Monthly Market Report January 2011: Glennon Capital

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MARKET REVIEW JANUARY 2011 Michael Glennon Portfolio Manager

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CONTACT DETAILS Glennon CapitalLevel 11, 131 Macquarie StreetSydney NSW 2000 AUSTRALIA http://www.glennon.com.au/ Postal Address:PO Box R281Royal Exchange NSW 1225 +61 2 8022 8306 info@glennon.com.au 3

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4 DISCLAIMER The information provided in this presentation has been prepared by Glennon Capital (ABN 84 137 219 866, AFSL 338567). The information herein is provided for information purposes and should not be construed as an offer for sale. Whilst Glennon Capital has taken all reasonable care in producing this information, subsequent changes in circumstances may occur at any time and may impact on the accuracy of the information. Glennon Capital Pty Ltd believes that any information herein is accurate and reliable, but no warranties of accuracy, reliability or completeness are given (except insofar as liability under any statute cannot be excluded). No responsibility for any errors or omissions or any negligence is accepted by Glennon Capital Pty Ltd, its related bodies corporate or any of their respective directors, employees or agents. This presentation has been prepared without taking into account the investment objectives, financial situation or needs of any particular investor. This presentation should not be relied on as the sole basis for investment in a portfolio managed by Glennon Capital. Further information including offer documentation can be provided on request.

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