2 January 2014
Jill Hewitt
Senior Adviser, Listings Compliance (Perth) ASX Compliance Pty Ltd
Level 8 Exchange Plaza
2 The Esplanade
Perth WA 6000

By Email: jill.hewitt@asx.com.au Panorama Synergy Ltd

ACN 060 369 048

Dear Jill,

Response to ASX Price Query

We refer to the ASX price query dated 2 January 2014 and respond to each of the questions as follows:
1. No.
2. (a) Not applicable. (b) Not applicable. (c) Not applicable.
3. No.
4. We confirm that the Company is in compliance with the Listing Rules and, in particular
Listing Rule 3.1. Yours faithfully,

Anthony Karam Company Secretary



2 January 2014
Mr Anthony Karam Company Secretary Panorama Synergy Limited
By Email: akaram@absconsulting.com.au
Dear Anthony

ASX Compliance Pty Limited

ABN 26 087 780 489

Level 8 Exchange Plaza

2 The Esplanade

Perth WA 6000

GPO Box D187

PERTH WA 6840

Telephone 61 8 9224 0000

Facsimile 61 8 9221 2020 www.asx.com.au

Panorama Synergy Limited (the "Company") - ASX price query

We have noted a change in the price of the Company's securities from a closing price of 9.4 cents on 30
December 2013, to an intra-day high of 16 cents. We have also noted an increase in the volume of trading in
Company's securities over this period.
In light of the price and volume change, ASX asks you to respond separately to each of the following questions:
1. Is the Company aware of any information concerning it that has not been announced to the market which, if known by some in the market, could explain the recent trading in its securities?
2. If the answer to question 1 is "yes":
a) Is the Company relying on Listing Rule 3.1A not to announce that information under Listing
Rule 3.1?
Please note that the recent trading in the Company's securities would suggest to ASX that such information may have ceased to be confidential and therefore the Company may no longer be able to rely on Listing Rule 3.1A. Accordingly, if the answer to this question is "yes", you need to contact us immediately to discuss the situation.
b) Can an announcement be made immediately?
Please note, if the answer to this question is "no", you need to contact us immediately to discuss requesting a trading halt (see below).
c) If an announcement cannot be made immediately, why not and when is it expected that an announcemant will be made?
3. If the answer to question 1 is "no", is there any other explanation that the Company may have for the recent trading in its securities?
4. Please confirm that the Company is in compliance with the Listing Rules and, in particular, Listing
Rule 3.1.

When and where to send your response

This request is made under, and in accordance with, Listing Rule 18.7. Your response is required as soon as reasonably possible and, in any event, by no later than 10:30am (WST) on Thursday, 2 January 2014. If we do not have your response by then, ASX will have no choice but to consider suspending trading in the Company's securities under Listing Rule 17.3.

Page 1 of 2

You should note that if the information requested by this letter is information required to be given to ASX under Listing Rule 3.1 and it does not fall within the exceptions mentioned in Listing Rule 3.1A, the Company's obligation is to disclose the information "immediately". This may require the information to be disclosed before the deadline set out in the previous paragraph.
ASX reserves the right to release a copy of this letter and your response on the ASX Market Announcements Platform under Listing Rule 18.7A. Accordingly, your response should be in a form suitable for release to the market.
Your response should be sent to me by e-mail at jill.hewitt@asx.com.auor by facsimile to 08 9221 2020. It should notbe sent directly to the ASX Market Announcements Office. This is to allow me to review your response to confirm that it is in a form appropriate for release to the market, before it is published on the ASX Market Announcements Platform.

Listing Rule 3.1

Listing Rule 3.1 requires a listed entity to give ASX immediately any information concerning it that a reasonable person would expect to have a material effect on the price or value of the entity's securities. Exceptions to this requirement are set out in Listing Rule 3.1A.
The obligation of the Company to disclose information under Listing Rules 3.1 and 3.1A is not confined to, nor is it necessarily satisfied by, answering the questions set out in this letter.
In responding to this letter, you should have regard to the Company's obligations under Listing Rules 3.1 and
3.1A and also to Guidance Note 8 Continuous Disclosure: Listing Rules 3.1 - 3.1B.

Trading halt

If you are unable to respond to this letter by the time specified above, or if the answer to question 1 is "yes" and an announcement cannot be made immediately, you should discuss with us whether it is appropriate to request a trading halt in the Company's securities under Listing Rule 17.1.
If you wish a trading halt, you must tell us: