme, a dividend reinvestment plan and the distribution of 100% of franking credits each year through the payment of fully franked dividends.” “Hunter Hall Global Value Limited offers you the opportunity to invest in a listed investment company managed by an investment house with a superb short, medium and long term track record of wealth creation.” With this objective in mind the Board makes the following two observations in relation to the Company’s operation today:

1) That HHGVL exists to provide investors with listed access to the investment management capability of Hunter Hall Investment Management Limited, and particularly that of Peter Hall; and,

2) That the policies outlined in the IPO document are still the policies in place at present

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Poor Performance and Lack of Outlook The Board shares the view of many shareholders that the performance of the Company has been disappointing over recent years, and has not matched the expectation set at the time of listing.

[Slide: Sources of Return] When we consider the sources of shareholder return we can analyse the relative contribution of the following three factors to the return. The three factors are:

(i) Global equity market performance (ii) Investment manager performance (iii) Development of a discount to nta

Our analysis indicates that the main adverse contributor to returns has been the global equity market performance. A simple presentation of the returns is as follows:

[Slide: Sources of Return – Market versus MSCI] Shareholders entering at the IPO paid $1.00 on 19 March 2004 and now have a share valued at $0.775. Over that period they have received dividends totalling $0.253. In sum, they are marginally up on their investment, with a total of $1.028. If they had invested $1.00 in the MSCI World in A$ on the same date they would now have $1.075. The same analysis for shareholders who contributed capital through the exercise of options on 30 April 2007 shows that they have received dividends totalling $0.14. In sum, they are down 9% on their investment, with a total of $0.915. However, if they had invested $1.00 in the MSCI World in A$ on the same date they would now have $0.747. In each case the simple shareholder return was not greatly different to the return that shareholders would have received, had they invested $1.00 in the global equities index on either of those dates.

[Slide: Sources of Return – NTA versus MSCI] If the same analysis is done with shares valued at NAV, as is shown on the screen, we see that the simple return to shareholders, including dividends received over the relevant periods, at 31 October 2012, is $1.176 since 19 March 2004 and $1.063 since 30 September 2007. In each case these figures exceed the value that would have been obtained had one Australian Dollar been invested in the MSCI World index. We draw the implication that the main driver of the disappointing performance of Hunter Hall Global Valued Limited shares has been its investment class, predominantly international equities measured in Australian Dollars. Additionally, we see that the discount to nta is also a significant contributor to poor shareholder returns. If the shares traded at nta, shareholders would be more clearly in the black, including dividends.

[Slide: Adam Blackman, Non-executive Director]

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The conclusion from this analysis is that while the Manager has marginally outperformed over the period since inception, the major contributors to poor returns for shareholders are in fact poor returns on World equity markets in Australian Dollar terms and the development of the discount to nta. Wind-up Proposal Being in this position of poor shareholder returns, what should the Company do now? At the instigation of shareholders the Board has this year investigated the implications of a wind-up. The obstacle to a wind-up has historically been the Company’s contractual commitment to pay the investment manager the management fee derived from funds under management over the remainder of the contract. The Board sought legal advice on the question of whether the Company could be liable to pay compensation to the Investment Manager for breach of contract, in the event of a wind-up. The advice received was that compensation would likely be payable. We are concerned that the amount of compensation could be very substantial. In addition, in a wind up shareholders would lose the tax losses that the company has accumulated amounting to approximately 10 cents a share. Offsetting this, some shareholders may be able to claim a tax loss on their investment in the company. However, there is another reason not to wind-up the Company. That is that the Company continues to offer listed exposure to international equities through the investment management service of Hunter Hall. The Board looks forward optimistically to the time when Hunter Hall’s value-bias and focus on the small-to-mid capitalisation segment delivers pleasing returns to investors. Hunter Hall has a long term contract to manage the portfolio and it continues to be a recommended manager of global equities by 3 independent research houses, Lonsec, Zenith and Morningstar. The Board believes that the poor performance of international equity markets over the last eight years is not a good reason to wind-up the Company.

[Slide: Dividend Policy and Outlook] Dividend Policy and Outlook Some shareholders have expressed the desire for a regular income stream from the Company in the form of dividends and note with distress the lack of a dividend since September 2010. The Company’s dividend policy was articulated in the IPO disclosure document. It is to pay “approximately 100% of available franking credits each year to Shareholders by the payment of fully franked cash dividends, subject to the continuation of the current franking arrangements within the Australian taxation system.”

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This policy is in line with the stated objective of the Company which included the statement that “Growth in per share value will be complemented by tax-effective capital management.” The dividend policy exhibits the imperative that capital management strategies would be tax-effective. As such, the payment of dividends by the Company is determined by its rate of franking credit generation. Franking credits accrue to the Company through two avenues:

1) Through the receipt of franked dividends 2) As the company pays company tax to the ATO

Of these, the company continues to receive franked dividends. However, as a result of the company’s substantial accumulated tax losses the company is not currently paying tax to the ATO. As a result of changes to the Corporations Act in 2010 where the test for a company’s ability to pay dividends was changed from a” Profits test” to a “solvency test”, there has been uncertainty as to whether the ATO would allow companies to frank dividends where the company has accumulated losses on the balance sheet. This uncertainty has been somewhat mitigated by the release of TR 2012/5 in June of this year which allows franking credits to attach to dividend payments sourced out of current year profits where certain conditions are met. As at 16 November 2012 the company’s Franking Credit balance was $1.596 million dollars which would allow the payment of a fully franked dividend of 1.68 cents per share. The Board will consider the Company’s position over the coming months, including its likelihood of making a profit in the current financial year, and with professional advice in relation to the application of the tax ruling, determine whether a franked dividend can be paid. The Discount to nta As with many other Listed Investment Companies Hunter Hall Global Value Limited trades at a discount to its net asset backing per share. At 31 October 2012 this discount was 15%. Whilst representing a loss to long-term shareholders, this discount, in and of itself, does not prevent the company from achieving its objective. Rather, the discount may constitute an opportunity to current and acquiring shareholders.

[Slide: Industry Discount to NTA chart] Discounts are common amongst Listed Investment Companies. A survey of such Companies listed on the ASX shows that:

1) Some LIC’s trade at a premium to net asset backing. HHGVL has done this for some of its history.

2) Some LIC’s trade at a much greater discount to net asset backing than HHGVL. 3) The HHGVL discount is roughly in the middle relative to its international equity peers; and, 4) The discount changes over time. According to ASX data, over the period since 30 June 2011

the Platinum Capital discount has widened from 2% to 9% while the Magellan Flagship Fund discount has closed from 11% to 4% at 31 October 2012.

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Industry experts we have consulted note that the cause of this discount is most probably a function of market supply and demand. Whilst the Board does not regard closure of the discount as a key objective or responsibility, it expects that greater demand for the stock would be encouraged by improved investment performance.

[Slide: Adam Blackman, Non-executive Director] Share Buy-Back In accordance with the Company’s stated objective, the Board has pursued a Share Buy-back with great vigour. The purpose of the Share Buy-back is not to close the discount, as many shareholders believe. Rather the Share Buy-back delivers a risk-free increase in per-share value to remaining shareholders whilst a side-effect is that it provides liquidity to investors who wish to exit. From the Company’s perspective the Buyback means that the Company buys approximately $1.00 of assets for 85 cents. The Board acknowledges that the down-side to pursuing the buy-back is that the reduction in size of the company means costs are spread across fewer shareholders. Some shareholders are concerned that the trajectory and rate of the Buy-back implies that the Company will inevitably be wound up. We believe this is short-sighted and retain the hope that the discount will ultimately close, and the Buy-back will become dormant again. The Board expects that this will come about in the context of less volatile markets and when value-investing and small-caps shares return to favour. However, the Board believes that at the present time the benefits of the Buy-back to both exiting and remaining shareholders, and the value of acting in accordance with the stated objective of the Company, outweigh any down-side. Conclusion and Outlook While the Board would be a lot happier if investment performance improved, the Board is satisfied that the Company is doing what it set out to do. We retain the hope that Australian investors will do better out of international equities than they have over the last eight years and remain confident that Hunter Hall Investment Management’s value and small-cap bias will deliver solid investment returns in due course. Recent performance is encouraging and on the most recent performance data the company is up about 11% in the first four months of this year, 6.2% ahead of the benchmark.

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Hunter Hall Global Value Limited (HHV)

James McDonald Deputy Chief Investment Officer

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Economic Outlook – US improving

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China

Source: Stifel 3

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Japan

Source: www.economicshelp.org/dictionary/d/dependency-ratio.html = children and pensioners/ working age www.nationmaster.com/graph/tax_tot_tax_as_of_gdp-taxation-total-as-of-gdp 4

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Europe

Source: Stifel 5

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Positioning

• High exposure to cash (16%) and gold (5%). Using pull back to add stocks

• Overweight Healthcare (21%) and Telecom (11%)

• Underweight Financials (4%), Energy (3%) and Consumer (9%)

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Portfolio at 31 October 2012

Hunter Hall Global Value Ltd (HHV)

Top 12 Holdings Main Business Country %Sirtex Medical liver cancer treatments Australia 14.9Gold Bullion gold n/a 4.9M2 Telecommunications telecommunications Australia 4.5Danieli machinery manufacturer Italy 3.8Afren oil and gas exploration UK 2.6Oracle software USA 2.3Comcast communication services USA 2.2Expedia online travel services USA 2.1Samchully energy distributor Korea 2.0Interdigital wireless technologies USA 1.9Lexmark printing and imaging solutions USA 1.7Bank of New York Mellon financial services USA 1.6Other/Cash 55.5

Global Value Limited holds 80 stocks in total

Positioning

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Country Allocation at 31 October 2012

Australia 30.9

New Zealand

0.5 Japan 3.9 Korea

3.6 UK 5.9

Italy 4.1

Other Europe

5.5

USA 16.6

Canada 0.8

Cash 20.5

Gold 4.9

Other Asia 1.7

Positioning Regional

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Performance quoted excludes the impact of tax and the exercise of options and assumes dividends have been reinvested.

¹MSCI (AUD)’ refers to the MSCI World Total Return Index, Net Dividends Reinvested in Australian Dollars. 2Inception: 19 March 2004 *The performance figures indicate the achievement of the investment manager in managing the GVL portfolio, not the returns to shareholders as measured by movements in the HHV share price, which is dependent on market sentiment towards the HHV shares. Source: Hunter Hall, Bloomberg. Returns beyond 1 Year are Compound Annual Returns.

31 October 2012 HHV PRE-TAX MSCI (AUD)¹ Relative Returns MSCI¹

3 months 12.5% 6.2% 6.3%

1 year 8.8% 12.0% -3.2%

3 years 1.4% 3.0% -1.6%

5 years -4.5% -5.0% 0.5%

7 years 1.7% -1.3% 3.0%

Since inception 2 - compound annual 3.6% 0.9% 2.7%

Performance Update

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What is behind our recent returns?

Positives

Healthcare Sirtex, Toho, BTG

IT&Telco Interdigital, Comcast, Seagate, M2

Financials Centro, Customers, Bank of NY Mellon

Negatives

Stock specific

PMP, Woongjin Thinkbig, Shree Ganesh Jewellery

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Sirtex (Australia)

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Source: Sirtex

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Sirtex - Growth

• $60m invested in large scale clinical trials c 2000 patients

• 400 patient SIRFLOX trial likely to report late 2014/ early 2015

• Tripling US manufacturing capacity over the next 18 months for $4m

• Just announced that it will be building a manufacturing plant in Frankfurt for $4.5m

• Takes manufacturing capacity towards 40,000 doses = $500m + revenues

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Sirtex - Valuation

2012 = 1% penetration

5% penetration

10% penetration

Revenues $83m $415m $830m

Gross margin $67m (=81%) $344m (83%) $705m

Marketing ($28m) ($40m) ($80m)

R & D & Trials ($11m) ($15m) ($30m)

Fixed Costs ($8.5m) ($15m) ($30m)

EBITDA $20m $275m $565m

Share Price $10 $20 - $30 $107

EV/EBITDA 26x 4.8x – 6.9x 10x 13 Source: Bloomberg, Sirtex, Hunter Hall

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Summary

• Near term risks in the US but improving economic outlook in both US and China

• Japan and Europe remain weak

• Strong cash position. Buying on weakness.

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Adam Blackman Non-Executive Director

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“The objective of Hunter Hall Global Value Limited is to achieve long term growth in after-tax per share value through the management of a relatively concentrated and ethically screened portfolio of undervalued international and Australian equities. Growth in per share value will be complemented by tax-effective capital management. Depending on conditions and subject to the Corporations Law, ASX Listing Rules and the Australian taxation system, this is likely to include an ongoing share buy-back programme, a dividend reinvestment plan and the distribution of 100% of franking credits each year through the payment of fully franked dividends.”

“Hunter Hall Global Value Limited offers you the opportunity to invest in a listed investment company managed by an investment house with a superb short, medium and long term track record of wealth creation.”

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Objective F

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1. Global equity market performance

2. Investment manager performance

3. Development of a discount to NTA

Sources of Return F

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Since 19 Mar 04 Since 30 Apr 07

Paid $1.00 $1.00

At Market* $0.775 $0.775

Dividend $0.253 $0.14

Total $1.028 $0.915

MSCI World^ $1.075 $0.747

Sources of Return

* Close price on 20th November 2012 ̂“MSCI World” refers to the MSCI World Total Return Index, Net Dividends Reinvested in Australian Dollars

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Since 19 Mar 04 Since 30 Apr 07

Paid $1.00 $1.00

At NAV* $0.923 $0.923

Dividend $0.253 $0.14

Total $1.176 $1.063

MSCI World^ $1.075 $0.747

Sources of Return

*As at 31 October 2012 ̂“MSCI World” refers to the MSCI World Total Return Index, Net Dividends Reinvested in Australian Dollars

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Adam Blackman Non-Executive Director

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“Approximately 100% of available franking credits each year to Shareholders by the payment of fully franked cash dividends, subject to the continuation of the current franking arrangements within the Australian taxation system.”

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Ex-Date Cents per Share 21 Sep 2010 6.0 11 Mar 2008 5.0 27 Sep 2007 3.0 26 Feb 2007 4.0 28 Sep 2006 1.6 03 July 2006 2.7 30 Sep 2005 3.0

Dividend Policy & Outlook F

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Adam Blackman Non-Executive Director

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HHV - 15%

-80

-60

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0 200 400 600 800 1,000

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Market

Millions

Current Premiums and Discounts to NTA

Industry Discount to NTA

Source: Prices from Bloomberg as at 31 October 2012

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Adam Blackman Non-Executive Director

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Important Information

Hunter Hall Global Value Ltd, including its affiliates (“the Firm”), their staff or consultants or any individuals preparing this communication/presentation, may at any time have a position in securities or options of any of the companies mentioned in this communication. An employee or consultant of the Firm may be a director of a company mentioned in this communication.

Although the statements of fact in this communication/presentation have been obtained from and are based upon sources that the Firm believes to be reliable, we do not guarantee their accuracy, and any such information may be incomplete or condensed. All opinions and estimates included in this communication/presentation constitute the Firm’s judgement as of the date of this communication and are subject to change without notice. Investment returns have been calculated in accordance with normal industry practice utilising movements in unit price and assuming reinvestment of all distribution of income and realised profits.

This communication/presentation is for information purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security. This communication/presentation does not take into account the investment objectives, financial situation or particular needs of any particular person. Investors should obtain individual financial advice based on their own particular circumstances before making an investment decision on the basis of the recommendations in this communication/presentation.

© Hunter Hall Global Value Ltd, 2012. All rights reserved. Any unauthorised use, duplication or disclosure is prohibited by law and will result in prosecution.

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