BBY Limited
ABN 80 006 707 777 Participant of Australian Stock Exchange Group and regulated by the Financial Services Authority (FSA) in the UK

Melbourne Sydney London Internet
Tel: 61 3) 9226 0000 Tel: 61 2) 9226 0000 Tel: 44 0) 207 029 8596 http://www.bby.com.au/
Fax: 61 3) 9226 0244 Fax: 61 2) 9226 0066 Fax: 44 0) 207 898 7403

This report may contain general advice or recommendations which, while believed to be accurate at the time of publication, are not appropriate for all persons or accounts.

Before making an investment or trading decision, the recipient must consider market developments subsequent to the date of this document, and whether the advice is appropriate in light of his or her financial circumstances or seek further advice on its appropriateness or should form his/her own independent view given the person’s investment objectives, financial situation and particular needs regarding any securities or Financial Products mentioned herein.

Although every attempt has been made to verify the accuracy of the information contained in the document, liability for any errors or omissions (except any statutory liability which cannot be excluded) is specifically excluded by BBY, its associates, officers, directors, employees and agents. A full international disclaimer is contained on the final page of this report.

Linc Energy Limited
GTL Demo Plant Remains on Track and JORC Resource Released
LNC A$0.64
BUY
19 February 2008 26 May 2000 Jeremy Tobias
(02)9226 0086
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Linc Energy Limited (LNC) has provided an update on the progress of its Gas-to-Liquids (GTL) Demonstration plant located in Chinchilla, QLD and also released a JORC Compliant resource statement. Importantly, LNC’s GTL demonstration plant remains on track for early commissioning to commence by 28 February 2008. We maintain our BUY on LNC with a 12 month price target of A$1.25/sh and a DCF valuation of A$1.49/sh.

Key Highlights