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Historical CPT Global reports since  listing on the Australian Stock Exchange on 8 September 2000:

 

Austock Securities Research – 27 July 2009

In July 2009 , Austock Research Report stated “ We forecast FY’09F NPAT of $2,2m.We expect conditions to remain tough but manageable in Australia.The offshore business is reportedly doing well with all major existing US & UK contracts being renewed. CGO is a well managed nano cap with leverage to the telco (40%) and financial services (33%) sectors. Its services aim to reduce costs for IT departments , which in the current climate is becoming increasingly relevant. CGO’s risk-reward model is based on sharing the cost savings achieved for clients and is self-funding by definition. The attraction in owning CGO , other than up & downside risk of the offshore risk-reward model is dividend yield , 11% on a trailing basis.1H’09 payout ratio was 88%”. For further information, contact Austock; contact details are included in the report.

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Austock Securities Research – 3 March 2009

In March 2009, Austock Research Report stated “CPT Global (CGO) reported a 1H’09 NPAT of $1m.  Excluding a one-off tax charge, adjusted NPAT was $1.3m, flat on pcp.  This result was better than expected.  An interim dividend of 2.5cps (ff) was declared representing a payout ratio of 88% (from 112% in FY’08).  We forecast a full year dividend of 4.9cps.  CGO is a well managed business with leverage to the telco (40%) and financial services (33%) sectors.  Its services aim to reduce costs for IT departments, which in the current climate is becoming increasingly relevant”.  For further information, contact Austock; contact details are included in the report.

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Austock Securities Research – 3 March 2008

In March 2008, Austock Research Report stated “We recommend CGO because it is a well managed business leveraged to the financial services and telco sectors (+75% of business). We are cognisant that micro cap stocks are likely to trade at a discount to the market into 2008. Our revised price target is $1.10/share, 9x’s EBIT and a 7% fully franked dividend. Our DCF valuation is $1.27/share with undemanding assumptions.”  For further information, contact Austock; contact details are included in the report.

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Austock Initiation Research

In August 2007, Austock Research Report stated a Buy rating on CPT Global, “In our view CGO is an undervalued small cap, leveraged to the financial services & telco sectors (+75% of business). Our price target of $1.60/share is 9.5x FY’08F EBIT, a 20% discount to peers.” For further information, contact Austock; contact details are included in the report.

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Clear Focus Research

In May 2003, a report from Clear Focus Research found that “CPT’s share price is low on a fundamental assessment, based on projected 2003 PER of 6.7x… CPT is well placed to deliver, due to the strength and substance of its business.” For further information, contact Clear Focus Research; contact details are included in the report.

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CIBC World Markets Australia Equity Research

In March 2001, a CIBC World Markets Australia Equity Research Report stated that “CIBC is initiating coverage of CPT Global with a buy recommendation and a 12-month price target of $1.30. An EBITDA of 8.0x has been applied, being roughly in line with other comparable Australian IT consulting companies.” For further information, contact CIBC; contact details are included in the report. View Report

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Johnson Taylor Potter

In January 2001, Johnson Taylor Potter (Stockbrokers and Wealth Managers) predicted that “CPT will be recognised as a company with attributes to succeed and earn investor support… CPT is building a strong and sustainable business, which we believe, will deliver on the growth promise.” For further information, contact Johnson Taylor Potter; contact details are included in the report.

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ABOUT CPT GLOBAL

CPT Global is a specialist IT consulting services company with operations in Australia, North and South America, Europe and Asia. Listed on the Australian stock exchange (ASX:CGO), CPT is a market leader in the provision of Capacity planning,
Performance tuning, Testing and Management of IT Consulting Services.

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