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<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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UNITED STATES</font></div>
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&#xA0;SECURITIES AND EXCHANGE COMMISSION</font></div>
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WASHINGTON, D.C. 20549</font></div>
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FORM 20-F</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#x2610;</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
REGISTRATION STATEMENT PURSUANT TO SECTION&#xA0;12(<font style="font-family: Times New Roman">b</font>) OR 12(<font style="font-family: Times New Roman">g</font>) OF THE SECURITIES EXCHANGE
ACT OF 1934</font></div>
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OR</font></div>
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<font style="font-size: 13px">&#x2612;</font></div>
</td>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
ANNUAL REPORT PURSUANT TO SECTION&#xA0;13 OR 15(<font style="font-family: Times New Roman">d</font>) OF THE SECURITIES EXCHANGE
ACT OF 1934</font></div>
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<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
For the fiscal year ended June&#xA0;30, 2019</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
OR</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#x2610;</font></div>
</td>
<td style="vertical-align: top; width: 50%">
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
TRANSITION REPORT PURSUANT TO SECTION&#xA0;13 OR 15(<font style="font-family: Times New Roman">d</font>) OF THE SECURITIES EXCHANGE
ACT OF 1934</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
OR</font></div>
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<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x2610;</font></div>
</td>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
SHELL COMPANY REPORT PURSUANT TO SECTION&#xA0;13 OR 15(<font style="font-family: Times New Roman">d</font>) OF THE SECURITIES EXCHANGE
ACT OF 1934</font></div>
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<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Date of event requiring this shell company report
___________________</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Commission file number: 001-35022</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 32px">
Mission NewEnergy Limited</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">(Exact
name of Registrant as specified in its charter)</font></div>
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<font style="font-family: Times New Roman; font-size: 4px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
N/A</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(Translation
of Registrant&#x2019;s name into English)</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Western Australia, Australia</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(Jurisdiction
of incorporation or organization)</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Unit B9, 431 Roberts Rd,</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Subiaco, Western Australia 6008, Australia</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(Address
of principal executive offices)</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Guy Burnett</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Chief Financial Officer and Company Secretary</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
+61 8 6313 3975; guy@missionnewenergy.com</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Unit B9, 431 Roberts Rd,</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Subiaco, Western Australia 6008, Australia</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(Name,
Telephone, E-mail and/or Facsimile Number and Address of Company
Contact Person)</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Securities
registered or to be registered pursuant to Section&#xA0;12(b) of
the Act:</font></div>
<div>
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<tr>
<td style="vertical-align: bottom; width: 47%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 5%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 48%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 47%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Title of each class</font></div>
</td>
<td style="vertical-align: bottom; width: 5%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 48%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Name of each exchange on which registered</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
None</font></div>
</td>
<td style="vertical-align: bottom; width: 5%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 48%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
None</font></div>
</td>
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</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 4px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Securities
registered or to be registered pursuant to Section 12(g) of the
Act:</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 100%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Ordinary
Shares, no par value</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 100%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(Title
of Class)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-size: 4px">
&#xA0;</font>Securities for which there is a reporting obligation
pursuant to Section 15(d) of the Act:</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 100%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">None</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 100%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(Title
of Class)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 4px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Indicate
the number of outstanding shares of each of the issuer&#x2019;s
classes of capital or common stock as of June&#xA0;30, 2019:
40,870,275 Ordinary Shares</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Indicate
by check mark if the registrant is a well-known seasoned issuer, as
defined in Rule&#xA0;405 of the Securities Act.</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x2610;
Yes&#xA0;&#xA0;&#xA0;&#xA0;&#xA0; <font style="font-size: 13px">&#x2612;</font> No</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">If this
report is an annual or transition report, indicate by check mark if
the registrant is not required to file reports pursuant to
Section&#xA0;13 or 15(d) of the Securities Exchange Act of
1934.</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x2610;
Yes&#xA0;&#xA0;&#xA0;&#xA0;&#xA0; <font style="font-size: 13px">&#x2612;</font> No</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Indicate
by check mark whether the registrant (1)&#xA0;has filed all reports
required to be filed by Section&#xA0;13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12&#xA0;months (or for
such shorter period that the registrant was required to file such
reports), and (2)&#xA0;has been subject to such filing requirements
for the past 90&#xA0;days.</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-size: 13px">
&#x2612;</font> Yes&#xA0;&#xA0;&#xA0;&#xA0;&#xA0; &#x2610;
No</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 4px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Indicate
by check mark whether the registrant has submitted electronically
and posted on its corporate Web site, if any, every Interactive
Data File required to be submitted and posted pursuant to
Rule&#xA0;405 of Regulation&#xA0;S-T (&#xA7;232.405 of this
chapter) during the preceding 12&#xA0;months (or for such shorter
period that the registrant was required to submit and post such
files).</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-size: 13px">
&#x2612;</font> Yes&#xA0;&#xA0;&#xA0;&#xA0;&#xA0; &#x2610;
No</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Indicate
by check mark whether the registrant is a large accelerated filer,
an accelerated filer, or a non-accelerated filer. See definition of
&#x201C;accelerated filer and large accelerated filer&#x201D; in
Rule&#xA0;12b-2 of the Exchange Act. (Check one):</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 20%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x2610;
Large accelerated filer</font></div>
</td>
<td style="vertical-align: bottom; width: 20%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x2610;
Accelerated filer</font></div>
</td>
<td style="vertical-align: bottom; width: 20%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-size: 13px">
&#x2612;</font> Non-accelerated filer</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 20%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 20%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 20%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x2610;
Emerging growth company</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Indicate
by check mark which basis of accounting the registrant has used to
prepare the financial statements included in this
filing:</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">US GAAP
&#x2610;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-size: 13px">
International Financial Reporting Standards as issued by the
International Accounting Standards Board</font>
&#x2612;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Other
&#x2610;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">If
&#x201C;Other&#x201D; has been checked in response to the previous
question, indicate by check mark which financial statement item the
registrant has elected to follow.</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x2610;
Item&#xA0;17 &#xA0;&#xA0;&#xA0;&#xA0;&#xA0; &#x2610;
Item&#xA0;18</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">If this
is an annual report, indicate by check mark whether the registrant
is a shell company (as defined in Rule&#xA0;12b-2 of the Exchange
Act).</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-size: 13px">
&#x2612;</font> Yes&#xA0;&#xA0;&#xA0;&#xA0;&#xA0; &#x2610;
No</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 1px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
TABLE OF CONTENTS</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Page</font></div>
&#xA0;
<font style="font-family: Times New Roman; font-size: 13px;"><br>
</font>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;text-align: left; padding-top: 0px; padding-bottom: 0px; margin-left: 0px; margin-right: auto; width: 100%;">
<tr style="background-color: #cceeff">
<td rowspan="1" style="width: 40%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><br>
<br></font></div>
</td>
<td rowspan="1" style="width: 10%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #ff0000">&#xA0;<font style="color: #000000"><font style="font-size: 13px; font-family: Times New Roman">Page</font></font></font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="width: 40%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#conv"><font>&#xA0;</font></a><font style="font-size: 13px; font-family: Times New Roman"><a href="#conv">CONVENTIONS THAT APPLY TO THIS ANNUAL
REPORT</a><br></font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;3</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="width: 40%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#specnote"><font>&#xA0;</font></a><font style="font-size: 13px; font-family: Times New Roman"><a href="#specnote">SPECIAL
NOTE REGARDING FORWARD-LOOKING
STATEMENTS&#xA0;</a><br></font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;3</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="width: 40%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#industryandmd"><font>&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">INDUSTRY AND MARKET
DATA</font></a></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;4</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="width: 40%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">PART I</font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;4</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="width: 40%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#item1"><font>&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">Item 1. Identity of
Directors, Senior Management and Advisers</font></a></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;4</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="width: 40%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#item2"><font>&#xA0;</font></a><font style="font-size: 13px; font-family: Times New Roman"><a href="#item2">Item 2. Offer Statistics and Expected
Timetable</a><br></font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;4</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="width: 40%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#item3"><font>&#xA0;</font></a><font style="font-size: 13px; font-family: Times New Roman"><a href="#item3">Item 3. Key Information&#xA0;</a><br></font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">&#xA0; <font>4</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="width: 40%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#item4"><font>&#xA0;</font></a><font style="font-size: 13px; font-family: Times New Roman"><a href="#item4">Item 4. Information on the Company</a><br></font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">&#xA0; <font>10</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="width: 40%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#item4a"><font>&#xA0;</font></a><font style="font-size: 13px; font-family: Times New Roman"><a href="#item4a">Item 4A. Unresolved Staff
Comments</a>&#xA0;&#xA0;&#xA0;<br></font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;12</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="width: 40%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#item5"><font>&#xA0;</font></a><font style="font-size: 13px; font-family: Times New Roman"><a href="#item5">Item 5. Operating and Financial Review and
Prospects&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</a><br></font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;12</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="width: 40%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#item6"><font>&#xA0;</font></a><font style="font-size: 13px; font-family: Times New Roman"><a href="#item6">Item 6. Directors, Senior Management and
Employees</a><br></font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;14</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="width: 40%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#item7"><font>&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">Item 7. Major
Shareholders and Related Party Transactions</font></a></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">&#xA0; <font>18</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="width: 40%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#item8"><font>&#xA0;</font></a><font style="font-size: 13px; font-family: Times New Roman"><a href="#item8">Item 8. Financial Information</a><br></font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">&#xA0; <font>18</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="width: 40%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#item9"><font>&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">Item 9. The Offer
and Listing</font></a></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">&#xA0; <font>18</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="width: 40%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#item10"><font>&#xA0;</font></a><font style="font-size: 13px; font-family: Times New Roman"><a href="#item10">Item 10. Additional
Information&#xA0;&#xA0;&#xA0;</a><br></font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">&#xA0; <font>19</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="width: 40%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#item11"><font>&#xA0;</font></a><font style="font-size: 13px; font-family: Times New Roman"><a href="#item11">Item 11. Quantitative and Qualitative Disclosures About
Market Risk&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</a><br></font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">&#xA0; <font>28</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="width: 40%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#item12"><font>&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">Item 12.
Description of Securities Other than Equity
Securities</font></a></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">&#xA0; <font>29</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="width: 40%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">PART
II</font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">&#xA0; <font>29</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="width: 40%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#item13"><font>&#xA0;</font></a><font style="font-size: 13px; font-family: Times New Roman"><a href="#item13">Item 13. Defaults, Dividend Arrearages and
Delinquencies</a><br></font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">&#xA0; <font>29</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="width: 40%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#item14"><font>&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">Item 14. Material
Modifications to the Rights of Security Holders and Use of
Proceeds</font></a></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">&#xA0; <font>29</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="width: 40%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#item15"><font>&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">Item 15. Controls
and Procedures</font></a></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">&#xA0; <font>30</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="width: 40%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#item16"><font>&#xA0;</font></a><font style="font-size: 13px; font-family: Times New Roman"><a href="#item16">Item 16.
[Reserved]&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</a><br>
</font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">&#xA0; <font>30</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="width: 40%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#item16a"><font>&#xA0;</font></a><font style="font-size: 13px; font-family: Times New Roman"><a href="#item16a">Item 16A. Audit Committee Financial
Expert&#xA0;</a><br></font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">&#xA0; <font>30</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="width: 40%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#item16b"><font>&#xA0;</font></a><font style="font-size: 13px; font-family: Times New Roman"><a href="#item16b">Item 16B. Code of Ethics&#xA0;</a><br></font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">&#xA0; <font>30</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="width: 40%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#item16c"><font>&#xA0;</font></a><font style="font-size: 13px; font-family: Times New Roman"><a href="#item16c">Item 16C. Principal Accountant Fees and
Services</a><br></font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">&#xA0; <font>31</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="width: 40%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#item16d"><font>&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">Item 16D.
Exemptions from the Listing Standards for Audit
Committees</font></a></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">&#xA0; <font>31</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="width: 40%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#item16e"><font>&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">Item 16E. Purchases
of Equity Securities by the Issuer and Affiliated
Purchasers</font></a></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;31</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="width: 40%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#item16f"><font>&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">Item 16F. Change in
Registrant&#x2019;s Certifying Accountant</font></a></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;31</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="width: 40%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#item16g"><font>&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">Item 16G. Corporate
Governance&#xA0;</font></a></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;31</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="width: 40%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#item16h"><font>&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">Item 16H. Mine
Safety Disclosures</font></a></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;31</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="width: 40%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">PART
III</font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;31</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="width: 40%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#item17"><font>&#xA0;</font></a><font style="font-size: 13px; font-family: Times New Roman"><a href="#item17">Item 17. Financial
Statements&#xA0;</a><br></font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;31</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="width: 40%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#item18"><font>&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">Item 18. Financial
Statements&#xA0;&#xA0;&#xA0;</font></a></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;31</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="width: 40%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">Item 19. Exhibit
8.1<br></font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;-</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="width: 40%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">Item 19. Exhibit
12.1&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;-</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="width: 40%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">Item 19. Exhibit
12.2&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;-</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="width: 40%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">Item 19. Exhibit
13.1&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;-</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #ff0000"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br>
</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
CONVENTIONS THAT APPLY TO THIS ANNUAL REPORT</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Unless
otherwise indicated or the context clearly implies otherwise,
references to &#x201C;we,&#x201D; &#x201C;us,&#x201D;
&#x201C;our,&#x201D;, &#x201C;Mission NewEnergy&#x201D;,
&#x201C;Mission&#x201D;, &#x201C;the Group&#x201D; and &#x201C;the
Company&#x201D; are to Mission NewEnergy Limited, an Australian
corporation, and its subsidiaries. In this annual report
&#x201C;shares&#x201D; or &#x201C;ordinary shares&#x201D; refers to our
ordinary shares.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">In this
annual report, references to &#x201C;$,&#x201D; &#x201C;US$&#x201D; or
&#x201C;U.S. dollars&#x201D; are to the lawful currency of the United
States and references to &#x201C;Australian dollars&#x201D; or
&#x201C;A$&#x201D; are to the lawful currency of
Australia.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Solely
for the convenience of the reader, this annual report contains
translations of certain Australian dollar amounts into U.S. dollars
at specified rates. Except as otherwise stated in this annual
report, all translations from Australian dollars to U.S. dollars
are based on the noon buying rate of the City of New York for cable
transfers of Australian dollars, as certified for customs purposes
by the Federal Reserve Bank of New York on the date or year
indicated. No representation is made that the Australian dollar
amounts referred to in this annual report could have been or could
be converted into U.S. dollars at such rates or any other rates.
Any discrepancies in any table between totals and sums of the
amounts listed are due to rounding.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Unless
otherwise indicated, the consolidated financial statements and
related notes as of and for the fiscal years ended June 30, 2017,
2018 and 2019 included elsewhere in this annual report have been
prepared in accordance with Australian Accounting Standards and
also comply with International Financial Reporting Standards
(&#x201C;IFRS&#x201D;) and interpretations issued by the
International Accounting Standards Board.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">References to a
particular &#x201C;fiscal year&#x201D; are to our fiscal year ended
June 30 of that year. References to a year other than a
&#x201C;fiscal&#x201D; year are to the calendar year ended December
31. References to &#x201C;our refinery,&#x201D; &#x201C;the
refinery&#x201D;, &#x201C;our business&#x201D; and &#x201C;the joint
venture company&#x201D; refer to a 20% shareholding held by our
wholly owned subsidiary M2 Capital Sdn Bhd in a Malaysian Joint
Venture Company, named FGV Green Energy Sdn Bhd, which owns a
250,000 tpa biodiesel refinery. This refinery is mothballed as the
project has stalled due to an inability of the biodiesel refinery
operating entity to secure ongoing offtake sales contracts and the
planned retrofit of new technology is on hold. Additionally, FGV
Green Energy Sdn Bhd has a loan that is now due and payable,
against which the refinery is held as security. The company does
not intend to inject capital into the associate company and the
lenders may exercise their right to take the refinery asset owned
by FGV Green Energy. The Group has impaired the carrying value of
this investment in past years to NIL, and does not expect to be
able to realize any value from this investment.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">This
annual report contains forward-looking statements that relate to
our current expectations and views of future events. All
statements, other than historical fact or present financial
information, may be deemed to be forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. These statements relate to events that involve known and
unknown risks, uncertainties and other factors, including those
listed under &#x201C;Item 3.D &#x2014; Key Information &#x2014; Risk
Factors,&#x201D; &#x201C;Item 4 &#x2014; Information on the
Company&#x201D; and &#x201C;Item 5 &#x2014; Operating and Financial
Review and Prospects,&#x201D; all of which are difficult to predict
and many of which are beyond our control, which may cause our
actual results, performance or achievements to be materially
different from any future results, performances or achievements
expressed or implied by the forward-looking
statements.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">In some
cases, these forward-looking statements can be identified by words
or phrases such as &#x201C;may,&#x201D; &#x201C;will,&#x201D;
&#x201C;expect,&#x201D; &#x201C;anticipate,&#x201D; &#x201C;aim,&#x201D;
&#x201C;estimate,&#x201D; &#x201C;intend,&#x201D; &#x201C;plan,&#x201D;
&#x201C;believe,&#x201D; &#x201C;potential,&#x201D;
&#x201C;continue,&#x201D; &#x201C;predict,&#x201D;
&#x201C;forecast,&#x201D; &#x201C;budget,&#x201D;
&#x201C;project,&#x201D; &#x201C;target,&#x201D; &#x201C;likely
to&#x201D; or other similar expressions. These forward-looking
statements are subject to risks, uncertainties and assumptions,
some of which are beyond our control. In addition, these
forward-looking statements reflect our current views with respect
to future events and are not a guarantee of future performance.
Actual outcomes may differ materially from the information
contained in the forward-looking statements.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">We have
based these forward-looking statements largely on our current
expectations and projections about future events and financial
trends that we believe may affect our financial condition, results
of operations, business strategy and financial needs. These
forward-looking statements include, among other things, statements
relating to:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">our beliefs
regarding the condition of the design, technology, operation and
maintenance of our associates&#x2019; mothballed
refinery;</font></div>
</div>
</div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">our beliefs
regarding the lack of demand for our associates&#x2019; refined
product;</font></div>
</div>
</div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">our expectations
related to our ongoing restructure;</font></div>
</div>
</div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">our expectations
regarding our associates&#x2019; ability to procure customers and
expand them;</font></div>
</div>
</div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">our beliefs
regarding our and our associates&#x2019; ability to successfully
implement strategies;</font></div>
</div>
</div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">our beliefs
regarding our and our associates&#x2019; abilities to secure
sufficient funds to meet our cash needs for our operations and
capacity expansion;</font></div>
</div>
</div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">our future business
development, results of operations and financial
condition</font></div>
</div>
</div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">government
regulatory and industry certification, approval and acceptance of
our associates&#x2019; product and its derivatives; and</font></div>
</div>
</div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">government
policymaking and incentives relating to renewable
fuels.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The
forward-looking statements made in this annual report relate only
to events or information as of the date on which the statements are
made in this annual report. Except as required by law, we undertake
no obligation to update or revise publicly any forward-looking
statements, whether as a result of new information, future events
or otherwise, after the date on which the statements are made or to
reflect the occurrence of unanticipated events.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
INDUSTRY AND MARKET DATA</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">This
annual report includes information with respect to market and
industry conditions and market share from third party sources or
that is based upon estimates using such sources when available. We
believe that such information and estimates are reasonable and
reliable. We also believe the information extracted from
publications of third party sources has been accurately reproduced
and, so far as we are able to ascertain from information published
by the third party sources, no facts have been omitted which would
render the reproduced information inaccurate or misleading.
However, we have not independently verified any of the data from
third party sources. Similarly, our internal research is based upon
the understanding of industry conditions, and such information has
not been verified by any independent sources.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
PART I</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Item 1. Identity of Directors, Senior Management and
Advisers</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Not
applicable.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Item 2. Offer Statistics and Expected Timetable</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Not
applicable.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Item 3. Key Information</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">A.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Selected
Financial Data.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The
following selected consolidated statements of operations and other
consolidated financial data for the fiscal years 2019, 2018, and
2017 have been derived from our audited consolidated financial
statements included elsewhere in this annual report. You should
read the selected consolidated financial data in conjunction with
our consolidated financial statements and related notes and
&#x201C;Item 5 &#x2014; Operating and Financial Review and
Prospects&#x201D; included elsewhere in this annual report. Our
historical results do not necessarily indicate our expected results
for any future periods.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Our
financial statements have been prepared in Australian dollars and
in accordance with International Financial Reporting Standards, as
issued by the International Accounting Standards
Board.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Income
statement data for the fiscal years ended June 30, 2019, 2018 and
2017 and the balance sheet data as at June 30, 2019 and 2018 have
been derived from our audited financial statements that are
included elsewhere in this annual report. Income statement data for
the fiscal years ended June 30, 2016 and 2015 and the balance sheet
data as at June 30, 2017, 2016, and 2015 have been derived from our
audited financial statements that are not included in this annual
report.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<div style="margin-left:0px;padding-bottom:2px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td rowspan="1" style="border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: right; border-bottom:2px solid #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">2019 US</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;"><font style="font-size: 70%; vertical-align: top">$(1)</font></font></div>
</td>
<td rowspan="1" style="border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;vertical-align:bottom;width:10%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:2px solid #000000;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">2019</font></div>
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">A$</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td rowspan="1" style="border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;vertical-align:bottom;width:10%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:2px solid #000000;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">2018</font></div>
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">A$</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td rowspan="1" style="border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;vertical-align:bottom;width:10%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:2px solid #000000;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">2017</font></div>
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">A$</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td rowspan="1" style="border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: right; border-bottom:2px solid #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">2016 A$</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;"><br></font></div>
</td>
<td rowspan="1" style="border-top:0.5pt solid #000000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;width:10%;vertical-align:bottom;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: right; border-bottom:2px solid #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">2015 A$</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;"><br></font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="7" style="border-left:0.5pt solid #000000;vertical-align:bottom;border-right:0.5pt solid #000000;width:100%;">
<div style="margin-left:288px;"><font style="text-align: left; padding-bottom:2px;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;border-bottom:2px solid #000000;display:inline-block;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
(in thousands, except share and per share data)</font></div>
</font><font style="text-align: left; padding-bottom:2px;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:40%;border-left:0.5pt solid #000000;">
<div style="text-align: left; text-indent:-12px;margin-right:0px;padding-bottom:2px;margin-left:12px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Income
Statement data:</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; display: inline-block; padding-bottom: 2px;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; display: inline-block; padding-bottom: 2px;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; display: inline-block; padding-bottom: 2px;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="border-left:0.5pt solid #000000;vertical-align:bottom;border-right:0.5pt solid #000000;width:10%;">
<div><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:40%;border-left:0.5pt solid #000000;">
<div style="text-align: left; text-indent:-12px;margin-right:0px;padding-bottom:2px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Total sales
revenue</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%;">-</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%;">-</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%;">-</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%;">-</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%;">-</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="border-left:0.5pt solid #000000;vertical-align:bottom;border-right:0.5pt solid #000000;width:10%;">
<div><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%;">-</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:40%;border-left:0.5pt solid #000000;">
<div style="text-align: left; text-indent:-12px;margin-right:0px;padding-bottom:2px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Total other
income</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">119</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">165</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">2</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">8</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">42</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="border-left:0.5pt solid #000000;vertical-align:bottom;border-right:0.5pt solid #000000;width:10%;">
<div><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%;">7,271</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:40%;border-left:0.5pt solid #000000;">
<div style="text-align: left; text-indent:-12px;margin-right:0px;padding-bottom:2px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Cost of
sales</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">-</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">-</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">-</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">-</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">-</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="border-left:0.5pt solid #000000;vertical-align:bottom;border-right:0.5pt solid #000000;width:10%;">
<div><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%;">-</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:40%;border-left:0.5pt solid #000000;">
<div style="text-align: left; text-indent:-12px;margin-right:0px;padding-bottom:2px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Employee benefits
expense</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">-</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">-</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">-</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">(467</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">(1091</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="border-left:0.5pt solid #000000;vertical-align:bottom;border-right:0.5pt solid #000000;width:10%;">
<div><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%;">(1,574</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">)</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:40%;border-left:0.5pt solid #000000;">
<div style="text-align: left; text-indent:-12px;margin-right:0px;padding-bottom:2px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Other income/
(expenses)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">(110</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">(153</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">(200</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">(4,050</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">(1,169</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="border-left:0.5pt solid #000000;vertical-align:bottom;border-right:0.5pt solid #000000;width:10%;">
<div><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%;">311</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:40%;border-left:0.5pt solid #000000;">
<div style="text-align: left; text-indent:-12px;margin-right:0px;padding-bottom:2px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Finance
costs</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">(2</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">-</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">-</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="border-left:0.5pt solid #000000;vertical-align:bottom;border-right:0.5pt solid #000000;width:10%;">
<div><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%;">(1,815</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">)</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:40%;border-left:0.5pt solid #000000;">
<div style="text-align: left; text-indent:-12px;margin-right:0px;padding-bottom:2px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Profit/(loss) from
operations before income tax</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">9</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">12</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">(200</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">(4,509</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">(2,218</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="border-left:0.5pt solid #000000;vertical-align:bottom;border-right:0.5pt solid #000000;width:10%;">
<div><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%;">4,193</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:40%;border-left:0.5pt solid #000000;">
<div style="text-align: left; text-indent:-12px;margin-right:0px;padding-bottom:2px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Income tax
(expense)/ benefit</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">-</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">-</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">-</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">(3</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">(1</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="border-left:0.5pt solid #000000;vertical-align:bottom;border-right:0.5pt solid #000000;width:10%;">
<div><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%;">(6</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">)</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:40%;border-left:0.5pt solid #000000;">
<div style="text-align: left; text-indent:-12px;margin-right:0px;padding-bottom:2px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Profit/(loss) from
continuing operations</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">9</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">12</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">(200</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">(4,512</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">(2,219</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="border-left:0.5pt solid #000000;vertical-align:bottom;border-right:0.5pt solid #000000;width:10%;">
<div><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%;">4,187</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:40%;border-left:0.5pt solid #000000;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Share of net
(loss)/profit of associate accounted for using the equity
method</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">-</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">-</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">-</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">(38</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">(110</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="border-left:0.5pt solid #000000;vertical-align:bottom;border-right:0.5pt solid #000000;width:10%;">
<div><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%;">37</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:40%;border-left:0.5pt solid #000000;">
<div style="text-align: left; text-indent:-12px;margin-right:0px;padding-bottom:2px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Profit/(loss) for
the year from discontinued operations</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">-</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">-</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">-</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">-</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">-</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="border-left:0.5pt solid #000000;vertical-align:bottom;border-right:0.5pt solid #000000;width:10%;">
<div><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%;">24,133</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:40%;border-left:0.5pt solid #000000;">
<div style="text-align: left; text-indent:-12px;margin-right:0px;padding-bottom:2px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Net Profit /
(loss)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">9</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">12</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">(200</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">(4,550</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">(2,329</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="border-left:0.5pt solid #000000;vertical-align:bottom;border-right:0.5pt solid #000000;width:10%;">
<div><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%;">28,357</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:40%;border-left:0.5pt solid #000000;">
<div style="text-align: left; text-indent:-12px;margin-right:0px;padding-bottom:2px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Profit/(loss)
attributable to non-controlling interests</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">-</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="border-left:0.5pt solid #000000;vertical-align:bottom;border-right:0.5pt solid #000000;width:10%;">
<div><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%;">-</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:40%;border-left:0.5pt solid #000000;">
<div style="text-align: left; text-indent:-12px;margin-right:0px;padding-bottom:2px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Profit/(loss)
attributable to members of the parent</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">9</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">12</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">(200</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">(4,550</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">(2,329</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="border-left:0.5pt solid #000000;vertical-align:bottom;border-right:0.5pt solid #000000;width:10%;">
<div><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%;">28,357</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:40%;border-left:0.5pt solid #000000;">
<div style="text-align: left; text-indent:-12px;margin-right:0px;padding-bottom:2px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Basic and diluted
earnings / (loss) per share <font style="font-size: 70%; vertical-align: top">(2)</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">0.0002</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">0.0003</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">(0.005</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">(0.11</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">(0.06</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="border-left:0.5pt solid #000000;vertical-align:bottom;border-right:0.5pt solid #000000;width:10%;">
<div><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%;">0.91</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:40%;border-left:0.5pt solid #000000;">
<div style="text-align: left; text-indent:-12px;margin-right:0px;padding-bottom:2px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Weighted average
ordinary number of shares outstanding <font style="font-size: 70%; vertical-align: top">(3)</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">40,870,275</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">40,870,275</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">40,870,275</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">40,870,275</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">40,870,275</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="border-left:0.5pt solid #000000;vertical-align:bottom;border-right:0.5pt solid #000000;width:10%;">
<div><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%;">31,253,837</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:40%;border-left:0.5pt solid #000000;">
<div style="text-align: left; text-indent:-12px;margin-right:0px;padding-bottom:2px;margin-left:12px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Balance
Sheet data:</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="border-left:0.5pt solid #000000;vertical-align:bottom;border-right:0.5pt solid #000000;width:10%;">
<div><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:40%;border-left:0.5pt solid #000000;">
<div style="text-align: left; text-indent:-12px;margin-right:0px;padding-bottom:2px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Total current
assets</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">126</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">180</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">200</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">398</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">2,522</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="border-left:0.5pt solid #000000;vertical-align:bottom;border-right:0.5pt solid #000000;width:10%;">
<div><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%;">8,851</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:40%;border-left:0.5pt solid #000000;">
<div style="text-align: left; text-indent:-12px;margin-right:0px;padding-bottom:2px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Total
assets</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">126</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">180</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">200</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">399</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">6,171</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="border-left:0.5pt solid #000000;vertical-align:bottom;border-right:0.5pt solid #000000;width:10%;">
<div><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%;">12,621</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:40%;border-left:0.5pt solid #000000;">
<div style="text-align: left; text-indent:-12px;margin-right:0px;padding-bottom:2px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Total current
liabilities</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">121</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">173</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">205</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">205</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">1,406</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="border-left:0.5pt solid #000000;vertical-align:bottom;border-right:0.5pt solid #000000;width:10%;">
<div><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%;">5,852</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:40%;border-left:0.5pt solid #000000;">
<div style="text-align: left; text-indent:-12px;margin-right:0px;padding-bottom:2px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Total non-current
liabilities</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">-</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">-</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">-</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">-</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">-</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="border-left:0.5pt solid #000000;vertical-align:bottom;border-right:0.5pt solid #000000;width:10%;">
<div><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%;">-</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:40%;border-left:0.5pt solid #000000;">
<div style="text-align: left; text-indent:-12px;margin-right:0px;padding-bottom:2px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Total
liabilities</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">121</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">173</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">205</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">205</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">1,406</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="border-left:0.5pt solid #000000;vertical-align:bottom;border-right:0.5pt solid #000000;width:10%;">
<div><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%;">5,852</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:40%;border-left:0.5pt solid #000000;">
<div style="text-align: left; text-indent:-12px;margin-right:0px;padding-bottom:2px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Retained earnings/
(accumulated losses)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">(1,089</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">(1,554</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">(1,715</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">(1,513</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">3,037</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="border-left:0.5pt solid #000000;vertical-align:bottom;border-right:0.5pt solid #000000;width:10%;">
<div><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%;">5,366</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:40%;border-left:0.5pt solid #000000;">
<div style="text-align: left; text-indent:-12px;margin-right:0px;padding-bottom:2px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Total
Equity/(Deficit)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">5</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">7</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">(5</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">195</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">4,765</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="border-left:0.5pt solid #000000;vertical-align:bottom;border-right:0.5pt solid #000000;width:10%;">
<div><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%;">6,770</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:40%;border-left:0.5pt solid #000000;">
<div style="text-align: left; text-indent:-12px;margin-right:0px;padding-bottom:2px;margin-left:12px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Other
financial data:</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="border-left:0.5pt solid #000000;vertical-align:bottom;border-right:0.5pt solid #000000;width:10%;">
<div><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:40%;border-left:0.5pt solid #000000;">
<div style="text-align: left; text-indent:-12px;margin-right:0px;padding-bottom:2px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Dividends per
share</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">&#x2014;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">-</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">&#x2014;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;border-left:0.5pt solid #000000;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">&#x2014;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="border-left:0.5pt solid #000000;vertical-align:bottom;border-right:0.5pt solid #000000;width:10%;">
<div><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%;">&#x2014;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-family: Times New Roman; font-size: 13px">(1)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">The balance sheet
data has been translated into U.S. dollars from Australian dollars
based upon the noon buying rate of the City of New York for cable
transfers of Australian dollars, as certified for customs purposes
by the Federal Reserve Bank of New York on June 30, 2019, which
exchange rate was A$1.00&#xA0;=&#xA0;US$0.7009. The income
statement data has been translated into U.S. dollars from
Australian dollars based upon the weighted average of the noon
buying rate of the City of New York for cable transfers of
Australian dollars, as certified for customs purposes by the
Federal Reserve Bank of New York for the period from July 1, 2018
to June 30, 2019 which was A$1.00&#xA0;=&#xA0;US$0.7153. These
translations are merely for the convenience of the reader and
should not be construed as representations that the Australian
dollar amounts actually represent such U.S. dollar amounts or could
be converted into U.S. dollars at the rate indicated.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-family: Times New Roman; font-size: 13px">(2)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Net (loss)/profit
per ordinary share&#xA0;&#x2014;&#xA0;basic and diluted is
calculated as net loss or net profit for the period divided by
adjusted weighted average number of ordinary shares outstanding for
the same period.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">B.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Capitalization
and Indebtedness.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Not
applicable.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">C.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Reasons
for the Offer and Use of Proceeds.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Not
applicable.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">D.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Risk
Factors.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
Set forth below are certain risks that we believe are applicable to
our business. You should carefully consider the risks described
below and the other information in this annual report, including
our consolidated financial statements and related notes included
elsewhere in this annual report, before you decide to buy, sell or
hold our ordinary shares. If any of the following risks actually
occurs, our business, prospects, financial condition and results of
operations could be materially harmed. Additional risks not
presently known to us, or risks that do not seem significant today,
may also impair our business operations in the future.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Risks Related to Our Business</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
We may not be able to continue as a going concern.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">We
incurred an operating profit for the year ended June 30, 2019 of
A$0.012 million, primarily as a result of RTO proceeds received in
fiscal year 2019, (2018: A$0.2 million loss), we have a history of
net losses and there is a substantial doubt about our ability to
continue as a going concern. Net cash used by operating activities
was A$0.015 million (2018: A$0.19 million used in operating
activities). At balance date, the current assets less current
liabilities were a surplus of A$0.0069 million (2018: A$4.9 million
deficit) and the net assets were a surplus of A$0.0069 million
(2018: A$4.9 million deficit). At June 30, 2019, the Company has
current liabilities of A$0.17 million (2018: A$0.2 million). Our
ordinary shares have been voluntarily suspended from trading on the
Australian Securities Exchange (ASX) from November 25, 2016 and we
may be ultimately delisted from the ASX by November 25,
2019.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The
ability of the Group to continue as a going concern is dependent on
the identification and completion of a suitable alternate business
opportunity.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">These
conditions indicate a material uncertainty that cast a significant
doubt about the Group&#x2019;s ability to continue as a going
concern and, therefore, that it may be unable to realize its assets
and discharge its liabilities in the normal course of
business.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Management believe
there are sufficient funds to meet the Group&#x2019;s working
capital requirements as at the date of this report, and that there
are reasonable grounds to believe that the Group will continue as a
going concern as a result of a combination of the following
reasons:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 72px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the Group has
received confirmation from its employees and Directors that they
have forgone all salary entitlements since 1 December 2016 and will
not call on their annual leave entitlements until the Group has a
clear ability to pay;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 72px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">and management
expects the cash to be able to fund the organization until a
suitable alternate business opportunity is identified and
completed. The Company's Shares will have been suspended from
trading on the ASX for 3&#xA0;years as at 25&#xA0;November 2019.
ASX&#x2019;s current policy is to delist a company whose shares have
been suspended from trading for more than 3 years.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Should
the Group not be able to continue as a going concern, it may be
required to realize its assets and discharge its liabilities other
than in the ordinary course of business, and at amounts that differ
from those stated in the financial statements.&#xA0;The financial
report does not include any adjustment relating to the
recoverability and classification of recorded assets or liabilities
that might be necessary should the entity note continue as a going
concern.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
If we are unable to generate sufficient earnings to offset the
costs from finding a suitable alternate business opportunity, our
business and financial condition will suffer a significant adverse
effect.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">We will
continue to look for alternative business opportunities. These
businesses may not exceed our expenses and therefore we may not be
able to generate enough revenue to reverse our pattern of
historical losses and negative cash flow, which would have a
significant adverse effect on our business and financial
condition.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">We have
not been successful in disposing of our investment, this investment
has been written down to zero the investment is dormant and is not
generating cash. We do not expect to be able to earn any earnings
(in the form of dividends) from our investment into FGV Green
Energy, a refinery joint venture company, which currently has no
means of producing operating income.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
If Mission does not meet the capital call of its interest in its
associate (currently carried at $zero) there is a risk that we may
be unable to retain our investment in our Malaysian biodiesel
project.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The
Malaysian biodiesel project joint venture agreement allows for
capital calls from shareholders where additional funds are required
by the joint venture company. The Malaysian company, in which we
own 20%, biodiesel project has a loan which is now due and payable.
The lender has full security over the asset. This investment may
require us to inject further capital funds into the project to pay
off the loan and recommence operations. If we do not meet such a
capital call, our shareholding may be diluted. Given the current
inability to meet any capital calls by FGVGE, we may liquidate M2
Capital, being the company which holds 20% of the shares in Felda
Green energy Sdn Bhd, which owns the refinery. This, in turn, could
adversely affect our operations and financial
performance.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
If our 20% stake in the joint venture company, carried at $zero, is
unable to be sold, we may be unable to recover the cost of our
investment.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">We have
not been successful in disposing the 20% investment stake in the
joint venture company, with no interest to date. If we can&#x2019;t
sell the 20% stake, we will not be able to recover the cost of our
investment.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
We may not be able recover any funds from intercompany
loans.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The
parent company in our corporate structure advances funds to
subsidiaries to fund working capital requirements. The
company&#x2019;s subsidiaries are not expected to be able to repay
or service these intercompany loans, which would have an adverse
effect on our business and financial condition.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
We may not be able to generate sufficient cash or raise further
cash through debt or equity means to fund new business
strategies.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Our
ability to enter into new business opportunities may be limited by
our existing cash levels and/or our ability to raise further
funding through debt or equity.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
We have a 20% interest (currently carried at $zero) in the company
that owns the refinery and we have limited control over the
financial and operating policies of the joint venture
company.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Our
limited shareholding and representation on the Board of the joint
venture company may limit our ability to influence the financial
and operating procedures of the company which may limit our ability
to generate a positive return for the Group.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
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<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Risks Related to Our Strategy</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
The proposed strategy to find an alternative business opportunity
may not materialize.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The
proposed strategy to find an alternative business opportunity may
not materialize. In addition, the Company may not be able to
dispose of its stake in the Joint. An alternative business
opportunity may require Shareholders to approve the transaction,
which may not be obtained.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
The proposed strategy to find an alternative business opportunity
will introduce new risks to the Company.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Should
a new business opportunity be concluded, the Company and the group
will be exposed to a number of new risks, including (but not
limited to) regulatory risk, future profitability, liquidity risk,
technology risk, competition, business strategy, user engagement,
key personal, foreign currency risks, and other Government
regulatory risk.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
The Company may be delisted from the ASX.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">On 25
November 2016, the Company's Securities were placed in voluntary
suspension from quotation in connection with a re-compliance
transaction that did not eventuate. The Company's Shares currently
remain in suspension and, in accordance with ASX's policy for
entities undertaking reverse takeover transactions, the Company's
securities will remain suspended from trading on the ASX until the
Company has recompiled with Chapters&#xA0;1 and 2 of the Listing
Rules in accordance with Listing Rule 11.1.3.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The
Company's Shares will have been suspended from trading on the ASX
for 3&#xA0;years as at 25&#xA0;November 2019. ASX&#x2019;s current
policy is to delist a company whose shares have been suspended from
trading for more than 3 years.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
We may be unable to sell our stake in the Joint Venture which may
affect our ability to proceed with an alternative business
opportunity</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The
Company may not be able to dispose of its stake in the Joint
Venture. A failure to dispose the stake in the Joint Venture may
affect the ability of the Company to conclude a new transaction.
The Company has approached prospective buyers without success to
date.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
We currently are not generating revenue or earnings from operations
and thus we may be unable to fund our operational and capital
requirements and we may be unable to obtain adequate financing on
favorable terms to meet these needs.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">We
currently expect that our cash resources will be used to fund
operating losses. We cannot assure you that we will be successful
in generating sufficient revenue and we will require financing to
meet our needs.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Our
ability to access equity and debt capital and trade financing on
favorable terms may be limited by factors such as:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the fact that we
may be delisted by the ASX on or around 25 November
2019,</font></div>
</div>
</div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">being suspended
from trading on the ASX and may be delisted;</font></div>
</div>
</div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">general economic
and market conditions;</font></div>
</div>
</div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">credit availability
from banks or other lenders for us and our industry
peers;</font></div>
</div>
</div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">our financial
performance;</font></div>
</div>
</div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">our levels of
indebtedness.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
Our ability to access equity capital is limited without shareholder
approval and we may be unable to obtain the required shareholder
approval to obtain financing in future equity
offerings.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Our
ability to access equity capital may be limited by a requirement to
obtain shareholder approval.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
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<!--page break--></div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Risks Related to Our Industry</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
A new business opportunity will introduce new industry risks to the
Company.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Should
the Company complete a new business opportunity, the Company and
the group will be exposed to a number of new industry risks,
including (but not limited to) regulatory risk, future
profitability, liquidity risk, technology risk, competition,
business strategy, user engagement, key personal, foreign currency
risks, and other Government regulatory risk.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
If Mission has not disposed of its interest in its associate
(currently carried at $zero) and if the joint venture
company&#x2019;s biodiesel operations can be restarted, there are
multiple industry related risks that the company would be exposed
to.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The
Companies investment in FGV Green Energy Sdn Bhd, which owns the
mothballed refinery assets in Malaysia has a loan that is due and
payable. If FGV Green Energy were to be able to resolve the loan
matter, and raise sufficient capital to recommence operations, the
entity would be faced with numerous industry related risks,
including biodiesel prices are influenced by market prices for
petroleum diesel, various operational risks including, gelling at
lower temperatures than petroleum diesel, which can require the use
of low percentage biodiesel blends in colder climates or the use of
heated fuel tanks, potential water contamination that can
complicate handling and long-term storage, reluctance on the part
of some auto manufacturers and industry groups to endorse biodiesel
and their recommendations against the use of biodiesel or high
percentage biodiesel blends, potentially reduced fuel economy due
to the lower energy content of biodiesel as compared with petroleum
diesel, development of alternative fuels and energy sources may
reduce the demand for biodiesel and potentially impaired growth due
to a lack of infrastructure such as dedicated rail tanker cars and
truck fleets, sufficient storage facilities, and refining and
blending facilities, new standards may be introduced and existing
standards may be amended or repealed from time to
time.</font></div>
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</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Risks Related to Our Ordinary Shares</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
We may be unable to regain trading status on the Australian
Securities Exchange (ASX) for our shares.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">On 25
November 2016, the Company's Securities were placed in voluntary
suspension from quotation in connection with a re-compliance
transaction that did not eventuate. The Company's Shares currently
remain in suspension and, in accordance with ASX's policy for
entities undertaking reverse takeover transactions, the Company's
securities will remain suspended from trading on the ASX until the
Company has recompiled with Chapters&#xA0;1 and 2 of the Listing
Rules in accordance with Listing Rule 11.1.3.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The
Company's Shares will have been suspended from trading on the ASX
for 3&#xA0;years as at 25&#xA0;November 2019. ASX&#x2019;s current
policy is to delist a company whose shares have been suspended from
trading for more than 3 years.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
Unless an active trading market develops for our securities, you
may not be able to sell your ordinary shares.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Our
ordinary shares are currently traded on the OTC Markets Pink Sheets
under the symbol &#x201C;MNELF&#x201D;. In addition, our shares were
suspended from trading on the Australian Securities Exchange
(&#x201C;ASX&#x201D;) on November 25, 2016. There is currently no
active market for the shares of the Company and we can provide no
assurances as to when or if there will be a market for the shares
in the Company. Although we are a reporting company, currently
there is only a limited trading market for our ordinary shares and
a more active trading market may never develop or, if it does
develop, may not be maintained. Failure to develop or maintain an
active trading market will have a generally negative effect on the
price of our ordinary shares, and you may be unable to sell your
ordinary shares or any attempted sale of such ordinary shares may
have the effect of lowering the market price, and therefore, your
investment could be a partial or complete loss.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
We may not be able to continue to have our shares actively traded
on alternative stock markets</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Our
ordinary shares are currently suspended from trading on the ASX. If
we are delisted from the ASX we may be unable to have our shares
actively traded on an alternative platform.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
As a foreign private issuer, we are expected to follow certain home
country corporate governance practices which may afford less
protection to holders of our ordinary shares.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">As a
foreign private issuer, we are permitted to follow certain home
country corporate governance practices. As a company incorporated
in Australia and listed (but suspended from trading) on the ASX, we
expect to follow our home country practice with respect to the
composition of our board of directors and nominations committee and
executive sessions. The corporate governance practice and
requirements in Australia do not require us as to have a majority
of our board of directors to be independent, do not require us to
establish a nominations committee, and do not require us to hold
regular executive sessions where only independent directors shall
be present. Such Australian home country practices may afford less
protection to holders of our ordinary shares.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 20px; text-indent: 0px">
<font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
We may be classified as a passive foreign investment company, which
could result in adverse U.S. federal income tax consequences to
U.S. holders of our ordinary shares.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">We may
be a passive foreign investment company, or PFIC, for U.S. federal
income tax purposes for our current fiscal year ending June 30,
2019. A non-U.S. corporation will be considered a PFIC for any
fiscal year if either (1) at least 75% of its gross income is
passive income or (2) at least 50% of the value of its assets
(based on an average of the quarterly values of the assets during
the fiscal year) is attributable to assets that produce or are held
for the production of passive income. If we are a PFIC for any
fiscal year during which a U.S. holder (as defined in &#x201C;Item
10.E - Additional Information Taxation&#xA0;&#x2014;&#xA0;U.S.
Federal Income Tax Considerations&#x201D;) holds an ordinary share,
certain adverse U.S. federal income tax consequences could apply to
such U.S. holder. See &#x201C;Item 10.E - Additional Information
Taxation&#xA0;&#x2014;&#xA0;U.S. Federal Income Tax
Considerations&#xA0;&#x2014;&#xA0;Passive Foreign Investment Company
Considerations.&#x201D;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
Investors may be unable to enforce your legal rights against
us.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">We
are incorporated in Australia. Substantially all of our assets are
located outside of the United States. It may be difficult for
investors to enforce, outside of the United States, judgments
against us that are obtained in the United States in any such
actions, including actions predicated on civil liability provisions
of securities laws of the United States. In addition, all of our
directors and officers are nationals or residents of countries
outside of the United States, and all, or a substantial portion of,
their assets are outside of the United States. As a result, it may
be difficult for investors to serve process on these persons in the
United States or to enforce judgments against them obtained in
United States courts, including judgments predicated on civil
liability provisions of the securities laws of the United
States.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
Currency fluctuations may adversely affect the price of our
ordinary shares.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Our
ordinary shares are quoted in Australian dollars on the ASX
(currently suspended from trading) and in U.S. dollars on the OTC
Markets Pink Sheets. Movements in the Australian dollar/U.S. dollar
exchange rate may adversely affect the U.S. dollar price of our
ordinary shares. In the past year the Australian dollar has
generally remained depreciated against the U.S. dollar. Any
continuation of this trend may affect the U.S. dollar price of our
ordinary shares, even if the price of our ordinary shares in
Australian dollars increases or remains unchanged. However, this
trend may not continue and may be reversed.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Risks Relating to Takeovers</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
Australian takeovers laws may discourage takeover offers being made
for us or may discourage the acquisition of large numbers of our
ordinary shares.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">We are
incorporated in Australia and are subject to the takeovers laws of
Australia. Among other things, we are subject to the Australian
Corporations Act 2001, or the Corporations Act. Subject to a range
of exceptions, the Corporations Act prohibits the acquisition of a
direct or indirect interest in our issued voting shares if the
acquisition of that interest will lead to a person&#x2019;s voting
power in us increasing from 20% or below to more than 20%, or
increasing from a starting point that is above 20% and below 90%.
Australian takeovers laws may discourage takeover offers being made
for us or may discourage the acquisition of large numbers of our
ordinary shares. This may have the ancillary effect of entrenching
our board of directors and may deprive or limit our
shareholders&#x2019; strategic opportunities to sell their ordinary
shares and may restrict the ability of our shareholders to obtain a
premium from such transactions.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
Our Constitution and other Australian laws and regulations
applicable to us may adversely affect our ability to take actions
that could be beneficial to our shareholders.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">As an
Australian company, we are subject to different corporate
requirements than a corporation organized under the laws of the
United States. Our Constitution, as well as the Corporations Act,
set forth various rights and obligations that are unique to us as
an Australian company. These requirements operate differently than
from many U.S. companies and may limit or otherwise adversely
affect our ability to take actions that could be beneficial to our
shareholders. For more information, you should carefully review the
summary of these matters set forth under the section entitled,
&#x201C;Item 10.B &#x2014; Additional Information &#x2014; Memorandum
and Articles of Association&#x201D; as well as our
Constitution.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Item 4. Information on the Company</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">History
and Development of the Company.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Our
legal and commercial name is Mission NewEnergy Limited, which was
incorporated in Western Australia under the laws of Australia
(specifically, the Australian Corporations Act) in November 2005.
We are an Australian public company, limited by
shares.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">On
November 25, 2016, the Company announced its securities traded on
the Australian Securities Exchange (ASX) would be placed into
voluntary suspension, at the request of the Company, pending
receipt of an announcement regarding its proposed change of
activities. The Companies securities will stay suspended on the ASX
until the Company has either provided information regarding its
proposed change of activities until the Company has complied with
Chapters 1 and 2 of the ASX Listing rules in accordance with
Listing Rule 11.1.3.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">On
December 5, 2016, the Company announced that it has entered into a
heads of agreement to acquire 100% of the business operations of
Aus Group.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">On
January 19, 2018, the Company announced that the option to acquire
Aus Group as announced on 5 December 2016 has been terminated
because Aus Group had not been able to meet its required conditions
precedent.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">On June
25, 2019 the Company announced that it had been notified by its
associate entity, Felda Green Energy Sdn Bhd, of a default in a
loan. MBT owns 100% of M2 Capital Sdn Bhd, a Malaysian subsidiary,
which owns a 20% stake in FGVGE, which owns a mothballed biodiesel
refinery situated in east Malaysia. FGVGE borrowed money from FGV
Capital Sdn Bhd in 2015 as part proceeds to acquire the refinery.
FGV Capital Sdn Bhd have terminated the loan facility on 24 June
2019, which is now immediately due and payable. The Board of FGVGE
have met and declared an inability to repay this loan. Under the
terms of the loan agreement, FGV Capital have full security over
the refinery asset in the event of a default. MBT and its
subsidiaries have no obligation, financial or otherwise, to meet
any capital shortfall requirements of FGVGE.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Capital
Spend of the Company</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">We have
incurred the following capital expenditures over the last three
fiscal years:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="margin-right:0px;width:90%;font-size:inherit;font-family:inherit;margin-left:0px;">
<tr style="background-color:#cceeff;">
<td colspan="1" rowspan="1" style="vertical-align:bottom;width:70%;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">2019 A$&#x2019;000</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">2018 A$&#x2019;000</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">2017 A$&#x2019;000</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:70%;">
<div style="text-align: left; text-indent:-24px;margin-right:0px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">Biodiesel
refinery</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:70%;">
<div style="text-align: left; text-indent:-24px;margin-right:0px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">Land &amp;
buildings</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:70%;">
<div style="text-align: left; text-indent:-24px;margin-right:0px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">IT systems &amp;
office equipment</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:70%;">
<div style="text-align: left; text-indent:-24px;margin-right:0px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">Vehicles &amp;
sundry equipment</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Our
principal office is located at Unit B9, 431 Roberts Rd, Subiaco,
Western Australia 6008 Australia. Our telephone number is +61 8
6313 3975. Our website address is www.missionnewenergy.com.
Information on our website and websites linked to it do not
constitute part of this annual report.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
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<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Business
Overview.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Recent Developments</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">In July
2019 the Company announced that it has entered into a heads of
agreement to acquire 100% of the business operations of Pilbara
Metals Group Pty Ltd (PMG), an Australian Private Limited Company.
This transaction was terminated on 31 October 2019.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The
Malaysian company, Felda Green Energy Sdn Bhd (FGVGE) in which we
own 20%, biodiesel project has a loan which is now due and payable.
The lender has full security over the asset. This investment may
require us to inject further capital funds into the project to pay
off the loan and recommence operations. In addition, the lender has
the option to take the asset as compensation for the loan default
if we do not meet such a capital call. Given the current inability
to meet any capital calls by FGVGE, we may liquidate the M2
Capital, being the company which holds the shares in the
refinery.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Overview</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Mission&#x2019;s
only asset is its 20% share in a joint venture company. In December
2016 the Company started actively seeking buyers for its stake in
the biodiesel plant, no buyers have been found and Mission impaired
its held for sale investment to $zero.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The
joint venture company, in which Mission owns a 20% share, owns a
mothballed 250,000 tpa refinery which has a loan currently due and
payable and the lender has full security over the refinery
asset.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Mission
have been actively seeking to dispose of this 20% interest since
December 2016 and to date no offers for this business have been
received and the asset is recorded at $zero. The Malaysian company,
Felda Green Energy Sdn Bhd (FGVGE) in which we own 20%, biodiesel
project has a loan which is now due and payable. The lender has
full security over the asset. This investment may require us to
inject further capital funds into the project to pay off the loan
and recommence operations. In addition, the lender has the option
to take the asset as compensation for the loan default if we do not
meet such a capital call. Given the current inability to meet any
capital calls by FGVGE, we may liquidate the M2 Capital, being the
company which holds the shares in the refinery.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Our Competitive Strengths</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
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<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Our Strategies</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The
Company is focused on maximizing shareholder value through a
positive return from looking for new business
opportunities.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
Malaysian Asset</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The
Company is trying to sell its investment in the joint venture
company.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">&#xA0;
<font style="font-family: Times New Roman; font-size: 13px"><br>
</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Corporate Opportunities</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The
Company will continue to look at other related opportunities and
projects on a continued basis to enhance shareholder
value.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Production Safety and Environmental Matters</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
Safety</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">We had
no material safety issues and none were reported to us last year by
the joint venture company.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
Environment</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">We had
no material environmental issues and none were reported to us last
year by the joint venture company.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Organizational
Structure.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Our
principal subsidiaries at 30 June 2019 are set out below. Unless
otherwise stated, they have share capital consisting solely of
ordinary shares that are held directly by the Group, and the
proportion of ownership interests held equals the voting rights
held by the Group. The country of incorporation or registration is
also their principal place of business.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Set
forth below is the organizational structure of Mission NewEnergy
Limited:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><img src="mnel_20f000.jpg"></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The
Company owns 100% of M2 Capital Sdn Bhd, a Malaysian registered
Company, which in turn owns 20% of FGV Green Energy Sdn, a
Malaysian registered Company formed to own the 250,000 tpa refinery
sold by the Group during that financial period. This biodiesel
refinery is mothballed. Mission Biofuels Sdn Bhd is 100% owned and
is now the Malaysian administrative entity and is in the process of
being shut down.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">For a
list of our wholly-owned and indirectly owned subsidiaries, see
Exhibit 8.1 filed hereto.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Unlisted
investments.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">We own
a 20% stake in a joint venture company that owns a biodiesel
production facility (with a lease for the underlying land) that is
located at Port Kuantan, Malaysia. This 20% stake is up for sale
and carried at $zero. The refinery is mothballed. The Malaysian
company, Felda Green Energy Sdn Bhd (FGVGE) in which we own 20%,
biodiesel project has a loan which is now due and payable. The
lender has full security over the asset. This investment may
require us to inject further capital funds into the project to pay
off the loan and recommence operations. In addition, the lender has
the option to take the asset as compensation for the loan default
if we do not meet such a capital call. Given the current inability
to meet any capital calls by FGVGE, we may liquidate the M2
Capital, being the company which holds the shares in the
refinery.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;<br>
</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The
following is further information about the biodiesel
facility:</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="margin-right:0px;width:90%;font-size:inherit;font-family:inherit;margin-left:0px;">
<tr>
<td colspan="1" rowspan="1" style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">Biodiesel
Facility</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td colspan="1" rowspan="1" style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">Site
area(Acres)</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td colspan="1" rowspan="1" style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">Total
Planned Capacity <font style="font-size:70%;vertical-align:top;">(1)</font> (million gallonsper
year)</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td colspan="1" rowspan="1" style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">Capacity
Utilization <font style="font-size:70%;vertical-align:top;">(2)</font>(percentage)</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td colspan="1" rowspan="1" style="vertical-align:bottom;width:70%;">
<div style="text-align: center; text-indent:0px;margin-right:2px;padding-bottom:2px;margin-left:0px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Commissioning
Date</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:10%;">
<div style="margin-left:0px;"><font style="text-align: left; vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;display:inline-block;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">250,000
tpa refinery owned by FGV Green Energy Sdn Bhd</font></div>
</font><font style="text-align: left; vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">6.0</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">75</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">%</font></div>
</td>
<td style="vertical-align:bottom;width:70%;">
<div style="text-align: center; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Project has
stalled</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(1</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
<td colspan="4" style="vertical-align:bottom;width:100%;">
<div><font style="text-align: left; vertical-align:bottom;width:2%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:96%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">Nominal operating
capacity.</font></div>
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:2%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(2</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
<td colspan="4" style="vertical-align:bottom;width:100%;">
<div><font style="text-align: left; vertical-align:bottom;width:2%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:96%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">The
total tonnage produced during this period was NIL.</font></div>
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:2%;display:inline-block;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Our
registered administrative offices are located on premises
comprising approximately 60 square meters in an office building in
Perth, Australia.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">We also
lease properties for purposes of office quarters in
Malaysia.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Item 4A. Unresolved Staff Comments</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
None.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Item 5. Operating and Financial Review and Prospects</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">A.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Operating
Results.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
You should read the following discussion and analysis of our
financial condition and results of operations in conjunction with
&#x201C;Item 3.A &#x2014; Selected Financial Data&#x201D; and our
consolidated financial statements and related notes included
elsewhere in this annual report. This discussion may contain
forward-looking statements that involve risks and uncertainties.
Our actual results and the timing of selected events could differ
materially from those anticipated in these forward-looking
statements as a result of various factors, including, but not
limited to, those set forth under &#x201C;Item 3.D &#x2014; Risk
Factors&#x201D; and elsewhere in this annual report.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Overview</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">We
historically were a producer of biodiesel that integrated
sustainable biodiesel feedstock cultivation, biodiesel production
and wholesale biodiesel distribution, focused on the government
mandated markets of the United States and Europe and Malaysia. We
currently own a 20% share in a joint venture company that owns a
biodiesel refinery that is mothballed.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The
Companies 20% stake in the joint venture company is currently being
actively marketed for sale, no buyers have been found and the asset
has been written down to $zero.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">During
fiscal 2019, we made a net profit of A$0.012 million (2018: A$0.2
million loss). We recognized revenues of A$0.17 million (A$0.002
million in fiscal 2018). The income in fiscal 2019 is mostly
generated from the proceeds of RTO activities and 2018 was
predominately comprised of interest income. As of the date of this
report, we have no non-current liabilities. If a new venture does
not generate sufficient revenue to fund the ongoing operating costs
of the business, and if we are unable to achieve our business
strategies and objectives, we may need to raise further equity or
loan capital for the business (See item 4 for further
detail).</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: -48px">
<font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
Biodiesel refining</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The
Group owns 100% of M2 Capital Sdn Bhd, a Malaysian subsidiary,
which owns a 20% stake in FGV Green Energy Sdn Bhd (FGVGE), a
refinery joint venture company, which is carried at NIL. FGVGE has
a loan that is due and payable and the lender has full security
over the refinery asset. Given the current inability to meet any
capital calls by FGVGE, we may liquidate M2 Capital, being the
company which holds the shares in FGVGE which owns the
refinery.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
Critical Accounting Policies</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Our
discussion and analysis of our operating and financial performance
and prospects are based upon our consolidated financial statements.
The preparation of these consolidated financial statements requires
us to make estimates and judgments that affect the reported amounts
of revenue, assets, liabilities and expenses. We re-evaluate our
estimates on an on-going basis. Our estimates are based on
historical experience and on various other assumptions that we
believe to be reasonable under the circumstances. Actual results
may differ from these estimates under different assumptions or
conditions.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Our
significant accounting policies are more fully described in the
notes to our audited consolidated financial statements included
elsewhere in this annual report. However, critical accounting
policies that affect our more significant judgments and estimates
used in the preparation of our financial statements are set forth
below.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
Principles of Consolidation</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The
consolidated financial statements comprise the financial statements
of Mission NewEnergy Limited and its subsidiaries, as defined in
Accounting Standard AASB 127 &#x2018;Separate Financial
Statements&#x2019;. These include Mission Biofuels Sdn Bhd and M2
Capital Sdn Bhd. All controlled entities have a 30 June financial
year-end. The Associate company has a 31 December year
end.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">All
inter-company balances and transactions between entities in the
Consolidated Group, including any unrealized profits or losses,
have been eliminated on consolidation. Accounting policies of
subsidiaries have been changed where necessary to ensure
consistency with the policies applied by the parent
entity.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Where
controlled entities have entered or left the Consolidated Group
during the year, their operating results have been
included/excluded from the date control was obtained or until the
date control ceased.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Non-controlling
interests in the equity and results of the entities that are
controlled are shown as a separate item in the consolidated
financial report.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
Investments in associates/Non-Current Assets held for
sale</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The
Group owns 100% of M2 Capital Sdn Bhd, a Malaysian subsidiary,
which owns a 20% stake in FGV Green Energy Sdn Bhd (FGVGE), a
refinery joint venture company. Investments in associates held by
the parent entity, Mission NewEnergy Limited, are reviewed for
impairment if there is any indication that the carrying amount may
not be recoverable. The carrying value of this investment is
NIL.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">During
the current financial year the Group announced an intention to
undertake a new Reverse Take Over (refer to the Director&#x2019;
Report for further details). Under the RTO arrangement the Group is
required to dispose of the shares held in 100% owned subsidiaries
and the Associate Joint Venture Company. The accounting standards
require assets held for sale to be separately disclosed on the
statement of financial position with the value of the investment
into the joint venture company to be accounted for at the lower of
carrying value or fair value less costs to sell.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">In
assessing the carrying value of the investment, the following
factors were considered by the Directors:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">o</font></div>
<div style="text-align: justify; display: table-cell"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Mission
does not hold a refining asset, however it holds a 20% share in the
refining JV,</font></div>
</div>
</div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">o</font></div>
<div style="text-align: justify; display: table-cell"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">This
refining JV is not a listed publicly traded entity with a readily
determinable share price, nor is there a ready market to sell the
20% holding,</font></div>
</div>
</div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">o</font></div>
<div style="text-align: justify; display: table-cell"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Mission
does not have the voting or management rights to force any actions
on the JV company, (be that to commence refurbishment, sell the
asset as a going concern or for sell for scrap value),</font></div>
</div>
</div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">o</font></div>
<div style="text-align: justify; display: table-cell"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Should
the JV company require further equity funding to undertake the
refurbishment the group has insufficient current cash proceeds to
protect its equity position and hence our shareholding position
would likely be diluted.</font></div>
</div>
</div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-family: Times New Roman; font-size: 13px">o</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">The Malaysian
company, Felda Green Energy Sdn Bhd (FGVGE) in which we own 20%,
biodiesel project has a loan which is now due and payable. The
lender has full security over the asset. This investment may
require us to inject further capital funds into the project to pay
off the loan and recommence operations. In addition, the lender has
the option to take the asset as compensation for the loan default
if we do not meet such a capital call. Given the current inability
to meet any capital calls by FGVGE, we may liquidate the M2
Capital, being the company which holds the shares in the
refinery.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Management
has been unsuccessful to date in disposing of the investment,
however continues to seek buyers. The Directors impaired the
carrying value of the investment to NIL during the prior financial
year. Should the Group sell the refinery an impairment reversal is
expected to be recognized in the financial records of the Group, to
the extent of any consideration received, if any.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Since
that date Mission has been actively looking to dispose of its 20 %
stake, no such buyers were identified.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="margin-right:0px;width:90%;font-size:inherit;font-family:inherit;margin-left:0px;">
<tr>
<td rowspan="1" style="vertical-align:bottom;width:80%;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">2019</font></div>
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">2018</font></div>
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:80%;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">A$</font></div>
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">A$</font></div>
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:80%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Impairment of
investment in associate</font></div>
<div style="text-align: justify; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">-</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%;">-</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:80%;">
<div style="margin-left:0px;padding-bottom:2px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><br>
<font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font><br>
<font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">&#xA0;
<font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">Impairment
of assets</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">We
assess impairment of assets by evaluating conditions that may lead
to impairment of particular assets. Where an impairment trigger
exists, the recoverable amount of the asset is
determined.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
Recently issued accounting pronouncements</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">There
are no recently issued accounting pronouncements that have had any
material impact to the financial reported position of the
Company.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
changes in Accounting policies and impact on the financial
statements were:</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">IFRS 9 was adopted
without restating comparative. Adoption had no impact on the Groups
financial statements.</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">IFRS 15 had no
impact because the Group had no revenue.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Any
new, revised or amending Accounting Standards or Interpretations
that are not yet mandatory have not been early
adopted.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Comparison of Results of Operations</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
Fiscal 2019 compared with fiscal 2018</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; font-style: italic">Other income.</font> Other
income increased by A$163,628 (ten times increase) from A$1,524 in
fiscal 2018 to A$165,152 in fiscal 2019, primarily as a result of
RTO proceeds.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; font-style: italic">Expenses.</font> Total
expenses decreased by A$50,258 (25% decrease) from A$203,503 in
fiscal 2018 to A$153,245 in fiscal 2019 principally due to a
general reduction in operating costs. Employee benefits expenses
remained at $0.0 in fiscal 2019 as a result of the Directors
agreeing to not take a salary until the Company has sufficient
funds. Foreign currency losses increased by A$3,238 from a loss in
fiscal 2018 of A$4,095 to a loss in fiscal 2019 of
A$7,333.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Other
expense decreased by A$129,293 from A$173,143 in fiscal 2018 to
A$43,850 in fiscal 2019 primarily due to a general reduction in
costs</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
Finance cost</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Finance
costs of A$0 were incurred in fiscal 2019 and $2,450 incurred in
fiscal 2018.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; font-style: italic">Income tax.</font>
&#xA0;&#xA0;Income tax expense was $0.0 in fiscal 2019 and $135 in
fiscal 2018.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">&#xA0;
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; font-style: italic">Profit for the year.</font>
&#xA0;&#xA0;As a result of the foregoing, fiscal 2019 registered a
profit for the year of A$11,907, an increase of A$214,021 from a
A$202,114 loss in fiscal 2018.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;<br>
</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
Fiscal 2018 compared with fiscal 2017</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; font-style: italic">Revenue.</font> Interest
revenue decreased by A$6,253 (80% reduction) from A$7,777 in fiscal
2017 to A$1,524 in fiscal 2018.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">&#xA0;
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; font-style: italic">Expenses.</font> Total
expenses decreased by A$4.3 million (95% decrease) from
A$4.5million in fiscal 2017 to A$0.2 million in fiscal 2018
principally due to impairment of investment in associate company in
fiscal 2017. Employee benefits expenses decreased A$0.4 million
from A$0.4 million in fiscal 2017 to A$0.0 million in fiscal 2018
primarily as a result of the continued Group restructure, cost
management and in particular the Directors agreeing to not take a
salary until the Company has sufficient funds. Foreign currency
losses decreased by A$0.006 million from a loss in fiscal 2017 of
A$0.01 million to a loss in fiscal 2018 of A$0.004 million. Other
expense decreased by A$0.1 million from A$0.3 million in fiscal
2017 to A$0.2 million in fiscal 2018 primarily due to a reduction
in legal costs and due diligence costs incurred in 2017 fiscal
year.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
Finance cost</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Finance
costs of A$2,450 were incurred in fiscal 2018. No finance cost
incurred in fiscal 2017.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; font-style: italic">Income tax.</font>
&#xA0;&#xA0;Income tax expense decreased by A$3,117 from A$3,252 in
fiscal 2017 to an expense of A$135 in fiscal 2018.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">&#xA0;
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; font-style: italic">Discontinued
operations.</font> &#xA0;&#xA0;There were no discontinued
operations in fiscal 2017 and fiscal 2018.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">&#xA0;
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; font-style: italic">Loss for the year.</font>
&#xA0;&#xA0;As a result of the foregoing, fiscal 2018 registered a
loss for the year of A$0.2 million, a decrease of A$4.4 million
from A$4.6 million loss in fiscal 2017.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;<br>
</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Impact of Inflation</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">We do
not believe that inflation has had a material effect on our
business.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Effects of Currency Fluctuations</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Our
presentation currency is the Australian dollar. In accordance with
IFRS, costs not denominated in Australian dollars are re-measured
in Australian dollars, when recorded, at the prevailing exchange
rates for the purposes of our financial statements. Consequently,
fluctuations in the rates of exchange between the Australian
dollar, Malaysian Ringgit, Indian Rupee and the U.S. dollar affect
the presentation of our results of operations. An increase in the
value of a particular currency relative to the Australian dollar
will reduce the Australian dollar reporting value for transactions
in that particular currency, and a decrease in the value of that
currency relative to the Australian dollar will increase the
Australian dollar reporting value for those
transactions.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The
effect of foreign currency translation is reflected in our
financial statements in the statements of changes in
shareholders&#x2019; equity and is reported as accumulated foreign
currency translation reserve. We have not entered into any hedging
arrangements to mitigate the effects of currency
fluctuations.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div id="ftr">
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
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<!--page break--></div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">B.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Liquidity
and Capital Resources.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
Overview</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Our
operations have historically been financed primarily from the
issuance of convertible notes and equity securities to
investors.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The
following table sets forth our consolidated cash flows since fiscal
2017.</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="margin-right:0px;width:90%;font-size:inherit;font-family:inherit;margin-left:0px;">
<tr style="background-color:#cceeff;">
<td rowspan="1" style="vertical-align:bottom;width:70%;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">2019 A$&#x2019;000</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">2018 A$&#x2019;000</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">2017 A$&#x2019;000</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:70%;">
<div style="text-align: left; text-indent:-24px;margin-right:0px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">Net cash (used in)
operating activities</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(15</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(190</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(979</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:70%;">
<div style="text-align: left; text-indent:-24px;margin-right:0px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">Net cash provided
by investingactivities</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:70%;">
<div style="text-align: left; text-indent:-24px;margin-right:0px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">Net cash (used in)
financingactivities</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:70%;">
<div style="text-align: left; text-indent:-24px;margin-right:0px;padding-bottom:2px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">Effect of exchange
rate changes on cash held in foreign currency</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid #000000;">(8</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid #000000;">(2</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid #000000;">(34</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:70%;">
<div style="text-align: left; text-indent:-24px;margin-right:0px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">Net movement in
cash and cash equivalents</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(23</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(192</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(1,013</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:70%;">
<div style="padding-bottom: 2px;">
<div style="text-align: left; text-indent:-24px;margin-right:0px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">Cash and cash
equivalents at the beginning of the year</font></div>
</div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 13px; font-family: Times New Roman; display: inline-block; padding-bottom: 2px;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">196</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 13px; font-family: Times New Roman; display: inline-block; padding-bottom: 2px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 13px; font-family: Times New Roman; display: inline-block; padding-bottom: 2px;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">388</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 13px; font-family: Times New Roman; display: inline-block; padding-bottom: 2px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 13px; font-family: Times New Roman; display: inline-block; padding-bottom: 2px;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">1,401</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 13px; font-family: Times New Roman; display: inline-block; padding-bottom: 2px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:70%;">
<div style="text-align: left; text-indent:-24px;margin-right:0px;padding-bottom:2px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">Cash and cash
equivalents at the end of the year</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid #000000;">173</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid #000000;">196</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid #000000;">388</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">&#xA0;
<font style="font-family: Times New Roman; font-size: 13px"><br>
</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
Fiscal 2019 compared with fiscal 2018</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Net
cash used in operating activities is as a result of ongoing
operating costs with no group operating revenue.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">There
were NIL investing or financing activities in fiscal year
2019.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
Fiscal 2018 compared with fiscal 2017</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Net
cash used in operating activities is as a result of ongoing
operating costs with no group operating revenue.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">There
were NIL investing or financing activities in fiscal year
2018.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">&#xA0;
<font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">Bank
facility</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">We do
not currently have any bank credit facilities.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
Secured loans</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">We do
not currently have any secured loans.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
Other material commitments</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">We do
not have any material commitments.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
Warrants</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">There
are no outstanding warrants.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">C.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Research
and Development, Patents and Licenses, etc.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Our
expenditure on research and development was Nil in fiscal years
2019, 2018 and 2017.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">D.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Trend
Information.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Other
than as disclosed elsewhere in this annual report, we are not aware
of any trends, uncertainties, demands, commitments or events that
are reasonably likely to have a material effect on our revenue,
income, profitability, liquidity or capital resources or that would
cause reported financial information not necessarily to be
indicative of future operating results or financial
condition.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">E.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Off-Balance
Sheet Arrangements.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">We do
not have any material off-balance sheet commitments or
arrangements.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">F.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Tabular
Disclosure of Contractual Obligations.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">We do
not have any contractual commitments at June 30, 2019.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Item 6. Directors, Senior Management and Employees</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">A.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Directors
and Senior Management.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The
following table sets forth information of our directors and
executive officers as of the date of this annual report. The
directors have served in their respective capacities since their
election or appointment and will serve until the next annual
general shareholders meeting or until a successor is duly
elected.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="margin-right:0px;width:90%;font-size:inherit;font-family:inherit;margin-left:0px;">
<tr>
<td rowspan="1" style="vertical-align:bottom;width:45%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Name</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">Age</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:45%;">
<div style="text-align: center; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Position</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:45%;">
<div style="text-align: left; text-indent:-24px;margin-right:0px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">Dato&#x2019; Nathan
Mahalingam</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">62</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:45%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Executive Chairman,
Chief Executive Officer and Director</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:45%;">
<div style="text-align: left; text-indent:-24px;margin-right:0px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">Guy
Burnett</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">51</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:45%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Chief Financial
Officer, Director and Company Secretary</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:45%;">
<div style="text-align: left; text-indent:-24px;margin-right:0px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">James
Garton</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">43</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:45%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Director and Head
of Corporate Finance/Mergers and Acquisitions</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">Dato&#x2019; Nathan Mahalingam</font>.
Dato&#x2019; Nathan has been Chief Executive Officer (formerly
having the title of Managing Director) and a Director of Mission
NewEnergy since 2005. He has over 25 years of management experience
in banking and finance, heavy industries and infrastructure
development. He has successfully implemented numerous start up
manufacturing operations in Malaysia during his tenure of service
with a large Malaysian conglomerate. Between 1995 and 2000, he
served as project director in the Westport Group, developers of one
of Malaysia&#x2019;s largest privatized port and transhipment
facility. Dato&#x2019; Nathan has gained extensive project advisory,
corporate finance, mergers and acquisitions experience while
running his own boutique corporate advisory practice between 2000
and 2004. Dato&#x2019; Nathan took over the role of Executive
Chairman in June 2017 upon the retirement of the past
Chairman.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">Guy Burnett.</font><font style="font-weight: bold; font-style: italic">&#xA0;</font> Mr. Burnett
has been Chief Financial Officer (formerly having the title of
Finance Director) since 2008, a Director since 2009 and Company
Secretary of Mission NewEnergy since September 2010. He is a
Chartered Accountant and has worked as a financial professional in
several large corporations. Prior to joining Mission NewEnergy, Mr.
Burnett was Manager, Corporate Accounting &amp; Tax with Western
Power (an electricity networks corporation owned by the Western
Australian government) from 2006 to 2008 and, before that, worked
as a financial accountant for Water Corporation from 2004 to 2005
and served as a Manager with KPMG from 2005 to 2006 where he
assisted clients with implementing International Financial
Reporting Standards.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;<br>
</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">James Garton</font><font style="font-weight: bold; font-style: italic">.</font> Mr. Garton Mr.
Garton has over 15 years&#x2019; experience in corporate finance,
working in investment banking. Prior to his current role, James was
has been Head of Corporate Finance and Mergers and</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Acquisitions
for Mission since 2008. Mr. Garton joined Mission NewEnergy from
U.S. investment bank, FBR Capital Markets, where he was Vice
President, Investment Banking. Prior to FBR Capital Markets, he
worked in corporate finance and equity capital markets with
Australian firm BBY Limited. Before BBY, Mr. Garton worked in
private equity with the Australian advisory firm Investment Capital
Limited.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;<br>
</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Family Relationships</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">There
are no family relationships between any directors or executive
officers of Mission NewEnergy.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Arrangements</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">There
are no known arrangements or understandings with any major
shareholders, customers, suppliers or others pursuant to which any
of our officers or directors was selected as an officer or director
of Mission NewEnergy.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">B.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Compensation.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">In
fiscal year 2019, the aggregate remuneration we paid and that
accrued to our directors and senior management was A$0.0 million.
<font style="font-size: 13px">D</font>uring the year the company
settled $30,000 of accrued leave liabilities.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="margin-right:0px;width:90%;font-size:inherit;font-family:inherit;margin-left:0px;">
<tr>
<td rowspan="1" style="vertical-align:bottom;width:40%;">
<div style="text-align: justify; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">2019</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:2px solid #000000;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">Salary</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:2px solid #000000;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">Non-cash
Benefits</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:2px solid #000000;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">Long-term
Bonus</font></div>
<div><font style="font-size:13px;font-family:Times New Roman;">$</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:2px solid #000000;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">Share based payments
$</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:2px solid #000000;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">Post-employment Super
Contribution</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:2px solid #000000;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">Total</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:40%;">
<div style="text-align: left; text-indent:0px;margin-right:6px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Dato&#x2019; Nathan
Mahalingam</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:40%;">
<div style="text-align: left; text-indent:0px;margin-right:6px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Mr. Guy
Burnett</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:40%;">
<div style="text-align: left; text-indent:0px;margin-right:6px;padding-bottom:2px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Mr. James
Garton</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid #000000;">-</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid #000000;">-</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid #000000;">-</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid #000000;">-</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid #000000;">-</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid #000000;">-</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:40%;">
<div style="text-align: left; text-indent:0px;margin-right:6px;padding-bottom:2px;margin-left:0px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">TOTAL
KEY MANAGEMENT PERSONNEL</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; border-bottom:2px solid #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; border-bottom:2px solid #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">-</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; border-bottom:2px solid #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; border-bottom:2px solid #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">-</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; border-bottom:2px solid #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; border-bottom:2px solid #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">-</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; border-bottom:2px solid #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; border-bottom:2px solid #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">-</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; border-bottom:2px solid #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; border-bottom:2px solid #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">-</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; border-bottom:2px solid #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; border-bottom:2px solid #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">-</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">During
the financial year, each director was paid out $10,000 of annual
leave owed.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
&#xA0;&#xA0;
<font style="font-family: Times New Roman; font-size: 13px"><br>
</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="margin-right:0px;width:90%;font-size:inherit;font-family:inherit;margin-left:0px;">
<tr>
<td rowspan="1" style="vertical-align:bottom;width:40%;">
<div style="text-align: justify; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">2018</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:2px solid #000000;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">Salary</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:2px solid #000000;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">Non-cash
Benefits</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:2px solid #000000;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">Long-term
Bonus</font></div>
<div><font style="font-size:13px;font-family:Times New Roman;">$</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:2px solid #000000;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">Share based payments
$</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:2px solid #000000;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">Post-employment Super
Contribution</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:2px solid #000000;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">Total</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:40%;">
<div style="text-align: left; text-indent:0px;margin-right:6px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Dato&#x2019; Nathan
Mahalingam</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:40%;">
<div style="text-align: left; text-indent:0px;margin-right:6px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Mr. Guy
Burnett</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:40%;">
<div style="text-align: left; text-indent:0px;margin-right:6px;padding-bottom:2px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Mr. James
Garton</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid #000000;">-</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid #000000;">-</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid #000000;">-</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid #000000;">-</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid #000000;">-</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid #000000;">-</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:40%;">
<div style="text-align: left; text-indent:0px;margin-right:6px;padding-bottom:2px;margin-left:0px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">TOTAL
KEY MANAGEMENT PERSONNEL</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; border-bottom:2px solid #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; border-bottom:2px solid #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">-</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; border-bottom:2px solid #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; border-bottom:2px solid #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">-</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; border-bottom:2px solid #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; border-bottom:2px solid #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">-</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; border-bottom:2px solid #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; border-bottom:2px solid #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">-</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; border-bottom:2px solid #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; border-bottom:2px solid #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">-</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; border-bottom:2px solid #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; border-bottom:2px solid #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">-</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">&#xA0;
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Share
Based Compensation Plans</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">At the
date of this report, the Group has no Share Based Compensation
Plans.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Performance Rights</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">At the
date of this annual report, the Group has no Performance Right
Plans and there were no performance rights issued in fiscal years
2017, 2018 and 2019.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Options</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">At the
date of this annual report, the Group has no Option Plans and there
were no options issued in fiscal years 2017, 2018 and
2019.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Retirement Benefits</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">All
employees employed by Mission NewEnergy and its subsidiaries belong
to appropriate retirement schemes for each jurisdiction in which it
operates. All such employee retirement schemes are defined
contribution schemes and thus no amounts are required to be set
aside by us to meet any future retirement benefit
obligations.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">C.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Board
Practices.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Role of the Board of Directors</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The
Board of Mission is responsible for setting the Company&#x2019;s
strategic direction and providing effective governance over
Mission&#x2019;s affairs in conjunction with the overall supervision
of the Company&#x2019;s business with the view of maximising
shareholder value. The Board&#x2019;s key responsibilities are
to:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">chart the
direction, strategies and financial objectives for Mission and
monitor the implementation of those policies, strategies and
financial objectives;</font></div>
</div>
</div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">keep updated about
the Group&#x2019;s business and financial status;</font></div>
</div>
</div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">provide oversight
and monitor compliance with regulatory requirements, ethical
standards, risk management, internal compliance and control, code
of conduct, legal compliance and external commitments;</font></div>
</div>
</div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">appoint, evaluate
the performance of, determine the remuneration of, plan for the
succession of and, where appropriate, remove the Managing
Director/Group Chief Executive Officer, the Company Secretary and
the Finance Director/Chief Financial Officer;</font></div>
</div>
</div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">exercise due care
and diligence and sound business judgment in the performance of
those functions and responsibilities; and</font></div>
</div>
</div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">ensure that the
Board continues to have the mix of skills and experience necessary
to conduct Mission&#x2019;s activities, and that appropriate
directors are selected and appointed as required.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The
Group has a formal process to educate new directors about the
nature of the business, current issues, the corporate strategy, the
culture and values of the Group, and the expectations of the Group
concerning performance of the directors. In addition directors are
also educated regarding meeting arrangements and director
interaction with each other, senior executives and other
stakeholders. Directors also have the opportunity to visit Group
facilities and meet with management to gain a better understanding
of business operations. Directors are given access to continuing
education opportunities to update and enhance their skill and
knowledge.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The
Board has adopted a Board Charter, which sets out in more detail
the responsibilities of the Board. The Board Charter sets out the
division of responsibility between the Board and management to
assist those affected by decisions to better understand the
respective accountabilities and contribution to Board and
management.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">In
accordance with Mission&#x2019;s Constitution, the Board delegates
responsibility for the day&#x2013;to&#x2013;day management of Mission
to the Executive Chairman/Managing Director/Group Chief Executive
Officer (subject to any limits of such delegated authority as
determined by the Board from time to time). Management as a whole
is charged with reporting to the Board on the performance of the
Company.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Board structure and composition</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The
Board currently is comprised of three directors, all of which are
non-independent executive directors. Details of each
director&#x2019;s skills, expertise and background are contained
within the directors&#x2019; report included with the
company&#x2019;s annual financial statements lodged with the
Australian Securities Exchange. The Board considers the mix of
skills and the diversity of Board members when assessing the
composition of the Board. The Board assesses existing and the
potential director&#x2019;s skill to ensure they have appropriate
industry expertise in the Group&#x2019;s operating segments. In
addition, the Board has considered the current Board composition
based on the existing level of operations within the
group.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Independence, in
this context, is defined to mean a non&#x2013;executive director who
is free from any interest and any business or other relationship
that could, or could reasonably be perceived to, materially
interfere with the directors ability to act in the best interests
of Mission. The definition of independence in ASX Recommendation
2.1 is taken into account for this purpose.</font></div>
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Apart
from the Group CEO, Mission&#x2019;s directors may not hold office
for a continuous period in excess of three years or past the third
annual general meeting following their appointment, whichever is
longer, without submitting for re&#x2013;election. Directors are
elected or re&#x2013;elected, as the case may be, by shareholders in
a general meeting. Directors may offer themselves for
re&#x2013;election. A Director appointed by the directors (e.g., to
fill a casual vacancy) will hold office only until the conclusion
of the next annual general meeting of Mission but is eligible for
re&#x2013;election at that meeting.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Under
Mission&#x2019;s Constitution, voting requires a simple majority of
the Board. The Chairman does not hold a casting vote.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Board Diversity</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The
Board has a formal diversity policy which states that Mission
NewEnergy Limited is committed to embedding a corporate culture
that embraces diversity through:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Recruitment on the
basis of competence and performance and selection of candidates
from a diverse pool of qualified candidates,</font></div>
</div>
</div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Maintaining
selection criteria that does not indirectly disadvantage people
from certain groups,</font></div>
</div>
</div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Providing equal
employment opportunities through performance and flexible working
practices,</font></div>
</div>
</div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Maintaining a safe
working environment and supportive culture by taking action against
inappropriate workplace and business behavior that is deemed as
unlawful (discrimination, harassment, bullying, vilification and
victimization),</font></div>
</div>
</div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Promoting diversity
across all levels of the business,</font></div>
</div>
</div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Undertaking
diversity initiatives and measuring their success,</font></div>
</div>
</div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Regularly surveying
our work climate, and</font></div>
</div>
</div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Establishing
measurable objectives in achieving gender diversity.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Since
the Company&#x2019;s incorporation, given its cross-jurisdictional
operations in Australia and Malaysia, a diversity practice is
naturally in place.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Board and management effectiveness</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Responsibility for
the overall direction and management of Mission, its corporate
governance and the internal workings of Mission rests with the
Board, notwithstanding the delegation of certain functions to the
Managing Director/Group Chief Executive Officer and management
generally (such delegation effected at all times in accordance with
Mission&#x2019;s Constitution and its corporate governance
policies). The Board has access, at the company&#x2019;s expense, to
take independent professional advice after consultation with the
Chairman.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">An
evaluation procedure in relation to the Board, individual directors
and Company executives was not completed during the 2018 financial
year due to the limited operating status of the Company.
Traditionally, the evaluations of the Board as a whole were
facilitated through the use of a questionnaire required to be
completed by each Board member, the results of which were
summarised, discussed with the Chairman of the Board and tabled for
discussion at a Board Meeting. Similarly each individual director
was required to self assess his performance and discuss the results
with the Chairman. Individual directors&#x2019; performance was
evaluated by reference to the Director&#x2019;s contribution to
monitoring and assessing management performance in achieving
strategies and budgets approved by the Board (among other things).
A similar process for review of committees was has not been
undertaken during the current year due to the limited extent of
operations.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
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<!--page break--></div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Internal control, risk management and financial
reporting</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The
Board has overall responsibility for Mission&#x2019;s systems of
internal control. These systems are designed to ensure effective
and efficient operations, including financial reporting and
compliance with laws and regulations, with a view to managing the
risk of failure to achieve business objectives. It must be
recognized, however, that internal control systems can provide only
reasonable and not absolute assurance against the risk of material
loss.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The
Board reviews the effectiveness of the internal control systems and
risk management on an ongoing basis, and monitors risk through the
Audit and Risk Management Committee (see the Audit and Risk
Management Committee). The Board regularly receives information
about the financial position and performance of Mission. For annual
and half-yearly accounts released publicly, the Managing
Director/Group Chief Executive Officer and the Finance
Director/Chief Financial Officer sign-off to the
Board:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 12px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the accuracy of the
accounts and that they represent a true and fair view, in all
material respects, of Missions financial condition and operational
results, and have been prepared in accordance with applicable
accounting standards; and</font></div>
</div>
</div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 12px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">that the
representations are based on a system of risk management and
internal compliance and control relating to financial reporting
which implements the policies adopted by the Board, and that those
systems are operating efficiently and effectively in all material
respects.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">In
addition, management has reported to the Board on the effectiveness
of the Company&#x2019;s management of its material business
risks.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Internal audit</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The
Group does not have an Internal Auditor due to the restructure and
significant downsizing of the Group since fiscal year
2012.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Our
risk management policy is included in the Corporate Governance
section of the Company&#x2019;s website.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Committees of the Board of Directors</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The
Board has established two permanent Board committees to assist the
Board in the performance of its functions:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 12px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the Audit and Risk
Management Committee; and</font></div>
</div>
</div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 12px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the Remuneration
and Nomination Committee.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Each
committee has a charter that sets out its purpose and
responsibilities. The committees are described further
below.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The
names of the members of the two committees are set out in the
directors&#x2019; report contained within the Company&#x2019;s annual
financial statements.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Audit and Risk Management Committee</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The
purpose of the Audit and Risk Management Committee is to provide
assistance to the Board in its review of:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 12px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Mission&#x2019;s
financial reporting, internal control structure and risk management
systems&#x2019;;</font></div>
</div>
</div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 12px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the internal and
external audit functions; and</font></div>
</div>
</div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 12px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Mission&#x2019;s
compliance with legal and regulatory requirements in relation to
the above.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The
Audit and Risk Management committee has specific responsibilities
in relation to Missions&#x2019; financial reporting process; the
assessment of accounting, financial and internal controls; the
appointment of the external auditor; the assessment of the external
audit; the independence of the external auditor; and setting the
scope of the external audit.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div id="ftr">
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
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<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">During
prior fiscal years, the Audit and Risk Management Committee
comprised two independent non&#x2013;executive directors and one
non-independent non&#x2013;executive director that have diverse and
complementary backgrounds. Since the retirement of the
non-executive Directors, the three executive Directors form the
members of the Audit and Risk Committee.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
Remuneration and Nomination Committee</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The
purpose of the Remuneration and Nomination Committee is to
discharge the Board&#x2019;s responsibilities relating to the
nomination and selection of directors and the compensation of the
Company&#x2019;s executives and directors.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The key
responsibilities of the Remuneration and Nomination Committee are
to:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 12px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">ensure the
establishment and maintenance of a formal and transparent procedure
for the selection and appointment of new directors to the Board;
and</font></div>
</div>
</div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 12px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">establish
transparent and coherent remuneration policies and practices, which
will enable Mission to attract, retain and motivate executives and
Directors who will create value for shareholders and to fairly and
responsibly reward executives.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">During
prior fiscal years, the Remuneration and Nomination Committee
comprised two independent non&#x2013;executive directors and one
non-independent non&#x2013;executive director. Since the retirement
of the non-executive Directors, the three executive Directors form
the members of the Nomination and Remuneration
Committee.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">We have
a remuneration policy that sets out the terms and conditions for
the Managing Director and other senior executives.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Disclosure policy</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Mission
is committed to promoting investor confidence and ensuring that
shareholders and the market have equal access to information and
are provided with timely and balanced disclosure of all material
matters concerning the Company. Additionally, Mission recognizes
its continuous disclosure obligations under the ASX Listing Rules
and the Corporations Act. To assist with these matters, the Board
has adopted a Continuous Disclosure and Shareholder Communication
Policy.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The
Continuous Disclosure and Shareholder Communication Policy
allocates roles to the Board and management in respect of
identifying material information and coordinating disclosure of
that information where required by the ASX Listing
Rules.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The
Policy also identifies authorized company spokespersons and the
processes Mission has adopted to communicate effectively with its
shareholders. In addition to periodic reporting, Mission will
ensure that all relevant information concerning the Company is
placed on its website.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Code of Conduct</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The
Board has created a framework for managing the Company including
internal controls, business risk management processes and
appropriate ethical standards.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The
Board has adopted practices for maintaining confidence in the
Company&#x2019;s integrity including promoting integrity, trust,
fairness and honesty in the way employees and directors&#x2019;
conduct themselves and Mission&#x2019;s business, avoiding conflicts
of interest and not misusing company resources. A formal Code of
Conduct has been adopted for all employees and directors of
Mission.&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Securities Trading Policy</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">A
Securities Trading Policy has been adopted by the Board to set a
standard of conduct, which demonstrates Mission&#x2019;s commitment
to ensuring awareness of the insider trading laws, and that
employees and directors&#x2019; comply with those laws. The
Securities Trading Policy imposes additional share trading
restrictions on Directors, the Company Secretary, executives and
employees involved in monthly financial accounting processes
(&#x201C;specified persons&#x201D;).</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Under
the Securities Trading Policy, specified persons are only permitted
to buy and sell securities if they do not possess non&#x2013;public
price sensitive information and trading occurs outside of specified
restricted periods. These periods are the periods commencing on the
first day of the month before the end of the half&#x2013;year or
full year period and ending on the next business day after the
announcement of the results for that period. In addition, before a
specified person can deal in Mission&#x2019;s securities they must
obtain clearance from the appropriate officer, confirming that
there is no reason why they cannot trade.&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Ownership of Equity settled Options and Performance
rights</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">There
are no options or performance rights at the date of this
report.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">D.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Employees.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">As of
June 30, 2019, we had three employees. The following table provides
a breakdown of our employees by main category of activity and
geographic location:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="margin-right:0px;width:90%;font-size:inherit;font-family:inherit;margin-left:0px;">
<tr>
<td rowspan="1" style="vertical-align:bottom;width:70%;">
<div style="margin-left:0px;padding-bottom:2px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">USA</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td colspan="1" rowspan="1" style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">Australia</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td colspan="1" rowspan="1" style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">Malaysia</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:70%;">
<div style="text-align: left; text-indent:-24px;margin-right:0px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">Finance, legal and
other administrative functions</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">2</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Historic
Employees</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="margin-right:0px;width:90%;font-size:inherit;font-family:inherit;margin-left:0px;">
<tr>
<td rowspan="1" style="vertical-align:bottom;width:60%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">For
the fiscal year ended June 30,</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">USA</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td colspan="1" rowspan="1" style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">Australia</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td colspan="1" rowspan="1" style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">Malaysia</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td colspan="1" rowspan="1" style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">India</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:60%;">
<div style="text-align: left; text-indent:-24px;margin-right:0px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">2016</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">2</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">4</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:60%;">
<div style="text-align: left; text-indent:-24px;margin-right:0px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">2017</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">2</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:60%;">
<div style="text-align: left; text-indent:-24px;margin-right:0px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">2018</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">2</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:60%;">
<div style="text-align: left; text-indent:-24px;margin-right:0px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">2019</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">2</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">We
believe that our relations with employees are good and we have not
experienced any significant labor stoppages or disputes. Our
employees are not represented by labor unions or covered by a
collective bargaining agreement.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">We
typically enter into a standard confidentiality and non-competition
agreement with our management and research and development
personnel. Each of these contracts includes a covenant that
prohibits the relevant personnel from engaging in any activities
that compete with our business during his or her employment with us
and for two years after their employment with us.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Insurance</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">We have
insurance policies covering all normal aspects of our business in
line with industry practices and the current state of
operations.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">We
believe that our overall insurance coverage is consistent with the
market practice or the jurisdiction of operation. We also maintain
appropriate Directors and Officers Liability
Insurance.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">E.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Share
Ownership.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The
following table presents certain information regarding the
beneficial ownership of our ordinary shares based on total issued
ordinary shares of 40,870,275 as of October 7, 2019
by:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px; font-family: Times New Roman">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">each person known
by us through substantial shareholder notices filed with the
Australian Securities Exchange and SEC to be the beneficial owner
of more than 5% of our ordinary shares;</font></div>
</div>
</div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">each of our
directors in office during the 2019 fiscal year;</font></div>
</div>
</div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">each of our named
executive officers; and</font></div>
</div>
</div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">all of our current
directors and executive officers as a group.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="margin-right:0px;width:90%;font-size:inherit;font-family:inherit;margin-left:0px;">
<tr>
<td rowspan="1" style="vertical-align:bottom;width:80%;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">Number
ofShares</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">% of
issued ordinary shares</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:80%;">
<div style="text-align: left; text-indent:-24px;margin-right:0px;margin-left:24px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Principal
Shareholders</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:80%;">
<div style="text-align: left; text-indent:-24px;margin-right:0px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">Pejuang Emas Sdn
Bhd</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">5,000,000</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">12.23</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">%</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:80%;">
<div style="text-align: left; text-indent:-24px;margin-right:0px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">Kajaintharan
Sithambaran</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">5,000,000</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">12.23</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">%</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:80%;">
<div style="text-align: left; text-indent:-24px;margin-right:0px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">Mohamed Nizam Abdul
Razak</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">2,500,000</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">6.12</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">%</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:80%;">
<div style="text-align: left; text-indent:-24px;margin-right:0px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">Mohd Azlan Bin
Mohammed</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">2,500,000</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">6.12</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">%</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:80%;">
<div style="text-align: justify; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Directors
and Executive Officers:</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:80%;">
<div style="text-align: left; text-indent:-24px;margin-right:0px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">Dato&#x2019; Nathan
Mahalingam <font style="font-size: 70%; vertical-align: top">(1)</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">5,612,956</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">13.73</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">%</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:80%;">
<div style="text-align: left; text-indent:-24px;margin-right:0px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">James
Garton</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">5,112,051</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">12.51</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">%</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:80%;">
<div style="text-align: left; text-indent:-24px;margin-right:0px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">Guy
Burnett</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">5,112,001</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">12.51</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">%</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:80%;">
<div style="text-align: justify; text-indent:0px;margin-right:0px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; text-indent:-24px;margin-right:0px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">All directors and
executive officers as a group</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(1)</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 99%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Includes
492,957 shares held by Mission Equities Sdn Bhd., a company which
Dato&#x2019; Nathan Mahalingam, Mission NewEnergy&#x2019;s Chief
Executive Officer, owns.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 99%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Beneficial
ownership is determined according to the rules of the SEC and
generally means that a person has beneficial ownership of a
security if he or she possesses sole or shared voting or investment
power of that security, and includes options that are exercisable
within 60 days. Information with respect to beneficial ownership
has been furnished to us by each director, executive officer or 5%
or more shareholder, as the case may be.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Unless
otherwise indicated, to our knowledge, each shareholder possesses
sole voting and investment power over the ordinary shares listed,
subject to community property laws where applicable. None of our
shareholders has different voting rights from other shareholders
after the closing of this offer.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">To the
best of our knowledge, there have not been any significant changes
in the ownership of our ordinary shares by major shareholders over
the past three years, except the beneficial ownership
of:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 97%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Muraldir
Menon sold shares to Pejuang Emas Sdn Bhd registered with the ASX
on July 6, 2018</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 97%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Karisma
Integrasi Sdn Bhd sold 2,500,000 shares to Mohamed Nizam Abdul
Razak and Mohd Azlan Bin Mohammed each which were registered with
the ASX on July 6, 2018</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 97%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nathan
Mahalingam, James Garton and Guy Burnett were each issued 5,000,000
shares on February 19, 2015.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">As of
August 15, 2019, we had thirty seven holders of record in the
United States with a combined holding of 9,045,684 shares,
representing 22.13% of our total outstanding shares as of that
date.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Item 7. Major Shareholders and Related Party
Transactions</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">A.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Major
Shareholders and Related Party Transactions.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">See
&#x201C;Item 6.E&#x2014;Directors, Senior Management and
Employees&#x2014;Share Ownership.&#x201D;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">B.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Related
Party Transactions.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Other
than as disclosed below, from July 1, 2018 through to June 30,
2019, we did not enter into any transactions or loans between us
and any (a) enterprises that directly or indirectly through one or
more intermediaries, control or are controlled by, or are under
common control with us; (b) associates; (c) individuals owning,
directly or indirectly, an interest in our voting power that gives
them significant influence over us, and close members of any such
individual&#x2019;s family; (d) key management personnel and close
members of such individuals&#x2019; families; or (e) enterprises in
which a substantial interest in the voting power is owned, directly
or indirectly by any person described in (c) or (d) or over which
such person is able to exercise significant influence. Refer to
note 23 of the financial statements included at the end of this
report for details of any related party transactions.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Loans</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">From
time to time, we have made loans to or received loans from our
wholly owned subsidiaries, including M2 Capital Sdn Bhd and Mission
Biofuels Sdn Bhd. Loans are repaid where possible and are given on
interest free terms. These inter-company loans are eliminated on
consolidation.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Management rights with subsidiaries</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">From
time to time, we have been involved in transactions with wholly
owned and controlled subsidiaries. Such transactions between
related parties are on commercial terms and conditions no more
favorable than those available to other parties.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Rental costs</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">During
the period we have paid a company controlled by Dato, Swaminathan
Mahalingam $8,142 office rental fee in Malaysia.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">C.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Interests
of Experts and Counsel.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 24px">
<font style="font-family: Times New Roman; font-size: 13px">Not
applicable.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Item 8. Financial Information</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">A.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Consolidated
Statements and Other Financial Information.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Our
consolidated financial statements are set out in Item 18 of this
annual report.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
Legal Proceedings</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">We are
not involved in any significant legal proceedings.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
Dividend Distributions</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 60px">
<font style="font-family: Times New Roman; font-size: 13px">We have
never declared or paid any cash dividends on our ordinary shares
and we do not anticipate paying any cash dividends in the
foreseeable future. Our Board&#x2019;s current intention is to
reinvest any income in the continued development and operation of
our business.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 60px">
<font style="font-family: Times New Roman; font-size: 13px">Except
as permitted by the Corporations Act, under our Constitution
dividends may only be paid out of our profits.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Payment
of cash dividends, if any, in the future will be at the discretion
of our Board or, if our directors do not exercise their power to
issue dividends, our shareholders in a general meeting may exercise
the powers.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Even if
our Board decides to pay dividends, the form, frequency and amount
will depend upon our future operations and earnings, capital
requirements and surplus, general financial conditions, contractual
restrictions and other factors that the Board may deem
relevant.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">B.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Significant
Changes.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Except
as disclosed elsewhere and below in this annual report, we have not
experienced any significant changes since the date of our audited
consolidated financial statements included in this annual
report.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Item 9. The Offer and Listing</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">A.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Offer
and Listing Details.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Our
shares are listed on the ASX (symbol: &#x201C;MBT&#x201D;) (currently
suspended from trading) and are traded on the OTC Markets Pink
Sheets (symbol: MNELF). <font style="font-size: 70%; vertical-align: top">&#xA0;</font>Our ordinary
shares were suspended from trading on the ASX on 25 November
2016.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
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<!--page break--></div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">B.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Plan
of Distribution.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Not
applicable.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">C.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Markets.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">See
&#x201C;Item 9.A&#x2014;The Offer and Listing&#x2014;Offer and Listing
Details.&#x201D;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">D.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Selling
Shareholders.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Not
applicable.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">E.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Dilution.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Not
applicable.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">F.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Expenses
of the Issue.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Not
applicable.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Item 10. Additional Information</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">A.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Share
Capital.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Not
applicable.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">B.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Memorandum
and Articles of Association.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Our Constitution</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">We are
a public company limited by shares registered under the
Corporations Act by the Australian Securities and Investments
Commission, or ASIC. Our constituent document is a Constitution,
which is similar in nature to the by-laws of a company incorporated
under the laws of a U.S. state. Our Constitution does not provide
for or prescribe any specific objectives or purposes of Mission
NewEnergy. Our Constitution is subject to the terms of the ASX
Listing Rules and the Corporations Act. Our Constitution may be
amended or repealed and replaced by special resolution of
shareholders, which is a resolution passed by at least 75% of the
votes cast by shareholders entitled to vote on the
resolution.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Under
Australian law, a company has the legal capacity and powers of an
individual both inside and outside Australia. The material
provisions of our Constitution are summarized below. This summary
is not intended to be complete, nor to constitute a definitive
statement of the rights and liabilities of our shareholders and is
qualified in its entirety by reference to the Constitution, which
is available on request.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Directors</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
Interested Directors</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Except
where permitted by the Corporations Act, a director may not vote in
respect of any contract or arrangement in which the director has,
directly or indirectly, any material interest according to our
Constitution. Such director must not be counted in a quorum, must
not vote on the matter and must not be present at the meeting while
the matter is being considered.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Unless
a relevant exception applies, the Corporations Act requires
directors of Mission NewEnergy to provide disclosure of certain
interests and prohibits directors of companies listed on the ASX
from voting on matters in which they have a material personal
interest and from being present at the meeting while the matter is
being considered. In addition, the Corporations Act and the ASX
Listing Rules require shareholder approval of any provision of
related party benefits to our directors.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
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<!--page break--></div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
Directors&#x2019; Compensation</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The
Directors agreed to take no fees or salary with effect 30 November
2016.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
Borrowing Powers Exercisable by Directors</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Pursuant to our
Constitution, the management and control of our business affairs
are vested in our Board. The Board has the power to raise or borrow
money. The Board may also charge any of our property or business or
any uncalled capital and may issue debentures or give any other
security for any of our debts, liabilities or obligations or of any
other person, in each case, in the manner and on terms it deems
fit.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
Retirement of directors</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Pursuant to our
Constitution, one third of directors other than the director who is
the Chief Executive Officer, must retire from office at every
annual general meeting. If the number of directors is not a
multiple of three then the number nearest to but not less than one
third must retire from office. The directors who retire in this
manner are required to be the directors or director longest in
office since last being elected. A director, other than the
director who is the Chief Executive Officer, must retire from
office at the conclusion of the third annual general meeting after
which the director was elected.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
Share Qualifications</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Our
Constitution provides that we may fix a share qualification for our
directors in general meeting. However, there are currently no
requirements for directors to own our shares in order to qualify as
directors.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Rights and Restrictions on Classes of Shares</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Subject
to the Corporations Act and the ASX Listing Rules, rights attaching
to our shares are detailed in our Constitution. Our Constitution
provides that any of our shares may be issued with preferred,
deferred or other special rights, whether in relation to dividends,
voting, return of share capital, payment of calls or otherwise as
the Board may determine from time to time. Except as provided by
contract or by our Constitution to the contrary, all unissued
shares are under the control of the Board which may grant options
on the shares, allot or otherwise dispose of the shares on the
terms and conditions and for the consideration it deems fit.
Currently our outstanding share capital consists of only one class
of ordinary shares.</font></div>
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Dividend Rights</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">The
Board may from time to time determine to pay dividends to
shareholders. All unclaimed dividends may be invested or otherwise
made use of by the Board for our benefit until claimed or otherwise
disposed of in accordance with our Constitution.</font></div>
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Voting Rights</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Under
our Constitution, each shareholder has one vote determined by a
show of hands at a meeting of the shareholders. On a poll vote each
shareholder shall have one vote for each fully paid share and a
fractional vote for each share which is not fully paid, such
fraction being equivalent to the proportion of the amount which has
been paid to such date on that share. Under Australian law,
shareholders of a public company are not permitted to approve
corporate matters by written consent. Our Constitution does not
provide for cumulative voting.</font></div>
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Right to Share in our Profits</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Subject
to the Corporations Act and pursuant to our Constitution, our
shareholders are entitled to participate in our profits only by
payment of dividends. The Board may from time to time determine to
pay dividends to the shareholders, however no dividend is payable
except out of our profits. A declaration by the Board as to the
amount of our profits is conclusive.</font></div>
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Rights to Share in the Surplus in the Event of
Liquidation</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Our
Constitution provides for the right of shareholders to participate
in a surplus in the event of our liquidation. In certain
circumstances, any division may be otherwise than in accordance
with the legal rights of the contributories, and in particular, any
class may be given preferential or special rights or may be
excluded altogether or in part from participation in a surplus in
the event of liquidation.</font></div>
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Redemption Provisions</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">There
are no redemption provisions in our Constitution in relation to
ordinary shares. Under our Constitution and subject to the
Corporations Act, any preference shares may be issued on the terms
that they are, or may at our option be, liable to be
redeemed.</font></div>
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Sinking Fund Provisions</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">There
are no sinking fund provisions in our Constitution in relation to
ordinary shares.</font></div>
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Liability for Further Capital Calls</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">According to our
Constitution, the Board may make any calls from time to time upon
shareholders in respect of all monies unpaid on partly-paid shares,
subject to the terms upon which any of the partly-paid shares have
been issued. Each shareholder is liable to pay the amount of each
call in the manner, at the time, and at the place specified by the
Board. Calls may be made payable by installment.</font></div>
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Provisions Discriminating Against Holders of a Substantial Number
of Shares</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">There
are no provisions under our Constitution discriminating against any
existing or prospective holders of a substantial number of our
shares.</font></div>
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Variation of Share Rights</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Our
Constitution provides that, unless otherwise provided by the terms
of issue of the shares of such class, the rights attaching to any
class of shares may, subject to the ASX Listing Rules, be varied
with the consent in writing of members with at least 75% of the
votes in the class or with the sanction of a special resolution
passed at a separate meeting of the holders of the shares of such
class. These conditions are not more significant than that required
by the Corporations Act.</font></div>
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General Meetings of Shareholders</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">General
meetings of shareholders may be called by the Board. Except as
permitted under the Corporations Act, shareholders may not convene
a meeting. Under the Corporations Act, shareholders with at least
5% of the votes which may be cast at a general meeting may call and
arrange to hold a general meeting. The Corporations Act requires
the directors to call and arrange to hold a general meeting on the
request of shareholders with at least 5% of the votes that may be
cast at a general meeting or at least 100 shareholders who are
entitled to vote at the general meeting. Twenty-eight days notice
of the proposed meeting of our shareholders is required under the
Corporations Act.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">According to our
Constitution, the chairman of the general meeting may refuse
admission to or exclude from the meeting, any person who is in
possession of a picture recording or sound recording device, in
possession of a placard or banner, in possession of an object
considered by the chairman to be dangerous, offensive or liable to
cause disruption, any person who refuses to produce or permit
examination of any object, any person who behaves or threatens to
behave in a dangerous, offensive or destructive manner, or any
person who is not a director or one of our auditors, one of our
shareholders or a proxy, attorney or representative of one of our
shareholders.</font></div>
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Foreign Ownership Regulation</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">There
are no limitations on the rights to own securities imposed by our
Constitution. However, acquisitions and proposed acquisitions of
shares in Australian companies may be subject to review and
approval by the Australian Federal Treasurer under the Foreign
Acquisitions and Takeovers Act 1975 (Commonwealth of Australia).
Generally this Act applies to acquisitions or proposed
acquisitions:</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">by a
foreign person, as defined in the Foreign Acquisitions and
Takeovers Act, or associated foreign persons which would result in
such persons having an interest in 15% or more of the issued shares
of, or control of 15% or more of the voting power in, an Australian
company; and</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">by
non-associated foreign persons which would result in such foreign
person having an interest in 40% or more of the issued shares of,
or control of 40% or more of the voting power in, an Australian
company.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">The
Australian Federal Treasurer may prevent a proposed acquisition in
the above categories or impose conditions on such acquisition if
the Treasurer is satisfied that the acquisition would be contrary
to the national interest. If a foreign person acquires shares or an
interest in shares in an Australian company in contravention of the
Act, the Australian Federal Treasurer may order the divestiture of
such person&#x2019;s shares or interest in shares in the company.
The Australian Federal Treasurer may order divestiture pursuant to
the Act if he determines that the acquisition has resulted in that
foreign person, either alone or together with other non-associated
or associated foreign persons, controlling the company and that
such control is contrary to the national interest.</font></div>
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Ownership Threshold</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">There
are no provisions in our Constitution that require a shareholder to
disclose ownership above a certain threshold. The Corporations Act,
however, requires a substantial shareholder to notify us and the
Australian Securities Exchange once a 5% interest in our shares is
obtained. Further, once a shareholder owns a 5% interest in us,
such shareholder must notify us and the Australian Securities
Exchange of any increase or decrease of 1% or more in its holding
of our shares. Such major shareholders are also required to file a
notice with the SEC on Schedule 13D or Schedule 13G.</font></div>
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Issues of shares and Change in Capital</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Subject
to our Constitution, the Corporations Act, the ASX Listing Rules
and any other applicable law, we may at any time issue shares and
grant options or warrants on any terms, with preferred, deferred or
other special rights and restrictions and for the consideration and
other terms that the directors determine. Our power to issue shares
includes the power to issue bonus shares (for which no
consideration is payable to Mission NewEnergy), preference shares
and partly paid shares.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Subject
to the requirements of our Constitution, the Corporations Act, the
ASX Listing Rules and any other applicable law, including relevant
shareholder approvals, we may consolidate or divide our share
capital into a larger or smaller number by resolution, reduce our
share capital (provided that the reduction is fair and reasonable
to our shareholders as a whole, and does not materially prejudice
our ability to pay creditors) or buy-back our shares whether under
an equal access buy-back or on a selective basis.</font></div>
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Change of Control</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Takeovers of listed
Australian public companies, such as Mission NewEnergy, are
regulated by, amongst other things, the Corporations Act which
prohibits the acquisition of a relevant interest in issued voting
shares in a listed company if the acquisition will lead to that
person&#x2019;s or someone else&#x2019;s voting power in the company
increasing from 20% or below to more than 20% or increasing from a
starting point that is above 20% and below 90%, subject to a range
of exceptions.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Generally, and
without limitation, a person will have a relevant interest in
securities if they:</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">are the
holder of the securities;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">have
power to exercise, or control the exercise of, a right to vote
attached to the securities; or</font></div>
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<tr>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 97%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">have
the power to dispose of, or control the exercise of a power to
dispose of, the securities (including any indirect or direct power
or control).</font></div>
</td>
</tr></table>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 20px; text-indent: 24px">
<font style="font-family: Times New Roman; font-size: 13px">If at a
particular time a person has a relevant interest in issued
securities and the person:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 97%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">has
entered or enters into an agreement with another person with
respect to the securities;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 97%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">has
given or gives another person an enforceable right, or has been or
is given an enforceable right by another person, in relation to the
securities; or</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 97%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">has
granted or grants an option to, or has been or is granted an option
by, another person with respect to the securities,</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">and the
other person would have a relevant interest in the securities if
the agreement were performed, the right enforced or the option
exercised, the other person is taken to already have a relevant
interest in the securities.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">There
are a number of exceptions to the above prohibition on acquiring a
relevant interest in issued voting shares above 20%. In general
terms, some of the more significant exceptions
include:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 97%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">when
the acquisition results from the acceptance of an offer under a
formal takeover bid;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 97%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">when
the acquisition is conducted on market by or on behalf of the
bidder under a takeover bid and the acquisition occurs during the
bid period;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 97%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">when
shareholders of the company approve the takeover by resolution
passed at general meeting;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 97%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">an
acquisition by a person if, throughout the 6 months before the
acquisition, that person, or any other person, has had voting power
in the company of at least 19% and as a result of the acquisition,
none of the relevant persons would have voting power in the company
more than 3 percentage points higher than they had 6 months before
the acquisition;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 97%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">as a
result of a rights issue;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 97%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">as a
result of dividend reinvestment schemes;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 97%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">as a
result of underwriting arrangements;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 97%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">through
operation of law;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 97%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">an
acquisition which arises through the acquisition of a relevant
interest in another listed company;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 97%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">arising
from an auction of forfeited shares; or</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 97%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">arising
through a compromise, arrangement, liquidation or
buy-back.</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Breaches of the
takeovers provisions of the Corporations Act are criminal offences.
ASIC and the Australian Takeover Panel have a wide range of powers
relating to breaches of takeover provisions including the ability
to make orders canceling contracts, freezing transfers of, and
rights attached to, securities, and forcing a party to dispose of
securities. There are certain defenses to breaches of the takeovers
provisions provided in the Corporations Act.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Proportional Takeovers</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Our
Constitution indicates that where offers to purchase our shares
have been made under a proportional takeover scheme, we are
prohibited from registering, other than where a transfer is
effected in accordance with the takeover provisions (if any) under
the ASTC Settlement Rules, a transfer which would give effect to
the contract resulting from the acceptance of such an offer unless
and until a resolution to approve the proportional takeover scheme
is approved at a meeting by the persons entitled to vote on such
resolution. The offeror or an associate of the offeror is not
entitled to vote on such resolution. A person, other than an
offeror or associate of the offeror, who, as at the end of the day
in which the first offer under the proportional takeover scheme was
made, held shares in that class of shares, is entitled to one vote
for each of the shares held in that class.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Access to and Inspection of Documents</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Inspection of our
records is governed by the Corporations Act. Any member of the
public has the right to inspect or obtain copies of our registers
on the payment of a prescribed fee. Shareholders are not required
to pay a fee for inspection of our registers or minute books of the
meetings of shareholders. Other corporate records including minutes
of directors meetings, financial records and other documents are
not open for inspection by shareholders. Where a shareholder is
acting in good faith and an inspection is deemed to be made for a
proper purpose, a shareholder may apply to the court to make an
order for inspection of our books.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">C.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Material
Contracts.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">We have
not entered into any material contracts other than in the ordinary
course of business and other than those described in &#x201C;Item
4&#x2014;Information on the Company&#x201D; or elsewhere in this
annual report on Form 20-F.</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">D.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Exchange
Controls.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Under
existing Australian legislation, the Reserve Bank of Australia does
not prohibit the import and export of funds, and generally no
governmental permission is required for us to move funds in and out
of Australia. However, for the movement of funds to and from
&#x201C;tax havens,&#x201D; as specified by current regulations, a
tax clearance certificate must be obtained. The United States is
not a declared tax haven. Accordingly, at the present time,
remittances of any dividends, interest or other payments by us to
non-resident holders of our securities in the United States are not
restricted by exchange controls.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">E.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Taxation.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
The following is a summary of material U.S. federal and Australian
income tax considerations to U.S. holders, as defined below, of the
acquisition, ownership and disposition of ordinary shares. This
discussion is based on the laws in force as at the date of this
annual report, and is subject to changes in the relevant income tax
law, including changes that could have retroactive effect. The
following summary does not take into account or discuss the tax
laws of any country or other taxing jurisdiction other than the
United States and Australia. Holders are advised to consult their
tax advisors concerning the overall tax consequences of the
acquisition, ownership and disposition of ordinary shares in their
particular circumstances. This discussion is not intended, and
should not be construed, as legal or professional tax
advice.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
This summary does not describe U.S. federal estate and gift tax
considerations, or any state and local tax considerations within
the United States, and is not a comprehensive description of all
U.S. federal or Australian income tax considerations that may be
relevant to a decision to acquire or dispose of ordinary shares.
Furthermore, this summary does not address U.S. federal or
Australian income tax considerations relevant to holders subject to
taxing jurisdictions other than or in addition to the United States
and Australia, and does not address all possible categories of
holders, some of which may be subject to special tax
rules.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
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<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
U.S. Federal Income Tax Considerations</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">In this
section, we discuss material U.S. federal income tax considerations
applicable to an investment in ordinary shares by a U.S. holder, as
defined below, that will hold the ordinary shares as capital assets
within the meaning of Section 1221 of the Code. We do not discuss
the tax consequences to any particular holder nor any tax
considerations that may apply to holders subject to special tax
rules, such as banks, insurance companies, individual retirement
and other tax-deferred accounts, regulated investment companies,
individuals who are former U.S. citizens or former long-term U.S.
residents, dealers in securities or currencies, tax-exempt
entities, persons subject to the alternative minimum tax, persons
that hold ordinary shares as a position in a straddle or as part of
a hedging, constructive sale or conversion transaction for U.S.
federal income tax purposes, persons that have a functional
currency other than the U.S. dollar, persons that own (directly,
indirectly or constructively) 10% or more of our equity or persons
that are not U.S. holders.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">In this
section, a &#x201C;U.S. holder&#x201D; means a beneficial owner of
ordinary shares that is, for U.S. federal income tax
purposes:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 97%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">an
individual who is a citizen or resident of the United States for
U.S. federal income tax purposes;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 97%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">a
corporation, or other entity treated as a corporation for U.S.
federal income tax purposes, created or organized in or under the
laws of the United States or any state thereof or the District of
Columbia;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 97%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">an
estate the income of which is subject to U.S. federal income
taxation regardless of its source; or</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 97%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">a trust
(i) the administration of which is subject to the primary
supervision of a court in the United States and for which one or
more U.S. persons have the authority to control all substantial
decisions or (ii) that has an election in effect under applicable
income tax regulations to be treated as a U.S. person.</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">As used
in this section, a &#x201C;non-U.S. holder&#x201D; is a beneficial
owner of ordinary shares that is not a U.S. holder or an entity or
arrangement treated as a partnership for U.S. federal income tax
purposes.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">If an
entity or arrangement treated as a partnership for U.S. federal
income tax purposes holds ordinary shares, the U.S. federal income
tax treatment of a partner generally will depend on the status of
the partner and the activities of the partnership. Partners of
partnerships that will hold ordinary shares should consult their
tax advisors.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
You are urged to consult your own tax advisor with respect to the
U.S. federal, as well as state, local and non-U.S., tax
consequences to you of acquiring, owning and disposing of ordinary
shares in light of your particular circumstances, including the
possible effects of changes in U.S. federal and other tax
laws.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
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<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
Dividends</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Subject
to the passive foreign investment company rules, discussed below,
U.S. holders will include as dividend income the U.S. dollar value
of the gross amount of any distributions of cash or property
(without deduction for any withholding tax), other than certain pro
rata distributions of ordinary shares, with respect to ordinary
shares to the extent the distributions are made from our current or
accumulated earnings and profits, as determined for U.S. federal
income tax purposes. A U.S. holder will include the dividend income
at the time of receipt. To the extent, if any, that the amount of
any distribution by us exceeds our current and accumulated earnings
and profits, as so determined, the excess will be treated first as
a tax-free return of the U.S. holder&#x2019;s tax basis in the
ordinary shares and thereafter as capital gain. Notwithstanding the
foregoing, we do not intend to maintain calculations of earnings
and profits, as determined for U.S. federal income tax purposes.
Consequently, any distributions generally will be reported as
dividend income for U.S. information reporting purposes. See
&#x201C;Backup Withholding Tax and Information Reporting&#x201D;
below. Dividends paid by us will not be eligible for the
dividends-received deduction generally allowed to U.S. corporate
shareholders.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Subject
to the passive foreign investment company rules, certain dividends
received by an individual U.S. holder (as well as certain trusts
and estates) from a &#x201C;qualified foreign corporation&#x201D; are
eligible for a preferential U.S. federal income tax rate (20%),
subject to certain minimum holding period requirements and other
limitations. A foreign corporation may be a &#x201C;qualified
foreign corporation&#x201D; if (it is eligible for the benefits of a
comprehensive income tax treaty with the United States which the
U.S. Secretary of Treasury determines is satisfactory for this
purpose and which includes an exchange of information program. We
expect to be considered a qualified foreign corporation with
respect to our ordinary shares because we believe we are eligible
for the benefits under the Double Taxation Convention between
Australia and the United States. Accordingly, dividends we pay
generally should be eligible for the reduced income tax rate.
However, the determination of whether a dividend qualifies for the
preferential tax rates must be made at the time the dividend is
paid. U.S. holders should consult their own tax
advisers.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Includible
distributions paid in Australian dollars, including any Australian
withholding taxes, will be included in the gross income of a U.S.
holder in a U.S. dollar amount calculated by reference to the
exchange rate in effect on the date of actual or constructive
receipt, regardless of whether the Australian dollars are converted
into U.S. dollars at that time. If Australian dollars are converted
into U.S. dollars on the date of actual or constructive receipt,
the tax basis of the U.S. holder in those Australian dollars will
be equal to their U.S dollar value on that date and, as a result, a
U.S. holder generally should not be required to recognize any
foreign exchange gain or loss.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">If
Australian dollars so received are not converted into U.S. dollars
on the date of receipt, the U.S. holder will have a basis in the
Australian dollars equal to their U.S. dollar value on the date of
receipt. Any gain or loss on a subsequent conversion or other
disposition of the Australian dollars generally will be treated as
ordinary income or loss to such U.S. holder and generally such gain
or loss will be income or loss from sources within the United
States for foreign tax credit limitation purposes.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Dividends received
by a U.S. holder with respect to ordinary shares will be treated as
foreign source income, which may be relevant in calculating the
holder&#x2019;s foreign tax credit limitation. The limitation on
foreign taxes eligible for credit is calculated separately with
respect to specific classes of income. For these purposes,
dividends will be categorized as &#x201C;passive&#x201D; or
&#x201C;general&#x201D; income depending on a U.S. holder&#x2019;s
circumstance.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Subject
to certain complex limitations, a U.S. holder generally will be
entitled, at its option, to claim either a credit against its U.S.
federal income tax liability or a deduction in computing its U.S.
federal taxable income in respect of any Australian taxes withheld
by us. If a U.S. holder elects to claim a deduction, rather than a
foreign tax credit, for Australian taxes withheld by us for a
particular taxable year, the election will apply to all foreign
taxes paid or accrued by or on behalf of the U.S. holder in the
particular taxable year.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The
availability of the foreign tax credit and the application of the
limitations on its availability are fact specific. You are urged to
consult your own tax advisor as to the consequences of Australian
withholding taxes and the availability of a foreign tax credit or
deduction. See &#x201C;Australian Tax Considerations &#x2014;
Taxation of Dividends.&#x201D;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
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<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
Sale or Exchange of Ordinary Shares</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Subject
to the passive foreign investment company rules, discussed below, a
U.S. holder generally will, for U.S. federal income tax purposes,
recognize capital gain or loss on a sale, exchange or other
disposition of ordinary shares equal to the difference between the
amount realized on the disposition and the U.S. holder&#x2019;s tax
basis in the ordinary shares. This gain or loss recognized on a
sale, exchange or other disposition of ordinary shares will
generally be long-term capital gain or loss if the U.S. holder has
held the ordinary shares for more than one year. Generally, for
U.S. holders who are individuals (as well as certain trusts and
estates), long-term capital gains are subject to U.S. federal
income tax at preferential rates. For foreign tax credit limitation
purposes, gain or loss recognized upon a disposition generally will
be treated as from sources within the United States. The
deductibility of capital losses is subject to limitations for U.S.
federal income tax purposes.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">You
should consult your own tax advisor regarding the availability of a
foreign tax credit or deduction in respect of any Australian tax
imposed on a sale or other disposition of ordinary shares. See
&#x201C;Australian Tax Considerations &#x2014; Tax on Sales or other
Dispositions of Shares.&#x201D;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
Passive Foreign Investment Company Considerations</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The
Code provides special, generally adverse, rules regarding certain
distributions received by U.S. holders with respect to, and sales,
exchanges and other dispositions, including pledges, of shares of
stock of, a passive foreign investment company, or PFIC. A foreign
corporation will be treated as a PFIC for any taxable year if at
least 75% of its gross income for the taxable year is passive
income or at least 50% of its gross assets during the taxable year,
based on a quarterly average and generally by value, produce or are
held for the production of passive income. Passive income for this
purpose generally includes, among other things, dividends,
interest, rents, royalties, gains from commodities and securities
transactions and gains from assets that produce passive income. In
determining whether a foreign corporation is a PFIC, a pro-rata
portion of the income and assets of each corporation in which it
owns, directly or indirectly, at least a 25% interest (by value) is
taken into account.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The
determination of whether or not we are a PFIC is a factual
determination that must be determined annually at the close of each
taxable year. Based on our business results for the last fiscal
year and composition of our assets, we believe that we may be a
PFIC for U.S. federal income tax purposes for the taxable year
ended June 30, 2015. Similarly, based on our business projections
and the anticipated composition of our assets for the current and
future years, we may be a PFIC for the taxable year ended June 30,
2016. It is also possible that we may become a PFIC in any future
taxable year.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">If we
are a PFIC for any taxable year during which a U.S. holder holds
ordinary shares, any &#x201C;excess distribution&#x201D; that the
holder receives and any gain realized from a sale or other
disposition (including a pledge) of such ordinary shares will be
subject to special tax rules, unless the holder makes a
mark-to-market election or qualified electing fund election as
discussed below. Any distribution in a taxable year that is greater
than 125% of the average annual distribution received by a U.S.
holder during the shorter of the three preceding taxable years or
such holder&#x2019;s holding period for the ordinary shares will be
treated as an excess distribution. Under these special tax
rules:</font></div>
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<div>
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<tr>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 97%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">the
excess distribution or gain will be allocated ratably over the U.S.
holder&#x2019;s holding period for the ordinary shares;</font></div>
</td>
</tr></table>
</div>
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<div>
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<tr>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 97%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">the
amount allocated to the current taxable year, and any taxable year
prior to the first taxable year in which we were a PFIC, will be
treated as ordinary income; and</font></div>
</td>
</tr></table>
</div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 97%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">the
amount allocated to each other year will be subject to income tax
at the highest rate in effect for that year and the interest charge
generally applicable to underpayments of tax will be imposed on the
resulting tax attributable to each such year.</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The tax
liability for amounts allocated to years prior to the year of
disposition or excess distribution cannot be offset by any net
operating loss, and gains (but not losses) realized on the transfer
of the ordinary shares cannot be treated as capital gains, even if
the ordinary shares are held as capital assets. In addition,
non-corporate U.S. holders will not be eligible for reduced rates
of taxation on any dividends received from us if we are a PFIC in
the taxable year in which such dividends are paid or in the
preceding taxable year.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">If we
are a PFIC for any taxable year during which any of our non-United
States subsidiaries is also a PFIC, a U.S. holder of ordinary
shares during such year would be treated as owning a proportionate
amount (by value) of the shares of the lower-tier PFIC for purposes
of the application of these rules to such subsidiary. You should
consult your tax advisors regarding the tax consequences if the
PFIC rules apply to any of our subsidiaries.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Unless
otherwise provided by the U.S. Treasury, each U.S. shareholder of a
PFIC is required to file a Form 8621 and such other form as the
U.S. Treasury may require. If we are or become a PFIC, you should
consult your tax advisors regarding any reporting requirements that
may apply to you as a result of our status as a PFIC.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">A U.S.
holder may avoid some of the adverse tax consequences of owning
shares in a PFIC by making a &#x201C;qualified electing fund&#x201D;
election. The availability of this election with respect to our
ordinary shares requires that we provide information to
shareholders making the election. We do not intend to provide you
with the information you would need to make or maintain a qualified
electing fund election and you will, therefore, not be able to make
such an election with respect to your ordinary shares.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Alternatively, a
U.S. holder owning marketable stock in a PFIC may make a
mark-to-market election to elect out of the tax treatment discussed
above. If a valid mark-to-market election for the ordinary shares
is made, the electing U.S. holder will include in income each year
an amount equal to the excess, if any, of the fair market value of
the ordinary shares as of the close of the holder&#x2019;s taxable
year over the adjusted basis in such ordinary shares. The U.S.
holder is allowed a deduction for the excess, if any, of the
adjusted basis of the ordinary shares over their fair market value
as of the close of the holder&#x2019;s taxable year. Deductions are
allowable, however, only to the extent of any net mark-to-market
gains on the ordinary shares included in the U.S. holder&#x2019;s
income for prior taxable years. Amounts included in the U.S.
holder&#x2019;s income under a mark-to-market election, as well as
gain on the actual sale or other disposition of the ordinary
shares, are treated as ordinary income. Ordinary loss treatment
also applies to the deductible portion of any mark-to-market loss
on the ordinary shares, as well as to any loss realized on the
actual sale or disposition of the ordinary shares, to the extent
the amount of such loss does not exceed the net mark-to-market
gains previously included for such ordinary shares. The tax basis
in the ordinary shares will be adjusted to reflect any such income
or loss amounts. A mark-to-market election will be effective for
the taxable year for which the election is made and all subsequent
taxable years unless the ordinary shares are no longer regularly
traded on an applicable exchange or the Internal Revenue Service
(&#x201C;IRS&#x201D;) consents to the revocation of the
election.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The
mark-to-market election is available only for stock which is
regularly traded on (i) a national securities exchange that is
registered with the U.S. Securities and Exchange Commission, (ii)
NASDAQ, or (iii) an exchange or market that the U.S. Secretary of
the Treasury determines has rules sufficient to ensure that the
market price represents a legitimate and sound fair market value.
Our ordinary shares are listed on the ASX and, consequently, we
expect that, assuming the ordinary shares are so listed and are
regularly traded, the mark-to-market election would be available to
you were we to be or become a PFIC.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">U.S.
holders are urged to contact their own tax advisors regarding the
determination of whether we are a PFIC and the tax consequences of
such status.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
Net Investment Income Tax</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Certain
U.S. Holders who are individuals, estates, or trusts must pay a
3.8% tax on, among other things, dividends and capital gains from
the sale or other disposition of shares of common
stock.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
Backup Withholding Tax and Information Reporting
Requirements</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">U.S.
holders that are &#x201C;exempt recipients&#x201D; (such as
corporations) generally will not be subject to U.S. backup
withholding tax and related information reporting requirements on
payments of dividends on, and the proceeds from the disposition of,
ordinary shares unless, when required, they fail to demonstrate
their exempt status. Other U.S. holders (including individuals)
generally will be subject to U.S. backup withholding tax at the
applicable statutory rate, currently 28%, in respect of any
payments of dividends on, and the proceeds from the disposition of,
ordinary shares if they fail to furnish their correct taxpayer
identification number or otherwise fail to comply with applicable
backup withholding requirements. Information reporting requirements
generally will apply to payments of dividends on, and the proceeds
from the disposition of, ordinary shares to a U.S. holder that is
not an exempt recipient. U.S. holders who are required to establish
their exempt status generally must provide IRS Form W-9 (Request
for Taxpayer Identification Number and Certification).</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Backup
withholding is not an additional tax. Amounts withheld as backup
withholding may be credited against a U.S. holder&#x2019;s U.S.
federal income tax liability. A U.S. holder may obtain a refund of
any amounts withheld under the backup withholding rules by filing
the appropriate claim for refund with the Internal Revenue Service
in a timely manner and furnishing any required
information.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">U.S.
holders are urged to contact their own tax advisors as to their
qualification for an exemption from backup withholding tax and the
procedure for obtaining this exemption.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Certain
U.S. Holders who are individuals may be required to report
information relating to an interest in our ordinary shares, subject
to certain exceptions. U.S. Holders are urged to consult their tax
advisers regarding their reporting obligation in connection with
their ownership and disposition of our ordinary
shares.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
The discussion above is not intended to constitute a complete
analysis of all tax considerations applicable to an investment in
ordinary shares. You should consult with your own tax advisor
concerning the tax consequences to you in your particular
situation.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div id="ftr">
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Australian Tax Considerations</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">In this
section, we discuss the material Australian income tax
considerations related to the acquisition, ownership and disposal
by the absolute beneficial owners of the ordinary shares. This
discussion does not address all aspects of Australian income tax
law which may be important to particular investors in light of
their individual investment circumstances, such as shares held by
investors subject to special tax rules (for example, financial
institutions, insurance companies or tax exempt organizations). In
addition, this summary does not discuss any foreign or state tax
considerations, other than transfer duty. Prospective investors are
urged to consult their tax advisors regarding the Australian and
foreign income and other tax considerations of the purchase,
ownership and disposition of the shares. This summary is based upon
the premise that the holder is not an Australian tax
resident.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
Taxation of Dividends</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Australia operates
a dividend imputation system under which dividends may be declared
to be &#x2018;franked&#x2019; to the extent of tax paid on company
profits. Fully franked dividends are not subject to dividend
withholding tax. Dividends payable to non-Australian resident
shareholders that are not operating from an Australian permanent
establishment (Foreign Shareholders) will be subject to dividend
withholding tax, to the extent the dividends are not foreign
sourced and declared to be conduit foreign income (CFI) and are
unfranked. Dividend withholding tax will be imposed at 30%, unless
a shareholder is a resident of a country with which Australia has a
double taxation agreement and qualifies for the benefits of the
treaty. Under the provisions of the current Double Taxation
Convention between Australia and the United States, the Australian
tax withheld on unfranked dividends that are not CFI paid by us to
which a resident of the United States is beneficially entitled is
limited to 15%.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">If a
company that is a non-Australian resident shareholder owns a 10% or
more interest, the Australian tax withheld on dividends paid by us
to which a resident of the United States is beneficially entitled
is limited to 5%. In limited circumstances the rate of withholding
can be reduced to nil.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
Tax on Sales or other Dispositions of Shares &#x2014; Capital gains
tax</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Foreign
Shareholders will not be subject to Australian capital gains tax on
the gain made on a sale or other disposal of our shares, unless
they, together with associates, hold 10% or more of our issued
capital, at the time of disposal or for 12 months of the last 2
years.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Foreign
Shareholder who, together with associates, owns a 10% or more
interest would be subject to Australian capital gains tax if more
than 50% of our direct or indirect assets determined by reference
to market value, consists of Australian land, leasehold interests
or Australian mining, quarrying or prospecting rights. Double
Taxation Convention between the United States and Australia is
unlikely to limit the amount of this taxable gain. Australian
capital gains tax applies to net capital gains at a
taxpayer&#x2019;s marginal tax rate but for certain shareholders a
discount of the capital gain may apply if the shares have been held
for 12 months or more. For individuals, this discount is 50%, which
may not be available for non-resident shareholders. Net capital
gains are calculated after reduction for capital losses, which may
only be offset against capital gains. Non-resident shareholders are
urged to obtain tax advise as required.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
Tax on Sales or other Dispositions of Shares &#x2014; Shareholders
Holding Shares on Revenue Account</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Some
Foreign shareholders may hold shares on revenue rather than on
capital account, for example, share traders. These shareholders may
have the gains made on the sale or other disposal of the shares
included in their assessable income under the ordinary income
provisions of the income tax law, if the gains are sourced in
Australia.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
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<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Non-Australian
resident shareholders assessable under these ordinary income
provisions in respect of gains made on shares held on revenue
account would be assessed for such gains at the Australian tax
rates for non-Australian residents, which start at a marginal rate
of 32.5%. Some relief from Australian income tax may be available
to such non-Australian resident shareholders under the Double
Taxation Convention between the United States and
Australia.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">To the
extent an amount would be included in a non-Australian resident
shareholder&#x2019;s assessable income under both the capital gains
tax provisions and the ordinary income provisions, the capital gain
amount would generally be reduced, so that the shareholder would
not be subject to double tax on any part of the income gain or
capital gain.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
Dual Residency</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">If a
shareholder were a resident of both Australia and the United States
under those countries&#x2019; domestic taxation laws, that
shareholder may be subject to tax as an Australian resident. If,
however, the shareholder is determined to be a U.S. resident for
the purposes of the Double Taxation Convention between the United
States and Australia, the Australian tax would be subject to
limitation by the Double Taxation Convention. Shareholders should
obtain specialist taxation advice in these
circumstances.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
Transfer Duty</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">No
transfer duty is payable by Australian residents or foreign
residents on the trading of shares that are quoted on the ASX or
OTC.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
Australian Death Duty</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Australia does not
have estate or death duties. As a general rate, no capital gains
tax liability is realized upon the inheritance of a deceased
person&#x2019;s shares. The disposal of inherited shares by
beneficiaries, may, however, give rise to a capital gains tax
liability if the gain falls within the scope of Australia&#x2019;s
jurisdiction to tax (as discussed above).</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
Goods and Services Tax</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The
issue or transfer of shares will not incur Australian goods and
services tax.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">F.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Dividends
and Paying Agents.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Not
applicable.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">G.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Statement
by Experts.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Not
applicable.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">H.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Documents
on Display.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">We are
subject to the periodic reporting and other informational
requirements of the Exchange Act as applicable to foreign private
issuers. Under the Exchange Act, we are required to file reports,
including annual reports on Form 20-F, and other information with
the SEC. All information filed with the SEC is available through
the SEC&#x2019;s Electronic Data Gathering, Analysis and Retrieval
system (EDGAR), which may be accessed through the SEC&#x2019;s
website at www.sec.gov. Information filed with the SEC may also be
inspected and copied at the public reference room maintained by the
SEC at 100 F Street, N.E., Washington, D.C. 20549. You can request
copies of these documents upon payment of a duplicating fee, by
writing to the SEC. Please visit the SEC&#x2019;s website at
www.sec.gov for further information on the SEC&#x2019;s public
reference room.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">As a
foreign private issuer, we are exempt under the Exchange Act from,
among other things, the rules prescribing the furnishing and
content of proxy statements, and our executive officers, directors
and principal shareholders are exempt from the reporting and
short-swing profit recovery provisions contained in Section 16 of
the Exchange Act.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">I.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Subsidiary
Information</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Not
applicable.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Item 11. Quantitative and Qualitative Disclosures About Market
Risk</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Our
business activities are exposed to a variety of market risks,
including credit risk, foreign currency risk, interest rate risk
and commodity risk.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
Credit Risk</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">There
is no credit risk for receivables at June 30, 2019 in the refining
operations.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
Foreign Exchange Risk</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The
Group operates internationally through a number of subsidiaries and
is thus exposed to fluctuations in foreign currencies, arising from
the foreign currencies held in its bank accounts and the
translation of results from investments in foreign operations. The
foreign exchange exposures are primarily to the Malaysian Ringgit
and the US dollar.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Foreign
currency risks arising from expected expenditure in foreign
currencies are managed by holding cash in that currency. Foreign
currency translation risk is not hedged, with translation
differences being reflected in the foreign currency translation
reserve.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Group
sensitivity</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">At June
30, 2019, if foreign currencies had changed by -/+ 10%, with all
other variables held constant, the following financial impacts
would have been recorded by the Group:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Effect
on cash and cash equivalent &#x2013; A$5,748 lower / A$7,026 higher
(2018: A$ 11,238 lower / A$9,194 higher)</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Profit
and Loss would have been &#x2013; A$5,748 lower / A$7,026 higher
(2018: A$ 11,238 lower / A$9,194 higher)</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Hedging
of Foreign Currency Risk</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">At
financial report date the Group had no forward exchange contracts
in place.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
Interest Rate Risk</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Interest rate risk
has historically been managed with a mixture of fixed and floating
rate deposits, fixed rate convertible note debt and floating rate
debt. For further details on interest rate risk refer to the table
below under liquidity risk. The group has no debt at June 30,
2019.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
Group sensitivity</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">At 30
June 2019, if interest rates had changed by -/+ 25 basis points,
with all other variables held constant, the following financial
impacts would have been recorded by the Group;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Effect
on post tax profit &#x2013; A$ Nil lower/higher (2018: A$ Nil
lower/higher)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Equity
would have been &#x2013; A$ Nil lower/higher (2018: A$ Nil
lower/higher)</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
Commodity Risk</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">As
there was no inventory held as at June 30, 2019, the Group has no
exposure to market prices of input costs into the production of
biodiesel.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
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<!--page break--></div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Item 12. Description of Securities Other than Equity
Securities</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">A.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Debt
Securities.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Not
applicable.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">B.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Warrants
and Rights.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Not
applicable.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">C.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Other
Securities.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Not
applicable.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">D.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">American
Depositary Shares.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Not
applicable.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
PART II</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Item 13. Defaults, Dividend Arrearages and
Delinquencies</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 12px">
<font style="font-family: Times New Roman; font-size: 13px">None.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Item 14. Material Modifications to the Rights of Security Holders
and Use of Proceeds</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">A.-D.
Material Modifications to the Rights of Security
Holders.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">None.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">E.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Use
of Proceeds.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The
following &#x201C;Use of Proceeds&#x201D; information relates to our
initial U.S. public offering of 2,785,000 ordinary shares at a
public offering price of US$9.00 per share, thereby raising gross
proceeds of approximately US$25.1 million. The registration
statement on Form F-1 (File No. 333-170471) for our initial public
offering was declared effective by the SEC on April 19, 2011. On
April 26, 2011, we completed our public offering after 2,785,000
ordinary shares were sold. Chardan Capital Markets, LLC, Rodman
&amp; Renshaw, LLC, Maxim Group LLC and Northland Capital Markets
were the underwriters for our initial public offering. We received
net proceeds (after deducting underwriting discounts and
commissions and other expenses related to the offering) of
approximately $US22,228,504. None of the above expenses included
direct or indirect payments to directors or officers of our company
or their associates, persons owning 10% or more of our equity
securities or our affiliates. The underwriters did not exercise
their overallotment option.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">From
April 19, 2011, effective date of our registration statement on
Form F-1 for the offering, to June 30, 2011, we used approximately
US$0.8 million proceeds for the expansion of our feedstock
operations, including but not limited to Jatropha acreage
expansion, approximately US$2.1 million for general corporate and
convertible note coupon purposes, and as of June 30, 2011, we had
approximately $16.7 million left from the net proceeds of the
offering. Approximately US$8.8 million of the cash at June 30, 2011
was held in the refining segment to meet working capital needs. In
2012 the Group used A$4.9m for operations, A$4.0 million for
capital expenditure and advances to related entities and A$5.5
million for debt redemption. We had A$1.5 million in cash on hand
at June 30, 2012. In 2013 the Group used A$3.7m for operations,
released A$2.3 million from sale of capital items and raised a net
A$1.4 million from debt facilities. We had A$1.4 million in cash on
hand at June 30, 2013. During fiscal 2014 the Group utilized a US$5
million funding facility to meet operating costs until the two
refineries were sold, at which stage the working capital facility
was settled, convertible note debt paid down and the balance
retained for ongoing working capital and investment
uses.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">None of
the net proceeds from our initial public offering were paid
directly or indirectly to directors or officers of our company or
their associates, persons owning 10% or more of our equity
securities or our affiliates.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Item 15. Controls and Procedures</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">A.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Disclosure
Controls and Procedures.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Under
the supervision and with the participation of our management,
including the Chief Executive Officer and Chief Financial Officer,
we conducted an evaluation of the effectiveness of our disclosure
controls and procedures (as such term is defined in Rules 13a-15(e)
under the Exchange Act), as of June 30, 2015. Based on this
evaluation, our Chief Executive Officer and Chief Financial Officer
concluded that our disclosure controls and procedures were
effective as of such date. Our disclosure controls and procedures
are designed to ensure that information required to be disclosed by
us in the reports that we file under the Exchange Act is recorded,
processed, summarized and reported within the time periods
specified in the SEC&#x2019;s rules and forms and that such
information is accumulated and communicated to management,
including the Chief Executive Officer and Chief Financial Officer,
as appropriate to allow timely discussions regarding required
disclosure.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">B.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Management&#x2019;s
Annual Report on Internal Control over Financial Reporting and
Attestation Report of the Registered Public Accounting
Firm.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Management of the
Company is responsible for establishing and maintaining adequate
internal control over financial reporting, as such term is defined
in Exchange Act Rules 13a-15(f) and 15d-15(f). The Company&#x2019;s
internal control over financial reporting is a process designed to
provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external
purposes in accordance with applicable generally accepted
accounting principles. A company&#x2019;s internal control over
financial reporting includes those policies and procedures that:
(1) pertain to the maintenance of records that, in reasonable
detail, accurately and fairly reflect the transactions and
dispositions of the assets of the Company; (2) provide reasonable
assurance that transactions are recorded as necessary to permit
preparation of financial statements in accordance with generally
accepted accounting principles, and that receipts and expenditures
of the Company are being made only in accordance with
authorizations of management and directors of the Company; and (3)
provide reasonable assurance regarding prevention or timely
detection of unauthorized acquisition, use or disposition of the
company&#x2019;s assets that could have a material effect on the
financial statements.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Because
of its inherent limitations, internal control over financial
reporting may not prevent or detect misstatements. Also,
projections of any evaluation of effectiveness to future periods
are subject to the risk that controls may become inadequate because
of changes in conditions or that the degree of compliance with the
policies or procedures may deteriorate.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The
Company&#x2019;s management has evaluated the effectiveness of the
Company&#x2019;s internal control over financial reporting as of
June 30, 2019 based upon criteria established in Internal Control
Integrated Framework (2013) issued by the Committee of Sponsoring
Organizations of the Treadway Commission. Based on the assessment,
the Company&#x2019;s management, including its Chief Executive
Officer and Chief Financial Officer, concluded that, as of June 30,
2019, the Company&#x2019;s internal control over financial reporting
was effective.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Changes
in Internal Control over Financial Reporting.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">There
was no change in internal control over financial reporting during
the year ended June 30, 2019 that has materially affected, or is
reasonably likely to materially affect, our internal control over
financial reporting.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Item 16. [Reserved]</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Item 16A. Audit Committee Financial Expert</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The
Board determined that Mr. James Garton is qualified as an Audit
Committee Financial Expert and all members are independent as
determined by the NASDAQ listing rules.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Item 16B. Code of Ethics</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Our
board of directors adopted a Code of Conduct for Directors and Key
Officers that applies to our directors, officers and employees. We
have posted a copy of our code of business conduct and ethics on
our investor relations website at
http://missionnewenergy.com.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Item 16C. Principal Accountant Fees and Services</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-style: italic">
Audit Fees</font>. The aggregate fees billed for professional
services rendered by the Company&#x2019;s principal accountant for
the audit of the Company&#x2019;s annual financial statements for
the fiscal years ended June 30, 2019 and 2018 were A$27,359 and
A$26,816, respectively.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-style: italic">
All other Fees</font>. A$0 and for the fiscal year ending 2019 and
A$0 in fiscal year 2018.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-style: italic">
Tax Fees</font>. The Company incurred fees totaling A$0 during the
fiscal year ended June 30, 2019 and 2018.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-style: italic">
Audit-Related Fees</font>. A$0 and for the fiscal years ending 2019
and 2018.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">All
fees incurred by the Company in relation to audit and permissible
non&#x2013;audit services are approved by the Audit and Risk
Management Committee prior to the expenditure being
incurred.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Item 16D. Exemptions from the Listing Standards for Audit
Committees</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Not
applicable.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Item 16E. Purchases of Equity Securities by the Issuer and
Affiliated Purchasers</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Not
applicable.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Item 16F. Change in Registrant&#x2019;s Certifying
Accountant</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Not
applicable.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Item 16G. Corporate Governance</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Not
applicable.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Item 16H. Mine Safety Disclosures</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Not
applicable.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
PART III</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Item 17. Financial Statements</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">See
Item 18.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Item 18. Financial Statements</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The
consolidated financial statements for Mission NewEnergy Limited and
its subsidiaries are included at the end of this annual
report.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
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<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Item 19. Exhibits</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="margin-right:0px;width:90%;font-size:inherit;font-family:inherit;margin-left:0px;">
<tr>
<td rowspan="1" style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">EXHIBIT
NUMBER</font></div>
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td colspan="1" rowspan="1" style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td colspan="1" rowspan="1" style="vertical-align:bottom;width:80%;">
<div style="text-align: center; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Description
of Exhibit</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1.1</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align:bottom;width:10%;">
<div style="margin-left:0px;"><font style="text-align: left; vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;display:inline-block;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align:bottom;width:80%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Constitution of
Mission NewEnergy (incorporated by reference to Exhibit 3.1 of our
registration statement on Form F-1 (File No. 333-170471), as
amended, initially filed with the SEC on November 8,
2010).</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">4.1</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align:bottom;width:10%;">
<div style="margin-left:0px;"><font style="text-align: left; vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;display:inline-block;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:80%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Form of Access,
Indemnity and Insurance Deed for Directors and Ex-Directors
(incorporated by reference to Exhibit 10.6 of our registration
statement on Form F-1 (File No. 333-170471), as amended, initially
filed with the SEC on November 8, 2010).</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">4.2</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align:bottom;width:10%;">
<div style="margin-left:0px;"><font style="text-align: left; vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;display:inline-block;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:80%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Employment
agreement (as renewed) with Dato&#x2019; Nathan Mahalingam
(incorporated by reference to Exhibit 10.7 of our registration
statement on Form F-1 (File No. 333-170471), as amended, initially
filed with the SEC on November 8, 2010).</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">4.3</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align:bottom;width:10%;">
<div style="margin-left:0px;"><font style="text-align: left; vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;display:inline-block;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:80%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Employment
agreement with Guy Burnett (incorporated by reference to Exhibit
10.8 of our registration statement on Form F-1 (File No.
333-170471), as amended, initially filed with the SEC on November
8, 2010).</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">4.4</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align:bottom;width:10%;">
<div style="margin-left:0px;"><font style="text-align: left; vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;display:inline-block;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:80%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Employment
agreement with James Garton (incorporated by reference to Exhibit
10.9 of our registration statement on Form F-1 (File No.
333-170471), as amended, initially filed with the SEC on November
8, 2010).</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">8.1</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">*</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align:bottom;width:80%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">List of
Subsidiaries.</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">12.1</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">*</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align:bottom;width:80%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Certification of
Chief Executive Officer pursuant to Rule 13(a)-14(a) of the
Securities Exchange Act of 1934, as amended.</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">12.2</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">*</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align:bottom;width:80%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Certification of
Chief Financial Officer pursuant to Rule 13(a)-14(a) of the
Securities Exchange Act of 1934, as amended.</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">13.1</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">*</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align:bottom;width:80%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Certification of
Chief Executive Officer and Chief Financial Officer pursuant to
Rule 13(a)-14 (b) of the Securities Exchange Act of 1934, as
amended, and 18 U.S.C. Section 1350, as adopted pursuant to Section
906 of the Sarbanes-Oxley Act of 2002, as amended.</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">*Filed
herewith.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
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<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
SIGNATURES</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The
registrant hereby certifies that it meets all of the requirements
for filing on Form 20-F and that it has duly caused and authorized
the undersigned to sign this annual report on its
behalf.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 336px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Mission
NewEnergy Limited</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 374px"><font style="font-family: Times New Roman; font-size: 13px">Date: November 15,
2019&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="display: table-cell; width: 38px"><font style="font-family: Times New Roman; font-size: 13px">By:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="display: table-cell; width: 134px"><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">/s/ Guy
Burnett</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</div>
</div>
<div style="display: table; margin-left: 337px">
<div style="display: table-row">
<div style="display: table-cell; width: 56px"><font style="font-family: Times New Roman; font-size: 13px">Name:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Guy
Burnett</font></div>
</div>
</div>
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<div style="display: table-row">
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Officer and Company Secretary</font></div>
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+8 6382 4600</font></font></div>
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+8 6382 4601</font></font></div>
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www.bdo.com.au</font></font></font></div>
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Station Street</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; color: #786860"><font style="font-size: 13px; font-family: Times New Roman"><font style="color: black; font-size: 13px; font-family: Times New Roman">Subiaco,
WA 6008</font></font></div>
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Box 700 West Perth WA 6872</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; color: #786860"><font style="font-size: 13px; font-family: Times New Roman"><font style="color: black; font-size: 13px; font-family: Times New Roman">Australia</font></font></div>
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Stockholders and Board of Directors</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Mission
NewEnergy Limited</font>
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SUBIACO WA 6008</font></div>
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Opinion on the Consolidated Financial Statements</font></div>
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<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">
We have audited the accompanying consolidated financial position of
Mission NewEnergy Limited (the &#x201C;Company&#x201D;) and
subsidiaries as of June 30, 2019 and 2018, the related consolidated
statements of profit or loss, comprehensive income, changes in
equity, and cash flows for each of the three years in the period
ended June 30, 2019, and the related notes (collectively referred
to as the &#x201C;consolidated financial statements&#x201D;). In our
opinion, the consolidated financial statements present fairly, in
all material respects, the financial position of the Company and
subsidiaries at June 30, 2019 and 2018, and the results of their
operations and their cash flows for each of the three years in the
period ended June 30, 2019</font><font style="font-weight: bold; color: #000000">,</font> <font style="color: #000000">in conformity with International Financial
Reporting Standards as issued by the International Accounting
Standards Board.</font></font></div>
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<font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">
Emphasis of Matter Regarding Going Concern</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">The
accompanying consolidated financial statements have been prepared
assuming that the Company will continue as a going concern. As
described in Note 2 to the consolidated financial statements, the
Company has suffered recurring losses from operations that raise
substantial doubt about its ability to continue as a going concern.
Management&#x2019;s plans in regard to these matters are also
described in Note 2. The consolidated financial statements do not
include any adjustments that might result from the outcome of this
uncertainty. Our opinion is not modified with respect to this
matter.</font></div>
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Basis for Opinion</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
These consolidated financial statements are the responsibility of
the Company&#x2019;s management. Our responsibility is to express an
opinion on the Company&#x2019;s consolidated financial statements
based on our audits. We are a public accounting firm registered
with the Public Company Accounting Oversight Board (United States)
(&#x201C;PCAOB&#x201D;) and are required to be independent with
respect to the Company in accordance with the U.S. federal
securities laws and the applicable rules and regulations of the
Securities and Exchange Commission and the PCAOB.</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
We conducted our audits in accordance with the standards of the
PCAOB. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the consolidated
financial statements are free of material misstatement, whether due
to error or fraud. The Company is not required to have, nor were we
engaged to perform, an audit of its internal control over financial
reporting. As part of our audits we are required to obtain an
understanding of internal control over financial reporting but not
for the purpose of expressing an opinion on the effectiveness of
the Company&#x2019;s internal control over financial reporting.
Accordingly, we express no such opinion.</font></div>
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<font style="color: #404040; font-family: Times New Roman; font-size: 13px">
BDO Audit (WA) Pty Ltd ABN 79 112 284 787 is a member of a national
association of independent entities which are all members of BDO
Australia Ltd ABN 77 050 110 275, an Australian company limited by
guarantee. BDO Audit (WA) Pty Ltd and BDO Australia Ltd are members
of BDO International Ltd, a UK company limited by guarantee, and
form part of the international BDO network of independent member
firms.</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Our audits included performing procedures to assess the risks of
material misstatement of the consolidated financial statements,
whether due to error or fraud, and performing procedures that
respond to those risks. Such procedures included examining, on a
test basis, evidence regarding the amounts and disclosures in the
consolidated financial statements. Our audits also included
evaluating the accounting principles used and significant estimates
made by management, as well as evaluating the overall presentation
of the consolidated financial statements. We believe that our
audits provide a reasonable basis for our opinion.</font></div>
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BDO Audit (WA) Pty Ltd</font></div>
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<div><font>&#xA0;</font> <font style="font-family: Times New Roman; font-size: 13px;"><br>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Wayne Basford</font></div>
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Director</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
We have served as the Company's auditor since 2013</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Perth, 15 November 2019</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><a name="part1">&#xA0;</a><font style="color: #000000">FINANCIAL
STATEMENTS TABLE OF CONTENTS</font></font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font><br></div>
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<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;Page</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><font style="color: #0563c1; text-decoration: underline">CONSOLIDATED STATEMENT
OF PROFIT OR LOSS</font></font></div>
</td>
<td rowspan="1" style="width: 20%">37<br></td>
</tr><tr style="background-color: #ffffff">
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><font style="color: #0563c1; text-decoration: underline">CONSOLIDATED STATEMENT
OF COMPREHENSIVE INCOME</font></font></div>
</td>
<td style="width: 20%">39<br></td>
</tr><tr style="background-color: #cceeff">
<td style="width: 50%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><font style="color: #0563c1; text-decoration: underline">CONSOLIDATED STATEMENT
OF FINANCIAL POSITION</font></font></div>
</td>
<td style="width: 20%">40<br></td>
</tr><tr style="background-color: #ffffff">
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><font style="color: #0563c1; text-decoration: underline">CONSOLIDATED STATEMENT
OF CHANGES IN EQUITY</font></font></div>
</td>
<td style="width: 20%">41<br></td>
</tr><tr style="background-color: #cceeff">
<td style="width: 50%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><font style="color: #0563c1; text-decoration: underline">CONSOLIDATED STATEMENT
OF CASH FLOWS</font></font></div>
</td>
<td style="width: 20%">42<br></td>
</tr><tr style="background-color: #ffffff">
<td style="width: 50%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><font style="color: #0563c1; text-decoration: underline">NOTES TO THE
CONSOLIDATED FINANCIAL STATEMENTS</font></font></div>
</td>
<td style="width: 20%">43<br></td>
</tr><tr style="background-color: #cceeff">
<td style="width: 50%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><font style="color: #0563c1; text-decoration: underline">HOW NUMBERS ARE
CALCULATED</font></font></div>
</td>
<td style="width: 20%">43<br></td>
</tr><tr style="background-color: #ffffff">
<td style="width: 50%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><font style="color: #0563c1; text-decoration: underline">1. Nature of
operations and general information</font></font></div>
</td>
<td style="width: 20%">43<br></td>
</tr><tr style="background-color: #cceeff">
<td style="width: 50%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><font style="color: #0563c1; text-decoration: underline">2. Basis of
preparation</font></font></div>
</td>
<td style="width: 20%">43<br></td>
</tr><tr style="background-color: #ffffff">
<td style="width: 50%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><font style="color: #0563c1; text-decoration: underline">3. New, revised or
amending Accounting Standards and Interpretations
adopted</font></font></div>
</td>
<td style="width: 20%">45<br></td>
</tr><tr style="background-color: #cceeff">
<td style="width: 50%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><font style="color: #0563c1; text-decoration: underline">4. New Accounting
Standards and Interpretations not yet mandatory or early
adopted</font></font></div>
</td>
<td style="width: 20%">45<br></td>
</tr><tr style="background-color: #ffffff">
<td style="width: 50%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><font style="color: #0563c1; text-decoration: underline">5. Segment
reporting</font></font></div>
</td>
<td style="width: 20%">45<br></td>
</tr><tr style="background-color: #cceeff">
<td style="width: 50%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">&#xA0;<font style="font-size: 13px; font-family: Times New Roman"><font style="color: #0563c1; text-decoration: underline">6. Other
income&#xA0;</font><br></font></div>
</td>
<td style="width: 20%">46<br></td>
</tr><tr style="background-color: #cceeff">
<td style="width: 50%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">&#xA0; <font><font style="text-decoration: underline;">7</font></font><font style="font-size: 13px; font-family: Times New Roman"><font style="color: #0563c1; text-decoration: underline">.
Expenses</font><br></font></div>
</td>
<td style="width: 20%">46<br></td>
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<td style="width: 50%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">&#xA0; <font style="font-size: 13px; font-family: Times New Roman"><font style="color: #0563c1; text-decoration: underline">8. Income
Tax</font><br></font></div>
</td>
<td style="width: 20%">47<br></td>
</tr><tr style="background-color: #cceeff">
<td style="width: 50%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">&#xA0; <font style="font-size: 13px; font-family: Times New Roman"><font style="color: #0563c1; text-decoration: underline">9. Earnings per
share</font></font></div>
</td>
<td style="width: 20%">48<br></td>
</tr><tr style="background-color: #ffffff">
<td style="width: 50%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">&#xA0;<font style="font-size: 13px; font-family: Times New Roman"><font style="color: #0563c1; text-decoration: underline">10. Cash and cash
equivalents</font></font></div>
</td>
<td style="width: 20%">49<br></td>
</tr><tr style="background-color: #ffffff">
<td style="width: 50%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><font style="color: #0563c1; text-decoration: underline">11. Trade and Other
Payables</font></font></div>
</td>
<td style="width: 20%">50<br></td>
</tr><tr style="background-color: #cceeff">
<td style="width: 50%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><font style="color: #0563c1; text-decoration: underline">12.
Provisions</font><br></font></div>
</td>
<td style="width: 20%">50<br></td>
</tr><tr style="background-color: #ffffff">
<td style="width: 50%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><font style="color: #0563c1; text-decoration: underline">13. Issued
Capital</font></font></div>
</td>
<td style="width: 20%">50<br></td>
</tr><tr style="background-color: #cceeff">
<td style="width: 50%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><font style="color: #0563c1; text-decoration: underline">14. Cash Flow
Information</font><br></font></div>
</td>
<td style="width: 20%">51<br></td>
</tr><tr style="background-color: #ffffff">
<td style="width: 50%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><font style="color: #0563c1; text-decoration: underline">GROUP
STRUCTURE</font></font></div>
</td>
<td style="width: 20%">52<br></td>
</tr><tr style="background-color: #cceeff">
<td style="width: 50%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><font style="color: #0563c1; text-decoration: underline">15. Investments in
subsidiaries, unconsolidated entities and
associates</font></font></div>
</td>
<td style="width: 20%">52<br></td>
</tr><tr style="background-color: #ffffff">
<td style="width: 50%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;RISK</font> <font style="font-size: 13px; font-family: Times New Roman"><font style="color: #0563c1; text-decoration: underline">&#xA0;</font></font></div>
</td>
<td style="width: 20%">53<br></td>
</tr><tr style="background-color: #ffffff">
<td style="width: 50%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>16.</font> <font style="font-size: 13px; font-family: Times New Roman"><font style="color: #0563c1; text-decoration: underline">Critical Accounting
Estimates and Judgments</font></font></div>
</td>
<td style="width: 20%">53<br></td>
</tr><tr style="background-color: #cceeff">
<td style="width: 50%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>17.&#xA0;</font> <font style="font-size: 13px; font-family: Times New Roman"><font style="color: #0563c1; text-decoration: underline">Financial Instruments
and Financial Risk Management</font><br></font></div>
</td>
<td style="width: 20%">54<br></td>
</tr><tr style="background-color: #ffffff">
<td style="width: 50%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>18.&#xA0;</font> <font style="font-size: 13px; font-family: Times New Roman"><font style="color: #0563c1; text-decoration: underline">Capital
Management</font></font></div>
</td>
<td style="width: 20%">55<br></td>
</tr><tr style="background-color: #cceeff">
<td style="width: 50%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><font style="color: #0563c1; text-decoration: underline">UNRECOGNISED
ITEMS</font></font></div>
</td>
<td style="width: 20%">56<br></td>
</tr><tr style="background-color: #ffffff">
<td style="width: 50%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;19.&#xA0; <font style="font-size: 13px; font-family: Times New Roman"><font style="color: #0563c1; text-decoration: underline">Capital and Leasing
Commitments<br></font></font></font></div>
</td>
<td style="width: 20%">56<br></td>
</tr><tr style="background-color: #cceeff">
<td style="width: 50%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><font style="color: #0563c1; text-decoration: underline">20.</font></font>
<font style="font-size: 13px; font-family: Times New Roman"><font style="color: #0563c1; text-decoration: underline">Contingent Liabilities
and Contingent Assets</font></font></div>
</td>
<td style="width: 20%">56<br></td>
</tr><tr style="background-color: #ffffff">
<td style="width: 50%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><font style="color: #0563c1; text-decoration: underline">21.&#xA0;</font></font>
<font style="font-size: 13px; font-family: Times New Roman"><font style="color: #0563c1; text-decoration: underline">Events occurring after
the reporting period</font><br></font></div>
</td>
<td style="width: 20%">56<br></td>
</tr><tr style="background-color: #cceeff">
<td style="width: 50%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><font style="color: #0563c1; text-decoration: underline">OTHER
INFORMATION</font><br></font></div>
</td>
<td style="width: 20%">56<br></td>
</tr><tr style="background-color: #ffffff">
<td style="width: 50%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>22.&#xA0;</font> <font style="font-size: 13px; font-family: Times New Roman"><font style="color: #0563c1; text-decoration: underline">Remuneration of
Auditors</font></font></div>
</td>
<td style="width: 20%">57<br></td>
</tr><tr style="background-color: #cceeff">
<td style="width: 50%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>23.&#xA0;</font> <font style="font-size: 13px; font-family: Times New Roman"><font style="color: #0563c1; text-decoration: underline">Related
Parties</font><br></font></div>
</td>
<td style="width: 20%">57<br></td>
</tr><tr style="background-color: #ffffff">
<td style="width: 50%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>24.&#xA0;</font> <font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><font style="color: #0563c1; text-decoration: underline"><font style="font-size: 13px; font-family: Times New Roman"><font style="color: #0563c1; text-decoration: underline">Parent
entity information</font></font></font></font></div>
</td>
<td style="width: 20%">57<br></td>
</tr><tr style="background-color: #cceeff">
<td style="width: 50%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>25.&#xA0;</font> <font style="font-size: 13px; font-family: Times New Roman"><font style="color: #0563c1; text-decoration: underline">Company
Details</font></font></div>
</td>
<td style="width: 20%">58<br></td>
</tr><tr style="background-color: #ffffff">
<td style="width: 50%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>26.</font> <font style="font-size: 13px; font-family: Times New Roman"><font style="color: #0563c1; text-decoration: underline">Authorisation of
financial statements</font><br></font></div>
</td>
<td style="width: 20%">58<br></td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; page-break-after: always; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000"></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -24px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><a name="_Toc17449879">&#xA0;</a>CONSOLIDATED STATEMENT OF PROFIT OR
LOSS</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">FOR
THE YEAR ENDED 30 JUNE 2019</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;margin-left: 0px; margin-right: 0px; width: 100%;">
<tr>
<td rowspan="1" style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-size: 13px; font-family: Times New Roman">Note</font></div>
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2019</font></div>
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2018</font></div>
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2017</font></div>
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="width: 10%; vertical-align: bottom; display: inline-block; padding-bottom: 2px">
&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block; padding-bottom: 2px;">
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="width: 10%; vertical-align: bottom; display: inline-block; padding-bottom: 2px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="width: 10%; vertical-align: bottom; display: inline-block; padding-bottom: 2px">
&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block; padding-bottom: 2px;">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$</font></div>
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="width: 10%; vertical-align: bottom; display: inline-block; padding-bottom: 2px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="width: 10%; vertical-align: bottom; display: inline-block; padding-bottom: 2px">
&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block; padding-bottom: 2px;">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$</font></div>
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="width: 10%; vertical-align: bottom; display: inline-block; padding-bottom: 2px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block;">
<div><font style="font-size: 13px; font-family: Times New Roman">$</font></div>
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Other
income</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman; padding-bottom: 2px;">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman; padding-bottom: 2px;">6</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">165,152</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">1,524</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">7,777</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
revenue and other income</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">165,152</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">1,524</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">7,777</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Director and
Employee benefits expense</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">7</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">a</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">(467,220)</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Net foreign
exchange (losses)/gains</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">(7,333)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">(4,095)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">(10,874)</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Consultants&#x2019;
expenses</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">(4,175)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">(6,663)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">(13,017)</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Regulatory
expenses</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">(54,741)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">(56,029)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">(40,228)</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Travel
expenses</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">(1,990)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">(66,488)</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Rental
expenses</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">(9,756)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">(9,288)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">(11,986)</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Other
expenses</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">7</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">b</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">(77,240)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">(121,090)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">(298,617)</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Depreciation and
amortisation expenses</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">(1,898)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">(487)</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Finance
Costs</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">(2,450)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Impairment of
investment in associate</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman; padding-bottom: 2px;">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman; padding-bottom: 2px;">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">(3,608,038)</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Profit/(Loss)
before income tax</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">11,907</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">(201,979)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">(4,509,178)</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Income tax
expense</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman; padding-bottom: 2px;">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman; padding-bottom: 2px;">8</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">(135)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">(3,252)</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Net
Profit/(Loss) before associate accounted loss</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">11,907</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">(202,114)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">(4,512,430)</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Share of net
profit/(loss) of associate accounted for using the equity
method</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman; padding-bottom: 2px;">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman; padding-bottom: 2px;">15</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">(38,174)</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Profit/(Loss)
for the year after tax</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman; padding-bottom: 2px;">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman; padding-bottom: 2px;">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">11,907</font><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">(202,114)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">(4,550,604)</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Profit/(Loss)
attributable to:</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
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</td>
</tr><tr style="background-color: #cceeff">
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Owners of Mission
NewEnergy Ltd</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
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</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">11,907</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">(202,114)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">(4,550,604)</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Non-controlling
interests</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
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</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
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</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
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</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
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</td>
</tr><tr style="background-color: #cceeff">
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman; padding-bottom: 2px;">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman; padding-bottom: 2px;">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">11,907</font><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">(202,114)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">(4,550,604)</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td colspan="3" style="vertical-align: bottom; width: 80%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; display: inline-block">
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
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</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
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</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; page-break-after: always; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000"></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; margin-right:0px;width:90%;font-size:inherit;font-family:inherit;margin-left:0px;">
<tr>
<td colspan="3" rowspan="1" style="vertical-align:bottom;width:80%;">
<div><font style="text-align: left; vertical-align:bottom;width:3%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:94%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">CONSOLIDATED
STATEMENT OF PROFIT OR LOSS FOR THE YEAR ENDED 30 JUNE 2019
Contd.</font></div>
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:3%;display:inline-block;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:60%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-size: 13px; font-family: Times New Roman">Earnings per share
from continuing operations</font></div>
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-size: 13px; font-family: Times New Roman">attributable to the
ordinary equity holders of the parent:</font></div>
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; display: inline-block; padding-bottom: 2px;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; display: inline-block; padding-bottom: 2px;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; display: inline-block; padding-bottom: 2px;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; display: inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:60%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-size: 13px; font-family: Times New Roman">Basic
earnings/(loss) per share (dollars)</font></div>
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">9</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-family: Times New Roman; font-size: 13px; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-family: Times New Roman; font-size: 13px; padding-bottom: 2px;">0.0003</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-family: Times New Roman; font-size: 13px; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-family: Times New Roman; font-size: 13px; padding-bottom: 2px;">(0.005</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; font-size: 13px;">&#xA0;</font><font style="text-align: left; font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-family: Times New Roman; font-size: 13px;">&#xA0;</font><font style="text-align: right; font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-family: Times New Roman; font-size: 13px;">(0.11</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; font-size: 13px;">)</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:60%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;Diluted
earnings/(loss) per share (dollars)</font></div>
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">9</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-family: Times New Roman; font-size: 13px; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-family: Times New Roman; font-size: 13px; padding-bottom: 2px;">0.0003</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-family: Times New Roman; font-size: 13px; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-family: Times New Roman; font-size: 13px; padding-bottom: 2px;">(0.005</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; font-size: 13px;">&#xA0;</font><font style="text-align: left; font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-family: Times New Roman; font-size: 13px;">&#xA0;</font><font style="text-align: right; font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-family: Times New Roman; font-size: 13px;">(0.11</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; font-size: 13px;">)</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:60%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-size: 13px; font-family: Times New Roman">Earnings per share
from profits attributable to the</font></div>
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-size: 13px; font-family: Times New Roman">ordinary equity
holders of the parent:</font></div>
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:60%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-size: 13px; font-family: Times New Roman">Basic
earnings/(loss) per share (dollars)</font></div>
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">9</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-family: Times New Roman; font-size: 13px; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-family: Times New Roman; font-size: 13px; padding-bottom: 2px;">0.0003</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-family: Times New Roman; font-size: 13px; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-family: Times New Roman; font-size: 13px; padding-bottom: 2px;">(0.005</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; font-size: 13px;">&#xA0;</font><font style="text-align: left; font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-family: Times New Roman; font-size: 13px;">&#xA0;</font><font style="text-align: right; font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-family: Times New Roman; font-size: 13px;">(0.11</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; font-size: 13px;">)</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:60%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-size: 13px; font-family: Times New Roman">Diluted
earnings/(loss) per share (dollars)</font></div>
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">9</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-family: Times New Roman; font-size: 13px; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-family: Times New Roman; font-size: 13px; padding-bottom: 2px;">0.0003</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-family: Times New Roman; font-size: 13px; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-family: Times New Roman; font-size: 13px; padding-bottom: 2px;">(0.005</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; font-size: 13px;">&#xA0;</font><font style="text-align: left; font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-family: Times New Roman; font-size: 13px;">&#xA0;</font><font style="text-align: right; font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-family: Times New Roman; font-size: 13px;">(0.11</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; font-size: 13px;">)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">The above
Consolidated Statement of Profit or Loss should be read in
conjunction with the accompanying notes.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; page-break-after: always; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000"></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -24px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><a name="_Toc17449880">&#xA0;</a>CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">FOR
THE YEAR ENDED 30 JUNE 2019</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;margin-left: 0px; margin-right: 0px; width: 100%;">
<tr>
<td rowspan="1" style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2019</font></div>
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$</font></div>
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2018</font></div>
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$</font></div>
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2017</font></div>
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$</font></div>
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Profit/(Loss)
for the year</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">11,907</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">(202,114)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">(4,550,604)</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Other
comprehensive income</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Items that may be
realised through profit or loss:</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Exchange
differences on translating foreign operations</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">(51)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">2,672</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">(20,146)</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Other
comprehensive (loss)/income for the period net of tax</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">(51)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">2,672</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">(20,146)</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
comprehensive profit/(loss) for the year</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">11,856</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">(199,442)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">(4,570,750)</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Attributable to
non-controlling equity interests</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Attributable
to owners of the parent</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">11,856</font><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">(199,442)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">(4,570,750)</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Comprehensive
profit/(loss) from Continuing Operations</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">11,856</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">(199,442)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">(4,570,750)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">The above
Consolidated Statement of Comprehensive Income should be read in
conjunction with the accompanying notes.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; page-break-after: always; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000"></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -24px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><a name="_Toc17449881">&#xA0;</a>CONSOLIDATED STATEMENT OF FINANCIAL
POSITION</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">AS
AT 30 JUNE 2019</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;margin-left: 0px; margin-right: 0px; width: 100%;">
<tr>
<td rowspan="1" style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-size: 13px; font-family: Times New Roman">Note</font></div>
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2019</font></div>
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td colspan="1" rowspan="1" style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2018</font></div>
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="width: 10%; vertical-align: bottom; display: inline-block; padding-bottom: 2px">
&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block; padding-bottom: 2px;">
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="width: 10%; vertical-align: bottom; display: inline-block; padding-bottom: 2px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="width: 10%; vertical-align: bottom; display: inline-block; padding-bottom: 2px">
&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block; padding-bottom: 2px;">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$</font></div>
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="width: 10%; vertical-align: bottom; display: inline-block; padding-bottom: 2px">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block;">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$</font></div>
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Current
Assets</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Cash and cash
equivalents</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">10</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">173,343</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">195,601</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Other
assets</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman; padding-bottom: 2px;">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman; padding-bottom: 2px;">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">6,757</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">4,078</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Total current
assets</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman; padding-bottom: 2px;">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman; padding-bottom: 2px;">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">180,100</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">199,679</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Non-Current
Assets</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman; padding-bottom: 2px;">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman; padding-bottom: 2px;">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman; padding-bottom: 2px;">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman; padding-bottom: 2px;">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman;">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman;">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman;">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Total non-current
assets</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman; padding-bottom: 2px;">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman; padding-bottom: 2px;">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Assets</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman; padding-bottom: 4px;">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman; padding-bottom: 4px;">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 4px double #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 4px double #000000; font-size: 13px; font-family: Times New Roman">180,100</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 4px double #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 4px double #000000; font-size: 13px; font-family: Times New Roman">199,679</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Current
Liabilities</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Trade and other
payables</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">11</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">19,285</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">20,720</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Short-term
provisions</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman; padding-bottom: 2px;">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman; padding-bottom: 2px;">12</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">153,885</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">183,885</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
current liabilities</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman; padding-bottom: 2px;">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman; padding-bottom: 2px;">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">173,170</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">204,605</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Net
Assets/(Liabilities)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman; padding-bottom: 4px;">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman; padding-bottom: 4px;">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 4px double #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 4px double #000000; font-size: 13px; font-family: Times New Roman">6,930</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 4px double #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 4px double #000000; font-size: 13px; font-family: Times New Roman">(4,926)</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td colspan="4" style="vertical-align: bottom; width: 100%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 2%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 96%; display: inline-block">
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 2%; display: inline-block">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Equity</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Issued
capital</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">13</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">523,197</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">523,197</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Reserves</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">1,037,274</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">1,187,325</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Accumulated
losses</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman; padding-bottom: 2px;">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman; padding-bottom: 2px;">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">(1,553,541)</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">(1,715,448)</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Total Equity /
(Deficit)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman; padding-bottom: 4px;">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman; padding-bottom: 4px;">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 4px double #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 4px double #000000; font-size: 13px; font-family: Times New Roman">6,930</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 4px double #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 4px double #000000; font-size: 13px; font-family: Times New Roman">(4,926)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">The above
Consolidated Statement of Financial Position should be read in
conjunction with the accompanying notes.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; page-break-after: always; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000"></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;margin-left: 0px; margin-right: 0px; width: 100%;">
<tr>
<td colspan="6" rowspan="1" style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 1%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 98%; display: inline-block">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><a name="_toc17449882">&#xA0;</a>CONSOLIDATED STATEMENT OF CHANGES IN
EQUITY</font></div>
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">FOR
THE YEAR ENDED 30 JUNE 2019</font></div>
</font><font style="vertical-align: bottom; width: 1%; display: inline-block">&#xA0;</font></div>
</td>
</tr><tr>
<td rowspan="1" style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Ordinary
Share Capital</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Retained
Earnings/ (losses)</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Share
Based Payments Reserve</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Foreign
Currency Translation Reserve</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
</tr><tr>
<td rowspan="1" style="width: 10%; vertical-align: bottom">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman; padding-bottom: 2px;">$</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman; padding-bottom: 2px;">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman; padding-bottom: 2px;">$</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman; padding-bottom: 2px;">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman; padding-bottom: 2px;">$</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman; padding-bottom: 2px;">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman; padding-bottom: 2px;">$</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman; padding-bottom: 2px;">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; font-size: 13px; font-family: Times New Roman;">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman;">$</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman;">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; font-size: 13px; font-family: Times New Roman;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Balance
as at 30 June 2017</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">523,197</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">(1,513,334)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">150,000</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">1,034,653</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">194,516</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Loss after income
tax expense for the year</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">(202,114)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">(202,114)</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Other Comprehensive
profit for the period</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">2,672</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">2,672</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Comprehensive Income/(Loss)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">(202,114)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">2,672</font><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">(199,442)</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Transactions
with owners in their capacity as owners</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Balance
as at 30 June 2018</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 4px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 4px double #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 4px double #000000; font-size: 13px; font-family: Times New Roman">523,197</font><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 4px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 4px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 4px double #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 4px double #000000; font-size: 13px; font-family: Times New Roman">(1,715,448)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 4px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 4px double #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 4px double #000000; font-size: 13px; font-family: Times New Roman">150,000</font><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 4px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 4px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 4px double #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 4px double #000000; font-size: 13px; font-family: Times New Roman">1,037,325</font><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 4px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 4px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 4px double #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 4px double #000000; font-size: 13px; font-family: Times New Roman">(4,926)</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Profit after income
tax expense for the year</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">11,907</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">11,907</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Other Comprehensive
loss for the period</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">(51)</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">(51)</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Comprehensive Income/(Loss)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">11,907</font><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">(51)</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">11,856</font><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Transactions with owners in their capacity as owners</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">150,000</font><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">(150,000)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Balance
as at 30 June 2019</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 4px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 4px double #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 4px double #000000; font-size: 13px; font-family: Times New Roman">523,197</font><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 4px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 4px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 4px double #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 4px double #000000; font-size: 13px; font-family: Times New Roman">(1,553,541)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 4px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 4px double #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 4px double #000000; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 4px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 4px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 4px double #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 4px double #000000; font-size: 13px; font-family: Times New Roman">1,037,274</font><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 4px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 4px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 4px double #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 4px double #000000; font-size: 13px; font-family: Times New Roman">6,930</font><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 4px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#x2018;The above
consolidated statement of changes in equity should be read in
conjunction with the accompanying notes</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; page-break-after: always; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000"></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -24px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><a name="_Toc17449883">&#xA0;</a>CONSOLIDATED STATEMENT OF CASH
FLOWS</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">FOR
THE YEAR ENDED 30 JUNE 2019</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;margin-left: 0px; margin-right: 0px; width: 100%;">
<tr>
<td rowspan="1" style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note</font></div>
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2019</font></div>
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$</font></div>
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2018</font></div>
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$</font></div>
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2017</font></div>
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$</font></div>
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Cash
Flows From Operating Activities</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Payments to
suppliers and employees</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; display: inline-block">
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">(180,432)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">(191,255)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">(983,190)</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Interest
received</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">6</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">152</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">1,524</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">7,718</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Income tax
paid</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman; padding-bottom: 2px;">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman; padding-bottom: 2px;">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">(35)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">(128)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">(3,252)</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Net cash (used in)
operating activities before non-recurring RTO Fee</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">(180,315)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">(189,859)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">(978,724)</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">RTO exclusivity
fees</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman; padding-bottom: 2px;">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman; padding-bottom: 2px;">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">165,000</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Net cash (used in)
operating activities</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman; padding-bottom: 2px;">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman; padding-bottom: 2px;">14</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">(15,315)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">(189,859)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">(978,724)</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Cash
Flows From Investing Activities</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Retention
released</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #ff0000; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="color: #ff0000; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="color: #ff0000; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">-</font><font style="color: #ff0000; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">1,056,870</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Payable associated
with retention released</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman; padding-bottom: 2px;">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman; padding-bottom: 2px;">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #ff0000; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="color: #ff0000; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="color: #ff0000; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">-</font><font style="color: #ff0000; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">(1,056,870)</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Net cash provided
from investing activities</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman; padding-bottom: 2px;">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman; padding-bottom: 2px;">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Cash
Flows From Financing Activities</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman; padding-bottom: 2px;">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman; padding-bottom: 2px;">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Net cash (used) by
financing activities</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman; padding-bottom: 2px;">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman; padding-bottom: 2px;">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Net
(Decrease) In Cash And Cash Equivalents</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">(15,315)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">(189,859)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">(978,724)</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Cash and cash
equivalents at beginning of the financial year</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">195,601</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">387,840</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">1,400,538</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Effects of exchange
rate fluctuations of cash held in foreign currencies</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman; padding-bottom: 2px;">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman; padding-bottom: 2px;">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">(6,943)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">(2,380)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">(33,974)</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Cash
And Cash Equivalents At End Of Financial Year</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman; padding-bottom: 4px;">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman; padding-bottom: 4px;">10</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 4px double #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 4px double #000000; font-size: 13px; font-family: Times New Roman">173,343</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 4px double #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 4px double #000000; font-size: 13px; font-family: Times New Roman">195,601</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 4px double #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 4px double #000000; font-size: 13px; font-family: Times New Roman">387,840</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">The above
Consolidated Statement of Cash Flows should be read in conjunction
with the accompanying notes.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; page-break-after: always; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000"></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -24px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><a name="_Toc17449884">&#xA0;</a>NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -24px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><a name="_Toc17449885">&#xA0;</a><font style="text-decoration: underline">HOW NUMBERS ARE
CALCULATED</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">This section
provides additional information about those individual line items
in the financial statements that the Directors consider most
relevant in the context of the operations of the entity,
including:</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(a) information and
accounting policies that are relevant for an understanding of the
items recognised in the financial statements. Accounting policies
specific to an item of disclosure are included with that disclosure
in these Financial Statements,</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(b) analysis and
sub-totals, including segment information,</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(c) information
about estimates and judgements made in relation to particular
items.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1.</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><a name="_Toc17449886">&#xA0;</a>Nature of operations and general
information</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Mission NewEnergy
Limited is a company domiciled in Australia (ACN: 117 065 719)
and:</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">listed on the ASX
(MBT). Currently the shares on the ASX are in voluntary
suspension;</font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">continues to seek
an alternative business opportunity;</font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">that has a 20%
interest in an Associate owning a 250,000 tpa (approx. 75 million
gallon p.a.) biodiesel refinery, located in Malaysia. The 20%
interest investment is carried at NIL value as the project has
stalled due to an inability of the biodiesel refinery operating
entity to secure ongoing offtake sales contracts. FGVGE borrowed
money from FGV Capital Sdn Bhd in 2015 as part proceeds to acquire
the refinery. FGV Capital Sdn Bhd have terminated the loan facility
on 24 June 2019, which is now immediately due and
payable</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2.</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><a name="_Toc17449887">&#xA0;</a>Basis of preparation</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Statement
of compliance</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">The financial
report is a general purpose financial report which has been
prepared in accordance with International Financial Reporting
Standards (IFRS) and interpretations issued by the International
Accounting Standards Board (IASB). Mission NewEnergy Limited is a
for-profit entity for the purpose of preparing the financial
statements.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">These accounting
policies have been consistently applied by each entity in the Group
and are consistent with those of the previous year.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; page-break-after: always; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000"></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Basis
of measurement</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">The financial
report has been prepared on an accruals basis and is based on
historical costs. All amounts shown are in Australian dollars ($A)
unless otherwise stated.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-style: italic; font-size: 13px; font-family: Times New Roman">
Significant matters</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Going
concern</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">The
Group incurred a net operating profit for the year ended 30 June
2019 of $11,907 (2018: $202,114 loss) and incurred net cash
outflows from operating activities before non-recurring RTO fee of
$180,315 (2018: $189,859 used).&#xA0;At 30 June 2019 the Group had
net a working capital surplus of $6,930 (2018 : $4,926 deficit). At
31 October 2019 the Group had a cash balance of $93,332 and payable
liabilities of around $9,050 (excluding leave liability of
$153,885, which the employees have agreed not to pay down unless
the Group has sufficient cash resources to pay). The Group
currently has no source of income and the cash balance is not
expected to be exhausted within 12 months based on the 2019/20
forecast profile prepared by management. The Company has been in
trading suspension since 25 November 2016 and will likely be
removed from the official ASX list on 25 November 2019 if a project
or business activity is not in place by this date.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="color: #000000">The ability of the Group to continue as a going
concern is dependent on identification and completion of a
suitable</font> alternate business opportunity.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">These conditions
indicate a material uncertainty that cast a significant doubt about
the Group&#x2019;s ability to continue as a going concern and,
therefore, that it may be unable to realise its assets and
discharge its liabilities in the normal course of
business.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Management believe
there are sufficient funds to meet the Group&#x2019;s working
capital requirements as at the date of this report, and that there
are reasonable grounds to believe that the Group will continue as a
going concern as a result of a combination of the following
reasons:</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">the Group has
received confirmation from its employees and Directors that they
have forgone all salary entitlements since 1 December 2016 and will
not call on their annual leave entitlements until the Group has a
clear ability to pay; and</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">management expects
the cash to be able to fund the organisation until a suitable
alternate business opportunity is identified and
completed.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Should the Group
not be able to continue as a going concern, it may be required to
realise its assets and discharge its liabilities other than in the
ordinary course of business, and at amounts that differ from those
stated in the financial statements.&#xA0;The financial report does
not include any adjustment relating to the recoverability and
classification of recorded assets or liabilities that might be
necessary should the entity note continue as a going
concern.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
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<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Carrying
value of investment in associate</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">The Group owns 100%
of M2 Capital Sdn Bhd, a Malaysian subsidiary, which owns a 20%
stake in FGV Green Energy Sdn Bhd (FGVGE), a refinery joint venture
company (see note 15). This project has stalled and the asset is
mothballed. FGVGE borrowed money from FGV Capital Sdn Bhd in 2015
as part proceeds to acquire the refinery. FGV Capital Sdn Bhd have
terminated the loan facility on 24 June 2019, which is now
immediately due and payable. The Board of FGVGE have met and
declared an inability to repay this loan and FGVGE has impaired the
carrying value of the asset during the financial year. Under the
terms of the loan agreement, FGV Capital have full security over
the refinery asset in the event of a default.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">MBT and its
subsidiaries have no obligation, financial or otherwise, to meet
any capital shortfall requirements of FGVGE.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">The Group&#x2019;s
investment in associate which is fully impaired (2018: fully
impaired), please refer to note 15 and 16 for further
information.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-style: italic; font-size: 13px; font-family: Times New Roman">
Goods and Services Tax (GST)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Revenues, expenses
and assets are recognised net of the amount of GST, except where
the amount of GST incurred is not recoverable from the Australian
Tax Office. In these circumstances the GST is recognised as part of
the cost of acquisition of the asset or as part of an item of the
expense. Receivables and payables in the statement of financial
position are shown inclusive of GST</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Functional
and Presentation currency</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">The consolidated
financial statements are presented in Australian Dollars. The
functional currencies of the operating units are as
follows:</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">Malaysian
investments (20% investment in Associate) - Malaysian
Ringgit</font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">Other &#x2013;
Australian Dollar.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">The Board of
Directors approved this financial report on 4 November
2019.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3.</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><a name="_Toc17449888">&#xA0;</a>New, revised or amending Accounting
Standards and Interpretations adopted</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">The Group has
adopted all of the new, revised or amending Accounting Standards
and Interpretations issued by the IASB that are mandatory for the
current reporting period. The adoption of these Accounting
Standards and Interpretations did not have a material impact on the
financial performance or position of the consolidated
entity.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">The changes in
Accounting policies and impact on the financial statements
were:</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">IFRS 9 was adopted
without restating comparative.</font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">IFRS 15 had no
impact because the Group had no revenue.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Any new, revised or
amending Accounting Standards or Interpretations that are not yet
mandatory have not been early adopted.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">4.</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><a name="_Toc17449889">&#xA0;</a>New Accounting Standards and
Interpretations not yet mandatory or early adopted</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Australian
Accounting Standards and Interpretations that have recently been
issued or amended but are not yet mandatory, have not been early
adopted by the consolidated entity for period ended 30 June 2019.
The consolidated entity's assessment of the impact of these new or
amended Accounting Standards and Interpretations, most relevant to
the consolidated entity, are set out below.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
IFRS16 Leases</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">IFRS
16 eliminates the operating and finance lease classifications for
lessees currently accounted for under IAS 17 Leases. It instead
requires an entity to bring most leases onto its statement of
financial position in a similar way to how existing finance leases
are treated under IAS 17. An entity will be required to recognise a
lease liability and a right of use asset in its statement of
financial position for most leases.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">There
are some optional exemptions for leases with a period of 12 months
or less and for low value leases. The adoption of the leases
standard did not have material impact because the group has no
operating lease agreement in place.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">It
is not expected that there will be any material impact on the
financial statements when these amendments are
adopted.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">5.</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><a name="_Toc17449890">&#xA0;</a>Segment reporting</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;margin-left: 0px; margin-right: 0px; width: 100%;">
<tr>
<td colspan="1" rowspan="1" style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Segment
Report &#x2013; 2019</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Malaysia</font></div>
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Australia</font></div>
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total</font></div>
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="1" style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2019</font></div>
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$</font></div>
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2019</font></div>
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$</font></div>
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2019</font></div>
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$</font></div>
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Revenue</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td colspan="1" style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Other
income</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">165,152</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">165,152</font><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td colspan="1" style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
segment revenue</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">-</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td colspan="1" style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Depreciation and
amortisation</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">-</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td colspan="1" style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Finance
costs</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">-</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td colspan="1" style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Impairment of
investment in associate</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">-</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td colspan="1" style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Other
expenses</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">(9,890)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">(143,355)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">(153,245)</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td colspan="1" style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Segment result
before tax</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">(9,890)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">21,797</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">11,907</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td colspan="1" style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Income tax
expense</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td colspan="1" style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Net
profit for the year</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">11,907</font><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td colspan="1" style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td colspan="1" style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Non-current Segment
assets</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">-</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td colspan="1" style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Total Segment
assets</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">10,899</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">169,201</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">180,100</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td colspan="1" style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Segment
liabilities</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">(11,335)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">(161,835)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">(173,170)</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td colspan="1" style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;margin-left: 0px; margin-right: 0px; width: 100%;">
<tr>
<td colspan="1" rowspan="1" style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Segment
Report &#x2013; 2018</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Malaysia</font></div>
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Australia</font></div>
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total</font></div>
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="1" style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2018</font></div>
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$</font></div>
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2018</font></div>
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$</font></div>
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2018</font></div>
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$</font></div>
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Revenue</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td colspan="1" style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Interest
received</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">1,524</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">1,524</font><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td colspan="1" style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
segment revenue</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">1,524</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">1,524</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td colspan="1" style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Depreciation and
amortisation</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">(1,898)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">(1,898)</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td colspan="1" style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Finance
costs</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">(2,450)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">(2,450)</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td colspan="1" style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Impairment of
investment in associate</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">-</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td colspan="1" style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Other
expenses</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">(31,490)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">(167,665)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">(199,155)</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td colspan="1" style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Segment result
before tax</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">(33,388)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">(168,591)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">(201,979</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td colspan="1" style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Income tax
expense</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">(135)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">-</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">(135)</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td colspan="1" style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Net
(loss) for the year</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">(202,114)</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td colspan="1" style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td colspan="1" style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Non-current Segment
assets</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">-</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td colspan="1" style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Total Segment
assets</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">9,844</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">189,835</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">199,679</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td colspan="1" style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Segment
liabilities</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">(340)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">(204,265)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">(204,605)</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td colspan="1" style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font><br></div>
<br>
&#xA0;
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;width: 100%;">
<tr>
<td style="vertical-align: top; width: 100%; border-top: solid 1px #e2efd9; border-left: solid 1px #e2efd9; border-right: solid 1px #e2efd9; border-bottom: 2px solid #e2efd9">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Accounting Policies: Segment reporting</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">The Group Chief
Executive Officer is the Chief operating decision maker. The
reportable segments presented are in line with the segmental
information reported during the financial year to the Group Chief
Executive Officer.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Segment revenues
and expenses are those directly attributable to the segments and
include any joint revenue and expenses where a reasonable basis of
allocation exists. Segment assets include all assets used by a
segment and consist principally of cash, receivables, inventories,
intangibles and property, plant and equipment, net of allowances
and accumulated depreciation and amortisation. Segment liabilities
consist principally of payables, employee benefits, accrued
expenses and borrowings. Segment assets and liabilities do not
include deferred income taxes. Segments exclude discontinued
operations.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-style: italic">Intersegment Transfers:</font> There are no
intersegment transfers.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-style: italic">Business and Geographical Segments:</font> The
Group had one key business segment, being biodiesel, which is
located in Malaysia.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; display: table">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">6.</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><a name="_Toc17449891">&#xA0;</a>Other income</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;margin-left: 0px; margin-right: 0px; width: 100%;">
<tr>
<td rowspan="1" style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2019</font></div>
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$</font></div>
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2018</font></div>
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$</font></div>
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2017</font></div>
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$</font></div>
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Proceeds from RTO
activities</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">165,000</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Interest
income</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">152</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">1,524</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">7,777</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">165,152</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">1,524</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">7,777</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">7.</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><a name="_Toc17449892">&#xA0;</a>Expenses</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;margin-left: 0px; margin-right: 0px; width: 100%;">
<tr>
<td rowspan="1" style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2019</font></div>
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$</font></div>
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2018</font></div>
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$</font></div>
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2017</font></div>
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$</font></div>
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">7a) Director and
Employee benefits expense</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Wages and
Salaries</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">450,318</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Contribution to
defined contribution plans</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">16,902</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">467,220</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">7b) Other
expenses:</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Audit
fees</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">27,359</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">26,816</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">46,748</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Computer
maintenance &amp; consumables</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">362</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">592</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Communication
expenses</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">5,984</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">7,976</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">14,725</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Insurance
costs</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">25,732</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">58,192</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">78,004</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Legal
fees</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">4,083</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">14,787</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">52,508</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Due diligence
costs</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">73,145</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Other
administrative costs</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">13,720</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">13,319</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">32,895</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Total</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">77,240</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">121,090</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">298,617</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; page-break-after: always; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000"></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">8.</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><a name="_Toc17449893">&#xA0;</a>Income Tax</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;margin-left: 0px; margin-right: 0px; width: 100%;">
<tr>
<td rowspan="1" style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2019</font></div>
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$</font></div>
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2018</font></div>
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$</font></div>
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2017</font></div>
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$</font></div>
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">a. The components
of tax expense comprise</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Current
tax</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">(135)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">(3,252)</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Deferred
tax</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td colspan="1" style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">(135)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">(3,252)</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">b. The prima facie
tax on the profit/(loss) from ordinary activities before income tax
is reconciled to the income tax as follows:</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Accounting
profit/(loss) before tax</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">11,907</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">(201,979)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">(4,509,178)</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Prima facie tax
(benefit on profit/(loss) from ordinary activities before income
tax at 27.5%</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">3,275</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">(55,544</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">(1,352,753)</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Adjusted
for:</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Tax effect
of:</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 48px"><font style="font-size: 13px">&#x25CF;</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">losses not brought
to account</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">55,409</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">1,349,501</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 48px"><font style="font-size: 13px">&#x25CF;</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">utilisation of
available tax losses</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">(3,275)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td colspan="1" style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">-</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">(135)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">(3,252)</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Add:</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Over provision for
income tax in prior year</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Income tax
attributable to entity</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">(135)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">(3,252)</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td colspan="1" style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">The applicable
weighted average effective current tax rate is as
follows:</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">0</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">%</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">0</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">%</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">0</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">%</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Deferred tax assets
on temporary differences and losses are not recognised because it
is not probable that future taxable profit will be available
against which the unused tax losses can be used and may be subject
to continuity of ownership and business test.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">At both period ends
the Group has not recognised any current or deferred tax
liabilities or assets.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Deferred tax assets
on losses to a value of $2.9 million (2018: $2.9 million) to date
are not brought to account due to not being probable of being
recovered. In addition, deferred tax assets for deductible
temporary differences of A$2.9 million (2018: A$3.1
million).</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;width: 100%;">
<tr>
<td style="vertical-align: top; width: 100%; border-top: solid 1px #e2efd9; border-left: solid 1px #e2efd9; border-right: solid 1px #e2efd9; border-bottom: 2px solid #e2efd9">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Accounting Policy: Income Tax</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">The charge for
current income tax expense is based on the profit/(loss) for the
year adjusted for any non-assessable or disallowed items. It is
calculated using the tax rates that have been enacted or are
substantially enacted by the reporting date.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Deferred tax is
accounted for using the balance sheet liability method in respect
of temporary differences arising between the tax bases of assets
and liabilities and their carrying amounts in the financial
statements. No deferred income tax will be recognised from the
initial recognition of an asset or liability, excluding a business
combination, where there is no effect on accounting or taxable
profit or loss.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Deferred tax is
calculated at the tax rates that are expected to apply to the
period when the asset is realised or liability is settled. Deferred
tax is credited in the Statement of profit or loss, except where it
relates to items that may be credited directly to equity, in which
case the deferred tax is adjusted directly against
equity.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Deferred income tax
assets are recognised to the extent that it is probable that future
tax profits will be available against which deductible temporary
differences can be utilised.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">The amount of
benefits brought to account or which may be realised in the future
is based on the assumption that no adverse change will occur in
income taxation legislation and the anticipation that the Group
will derive sufficient future assessable income to enable the
benefit to be realised and comply with the conditions of
deductibility imposed by the law.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; page-break-after: always; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000"></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">9.</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><a name="_Toc17449894">&#xA0;</a>Earnings per share</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; margin-right:0px;width:90%;font-size:inherit;font-family:inherit;margin-left:0px;">
<tr>
<td rowspan="1" style="vertical-align:bottom;width:70%;">
<div style="text-align: left; text-indent:-24px;margin-right:0px;margin-left:24px;"><font style="font-size: 13px; font-family: Times New Roman">a. Reconciliation
of earnings to profit or loss</font></div>
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:24px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:70%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:24px;"><font style="font-size: 13px; font-family: Times New Roman">Earnings used in
calculation of both ordinary and dilutive EPS</font></div>
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:24px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">11,907</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(202,114</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(4,550,604</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:70%;">
<div style="text-align: left; text-indent:-24px;margin-right:0px;margin-left:24px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;b. Earnings
used in calculation of both ordinary and dilutive EPS for ongoing
operations</font></div>
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:24px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">11,907</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(202,114</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(4,550,604</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:70%;">
<div style="text-align: left; text-indent:-24px;margin-right:0px;margin-left:24px;"><font style="font-size: 13px; font-family: Times New Roman">c. Weighted average
number of ordinary shares outstanding during the year used in
calculating basic EPS</font></div>
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:24px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">40,870,275</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">40,870,275</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">40,870,275</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:70%;">
<div style="text-align: left; text-indent:-24px;margin-right:0px;margin-left:24px;"><font style="font-size: 13px; font-family: Times New Roman">Effect
of:</font></div>
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:24px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:70%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px; font-family: Times New Roman">Weighted average
number of ordinary shares outstanding during the year used in
calculating dilutive EPS</font></div>
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">40,870,275</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">40,870,275</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">40,870,275</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;width: 100%;">
<tr>
<td style="vertical-align: top; width: 100%; border-top: solid 1px #e2efd9; border-left: solid 1px #e2efd9; border-right: solid 1px #e2efd9; border-bottom: 2px solid #e2efd9">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Accounting policy: Earnings per share</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Basic earnings per
share are calculated by dividing the profit attributable to owners
of the company, excluding costs of servicing equity other than
ordinary shares, by the weighted average number of ordinary shares
outstanding during the financial year.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Diluted earnings
per share adjusts the figures used in the determination of basic
earnings per share to take into account the after tax effect of
interest and other financing costs associated with the dilutive
potential ordinary shares, and the weighted average number of
additional ordinary shares that would have been outstanding
assuming the conversion of all dilutive potential ordinary
shares.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; page-break-after: always; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000"></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">10.</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><a name="_Toc17449895">&#xA0;</a>Cash and cash equivalents</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;margin-left: 0px; margin-right: 0px; width: 100%;">
<tr>
<td rowspan="1" style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2019</font></div>
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$</font></div>
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2018</font></div>
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$</font></div>
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2017</font></div>
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$</font></div>
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Cash at bank and in
hand</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">169,795</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">102,705</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">147,673</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Short-term bank
deposits</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">3,548</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">92,896</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">240,167</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">173,343</font><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">195,601</font><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">387,840</font><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">See note 17,
Financial Instruments, for information on risk exposures for cash
and cash equivalents.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;width: 100%;">
<tr>
<td style="vertical-align: top; width: 100%; border-top: solid 1px #e2efd9; border-left: solid 1px #e2efd9; border-right: solid 1px #e2efd9; border-bottom: 2px solid #e2efd9">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Accounting policy: Cash and Cash Equivalents</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Cash and cash
equivalents include cash on hand, deposits held at call with banks,
other short-term highly liquid investments with original maturities
of 3 months or less.</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; page-break-after: always; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000"></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">11.</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><a name="_Toc17449896">&#xA0;</a>Trade and Other Payables</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;margin-left: 0px; margin-right: 0px; width: 100%;">
<tr>
<td rowspan="1" style="vertical-align: bottom; width: 80%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">CURRENT</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2019</font></div>
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$</font></div>
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2018</font></div>
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$</font></div>
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 80%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Unsecured
liabilities:</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="vertical-align: bottom; width: 80%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Trade
payables</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">4,732</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">9,730</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 80%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Sundry payables and
accrued expenses</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">14,553</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">10,990</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="vertical-align: bottom; width: 80%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">19,285</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">20,720</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">12.</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><a name="_Toc17449897">&#xA0;</a>Provisions</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; margin-right:0px;width:90%;font-size:inherit;font-family:inherit;margin-left:0px;">
<tr>
<td rowspan="1" style="vertical-align:bottom;width:80%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">CURRENT</font></div>
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:80%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-size: 13px; font-family: Times New Roman">Provision for
leave</font></div>
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">153,885</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">183,885</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:80%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">153,885</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">183,885</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="3" style="vertical-align:bottom;width:100%;">
<div><font style="text-align: left; vertical-align:bottom;width:3%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:94%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">The
group has received confirmation from its employees and Directors
that they will not call on their annual leave entitlements until
the group has a clear ability to pay. During the year the company
settled $30,000 of accrued leave liabilities.</font></div>
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:3%;display:inline-block;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">13.</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><a name="_Toc17449898">&#xA0;</a>Issued Capital</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;margin-left: 0px; margin-right: 0px; width: 100%;">
<tr>
<td colspan="5" rowspan="1" style="vertical-align: bottom; width: 100%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 2%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 96%; display: inline-block">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Fully
paid ordinary shares (Issued and authorised)</font></div>
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 2%; display: inline-block">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="width: 10%; vertical-align: bottom; display: inline-block; padding-bottom: 2px">
&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block; padding-bottom: 2px;">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2019</font></div>
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Number</font></div>
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="width: 10%; vertical-align: bottom; display: inline-block; padding-bottom: 2px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="width: 10%; vertical-align: bottom; display: inline-block; padding-bottom: 2px">
&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block; padding-bottom: 2px;">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2019</font></div>
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$</font></div>
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="width: 10%; vertical-align: bottom; display: inline-block; padding-bottom: 2px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="width: 10%; vertical-align: bottom; display: inline-block; padding-bottom: 2px">
&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block; padding-bottom: 2px;">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2018</font></div>
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Number</font></div>
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="width: 10%; vertical-align: bottom; display: inline-block; padding-bottom: 2px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block;">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2018</font></div>
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$</font></div>
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 0px; margin-right: -8px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">At the beginning of
reporting period</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">40,870,275</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">523,197</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">40,870,275</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">523,197</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 0px; margin-right: 7px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Ordinary shares
issued</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 0px; margin-right: 7px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">At
reporting date</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">40,870,275</font><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">523,197</font><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">40,870,275</font><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">523,197</font><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Ordinary shares
participate in dividends and the proceeds on winding up of the
parent entity in proportion to the number of shares held. At
shareholder meetings each ordinary share is entitled to one vote
when a poll is called, otherwise each shareholder has one vote on a
show of hands. There were no warrants, performance rights or
options in existence at reporting date.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;width: 100%;">
<tr>
<td style="vertical-align: top; width: 100%; border-top: solid 1px #e2efd9; border-left: solid 1px #e2efd9; border-right: solid 1px #e2efd9; border-bottom: 2px solid #e2efd9">
<div style="text-align: left; margin-left: 0px; margin-right: -35px; text-indent: 0px"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Accounting policy: Contributed equity</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Ordinary shares are
classified as equity. Incremental costs directly attributable to
the issue of new shares are shown in equity as a deduction, net of
tax, from the proceeds.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; page-break-after: always; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000"></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">14.</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><a name="_Toc17449899">&#xA0;</a>Cash Flow Information</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;margin-left: 0px; margin-right: 0px; width: 100%;">
<tr>
<td rowspan="1" style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Reconciliation
of Cash Flow from Operations with Profit/(Loss) after Income
Tax</font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2019</font></div>
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2018</font></div>
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2017</font></div>
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Profit/(Loss) after
income tax</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">11,907</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">(202,114)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">(4,550,604)</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Non
cash flows in profit / (loss)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Depreciation of
plant and equipment &#x2013; continued operations</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">1,898</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">487</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Share of net
loss/(profit) of associate</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">38,174</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Provision for
employee benefits</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">(2,826)</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Other non cash
adjustments</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">4,436</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Current
tax liabilities</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">(35)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Impairment of
associate</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">(318)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">3,608,038</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Net
cash (used in) operating activities before change in assets and
liabilities</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">11,554</font><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">(200,216)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">(902,295)</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Change in assets
and liabilities</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Decrease in
receivables</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">1,091</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(Increase) /
decrease in other assets</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">(2,557)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">6,471</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">(4,691)</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(Increase) in
creditors and accruals</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">(1,427)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">(377)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">(87,870)</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Decrease in
provisions</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">(30,000)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Foreign Currency
Adjustments</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">7,115</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">4,263</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">15,041</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">(26,869)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">10,357</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">(76,429)</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Cash
(used in) operations</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 4px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 4px double #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 4px double #000000; font-size: 13px; font-family: Times New Roman">(15,315)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 4px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 4px double #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 4px double #000000; font-size: 13px; font-family: Times New Roman">(189,859)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; padding-bottom: 4px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 4px double #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 4px double #000000; font-size: 13px; font-family: Times New Roman">(978,724)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">There were no
non-cash investing activities during the reported
periods.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Cash flows are
presented in the statement of cash flows on a gross basis, except
for the GST component of investing and financing activities, which
are disclosed as operating cash flows.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; page-break-after: always; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000"></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -24px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><a name="_Toc17449900">&#xA0;</a><font style="text-decoration: underline">GROUP STRUCTURE</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">This section
provides information which will help users understand how the group
structure affects the financial position and performance of the
group as a whole. In particular, there is information
about:</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: -24px"><font style="font-size: 13px; font-family: Times New Roman">&#x25CF; changes to
the structure that occurred during the year as a result of business
combinations and the disposal of a discontinued
operation</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: -24px"><font style="font-size: 13px; font-family: Times New Roman">&#x25CF;
transactions with non-controlling interests and interests in joint
ventures.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">A list of
subsidiaries is provided in note 15. This note also discloses
details about the group&#x2019;s equity accounted
investments.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">15.</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><a name="_Toc17449901">&#xA0;</a>Investments in subsidiaries,
unconsolidated entities and associates</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(a)
Subsidiaries</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">The Group&#x2019;s
subsidiaries at 30 June 2019 are set out below. Unless otherwise
stated, they have share capital consisting solely of ordinary
shares that are held directly by the Group, and the proportion of
ownership interests held equals the voting rights held by the
Group. The country of incorporation or registration is also their
principal place of business.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; margin-right:0px;width:90%;font-size:inherit;font-family:inherit;margin-left:0px;">
<tr>
<td rowspan="1" style="vertical-align:bottom;width:20%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:20%;">
<br></td>
<td colspan="2" rowspan="1" style="vertical-align:bottom;width:20%;">
<div><font style="text-align: left; vertical-align:bottom;width:5%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:90%;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">Percentage
Owned (%)</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:5%;display:inline-block;">&#xA0;</font></div>
</td>
<td colspan="2" rowspan="1" style="vertical-align:bottom;width:20%;">
<div><font style="text-align: left; vertical-align:bottom;width:5%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:90%;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">Ownership
interest held by non-controlling interests</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:5%;display:inline-block;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:20%;">
<br></td>
</tr><tr>
<td style="vertical-align:bottom;width:20%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:20%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Country
of Incorporation</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">2019</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">2018</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">2019</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">2018</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:20%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Principal
activities</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:20%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">A.
Controlled Entities Consolidated</font></div>
</td>
<td style="vertical-align:bottom;width:20%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:20%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:20%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Parent
Entity:</font></div>
</td>
<td style="vertical-align:bottom;width:20%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:20%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:20%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px; font-family: Times New Roman">Mission NewEnergy
Limited</font></div>
</td>
<td style="vertical-align:bottom;width:20%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px; font-family: Times New Roman">Australia</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:20%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:20%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Subsidiaries
of Mission NewEnergy Limited:</font></div>
</td>
<td style="vertical-align:bottom;width:20%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:20%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:20%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px; font-family: Times New Roman">Mission Biofuels
Sdn Bhd</font></div>
</td>
<td style="vertical-align:bottom;width:20%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px; font-family: Times New Roman">Malaysia</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">100</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">100</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:20%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px; font-family: Times New Roman">Administrative
entity</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:20%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px; font-family: Times New Roman">M2 Capital Sdn
Bhd</font></div>
</td>
<td style="vertical-align:bottom;width:20%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px; font-family: Times New Roman">Malaysia</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">100</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">100</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:20%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px; font-family: Times New Roman">Holds 20% of FGV
Green Energy SB</font></div>
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:20%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">B.
Associates</font></div>
</td>
<td style="vertical-align:bottom;width:20%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:20%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:20%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px; font-family: Times New Roman">Felda Green Energy
Sdn Bhd</font></div>
</td>
<td style="vertical-align:bottom;width:20%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px; font-family: Times New Roman">Malaysia</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">20</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">20</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">80</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">80</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:20%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px; font-family: Times New Roman">Biodiesel
refining</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Set out below is
the associate of the group as at 30 June 2019. The entity listed
below has share capital consisting solely of ordinary shares, which
are held directly by the group. The country of incorporation or
registration is also their principal place of business, and the
proportion of ownership interest is the same as the proportion of
voting rights held.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;width: 100%;">
<tr style="background-color: #c2d69b">
<td rowspan="2" style="vertical-align: top; width: 15%; border-top: solid 1px #000000; border-left: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Name
of entity</font></div>
</td>
<td rowspan="2" style="vertical-align: top; width: 16%; border-top: solid 1px #000000; border-left: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Country
of Incorporation</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 15%; border-top: solid 1px #000000; border-left: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Percentage
Owned (%)</font></div>
</td>
<td rowspan="2" style="vertical-align: top; width: 14%; border-top: solid 1px #000000; border-left: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Nature
of relationship</font></div>
</td>
<td rowspan="2" style="vertical-align: top; width: 11%; border-top: solid 1px #000000; border-left: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Measurement
method</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 29%; border-top: solid 1px #000000; border-left: solid 1px #000000; border-right: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Carrying
amount ($)</font></div>
</td>
</tr><tr style="background-color: #c2d69b">
<td style="vertical-align: top; width: 8%; border-left: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2019</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-left: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2018</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-left: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2019</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-left: solid 1px #000000; border-right: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2018</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 15%; border-left: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">FGV Green Energy
Sdn Bhd</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-left: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Malaysia</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-left: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">20</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-left: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">20</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-left: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Associate</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-left: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Equity
method</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-left: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-left: solid 1px #000000; border-right: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;width: 100%;">
<tr style="background-color: #c2d69b">
<td rowspan="2" style="vertical-align: top; width: 71%; border-top: solid 1px #000000; border-left: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Summarised
statement of comprehensive income</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 29%; border-top: solid 1px #000000; border-left: solid 1px #000000; border-right: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">FGV
Green Energy Sdn Bhd</font></div>
</td>
</tr><tr style="background-color: #c2d69b">
<td style="vertical-align: top; width: 15%; border-left: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2019</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-left: solid 1px #000000; border-right: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2018</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 71%; border-left: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(Loss) from
operations</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-left: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(35,914,990)</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-left: solid 1px #000000; border-right: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(194,886)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 71%; border-left: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">The Groups share of
(Loss)/profit from operations</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-left: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-left: solid 1px #000000; border-right: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;width: 100%;">
<tr style="background-color: #c2d69b">
<td rowspan="2" style="vertical-align: top; width: 71%; border-top: solid 1px #000000; border-left: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Summarised
statement of financial position</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 29%; border-top: solid 1px #000000; border-left: solid 1px #000000; border-right: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">FGV
Green Energy Sdn Bhd</font></div>
</td>
</tr><tr style="background-color: #c2d69b">
<td style="vertical-align: top; width: 15%; border-left: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2019</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-left: solid 1px #000000; border-right: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2018</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 71%; border-left: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Cash and cash
equivalents</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-left: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">11,374</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-left: solid 1px #000000; border-right: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">16,496</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 71%; border-left: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Other current
assets</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-left: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">52,490</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-left: solid 1px #000000; border-right: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">85,209</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 71%; border-left: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Non-current assets
&#x2013; written to NIL during the financial year</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-left: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-left: solid 1px #000000; border-right: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">37,852,240</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 71%; border-left: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Current
liabilities</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-left: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(24,340,686)</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-left: solid 1px #000000; border-right: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(21,967,251)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 71%; border-left: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Non-current
financial liabilities</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-left: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-left: solid 1px #000000; border-right: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 71%; border-left: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Net
(Liabilities)/Assets</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-left: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(24,276,822)</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-left: solid 1px #000000; border-right: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">15,986,694</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;width: 100%;">
<tr>
<td style="vertical-align: top; width: 100%; border-top: solid 1px #e2efd9; border-left: solid 1px #e2efd9; border-right: solid 1px #e2efd9; border-bottom: 2px solid #e2efd9">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Accounting policy: Principles of Consolidation</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">The consolidated
financial statements comprise the financial statements of Mission
NewEnergy Limited and its subsidiaries, as defined in Accounting
Standard IFRS 127 &#x2018;Consolidated and Separate Financial
Statements&#x2019;. These include Mission Biofuels Sdn Bhd and M2
Capital Sdn Bhd. A list of controlled and associate entities with
details of acquisitions and disposals is contained in this note.
All controlled entities have a 30 June financial year-end. The
Associate company has a 31 December year end.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">All inter-company
balances and transactions between entities in the Consolidated
Group, including any unrealised profits or losses, have been
eliminated on consolidation. Accounting policies of subsidiaries
have been changed where necessary to ensure consistency with the
policies applied by the parent entity.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Where controlled
entities have entered or left the Consolidated Group during the
year, their operating results have been included/excluded from the
date control was obtained or until the date control
ceased.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Non-controlling
interests in the equity and results of the entities that are
controlled are shown as a separate item in the consolidated
financial report.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Foreign Currency Transactions and Balances</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Functional and
presentation currency</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">The functional
currency of each of the Group&#x2019;s entities is measured using
the currency of the primary economic environment in which that
entity operates. The consolidated financial statements are
presented in Australian dollars which is the parent entity&#x2019;s
functional and presentation currency.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Transaction and
balances</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Foreign currency
transactions are translated into functional currency using the
exchange rates prevailing at the date of the transaction. Foreign
currency monetary items are translated at the year-end exchange
rate. Non-monetary items measured at historical cost continue to be
carried at the exchange rate at the date of the transaction.
Non-monetary items measured at fair value are reported at the
exchange rate at the date when fair values were
determined.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Exchange
differences arising on the translation of monetary items are
recognised in the Statement of profit or loss, except where
deferred in equity as a qualifying cash flow or net investment
hedge.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Exchange
differences arising on the translation of non-monetary items are
recognised directly in equity to the extent that the gain or loss
is directly recognised in equity, otherwise the exchange difference
is recognised in the Statement of Profit or Loss.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Group
companies</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">The financial
results and position of foreign operations whose functional
currency is different from the Group&#x2019;s presentation currency
are translated as follows:</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 24px"><font style="font-size: 13px">&#x25CF;</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">assets and
liabilities are translated at year-end exchange rates prevailing at
that reporting date;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 24px"><font style="font-size: 13px">&#x25CF;</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">income and expenses
are translated at average exchange rates for the period where this
is not materially different from the rate at the date of the
transaction; and</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 24px"><font style="font-size: 13px">&#x25CF;</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">retained earnings
are translated at the exchange rates prevailing at the date of the
transaction.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Exchange
differences arising on translation of foreign operations are
transferred directly to the Group&#x2019;s foreign currency
translation reserve in the statement of financial position. These
differences are recognised in the Statement of Profit or Loss in
the period in which the operation is disposed.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; page-break-after: always; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000"></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -24px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><a name="_Toc17449902">&#xA0;</a><font style="text-decoration: underline">RISK</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">This section of the
notes discusses the groups exposure to various risks and shows how
these could affect the Groups financial position and
performance.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">16.</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><a name="_Toc17449903">&#xA0;</a>Critical Accounting Estimates and
Judgments</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">The preparation of
annual financial reports requires the Board to make judgements,
estimates and assumptions that affect the application of accounting
policies and the reported amounts of assets and liabilities, income
and expenses. The Board evaluates estimates and judgments
incorporated into the financial report based on historical
knowledge and best available current information. Estimates assume
a reasonable expectation of future events and are based on current
trends and economic data, obtained both externally and within the
Group. Actual results may differ from these estimates.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Except as described
below, in preparing this consolidated financial report, the
significant judgements made by management in applying the
Group&#x2019;s accounting policies and the key sources of estimation
uncertainty were the same as those that were applied to the
consolidated financial report as at end for the year ended 30 June
2019. During the twelve months ended 30 June 2019 management
reviewed its estimates in respect of:</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;<br></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Impairment
of assets</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;The Group
assesses impairment of assets at each reporting date by evaluating
conditions specific to the Group that may lead to impairment. Where
an impairment trigger exists, the recoverable amount of the asset
is determined.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Investments
in subsidiaries</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;<br></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Investments held by
the parent entity, Mission NewEnergy Limited, are reviewed for
impairment if there is any indication that the carrying amount may
not be recoverable. The recoverable amount is assessed by reference
to the higher of &#x2018;value in use&#x2019; (being the net present
value of expected future cash flows of the relevant cash generating
unit) and &#x2018;fair value less costs to sell&#x2019;.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;In line with
the impairment of the carrying value of assets in the subsidiaries,
the parent entity has impaired the value of all subsidiaries to
zero. This accounting adjustment has no impact on the cash flows or
the Consolidated Financial Statements of the Group. Refer to note
24: Parent Information for further details.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;<br></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Investments
in associates/Non-Current Assets held for sale</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;<br></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">The Group owns 100%
of M2 Capital Sdn Bhd, a Malaysian subsidiary, which owns a 20%
stake in FGV Green Energy Sdn Bhd (FGVGE), a refinery joint venture
company. Investments in associates held by the parent entity,
Mission NewEnergy Limited, are reviewed for impairment if there is
any indication that the carrying amount may not be
recoverable.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;<br></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">In
assessing the carrying value of the investment, the following
factors were considered by the Directors:</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="color: #000000; font-size: 13px; font-family: Times New Roman">o</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Mission
does not hold a refining asset, however it holds a 20% share in the
refining JV,</font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="color: #000000; font-size: 13px; font-family: Times New Roman">o</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">This
refining JV is not a listed publicly traded entity with a readily
determinable share price, nor is there a ready market to sell the
20% holding,</font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="color: #000000; font-size: 13px; font-family: Times New Roman">o</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Mission
does not have the voting or management rights to force any actions
on the JV company, (be that to commence refurbishment, sell the
asset as a going concern or for sell for scrap value),</font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="color: #000000; font-size: 13px; font-family: Times New Roman">o</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Should
the JV company require further equity funding to undertake the
refurbishment the group has insufficient current cash proceeds to
protect its equity position and hence our shareholding position
would likely be diluted,</font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="color: #000000; font-size: 13px; font-family: Times New Roman">o</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">FGVGE
borrowed money from FGV Capital Sdn Bhd in 2015 as part proceeds to
acquire the refinery. FGV Capital Sdn Bhd have terminated the loan
facility on 24 June 2019, which is now immediately due and payable.
The Board of FGVGE have met and declared an inability to repay this
loan. Under the terms of the loan agreement, FGV Capital have full
security over the refinery asset in the event of a default. MBT and
its subsidiaries have no obligation, financial or otherwise, to
meet any capital shortfall requirements of FGVGE.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Accordingly
the Directors deemed it prudent to impair the carrying value of the
investment to NIL in a prior financial year. Should the Group sell
the refinery an impairment reversal is expected to be recognised in
the financial records of the Group. As the project remains stalled
and mothballed at 30 June 2019, the carrying value is retained at
NIL.</font></div>
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</td>
<td rowspan="1" style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2019</font></div>
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2018</font></div>
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
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<td style="vertical-align: bottom; width: 80%">
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<td style="vertical-align: bottom; width: 10%">
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<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$</font></div>
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$</font></div>
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="vertical-align: bottom; width: 80%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Impairment of
investment in associate</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
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&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
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&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 80%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
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<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
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</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<div style="text-align: left; display: table">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">17.</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><a name="_Toc17449904">&#xA0;</a>Financial Instruments and Financial
Risk Management</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Financial Risk
Management</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">The Group has a
financial risk management policy in place and the financial risks
are overseen by the Board. The Group&#x2019;s financial instruments
consist mainly of deposits with banks, other financial assets and
accounts payable.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">The principal risks
the Group is exposed to through its financial instruments are
interest rate risk, foreign currency risk, liquidity risk and
credit risk.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">The Group does not
have any financial assets carried at fair value therefore no
further disclosure in relation to the fair value hierarchy is
presented. In addition the group does not have any financial
instruments that are subject to recurring or non-recurring fair
value measurements.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">As at 30 June 2019
and 30 June 2018 the group held the following financial
instruments:</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;margin-left: 0px; margin-right: 0px; width: 100%;">
<tr>
<td rowspan="1" style="vertical-align: bottom; width: 80%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="width: 10%; vertical-align: bottom; display: inline-block; padding-bottom: 2px">
&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block; padding-bottom: 2px;">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2019</font></div>
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$</font></div>
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="width: 10%; vertical-align: bottom; display: inline-block; padding-bottom: 2px">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block;">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2018</font></div>
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$</font></div>
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 80%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Financial
assets</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="vertical-align: bottom; width: 80%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Cash and cash
equivalents*</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">173,343</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">195,601</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 80%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Financial
liabilities</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="vertical-align: bottom; width: 80%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Trade and other
payables</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">19,285</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">20,720</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">* Under
the category of the financial instrument standard the cash and cash
equivalent is classified as loans and receivable under IAS 39 in
2018 and is classified as a financial asset at amortised cost in
2019 under IFRS 9.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">The fair value of
cash and cash equivalents, trade and other payables are short-term
instruments in nature whose carrying value is equivalent to fair
value.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-style: italic; font-size: 13px; font-family: Times New Roman">
Interest rate risk</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">There is no
interest rate risk given there are no material deposits held at a
floating rate.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Foreign
currency risk</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">The Group holds its
20% share of the refinery through a number of international
subsidiaries and is thus exposed to fluctuations in foreign
currencies, arising from the foreign currencies held in its bank
accounts, and the translation of results from the international
subsidiaries. The foreign exchange exposures are primarily to the
Malaysian Ringgit and the US dollar.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Foreign currency
risks arising from commitments in foreign currencies are managed by
holding cash in that currency. Foreign currency translation risk is
not hedged, with translation differences being reflected in the
foreign currency translation reserve.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;<br></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Group sensitivity</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;<br></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">At 30 June 2019, if
foreign currencies had changed by -/+ 10%, with all other variables
held constant, the following financial impacts would have been
recorded by the Group;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;Effect on
cash and cash equivalent &#x2013; A$5,748 lower / A$7,026 higher
(2018: A$11,238 lower / A$9,194 higher)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;<br></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Profit or Loss
would have been &#x2013; A$5,748 lower / A$7,026 higher (2018:
A$11,238 lower / A$9,194 higher)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">Hedging
of Foreign Currency Risk</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">At financial report
date the Group had no forward exchange contracts in
place.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; page-break-after: always; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000"></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;<br></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Credit
risk</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;The following
table sets out the credit quality of financial assets:</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;margin-left: 0px; margin-right: 0px; width: 100%;">
<tr>
<td rowspan="1" style="vertical-align: bottom; width: 80%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2019</font></div>
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$</font></div>
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2018</font></div>
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$</font></div>
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 80%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Cash and Cash
Equivalents</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 80%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Counterparties with external credit rating (Standard and
Poors)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="vertical-align: bottom; width: 80%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">A-1+
(Australian)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">166,644</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">189,836</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 80%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">P-2
(Malaysia)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">6,699</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">5,765</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="vertical-align: bottom; width: 80%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">173,343</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">195,601</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Commodity
Risk</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="color: #000000">As there was no inventory held as at 30 June 2019,
the Group has no direct exposure to</font> market prices of input
costs into the production of biodiesel.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Liquidity
risk</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;margin-left: 0px; margin-right: 0px; width: 100%;">
<tr>
<td rowspan="1" style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td colspan="2" rowspan="1" style="vertical-align: bottom; width: 20%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 5%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 90%; display: inline-block">
<div><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Weighted
Average Interest Rate</font></div>
</font><font style="vertical-align: bottom; width: 5%; display: inline-block">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
2019</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
2018</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
2019</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
2018</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; font-weight: bold; width: 5%; font-size: 13px; font-family: Times New Roman">$</font><font style="color: #000000; vertical-align: bottom; display: inline-block; font-weight: bold; width: 75%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font>&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; font-weight: bold; width: 5%; font-size: 13px; font-family: Times New Roman">$</font><font style="color: #000000; vertical-align: bottom; display: inline-block; font-weight: bold; width: 75%; font-size: 13px; font-family: Times New Roman">%</font><font style="color: #000000; vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
%</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Financial Assets:</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Cash
and cash equivalents</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">173,343</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">195,601</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">1.26</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">%</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">1.02</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">173,343</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">195,601</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Financial
Liabilities:</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Current
liabilities</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">173,170</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">204,605</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">The Group manages
liquidity risk by monitoring forecast cash flows and ensuring that
adequate cash is maintained to meet known liabilities. The Group
has no current source of income and has negotiated with key
management personnel to not take salaries or Directors
fees.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<br>
<br>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;<br></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;width: 100%;">
<tr>
<td style="vertical-align: top; width: 100%; border-top: solid 1px #e2efd9; border-left: solid 1px #e2efd9; border-right: solid 1px #e2efd9; border-bottom: 2px solid #e2efd9">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Accounting policy: Financial Instruments</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Recognition</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Financial
instruments are initially measured at fair value on trade date,
which includes transaction costs (except where the instrument is
classified as &#x2018;fair value through profit or loss&#x2019; in
which case transaction costs are expensed to profit or loss
immediately), when the related contractual rights or obligations
exist. Subsequent to initial recognition these instruments are
measured as set out below.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">18.</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><a name="_Toc17449905">&#xA0;</a>Capital Management</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Management controls
the capital of the Group in order to maintain an appropriate debt
to equity ratio, provide the shareholders with adequate returns and
ensure that the Group can fund its operations and continue as a
going concern. Due to the stage that the business is in,
managements approach would be to fund the business with equity
where required. Management reviews historic and forecast cash flows
on a regular basis in order to determine funding
needs.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">The Group has no
debt and capital includes ordinary share capital, supported by
financial assets.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -24px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><a name="_Toc17449906">&#xA0;</a><font style="text-decoration: underline">UNRECOGNISED ITEMS</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">This section of the
notes provides information about items that are not recognised in
the financial statements as they do not (yet) satisfy the
recognition criteria.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">19.</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><a name="_Toc17449907">&#xA0;</a>Capital and Leasing
Commitments</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">The group has no
operating lease or capital expenditure commitments.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">20.</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><a name="_Toc17449908">&#xA0;</a>Contingent Liabilities and Contingent
Assets</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">The Group is not
aware of any contingent liabilities or contingent assets as at 30
June 2019<font style="font-weight: bold">.</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">21.</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><a name="_Toc17449909">&#xA0;</a>Events occurring after the reporting
period</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">There have been no
significant subsequent events up until the date of signing this
Financial Report.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
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<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -24px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><a name="_Toc17449910">&#xA0;</a><font style="text-decoration: underline">OTHER INFORMATION</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">This section of the
notes includes other information that must be disclosed to comply
with the accounting standards and other pronouncements, but that is
not immediately related to individual line items in the financial
statements.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">22.</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><a name="_Toc17449911">&#xA0;</a>Remuneration of Auditors</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;margin-left: 0px; margin-right: 0px; width: 100%;">
<tr>
<td rowspan="1" style="vertical-align: bottom; width: 80%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2019</font></div>
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$</font></div>
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2018</font></div>
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$</font></div>
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 80%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Audit
services</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 80%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Remuneration of the
auditor of the parent entity for:</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="vertical-align: bottom; width: 80%">
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 24px"><font style="font-size: 13px">&#x25CF;</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">auditing or
reviewing the financial reports &#x2013; BDO Audit (WA) Pty
Ltd</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">27,359</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">26,816</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">23.</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><a name="_Toc17449912">&#xA0;</a>Related Parties</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">During the period a
subsidiary in the Group leased a portion of office space from a
company owned by the Chief Executive Officer at a cost of around
A$650 per month. The lease is on a month to month
basis.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">There were no other
transactions with related parties during the period other than with
subsidiaries which were 100% wholly owned.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Key management
personnel compensation</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;margin-left: 0px; margin-right: 0px; width: 100%;">
<tr>
<td rowspan="1" style="vertical-align: bottom; width: 80%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2019</font></div>
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$</font></div>
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2018</font></div>
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$</font></div>
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="vertical-align: bottom; width: 80%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Short-term employee
benefits</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 80%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Post-employment
benefits</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="vertical-align: bottom; width: 80%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Detailed
remuneration disclosures are provided in the remuneration report on
pages 5 to 11. During the financial year, the Company settled
$30,000 of accrued leave liabilities owing to the three
Directors.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">24.</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><a name="_Toc17449913">&#xA0;</a>Parent entity information</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; margin-right:0px;width:90%;font-size:inherit;font-family:inherit;margin-left:0px;">
<tr>
<td rowspan="1" style="vertical-align:bottom;width:80%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">2019</font></div>
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">2018</font></div>
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:80%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px; font-family: Times New Roman">Information
relating to Mission NewEnergy Limited:</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="margin-left:0px;"><font style="text-align: left; vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;display:inline-block;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:80%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px; font-family: Times New Roman">Current
assets</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">169,201</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">189,835</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:80%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-size: 13px; font-family: Times New Roman">Non-current
assets</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">-</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">-</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:80%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
assets</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">169,201</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">189,835</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:80%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-size: 13px; font-family: Times New Roman">Current
liabilities</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">(161,835</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">(204,265</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:80%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
liabilities</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(161,835</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(204,265</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:80%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px; font-family: Times New Roman">Net asset surplus /
(deficit)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">7,366</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(14,430</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:80%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px; font-family: Times New Roman">Issued
capital</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">418,635</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">418,635</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:80%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px; font-family: Times New Roman">Opening Retained
(Loss)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(433,065</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(410,755</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:80%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-size: 13px; font-family: Times New Roman">Share based
payments reserve</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">-</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">150,000</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:80%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
shareholders&#x2019; equity (surplus)/deficit</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(14,430</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">157,880</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:80%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-size: 13px; font-family: Times New Roman">Profit/(Loss) of
the parent entity during the year</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">21,796</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">(172,310</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:80%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
shareholders&#x2019; equity deficit/(surplus)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">7,366</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(14,430</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;margin-left: 0px; margin-right: 0px; width: 100%;">
<tr>
<td rowspan="1" style="vertical-align: bottom; width: 80%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2019</font></div>
<div><font style="font-size: 13px; font-family: Times New Roman">$</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2018</font></div>
<div><font style="font-size: 13px; font-family: Times New Roman">$</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #cceeff">
<td style="vertical-align: bottom; width: 80%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Details of any
contingent liabilities of the parent entity</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 80%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Details of any
contractual commitments by the parent entity for the acquisition of
property, plant or equipment.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">-</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">The parent entity
is not aware of any other contingent liabilities or contingent
assets as at 30 June 2019<font style="font-weight: bold">.</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; page-break-after: always; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000"></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">25.</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><a name="_Toc17449914">&#xA0;</a>Company Details</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">The registered
office of the company is: Mission NewEnergy Limited, Unit B9, 431
Roberts Road, Subiaco, WA 6008, Australia.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">The
principal places of business are:</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;width: 100%;">
<tr>
<td style="vertical-align: top; width: 23%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Australia</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 77%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Mission NewEnergy Limited</font>Head Office
Unit B9, 431 Roberts Rd, Subiaco, Western Australia, 6008,
Australia.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 23%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Malaysia</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 77%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Mission
Biofuels Sdn Bhd</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">M2
Capital Sdn Bhd</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">No 5E Nadayu 28
Dagang</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Jalan PJS
11/7</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Bandar
Sunway</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">47500 Subang
Jaya</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Selangor,
Malaysia</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">26.</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><a name="_Toc17449915">&#xA0;</a>Authorisation of financial
statements</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">The consolidated
financial statements for the year ended 30 June 2019 (including
comparatives) were approved by the Board of Directors on 4 November
2019.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Dato&#x2019;
Nathan Mahalingam</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Director</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<br>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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{"company-data": {"conformed-name": "Mission NewEnergy Ltd", "cik": "0001463471", "assigned-sic": "2860", "irs-number": "000000000", "state-of-incorporation": "C3", "fiscal-year-end": "0630"}, "filing-values": {"form-type": "20-F", "act": "34", "file-number": "001-35022", "film-number": "191223041"}, "business-address": {"street1": "UNIT B9, 431 ROBERTS RD", "city": "SUBIACO", "state": "C3", "zip": "6018", "phone": "618 94439512"}, "mail-address": {"street1": "UNIT B9, 431 ROBERTS RD", "city": "SUBIACO", "state": "C3", "zip": "6018"}}
Blueprint
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 20-F
☐
REGISTRATION STATEMENT PURSUANT TO SECTION 12(
b
) OR 12(
g
) OF THE SECURITIES EXCHANGE
ACT OF 1934
OR
☒
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(
d
) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the fiscal year ended June 30, 2019
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(
d
) OF THE SECURITIES EXCHANGE
ACT OF 1934
OR
☐
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(
d
) OF THE SECURITIES EXCHANGE
ACT OF 1934
Date of event requiring this shell company report
___________________
Commission file number: 001-35022
Mission NewEnergy Limited
(Exact
name of Registrant as specified in its charter)
N/A
(Translation
of Registrant's name into English)
Western Australia, Australia
(Jurisdiction
of incorporation or organization)
Unit B9, 431 Roberts Rd,
Subiaco, Western Australia 6008, Australia
(Address
of principal executive offices)
Guy Burnett
Chief Financial Officer and Company Secretary
+61 8 6313 3975; guy@missionnewenergy.com
Unit B9, 431 Roberts Rd,
Subiaco, Western Australia 6008, Australia
(Name,
Telephone, E-mail and/or Facsimile Number and Address of Company
Contact Person)
Securities
registered or to be registered pursuant to Section 12(b) of
the Act:
Title of each class
Name of each exchange on which registered
None
None
Securities
registered or to be registered pursuant to Section 12(g) of the
Act:
Ordinary
Shares, no par value
(Title
of Class)
Securities for which there is a reporting obligation
pursuant to Section 15(d) of the Act:
None
(Title
of Class)
Indicate
the number of outstanding shares of each of the issuer's
classes of capital or common stock as of June 30, 2019:
40,870,275 Ordinary Shares
Indicate
by check mark if the registrant is a well-known seasoned issuer, as
defined in Rule 405 of the Securities Act.
☐
Yes
☒
No
If this
report is an annual or transition report, indicate by check mark if
the registrant is not required to file reports pursuant to
Section 13 or 15(d) of the Securities Exchange Act of
1934.
☐
Yes
☒
No
Indicate
by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for
such shorter period that the registrant was required to file such
reports), and (2) has been subject to such filing requirements
for the past 90 days.
☒
Yes      ☐
No
Indicate
by check mark whether the registrant has submitted electronically
and posted on its corporate Web site, if any, every Interactive
Data File required to be submitted and posted pursuant to
Rule 405 of Regulation S-T (§232.405 of this
chapter) during the preceding 12 months (or for such shorter
period that the registrant was required to submit and post such
files).
☒
Yes      ☐
No
Indicate
by check mark whether the registrant is a large accelerated filer,
an accelerated filer, or a non-accelerated filer. See definition of
"accelerated filer and large accelerated filer" in
Rule 12b-2 of the Exchange Act. (Check one):
☐
Large accelerated filer
☐
Accelerated filer
☒
Non-accelerated filer
☐
Emerging growth company
Indicate
by check mark which basis of accounting the registrant has used to
prepare the financial statements included in this
filing:
US GAAP
☐
International Financial Reporting Standards as issued by the
International Accounting Standards Board
☒
Other
☐
If
"Other" has been checked in response to the previous
question, indicate by check mark which financial statement item the
registrant has elected to follow.
☐
Item 17       ☐
Item 18
If this
is an annual report, indicate by check mark whether the registrant
is a shell company (as defined in Rule 12b-2 of the Exchange
Act).
☒
Yes      ☐
No
TABLE OF CONTENTS
Page
Page
CONVENTIONS THAT APPLY TO THIS ANNUAL
REPORT
3
SPECIAL
NOTE REGARDING FORWARD-LOOKING
STATEMENTS
3
INDUSTRY AND MARKET
DATA
4
PART I
4
Item 1. Identity of
Directors, Senior Management and Advisers
4
Item 2. Offer Statistics and Expected
Timetable
4
Item 3. Key Information
4
Item 4. Information on the Company
10
Item 4A. Unresolved Staff
Comments
12
Item 5. Operating and Financial Review and
Prospects
12
Item 6. Directors, Senior Management and
Employees
14
Item 7. Major
Shareholders and Related Party Transactions
18
Item 8. Financial Information
18
Item 9. The Offer
and Listing
18
Item 10. Additional
Information
19
Item 11. Quantitative and Qualitative Disclosures About
Market Risk
28
Item 12.
Description of Securities Other than Equity
Securities
29
PART
II
29
Item 13. Defaults, Dividend Arrearages and
Delinquencies
29
Item 14. Material
Modifications to the Rights of Security Holders and Use of
Proceeds
29
Item 15. Controls
and Procedures
30
Item 16.
[Reserved]
30
Item 16A. Audit Committee Financial
Expert
30
Item 16B. Code of Ethics
30
Item 16C. Principal Accountant Fees and
Services
31
Item 16D.
Exemptions from the Listing Standards for Audit
Committees
31
Item 16E. Purchases
of Equity Securities by the Issuer and Affiliated
Purchasers
31
Item 16F. Change in
Registrant's Certifying Accountant
31
Item 16G. Corporate
Governance
31
Item 16H. Mine
Safety Disclosures
31
PART
III
31
Item 17. Financial
Statements
31
Item 18. Financial
Statements
31
Item 19. Exhibit
8.1
-
Item 19. Exhibit
12.1
-
Item 19. Exhibit
12.2
-
Item 19. Exhibit
13.1
-
CONVENTIONS THAT APPLY TO THIS ANNUAL REPORT
Unless
otherwise indicated or the context clearly implies otherwise,
references to "we," "us,"
"our,", "Mission NewEnergy",
"Mission", "the Group" and "the
Company" are to Mission NewEnergy Limited, an Australian
corporation, and its subsidiaries. In this annual report
"shares" or "ordinary shares" refers to our
ordinary shares.
In this
annual report, references to "$," "US$" or
"U.S. dollars" are to the lawful currency of the United
States and references to "Australian dollars" or
"A$" are to the lawful currency of
Australia.
Solely
for the convenience of the reader, this annual report contains
translations of certain Australian dollar amounts into U.S. dollars
at specified rates. Except as otherwise stated in this annual
report, all translations from Australian dollars to U.S. dollars
are based on the noon buying rate of the City of New York for cable
transfers of Australian dollars, as certified for customs purposes
by the Federal Reserve Bank of New York on the date or year
indicated. No representation is made that the Australian dollar
amounts referred to in this annual report could have been or could
be converted into U.S. dollars at such rates or any other rates.
Any discrepancies in any table between totals and sums of the
amounts listed are due to rounding.
Unless
otherwise indicated, the consolidated financial statements and
related notes as of and for the fiscal years ended June 30, 2017,
2018 and 2019 included elsewhere in this annual report have been
prepared in accordance with Australian Accounting Standards and
also comply with International Financial Reporting Standards
("IFRS") and interpretations issued by the
International Accounting Standards Board.
References to a
particular "fiscal year" are to our fiscal year ended
June 30 of that year. References to a year other than a
"fiscal" year are to the calendar year ended December
31. References to "our refinery," "the
refinery", "our business" and "the joint
venture company" refer to a 20% shareholding held by our
wholly owned subsidiary M2 Capital Sdn Bhd in a Malaysian Joint
Venture Company, named FGV Green Energy Sdn Bhd, which owns a
250,000 tpa biodiesel refinery. This refinery is mothballed as the
project has stalled due to an inability of the biodiesel refinery
operating entity to secure ongoing offtake sales contracts and the
planned retrofit of new technology is on hold. Additionally, FGV
Green Energy Sdn Bhd has a loan that is now due and payable,
against which the refinery is held as security. The company does
not intend to inject capital into the associate company and the
lenders may exercise their right to take the refinery asset owned
by FGV Green Energy. The Group has impaired the carrying value of
this investment in past years to NIL, and does not expect to be
able to realize any value from this investment.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This
annual report contains forward-looking statements that relate to
our current expectations and views of future events. All
statements, other than historical fact or present financial
information, may be deemed to be forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. These statements relate to events that involve known and
unknown risks, uncertainties and other factors, including those
listed under "Item 3.D — Key Information — Risk
Factors," "Item 4 — Information on the
Company" and "Item 5 — Operating and Financial
Review and Prospects," all of which are difficult to predict
and many of which are beyond our control, which may cause our
actual results, performance or achievements to be materially
different from any future results, performances or achievements
expressed or implied by the forward-looking
statements.
In some
cases, these forward-looking statements can be identified by words
or phrases such as "may," "will,"
"expect," "anticipate," "aim,"
"estimate," "intend," "plan,"
"believe," "potential,"
"continue," "predict,"
"forecast," "budget,"
"project," "target," "likely
to" or other similar expressions. These forward-looking
statements are subject to risks, uncertainties and assumptions,
some of which are beyond our control. In addition, these
forward-looking statements reflect our current views with respect
to future events and are not a guarantee of future performance.
Actual outcomes may differ materially from the information
contained in the forward-looking statements.
We have
based these forward-looking statements largely on our current
expectations and projections about future events and financial
trends that we believe may affect our financial condition, results
of operations, business strategy and financial needs. These
forward-looking statements include, among other things, statements
relating to:
●
our beliefs
regarding the condition of the design, technology, operation and
maintenance of our associates' mothballed
refinery;
●
our beliefs
regarding the lack of demand for our associates' refined
product;
●
our expectations
related to our ongoing restructure;
●
our expectations
regarding our associates' ability to procure customers and
expand them;
●
our beliefs
regarding our and our associates' ability to successfully
implement strategies;
●
our beliefs
regarding our and our associates' abilities to secure
sufficient funds to meet our cash needs for our operations and
capacity expansion;
●
our future business
development, results of operations and financial
condition
●
government
regulatory and industry certification, approval and acceptance of
our associates' product and its derivatives; and
●
government
policymaking and incentives relating to renewable
fuels.
The
forward-looking statements made in this annual report relate only
to events or information as of the date on which the statements are
made in this annual report. Except as required by law, we undertake
no obligation to update or revise publicly any forward-looking
statements, whether as a result of new information, future events
or otherwise, after the date on which the statements are made or to
reflect the occurrence of unanticipated events.
INDUSTRY AND MARKET DATA
This
annual report includes information with respect to market and
industry conditions and market share from third party sources or
that is based upon estimates using such sources when available. We
believe that such information and estimates are reasonable and
reliable. We also believe the information extracted from
publications of third party sources has been accurately reproduced
and, so far as we are able to ascertain from information published
by the third party sources, no facts have been omitted which would
render the reproduced information inaccurate or misleading.
However, we have not independently verified any of the data from
third party sources. Similarly, our internal research is based upon
the understanding of industry conditions, and such information has
not been verified by any independent sources.
PART I
Item 1. Identity of Directors, Senior Management and
Advisers
Not
applicable.
Item 2. Offer Statistics and Expected Timetable
Not
applicable.
Item 3. Key Information
A.
Selected
Financial Data.
The
following selected consolidated statements of operations and other
consolidated financial data for the fiscal years 2019, 2018, and
2017 have been derived from our audited consolidated financial
statements included elsewhere in this annual report. You should
read the selected consolidated financial data in conjunction with
our consolidated financial statements and related notes and
"Item 5 — Operating and Financial Review and
Prospects" included elsewhere in this annual report. Our
historical results do not necessarily indicate our expected results
for any future periods.
Our
financial statements have been prepared in Australian dollars and
in accordance with International Financial Reporting Standards, as
issued by the International Accounting Standards
Board.
Income
statement data for the fiscal years ended June 30, 2019, 2018 and
2017 and the balance sheet data as at June 30, 2019 and 2018 have
been derived from our audited financial statements that are
included elsewhere in this annual report. Income statement data for
the fiscal years ended June 30, 2016 and 2015 and the balance sheet
data as at June 30, 2017, 2016, and 2015 have been derived from our
audited financial statements that are not included in this annual
report.
2019 US
$(1)
2019
A$
2018
A$
2017
A$
2016 A$
2015 A$
(in thousands, except share and per share data)
Income
Statement data:
Total sales
revenue
-
-
-
-
-
-
Total other
income
119
165
2
8
42
7,271
Cost of
sales
-
-
-
-
-
-
Employee benefits
expense
-
-
-
(467
)
(1091
)
(1,574
)
Other income/
(expenses)
(110
)
(153
)
(200
)
(4,050
)
(1,169
)
311
Finance
costs
(2
)
-
-
(1,815
)
Profit/(loss) from
operations before income tax
9
12
(200
)
(4,509
)
(2,218
)
4,193
Income tax
(expense)/ benefit
-
-
-
(3
)
(1
)
(6
)
Profit/(loss) from
continuing operations
9
12
(200
)
(4,512
)
(2,219
)
4,187
Share of net
(loss)/profit of associate accounted for using the equity
method
-
-
-
(38
)
(110
)
37
Profit/(loss) for
the year from discontinued operations
-
-
-
-
-
24,133
Net Profit /
(loss)
9
12
(200
)
(4,550
)
(2,329
)
28,357
Profit/(loss)
attributable to non-controlling interests
-
-
Profit/(loss)
attributable to members of the parent
9
12
(200
)
(4,550
)
(2,329
)
28,357
Basic and diluted
earnings / (loss) per share
(2)
0.0002
0.0003
(0.005
)
(0.11
)
(0.06
)
0.91
Weighted average
ordinary number of shares outstanding
(3)
40,870,275
40,870,275
40,870,275
40,870,275
40,870,275
31,253,837
Balance
Sheet data:
Total current
assets
126
180
200
398
2,522
8,851
Total
assets
126
180
200
399
6,171
12,621
Total current
liabilities
121
173
205
205
1,406
5,852
Total non-current
liabilities
-
-
-
-
-
-
Total
liabilities
121
173
205
205
1,406
5,852
Retained earnings/
(accumulated losses)
(1,089
)
(1,554
)
(1,715
)
(1,513
)
3,037
5,366
Total
Equity/(Deficit)
5
7
(5
)
195
4,765
6,770
Other
financial data:
Dividends per
share
—
-
—
—
—
(1)
The balance sheet
data has been translated into U.S. dollars from Australian dollars
based upon the noon buying rate of the City of New York for cable
transfers of Australian dollars, as certified for customs purposes
by the Federal Reserve Bank of New York on June 30, 2019, which
exchange rate was A$1.00 = US$0.7009. The income
statement data has been translated into U.S. dollars from
Australian dollars based upon the weighted average of the noon
buying rate of the City of New York for cable transfers of
Australian dollars, as certified for customs purposes by the
Federal Reserve Bank of New York for the period from July 1, 2018
to June 30, 2019 which was A$1.00 = US$0.7153. These
translations are merely for the convenience of the reader and
should not be construed as representations that the Australian
dollar amounts actually represent such U.S. dollar amounts or could
be converted into U.S. dollars at the rate indicated.
(2)
Net (loss)/profit
per ordinary share — basic and diluted is
calculated as net loss or net profit for the period divided by
adjusted weighted average number of ordinary shares outstanding for
the same period.
B.
Capitalization
and Indebtedness.
Not
applicable.
C.
Reasons
for the Offer and Use of Proceeds.
Not
applicable.
D.
Risk
Factors.
Set forth below are certain risks that we believe are applicable to
our business. You should carefully consider the risks described
below and the other information in this annual report, including
our consolidated financial statements and related notes included
elsewhere in this annual report, before you decide to buy, sell or
hold our ordinary shares. If any of the following risks actually
occurs, our business, prospects, financial condition and results of
operations could be materially harmed. Additional risks not
presently known to us, or risks that do not seem significant today,
may also impair our business operations in the future.
Risks Related to Our Business
We may not be able to continue as a going concern.
We
incurred an operating profit for the year ended June 30, 2019 of
A$0.012 million, primarily as a result of RTO proceeds received in
fiscal year 2019, (2018: A$0.2 million loss), we have a history of
net losses and there is a substantial doubt about our ability to
continue as a going concern. Net cash used by operating activities
was A$0.015 million (2018: A$0.19 million used in operating
activities). At balance date, the current assets less current
liabilities were a surplus of A$0.0069 million (2018: A$4.9 million
deficit) and the net assets were a surplus of A$0.0069 million
(2018: A$4.9 million deficit). At June 30, 2019, the Company has
current liabilities of A$0.17 million (2018: A$0.2 million). Our
ordinary shares have been voluntarily suspended from trading on the
Australian Securities Exchange (ASX) from November 25, 2016 and we
may be ultimately delisted from the ASX by November 25,
2019.
The
ability of the Group to continue as a going concern is dependent on
the identification and completion of a suitable alternate business
opportunity.
These
conditions indicate a material uncertainty that cast a significant
doubt about the Group's ability to continue as a going
concern and, therefore, that it may be unable to realize its assets
and discharge its liabilities in the normal course of
business.
Management believe
there are sufficient funds to meet the Group's working
capital requirements as at the date of this report, and that there
are reasonable grounds to believe that the Group will continue as a
going concern as a result of a combination of the following
reasons:
●
the Group has
received confirmation from its employees and Directors that they
have forgone all salary entitlements since 1 December 2016 and will
not call on their annual leave entitlements until the Group has a
clear ability to pay;
●
and management
expects the cash to be able to fund the organization until a
suitable alternate business opportunity is identified and
completed. The Company's Shares will have been suspended from
trading on the ASX for 3 years as at 25 November 2019.
ASX's current policy is to delist a company whose shares have
been suspended from trading for more than 3 years.
Should
the Group not be able to continue as a going concern, it may be
required to realize its assets and discharge its liabilities other
than in the ordinary course of business, and at amounts that differ
from those stated in the financial statements. The financial
report does not include any adjustment relating to the
recoverability and classification of recorded assets or liabilities
that might be necessary should the entity note continue as a going
concern.
If we are unable to generate sufficient earnings to offset the
costs from finding a suitable alternate business opportunity, our
business and financial condition will suffer a significant adverse
effect.
We will
continue to look for alternative business opportunities. These
businesses may not exceed our expenses and therefore we may not be
able to generate enough revenue to reverse our pattern of
historical losses and negative cash flow, which would have a
significant adverse effect on our business and financial
condition.
We have
not been successful in disposing of our investment, this investment
has been written down to zero the investment is dormant and is not
generating cash. We do not expect to be able to earn any earnings
(in the form of dividends) from our investment into FGV Green
Energy, a refinery joint venture company, which currently has no
means of producing operating income.
If Mission does not meet the capital call of its interest in its
associate (currently carried at $zero) there is a risk that we may
be unable to retain our investment in our Malaysian biodiesel
project.
The
Malaysian biodiesel project joint venture agreement allows for
capital calls from shareholders where additional funds are required
by the joint venture company. The Malaysian company, in which we
own 20%, biodiesel project has a loan which is now due and payable.
The lender has full security over the asset. This investment may
require us to inject further capital funds into the project to pay
off the loan and recommence operations. If we do not meet such a
capital call, our shareholding may be diluted. Given the current
inability to meet any capital calls by FGVGE, we may liquidate M2
Capital, being the company which holds 20% of the shares in Felda
Green energy Sdn Bhd, which owns the refinery. This, in turn, could
adversely affect our operations and financial
performance.
If our 20% stake in the joint venture company, carried at $zero, is
unable to be sold, we may be unable to recover the cost of our
investment.
We have
not been successful in disposing the 20% investment stake in the
joint venture company, with no interest to date. If we can't
sell the 20% stake, we will not be able to recover the cost of our
investment.
We may not be able recover any funds from intercompany
loans.
The
parent company in our corporate structure advances funds to
subsidiaries to fund working capital requirements. The
company's subsidiaries are not expected to be able to repay
or service these intercompany loans, which would have an adverse
effect on our business and financial condition.
We may not be able to generate sufficient cash or raise further
cash through debt or equity means to fund new business
strategies.
Our
ability to enter into new business opportunities may be limited by
our existing cash levels and/or our ability to raise further
funding through debt or equity.
We have a 20% interest (currently carried at $zero) in the company
that owns the refinery and we have limited control over the
financial and operating policies of the joint venture
company.
Our
limited shareholding and representation on the Board of the joint
venture company may limit our ability to influence the financial
and operating procedures of the company which may limit our ability
to generate a positive return for the Group.
Risks Related to Our Strategy
The proposed strategy to find an alternative business opportunity
may not materialize.
The
proposed strategy to find an alternative business opportunity may
not materialize. In addition, the Company may not be able to
dispose of its stake in the Joint. An alternative business
opportunity may require Shareholders to approve the transaction,
which may not be obtained.
The proposed strategy to find an alternative business opportunity
will introduce new risks to the Company.
Should
a new business opportunity be concluded, the Company and the group
will be exposed to a number of new risks, including (but not
limited to) regulatory risk, future profitability, liquidity risk,
technology risk, competition, business strategy, user engagement,
key personal, foreign currency risks, and other Government
regulatory risk.
The Company may be delisted from the ASX.
On 25
November 2016, the Company's Securities were placed in voluntary
suspension from quotation in connection with a re-compliance
transaction that did not eventuate. The Company's Shares currently
remain in suspension and, in accordance with ASX's policy for
entities undertaking reverse takeover transactions, the Company's
securities will remain suspended from trading on the ASX until the
Company has recompiled with Chapters 1 and 2 of the Listing
Rules in accordance with Listing Rule 11.1.3.
The
Company's Shares will have been suspended from trading on the ASX
for 3 years as at 25 November 2019. ASX's current
policy is to delist a company whose shares have been suspended from
trading for more than 3 years.
We may be unable to sell our stake in the Joint Venture which may
affect our ability to proceed with an alternative business
opportunity
The
Company may not be able to dispose of its stake in the Joint
Venture. A failure to dispose the stake in the Joint Venture may
affect the ability of the Company to conclude a new transaction.
The Company has approached prospective buyers without success to
date.
We currently are not generating revenue or earnings from operations
and thus we may be unable to fund our operational and capital
requirements and we may be unable to obtain adequate financing on
favorable terms to meet these needs.
We
currently expect that our cash resources will be used to fund
operating losses. We cannot assure you that we will be successful
in generating sufficient revenue and we will require financing to
meet our needs.
Our
ability to access equity and debt capital and trade financing on
favorable terms may be limited by factors such as:
●
the fact that we
may be delisted by the ASX on or around 25 November
2019,
●
being suspended
from trading on the ASX and may be delisted;
●
general economic
and market conditions;
●
credit availability
from banks or other lenders for us and our industry
peers;
●
our financial
performance;
●
our levels of
indebtedness.
Our ability to access equity capital is limited without shareholder
approval and we may be unable to obtain the required shareholder
approval to obtain financing in future equity
offerings.
Our
ability to access equity capital may be limited by a requirement to
obtain shareholder approval.
Risks Related to Our Industry
A new business opportunity will introduce new industry risks to the
Company.
Should
the Company complete a new business opportunity, the Company and
the group will be exposed to a number of new industry risks,
including (but not limited to) regulatory risk, future
profitability, liquidity risk, technology risk, competition,
business strategy, user engagement, key personal, foreign currency
risks, and other Government regulatory risk.
If Mission has not disposed of its interest in its associate
(currently carried at $zero) and if the joint venture
company's biodiesel operations can be restarted, there are
multiple industry related risks that the company would be exposed
to.
The
Companies investment in FGV Green Energy Sdn Bhd, which owns the
mothballed refinery assets in Malaysia has a loan that is due and
payable. If FGV Green Energy were to be able to resolve the loan
matter, and raise sufficient capital to recommence operations, the
entity would be faced with numerous industry related risks,
including biodiesel prices are influenced by market prices for
petroleum diesel, various operational risks including, gelling at
lower temperatures than petroleum diesel, which can require the use
of low percentage biodiesel blends in colder climates or the use of
heated fuel tanks, potential water contamination that can
complicate handling and long-term storage, reluctance on the part
of some auto manufacturers and industry groups to endorse biodiesel
and their recommendations against the use of biodiesel or high
percentage biodiesel blends, potentially reduced fuel economy due
to the lower energy content of biodiesel as compared with petroleum
diesel, development of alternative fuels and energy sources may
reduce the demand for biodiesel and potentially impaired growth due
to a lack of infrastructure such as dedicated rail tanker cars and
truck fleets, sufficient storage facilities, and refining and
blending facilities, new standards may be introduced and existing
standards may be amended or repealed from time to
time.
Risks Related to Our Ordinary Shares
We may be unable to regain trading status on the Australian
Securities Exchange (ASX) for our shares.
On 25
November 2016, the Company's Securities were placed in voluntary
suspension from quotation in connection with a re-compliance
transaction that did not eventuate. The Company's Shares currently
remain in suspension and, in accordance with ASX's policy for
entities undertaking reverse takeover transactions, the Company's
securities will remain suspended from trading on the ASX until the
Company has recompiled with Chapters 1 and 2 of the Listing
Rules in accordance with Listing Rule 11.1.3.
The
Company's Shares will have been suspended from trading on the ASX
for 3 years as at 25 November 2019. ASX's current
policy is to delist a company whose shares have been suspended from
trading for more than 3 years.
Unless an active trading market develops for our securities, you
may not be able to sell your ordinary shares.
Our
ordinary shares are currently traded on the OTC Markets Pink Sheets
under the symbol "MNELF". In addition, our shares were
suspended from trading on the Australian Securities Exchange
("ASX") on November 25, 2016. There is currently no
active market for the shares of the Company and we can provide no
assurances as to when or if there will be a market for the shares
in the Company. Although we are a reporting company, currently
there is only a limited trading market for our ordinary shares and
a more active trading market may never develop or, if it does
develop, may not be maintained. Failure to develop or maintain an
active trading market will have a generally negative effect on the
price of our ordinary shares, and you may be unable to sell your
ordinary shares or any attempted sale of such ordinary shares may
have the effect of lowering the market price, and therefore, your
investment could be a partial or complete loss.
We may not be able to continue to have our shares actively traded
on alternative stock markets
Our
ordinary shares are currently suspended from trading on the ASX. If
we are delisted from the ASX we may be unable to have our shares
actively traded on an alternative platform.
As a foreign private issuer, we are expected to follow certain home
country corporate governance practices which may afford less
protection to holders of our ordinary shares.
As a
foreign private issuer, we are permitted to follow certain home
country corporate governance practices. As a company incorporated
in Australia and listed (but suspended from trading) on the ASX, we
expect to follow our home country practice with respect to the
composition of our board of directors and nominations committee and
executive sessions. The corporate governance practice and
requirements in Australia do not require us as to have a majority
of our board of directors to be independent, do not require us to
establish a nominations committee, and do not require us to hold
regular executive sessions where only independent directors shall
be present. Such Australian home country practices may afford less
protection to holders of our ordinary shares.
We may be classified as a passive foreign investment company, which
could result in adverse U.S. federal income tax consequences to
U.S. holders of our ordinary shares.
We may
be a passive foreign investment company, or PFIC, for U.S. federal
income tax purposes for our current fiscal year ending June 30,
2019. A non-U.S. corporation will be considered a PFIC for any
fiscal year if either (1) at least 75% of its gross income is
passive income or (2) at least 50% of the value of its assets
(based on an average of the quarterly values of the assets during
the fiscal year) is attributable to assets that produce or are held
for the production of passive income. If we are a PFIC for any
fiscal year during which a U.S. holder (as defined in "Item
10.E - Additional Information Taxation — U.S.
Federal Income Tax Considerations") holds an ordinary share,
certain adverse U.S. federal income tax consequences could apply to
such U.S. holder. See "Item 10.E - Additional Information
Taxation — U.S. Federal Income Tax
Considerations — Passive Foreign Investment Company
Considerations."
Investors may be unable to enforce your legal rights against
us.
We
are incorporated in Australia. Substantially all of our assets are
located outside of the United States. It may be difficult for
investors to enforce, outside of the United States, judgments
against us that are obtained in the United States in any such
actions, including actions predicated on civil liability provisions
of securities laws of the United States. In addition, all of our
directors and officers are nationals or residents of countries
outside of the United States, and all, or a substantial portion of,
their assets are outside of the United States. As a result, it may
be difficult for investors to serve process on these persons in the
United States or to enforce judgments against them obtained in
United States courts, including judgments predicated on civil
liability provisions of the securities laws of the United
States.
Currency fluctuations may adversely affect the price of our
ordinary shares.
Our
ordinary shares are quoted in Australian dollars on the ASX
(currently suspended from trading) and in U.S. dollars on the OTC
Markets Pink Sheets. Movements in the Australian dollar/U.S. dollar
exchange rate may adversely affect the U.S. dollar price of our
ordinary shares. In the past year the Australian dollar has
generally remained depreciated against the U.S. dollar. Any
continuation of this trend may affect the U.S. dollar price of our
ordinary shares, even if the price of our ordinary shares in
Australian dollars increases or remains unchanged. However, this
trend may not continue and may be reversed.
Risks Relating to Takeovers
Australian takeovers laws may discourage takeover offers being made
for us or may discourage the acquisition of large numbers of our
ordinary shares.
We are
incorporated in Australia and are subject to the takeovers laws of
Australia. Among other things, we are subject to the Australian
Corporations Act 2001, or the Corporations Act. Subject to a range
of exceptions, the Corporations Act prohibits the acquisition of a
direct or indirect interest in our issued voting shares if the
acquisition of that interest will lead to a person's voting
power in us increasing from 20% or below to more than 20%, or
increasing from a starting point that is above 20% and below 90%.
Australian takeovers laws may discourage takeover offers being made
for us or may discourage the acquisition of large numbers of our
ordinary shares. This may have the ancillary effect of entrenching
our board of directors and may deprive or limit our
shareholders' strategic opportunities to sell their ordinary
shares and may restrict the ability of our shareholders to obtain a
premium from such transactions.
Our Constitution and other Australian laws and regulations
applicable to us may adversely affect our ability to take actions
that could be beneficial to our shareholders.
As an
Australian company, we are subject to different corporate
requirements than a corporation organized under the laws of the
United States. Our Constitution, as well as the Corporations Act,
set forth various rights and obligations that are unique to us as
an Australian company. These requirements operate differently than
from many U.S. companies and may limit or otherwise adversely
affect our ability to take actions that could be beneficial to our
shareholders. For more information, you should carefully review the
summary of these matters set forth under the section entitled,
"Item 10.B — Additional Information — Memorandum
and Articles of Association" as well as our
Constitution.
Item 4. Information on the Company
●
History
and Development of the Company.
Our
legal and commercial name is Mission NewEnergy Limited, which was
incorporated in Western Australia under the laws of Australia
(specifically, the Australian Corporations Act) in November 2005.
We are an Australian public company, limited by
shares.
On
November 25, 2016, the Company announced its securities traded on
the Australian Securities Exchange (ASX) would be placed into
voluntary suspension, at the request of the Company, pending
receipt of an announcement regarding its proposed change of
activities. The Companies securities will stay suspended on the ASX
until the Company has either provided information regarding its
proposed change of activities until the Company has complied with
Chapters 1 and 2 of the ASX Listing rules in accordance with
Listing Rule 11.1.3.
On
December 5, 2016, the Company announced that it has entered into a
heads of agreement to acquire 100% of the business operations of
Aus Group.
On
January 19, 2018, the Company announced that the option to acquire
Aus Group as announced on 5 December 2016 has been terminated
because Aus Group had not been able to meet its required conditions
precedent.
On June
25, 2019 the Company announced that it had been notified by its
associate entity, Felda Green Energy Sdn Bhd, of a default in a
loan. MBT owns 100% of M2 Capital Sdn Bhd, a Malaysian subsidiary,
which owns a 20% stake in FGVGE, which owns a mothballed biodiesel
refinery situated in east Malaysia. FGVGE borrowed money from FGV
Capital Sdn Bhd in 2015 as part proceeds to acquire the refinery.
FGV Capital Sdn Bhd have terminated the loan facility on 24 June
2019, which is now immediately due and payable. The Board of FGVGE
have met and declared an inability to repay this loan. Under the
terms of the loan agreement, FGV Capital have full security over
the refinery asset in the event of a default. MBT and its
subsidiaries have no obligation, financial or otherwise, to meet
any capital shortfall requirements of FGVGE.
Capital
Spend of the Company
We have
incurred the following capital expenditures over the last three
fiscal years:
2019 A$'000
2018 A$'000
2017 A$'000
Biodiesel
refinery
-
-
-
Land &
buildings
-
-
-
IT systems &
office equipment
-
-
-
Vehicles &
sundry equipment
-
-
-
Our
principal office is located at Unit B9, 431 Roberts Rd, Subiaco,
Western Australia 6008 Australia. Our telephone number is +61 8
6313 3975. Our website address is www.missionnewenergy.com.
Information on our website and websites linked to it do not
constitute part of this annual report.
●
Business
Overview.
Recent Developments
In July
2019 the Company announced that it has entered into a heads of
agreement to acquire 100% of the business operations of Pilbara
Metals Group Pty Ltd (PMG), an Australian Private Limited Company.
This transaction was terminated on 31 October 2019.
The
Malaysian company, Felda Green Energy Sdn Bhd (FGVGE) in which we
own 20%, biodiesel project has a loan which is now due and payable.
The lender has full security over the asset. This investment may
require us to inject further capital funds into the project to pay
off the loan and recommence operations. In addition, the lender has
the option to take the asset as compensation for the loan default
if we do not meet such a capital call. Given the current inability
to meet any capital calls by FGVGE, we may liquidate the M2
Capital, being the company which holds the shares in the
refinery.
Overview
Mission's
only asset is its 20% share in a joint venture company. In December
2016 the Company started actively seeking buyers for its stake in
the biodiesel plant, no buyers have been found and Mission impaired
its held for sale investment to $zero.
The
joint venture company, in which Mission owns a 20% share, owns a
mothballed 250,000 tpa refinery which has a loan currently due and
payable and the lender has full security over the refinery
asset.
Mission
have been actively seeking to dispose of this 20% interest since
December 2016 and to date no offers for this business have been
received and the asset is recorded at $zero. The Malaysian company,
Felda Green Energy Sdn Bhd (FGVGE) in which we own 20%, biodiesel
project has a loan which is now due and payable. The lender has
full security over the asset. This investment may require us to
inject further capital funds into the project to pay off the loan
and recommence operations. In addition, the lender has the option
to take the asset as compensation for the loan default if we do not
meet such a capital call. Given the current inability to meet any
capital calls by FGVGE, we may liquidate the M2 Capital, being the
company which holds the shares in the refinery.
Our Competitive Strengths
Nil
Our Strategies
The
Company is focused on maximizing shareholder value through a
positive return from looking for new business
opportunities.
Malaysian Asset
The
Company is trying to sell its investment in the joint venture
company.
Corporate Opportunities
The
Company will continue to look at other related opportunities and
projects on a continued basis to enhance shareholder
value.
Production Safety and Environmental Matters
Safety
We had
no material safety issues and none were reported to us last year by
the joint venture company.
Environment
We had
no material environmental issues and none were reported to us last
year by the joint venture company.
●
Organizational
Structure.
Our
principal subsidiaries at 30 June 2019 are set out below. Unless
otherwise stated, they have share capital consisting solely of
ordinary shares that are held directly by the Group, and the
proportion of ownership interests held equals the voting rights
held by the Group. The country of incorporation or registration is
also their principal place of business.
Set
forth below is the organizational structure of Mission NewEnergy
Limited:
The
Company owns 100% of M2 Capital Sdn Bhd, a Malaysian registered
Company, which in turn owns 20% of FGV Green Energy Sdn, a
Malaysian registered Company formed to own the 250,000 tpa refinery
sold by the Group during that financial period. This biodiesel
refinery is mothballed. Mission Biofuels Sdn Bhd is 100% owned and
is now the Malaysian administrative entity and is in the process of
being shut down.
For a
list of our wholly-owned and indirectly owned subsidiaries, see
Exhibit 8.1 filed hereto.
●
Unlisted
investments.
We own
a 20% stake in a joint venture company that owns a biodiesel
production facility (with a lease for the underlying land) that is
located at Port Kuantan, Malaysia. This 20% stake is up for sale
and carried at $zero. The refinery is mothballed. The Malaysian
company, Felda Green Energy Sdn Bhd (FGVGE) in which we own 20%,
biodiesel project has a loan which is now due and payable. The
lender has full security over the asset. This investment may
require us to inject further capital funds into the project to pay
off the loan and recommence operations. In addition, the lender has
the option to take the asset as compensation for the loan default
if we do not meet such a capital call. Given the current inability
to meet any capital calls by FGVGE, we may liquidate the M2
Capital, being the company which holds the shares in the
refinery.
The
following is further information about the biodiesel
facility:
Biodiesel
Facility
Site
area(Acres)
Total
Planned Capacity
(1)
(million gallonsper
year)
Capacity
Utilization
(2)
(percentage)
Commissioning
Date
250,000
tpa refinery owned by FGV Green Energy Sdn Bhd
6.0
75
0
%
Project has
stalled
(1
)
Nominal operating
capacity.
(2
)
The
total tonnage produced during this period was NIL.
Our
registered administrative offices are located on premises
comprising approximately 60 square meters in an office building in
Perth, Australia.
We also
lease properties for purposes of office quarters in
Malaysia.
Item 4A. Unresolved Staff Comments
None.
Item 5. Operating and Financial Review and Prospects
A.
Operating
Results.
You should read the following discussion and analysis of our
financial condition and results of operations in conjunction with
"Item 3.A — Selected Financial Data" and our
consolidated financial statements and related notes included
elsewhere in this annual report. This discussion may contain
forward-looking statements that involve risks and uncertainties.
Our actual results and the timing of selected events could differ
materially from those anticipated in these forward-looking
statements as a result of various factors, including, but not
limited to, those set forth under "Item 3.D — Risk
Factors" and elsewhere in this annual report.
Overview
We
historically were a producer of biodiesel that integrated
sustainable biodiesel feedstock cultivation, biodiesel production
and wholesale biodiesel distribution, focused on the government
mandated markets of the United States and Europe and Malaysia. We
currently own a 20% share in a joint venture company that owns a
biodiesel refinery that is mothballed.
The
Companies 20% stake in the joint venture company is currently being
actively marketed for sale, no buyers have been found and the asset
has been written down to $zero.
During
fiscal 2019, we made a net profit of A$0.012 million (2018: A$0.2
million loss). We recognized revenues of A$0.17 million (A$0.002
million in fiscal 2018). The income in fiscal 2019 is mostly
generated from the proceeds of RTO activities and 2018 was
predominately comprised of interest income. As of the date of this
report, we have no non-current liabilities. If a new venture does
not generate sufficient revenue to fund the ongoing operating costs
of the business, and if we are unable to achieve our business
strategies and objectives, we may need to raise further equity or
loan capital for the business (See item 4 for further
detail).
Biodiesel refining
The
Group owns 100% of M2 Capital Sdn Bhd, a Malaysian subsidiary,
which owns a 20% stake in FGV Green Energy Sdn Bhd (FGVGE), a
refinery joint venture company, which is carried at NIL. FGVGE has
a loan that is due and payable and the lender has full security
over the refinery asset. Given the current inability to meet any
capital calls by FGVGE, we may liquidate M2 Capital, being the
company which holds the shares in FGVGE which owns the
refinery.
Critical Accounting Policies
Our
discussion and analysis of our operating and financial performance
and prospects are based upon our consolidated financial statements.
The preparation of these consolidated financial statements requires
us to make estimates and judgments that affect the reported amounts
of revenue, assets, liabilities and expenses. We re-evaluate our
estimates on an on-going basis. Our estimates are based on
historical experience and on various other assumptions that we
believe to be reasonable under the circumstances. Actual results
may differ from these estimates under different assumptions or
conditions.
Our
significant accounting policies are more fully described in the
notes to our audited consolidated financial statements included
elsewhere in this annual report. However, critical accounting
policies that affect our more significant judgments and estimates
used in the preparation of our financial statements are set forth
below.
Principles of Consolidation
The
consolidated financial statements comprise the financial statements
of Mission NewEnergy Limited and its subsidiaries, as defined in
Accounting Standard AASB 127 'Separate Financial
Statements'. These include Mission Biofuels Sdn Bhd and M2
Capital Sdn Bhd. All controlled entities have a 30 June financial
year-end. The Associate company has a 31 December year
end.
All
inter-company balances and transactions between entities in the
Consolidated Group, including any unrealized profits or losses,
have been eliminated on consolidation. Accounting policies of
subsidiaries have been changed where necessary to ensure
consistency with the policies applied by the parent
entity.
Where
controlled entities have entered or left the Consolidated Group
during the year, their operating results have been
included/excluded from the date control was obtained or until the
date control ceased.
Non-controlling
interests in the equity and results of the entities that are
controlled are shown as a separate item in the consolidated
financial report.
Investments in associates/Non-Current Assets held for
sale
The
Group owns 100% of M2 Capital Sdn Bhd, a Malaysian subsidiary,
which owns a 20% stake in FGV Green Energy Sdn Bhd (FGVGE), a
refinery joint venture company. Investments in associates held by
the parent entity, Mission NewEnergy Limited, are reviewed for
impairment if there is any indication that the carrying amount may
not be recoverable. The carrying value of this investment is
NIL.
During
the current financial year the Group announced an intention to
undertake a new Reverse Take Over (refer to the Director'
Report for further details). Under the RTO arrangement the Group is
required to dispose of the shares held in 100% owned subsidiaries
and the Associate Joint Venture Company. The accounting standards
require assets held for sale to be separately disclosed on the
statement of financial position with the value of the investment
into the joint venture company to be accounted for at the lower of
carrying value or fair value less costs to sell.
In
assessing the carrying value of the investment, the following
factors were considered by the Directors:
o
Mission
does not hold a refining asset, however it holds a 20% share in the
refining JV,
o
This
refining JV is not a listed publicly traded entity with a readily
determinable share price, nor is there a ready market to sell the
20% holding,
o
Mission
does not have the voting or management rights to force any actions
on the JV company, (be that to commence refurbishment, sell the
asset as a going concern or for sell for scrap value),
o
Should
the JV company require further equity funding to undertake the
refurbishment the group has insufficient current cash proceeds to
protect its equity position and hence our shareholding position
would likely be diluted.
o
The Malaysian
company, Felda Green Energy Sdn Bhd (FGVGE) in which we own 20%,
biodiesel project has a loan which is now due and payable. The
lender has full security over the asset. This investment may
require us to inject further capital funds into the project to pay
off the loan and recommence operations. In addition, the lender has
the option to take the asset as compensation for the loan default
if we do not meet such a capital call. Given the current inability
to meet any capital calls by FGVGE, we may liquidate the M2
Capital, being the company which holds the shares in the
refinery.
Management
has been unsuccessful to date in disposing of the investment,
however continues to seek buyers. The Directors impaired the
carrying value of the investment to NIL during the prior financial
year. Should the Group sell the refinery an impairment reversal is
expected to be recognized in the financial records of the Group, to
the extent of any consideration received, if any.
Since
that date Mission has been actively looking to dispose of its 20 %
stake, no such buyers were identified.
2019
2018
A$
A$
Impairment of
investment in associate
-
-
Impairment
of assets
We
assess impairment of assets by evaluating conditions that may lead
to impairment of particular assets. Where an impairment trigger
exists, the recoverable amount of the asset is
determined.
Recently issued accounting pronouncements
There
are no recently issued accounting pronouncements that have had any
material impact to the financial reported position of the
Company.
The
changes in Accounting policies and impact on the financial
statements were:
●
IFRS 9 was adopted
without restating comparative. Adoption had no impact on the Groups
financial statements.
●
IFRS 15 had no
impact because the Group had no revenue.
Any
new, revised or amending Accounting Standards or Interpretations
that are not yet mandatory have not been early
adopted.
Comparison of Results of Operations
Fiscal 2019 compared with fiscal 2018
Other income.
Other
income increased by A$163,628 (ten times increase) from A$1,524 in
fiscal 2018 to A$165,152 in fiscal 2019, primarily as a result of
RTO proceeds.
Expenses.
Total
expenses decreased by A$50,258 (25% decrease) from A$203,503 in
fiscal 2018 to A$153,245 in fiscal 2019 principally due to a
general reduction in operating costs. Employee benefits expenses
remained at $0.0 in fiscal 2019 as a result of the Directors
agreeing to not take a salary until the Company has sufficient
funds. Foreign currency losses increased by A$3,238 from a loss in
fiscal 2018 of A$4,095 to a loss in fiscal 2019 of
A$7,333.
Other
expense decreased by A$129,293 from A$173,143 in fiscal 2018 to
A$43,850 in fiscal 2019 primarily due to a general reduction in
costs
Finance cost
Finance
costs of A$0 were incurred in fiscal 2019 and $2,450 incurred in
fiscal 2018.
Income tax.
Income tax expense was $0.0 in fiscal 2019 and $135 in
fiscal 2018.
Profit for the year.
As a result of the foregoing, fiscal 2019 registered a
profit for the year of A$11,907, an increase of A$214,021 from a
A$202,114 loss in fiscal 2018.
Fiscal 2018 compared with fiscal 2017
Revenue.
Interest
revenue decreased by A$6,253 (80% reduction) from A$7,777 in fiscal
2017 to A$1,524 in fiscal 2018.
Expenses.
Total
expenses decreased by A$4.3 million (95% decrease) from
A$4.5million in fiscal 2017 to A$0.2 million in fiscal 2018
principally due to impairment of investment in associate company in
fiscal 2017. Employee benefits expenses decreased A$0.4 million
from A$0.4 million in fiscal 2017 to A$0.0 million in fiscal 2018
primarily as a result of the continued Group restructure, cost
management and in particular the Directors agreeing to not take a
salary until the Company has sufficient funds. Foreign currency
losses decreased by A$0.006 million from a loss in fiscal 2017 of
A$0.01 million to a loss in fiscal 2018 of A$0.004 million. Other
expense decreased by A$0.1 million from A$0.3 million in fiscal
2017 to A$0.2 million in fiscal 2018 primarily due to a reduction
in legal costs and due diligence costs incurred in 2017 fiscal
year.
Finance cost
Finance
costs of A$2,450 were incurred in fiscal 2018. No finance cost
incurred in fiscal 2017.
Income tax.
Income tax expense decreased by A$3,117 from A$3,252 in
fiscal 2017 to an expense of A$135 in fiscal 2018.
Discontinued
operations.
There were no discontinued
operations in fiscal 2017 and fiscal 2018.
Loss for the year.
As a result of the foregoing, fiscal 2018 registered a
loss for the year of A$0.2 million, a decrease of A$4.4 million
from A$4.6 million loss in fiscal 2017.
Impact of Inflation
We do
not believe that inflation has had a material effect on our
business.
Effects of Currency Fluctuations
Our
presentation currency is the Australian dollar. In accordance with
IFRS, costs not denominated in Australian dollars are re-measured
in Australian dollars, when recorded, at the prevailing exchange
rates for the purposes of our financial statements. Consequently,
fluctuations in the rates of exchange between the Australian
dollar, Malaysian Ringgit, Indian Rupee and the U.S. dollar affect
the presentation of our results of operations. An increase in the
value of a particular currency relative to the Australian dollar
will reduce the Australian dollar reporting value for transactions
in that particular currency, and a decrease in the value of that
currency relative to the Australian dollar will increase the
Australian dollar reporting value for those
transactions.
The
effect of foreign currency translation is reflected in our
financial statements in the statements of changes in
shareholders' equity and is reported as accumulated foreign
currency translation reserve. We have not entered into any hedging
arrangements to mitigate the effects of currency
fluctuations.
B.
Liquidity
and Capital Resources.
Overview
Our
operations have historically been financed primarily from the
issuance of convertible notes and equity securities to
investors.
The
following table sets forth our consolidated cash flows since fiscal
2017.
2019 A$'000
2018 A$'000
2017 A$'000
Net cash (used in)
operating activities
(15
)
(190
)
(979
)
Net cash provided
by investingactivities
-
-
-
Net cash (used in)
financingactivities
-
-
-
Effect of exchange
rate changes on cash held in foreign currency
(8
)
(2
)
(34
)
Net movement in
cash and cash equivalents
(23
)
(192
)
(1,013
)
Cash and cash
equivalents at the beginning of the year
196
388
1,401
Cash and cash
equivalents at the end of the year
173
196
388
Fiscal 2019 compared with fiscal 2018
Net
cash used in operating activities is as a result of ongoing
operating costs with no group operating revenue.
There
were NIL investing or financing activities in fiscal year
2019.
Fiscal 2018 compared with fiscal 2017
Net
cash used in operating activities is as a result of ongoing
operating costs with no group operating revenue.
There
were NIL investing or financing activities in fiscal year
2018.
Bank
facility
We do
not currently have any bank credit facilities.
Secured loans
We do
not currently have any secured loans.
Other material commitments
We do
not have any material commitments.
Warrants
There
are no outstanding warrants.
C.
Research
and Development, Patents and Licenses, etc.
Our
expenditure on research and development was Nil in fiscal years
2019, 2018 and 2017.
D.
Trend
Information.
Other
than as disclosed elsewhere in this annual report, we are not aware
of any trends, uncertainties, demands, commitments or events that
are reasonably likely to have a material effect on our revenue,
income, profitability, liquidity or capital resources or that would
cause reported financial information not necessarily to be
indicative of future operating results or financial
condition.
E.
Off-Balance
Sheet Arrangements.
We do
not have any material off-balance sheet commitments or
arrangements.
F.
Tabular
Disclosure of Contractual Obligations.
We do
not have any contractual commitments at June 30, 2019.
Item 6. Directors, Senior Management and Employees
A.
Directors
and Senior Management.
The
following table sets forth information of our directors and
executive officers as of the date of this annual report. The
directors have served in their respective capacities since their
election or appointment and will serve until the next annual
general shareholders meeting or until a successor is duly
elected.
Name
Age
Position
Dato' Nathan
Mahalingam
62
Executive Chairman,
Chief Executive Officer and Director
Guy
Burnett
51
Chief Financial
Officer, Director and Company Secretary
James
Garton
43
Director and Head
of Corporate Finance/Mergers and Acquisitions
Dato' Nathan Mahalingam
.
Dato' Nathan has been Chief Executive Officer (formerly
having the title of Managing Director) and a Director of Mission
NewEnergy since 2005. He has over 25 years of management experience
in banking and finance, heavy industries and infrastructure
development. He has successfully implemented numerous start up
manufacturing operations in Malaysia during his tenure of service
with a large Malaysian conglomerate. Between 1995 and 2000, he
served as project director in the Westport Group, developers of one
of Malaysia's largest privatized port and transhipment
facility. Dato' Nathan has gained extensive project advisory,
corporate finance, mergers and acquisitions experience while
running his own boutique corporate advisory practice between 2000
and 2004. Dato' Nathan took over the role of Executive
Chairman in June 2017 upon the retirement of the past
Chairman.
Guy Burnett.
Mr. Burnett
has been Chief Financial Officer (formerly having the title of
Finance Director) since 2008, a Director since 2009 and Company
Secretary of Mission NewEnergy since September 2010. He is a
Chartered Accountant and has worked as a financial professional in
several large corporations. Prior to joining Mission NewEnergy, Mr.
Burnett was Manager, Corporate Accounting & Tax with Western
Power (an electricity networks corporation owned by the Western
Australian government) from 2006 to 2008 and, before that, worked
as a financial accountant for Water Corporation from 2004 to 2005
and served as a Manager with KPMG from 2005 to 2006 where he
assisted clients with implementing International Financial
Reporting Standards.
James Garton
.
Mr. Garton Mr.
Garton has over 15 years' experience in corporate finance,
working in investment banking. Prior to his current role, James was
has been Head of Corporate Finance and Mergers and
Acquisitions
for Mission since 2008. Mr. Garton joined Mission NewEnergy from
U.S. investment bank, FBR Capital Markets, where he was Vice
President, Investment Banking. Prior to FBR Capital Markets, he
worked in corporate finance and equity capital markets with
Australian firm BBY Limited. Before BBY, Mr. Garton worked in
private equity with the Australian advisory firm Investment Capital
Limited.
Family Relationships
There
are no family relationships between any directors or executive
officers of Mission NewEnergy.
Arrangements
There
are no known arrangements or understandings with any major
shareholders, customers, suppliers or others pursuant to which any
of our officers or directors was selected as an officer or director
of Mission NewEnergy.
B.
Compensation.
In
fiscal year 2019, the aggregate remuneration we paid and that
accrued to our directors and senior management was A$0.0 million.
D
uring the year the company
settled $30,000 of accrued leave liabilities.
2019
Salary
Non-cash
Benefits
Long-term
Bonus
$
Share based payments
$
Post-employment Super
Contribution
Total
Dato' Nathan
Mahalingam
-
-
-
-
-
-
Mr. Guy
Burnett
-
-
-
-
-
-
Mr. James
Garton
-
-
-
-
-
-
TOTAL
KEY MANAGEMENT PERSONNEL
-
-
-
-
-
-
During
the financial year, each director was paid out $10,000 of annual
leave owed.
2018
Salary
Non-cash
Benefits
Long-term
Bonus
$
Share based payments
$
Post-employment Super
Contribution
Total
Dato' Nathan
Mahalingam
-
-
-
-
-
-
Mr. Guy
Burnett
-
-
-
-
-
-
Mr. James
Garton
-
-
-
-
-
-
TOTAL
KEY MANAGEMENT PERSONNEL
-
-
-
-
-
-
Share
Based Compensation Plans
At the
date of this report, the Group has no Share Based Compensation
Plans.
Performance Rights
At the
date of this annual report, the Group has no Performance Right
Plans and there were no performance rights issued in fiscal years
2017, 2018 and 2019.
Options
At the
date of this annual report, the Group has no Option Plans and there
were no options issued in fiscal years 2017, 2018 and
2019.
Retirement Benefits
All
employees employed by Mission NewEnergy and its subsidiaries belong
to appropriate retirement schemes for each jurisdiction in which it
operates. All such employee retirement schemes are defined
contribution schemes and thus no amounts are required to be set
aside by us to meet any future retirement benefit
obligations.
C.
Board
Practices.
Role of the Board of Directors
The
Board of Mission is responsible for setting the Company's
strategic direction and providing effective governance over
Mission's affairs in conjunction with the overall supervision
of the Company's business with the view of maximising
shareholder value. The Board's key responsibilities are
to:
●
chart the
direction, strategies and financial objectives for Mission and
monitor the implementation of those policies, strategies and
financial objectives;
●
keep updated about
the Group's business and financial status;
●
provide oversight
and monitor compliance with regulatory requirements, ethical
standards, risk management, internal compliance and control, code
of conduct, legal compliance and external commitments;
●
appoint, evaluate
the performance of, determine the remuneration of, plan for the
succession of and, where appropriate, remove the Managing
Director/Group Chief Executive Officer, the Company Secretary and
the Finance Director/Chief Financial Officer;
●
exercise due care
and diligence and sound business judgment in the performance of
those functions and responsibilities; and
●
ensure that the
Board continues to have the mix of skills and experience necessary
to conduct Mission's activities, and that appropriate
directors are selected and appointed as required.
The
Group has a formal process to educate new directors about the
nature of the business, current issues, the corporate strategy, the
culture and values of the Group, and the expectations of the Group
concerning performance of the directors. In addition directors are
also educated regarding meeting arrangements and director
interaction with each other, senior executives and other
stakeholders. Directors also have the opportunity to visit Group
facilities and meet with management to gain a better understanding
of business operations. Directors are given access to continuing
education opportunities to update and enhance their skill and
knowledge.
The
Board has adopted a Board Charter, which sets out in more detail
the responsibilities of the Board. The Board Charter sets out the
division of responsibility between the Board and management to
assist those affected by decisions to better understand the
respective accountabilities and contribution to Board and
management.
In
accordance with Mission's Constitution, the Board delegates
responsibility for the day–to–day management of Mission
to the Executive Chairman/Managing Director/Group Chief Executive
Officer (subject to any limits of such delegated authority as
determined by the Board from time to time). Management as a whole
is charged with reporting to the Board on the performance of the
Company.
Board structure and composition
The
Board currently is comprised of three directors, all of which are
non-independent executive directors. Details of each
director's skills, expertise and background are contained
within the directors' report included with the
company's annual financial statements lodged with the
Australian Securities Exchange. The Board considers the mix of
skills and the diversity of Board members when assessing the
composition of the Board. The Board assesses existing and the
potential director's skill to ensure they have appropriate
industry expertise in the Group's operating segments. In
addition, the Board has considered the current Board composition
based on the existing level of operations within the
group.
Independence, in
this context, is defined to mean a non–executive director who
is free from any interest and any business or other relationship
that could, or could reasonably be perceived to, materially
interfere with the directors ability to act in the best interests
of Mission. The definition of independence in ASX Recommendation
2.1 is taken into account for this purpose.
Apart
from the Group CEO, Mission's directors may not hold office
for a continuous period in excess of three years or past the third
annual general meeting following their appointment, whichever is
longer, without submitting for re–election. Directors are
elected or re–elected, as the case may be, by shareholders in
a general meeting. Directors may offer themselves for
re–election. A Director appointed by the directors (e.g., to
fill a casual vacancy) will hold office only until the conclusion
of the next annual general meeting of Mission but is eligible for
re–election at that meeting.
Under
Mission's Constitution, voting requires a simple majority of
the Board. The Chairman does not hold a casting vote.
Board Diversity
The
Board has a formal diversity policy which states that Mission
NewEnergy Limited is committed to embedding a corporate culture
that embraces diversity through:
●
Recruitment on the
basis of competence and performance and selection of candidates
from a diverse pool of qualified candidates,
●
Maintaining
selection criteria that does not indirectly disadvantage people
from certain groups,
●
Providing equal
employment opportunities through performance and flexible working
practices,
●
Maintaining a safe
working environment and supportive culture by taking action against
inappropriate workplace and business behavior that is deemed as
unlawful (discrimination, harassment, bullying, vilification and
victimization),
●
Promoting diversity
across all levels of the business,
●
Undertaking
diversity initiatives and measuring their success,
●
Regularly surveying
our work climate, and
●
Establishing
measurable objectives in achieving gender diversity.
Since
the Company's incorporation, given its cross-jurisdictional
operations in Australia and Malaysia, a diversity practice is
naturally in place.
Board and management effectiveness
Responsibility for
the overall direction and management of Mission, its corporate
governance and the internal workings of Mission rests with the
Board, notwithstanding the delegation of certain functions to the
Managing Director/Group Chief Executive Officer and management
generally (such delegation effected at all times in accordance with
Mission's Constitution and its corporate governance
policies). The Board has access, at the company's expense, to
take independent professional advice after consultation with the
Chairman.
An
evaluation procedure in relation to the Board, individual directors
and Company executives was not completed during the 2018 financial
year due to the limited operating status of the Company.
Traditionally, the evaluations of the Board as a whole were
facilitated through the use of a questionnaire required to be
completed by each Board member, the results of which were
summarised, discussed with the Chairman of the Board and tabled for
discussion at a Board Meeting. Similarly each individual director
was required to self assess his performance and discuss the results
with the Chairman. Individual directors' performance was
evaluated by reference to the Director's contribution to
monitoring and assessing management performance in achieving
strategies and budgets approved by the Board (among other things).
A similar process for review of committees was has not been
undertaken during the current year due to the limited extent of
operations.
Internal control, risk management and financial
reporting
The
Board has overall responsibility for Mission's systems of
internal control. These systems are designed to ensure effective
and efficient operations, including financial reporting and
compliance with laws and regulations, with a view to managing the
risk of failure to achieve business objectives. It must be
recognized, however, that internal control systems can provide only
reasonable and not absolute assurance against the risk of material
loss.
The
Board reviews the effectiveness of the internal control systems and
risk management on an ongoing basis, and monitors risk through the
Audit and Risk Management Committee (see the Audit and Risk
Management Committee). The Board regularly receives information
about the financial position and performance of Mission. For annual
and half-yearly accounts released publicly, the Managing
Director/Group Chief Executive Officer and the Finance
Director/Chief Financial Officer sign-off to the
Board:
●
the accuracy of the
accounts and that they represent a true and fair view, in all
material respects, of Missions financial condition and operational
results, and have been prepared in accordance with applicable
accounting standards; and
●
that the
representations are based on a system of risk management and
internal compliance and control relating to financial reporting
which implements the policies adopted by the Board, and that those
systems are operating efficiently and effectively in all material
respects.
In
addition, management has reported to the Board on the effectiveness
of the Company's management of its material business
risks.
Internal audit
The
Group does not have an Internal Auditor due to the restructure and
significant downsizing of the Group since fiscal year
2012.
Our
risk management policy is included in the Corporate Governance
section of the Company's website.
Committees of the Board of Directors
The
Board has established two permanent Board committees to assist the
Board in the performance of its functions:
●
the Audit and Risk
Management Committee; and
●
the Remuneration
and Nomination Committee.
Each
committee has a charter that sets out its purpose and
responsibilities. The committees are described further
below.
The
names of the members of the two committees are set out in the
directors' report contained within the Company's annual
financial statements.
Audit and Risk Management Committee
The
purpose of the Audit and Risk Management Committee is to provide
assistance to the Board in its review of:
●
Mission's
financial reporting, internal control structure and risk management
systems';
●
the internal and
external audit functions; and
●
Mission's
compliance with legal and regulatory requirements in relation to
the above.
The
Audit and Risk Management committee has specific responsibilities
in relation to Missions' financial reporting process; the
assessment of accounting, financial and internal controls; the
appointment of the external auditor; the assessment of the external
audit; the independence of the external auditor; and setting the
scope of the external audit.
During
prior fiscal years, the Audit and Risk Management Committee
comprised two independent non–executive directors and one
non-independent non–executive director that have diverse and
complementary backgrounds. Since the retirement of the
non-executive Directors, the three executive Directors form the
members of the Audit and Risk Committee.
Remuneration and Nomination Committee
The
purpose of the Remuneration and Nomination Committee is to
discharge the Board's responsibilities relating to the
nomination and selection of directors and the compensation of the
Company's executives and directors.
The key
responsibilities of the Remuneration and Nomination Committee are
to:
●
ensure the
establishment and maintenance of a formal and transparent procedure
for the selection and appointment of new directors to the Board;
and
●
establish
transparent and coherent remuneration policies and practices, which
will enable Mission to attract, retain and motivate executives and
Directors who will create value for shareholders and to fairly and
responsibly reward executives.
During
prior fiscal years, the Remuneration and Nomination Committee
comprised two independent non–executive directors and one
non-independent non–executive director. Since the retirement
of the non-executive Directors, the three executive Directors form
the members of the Nomination and Remuneration
Committee.
We have
a remuneration policy that sets out the terms and conditions for
the Managing Director and other senior executives.
Disclosure policy
Mission
is committed to promoting investor confidence and ensuring that
shareholders and the market have equal access to information and
are provided with timely and balanced disclosure of all material
matters concerning the Company. Additionally, Mission recognizes
its continuous disclosure obligations under the ASX Listing Rules
and the Corporations Act. To assist with these matters, the Board
has adopted a Continuous Disclosure and Shareholder Communication
Policy.
The
Continuous Disclosure and Shareholder Communication Policy
allocates roles to the Board and management in respect of
identifying material information and coordinating disclosure of
that information where required by the ASX Listing
Rules.
The
Policy also identifies authorized company spokespersons and the
processes Mission has adopted to communicate effectively with its
shareholders. In addition to periodic reporting, Mission will
ensure that all relevant information concerning the Company is
placed on its website.
Code of Conduct
The
Board has created a framework for managing the Company including
internal controls, business risk management processes and
appropriate ethical standards.
The
Board has adopted practices for maintaining confidence in the
Company's integrity including promoting integrity, trust,
fairness and honesty in the way employees and directors'
conduct themselves and Mission's business, avoiding conflicts
of interest and not misusing company resources. A formal Code of
Conduct has been adopted for all employees and directors of
Mission.
Securities Trading Policy
A
Securities Trading Policy has been adopted by the Board to set a
standard of conduct, which demonstrates Mission's commitment
to ensuring awareness of the insider trading laws, and that
employees and directors' comply with those laws. The
Securities Trading Policy imposes additional share trading
restrictions on Directors, the Company Secretary, executives and
employees involved in monthly financial accounting processes
("specified persons").
Under
the Securities Trading Policy, specified persons are only permitted
to buy and sell securities if they do not possess non–public
price sensitive information and trading occurs outside of specified
restricted periods. These periods are the periods commencing on the
first day of the month before the end of the half–year or
full year period and ending on the next business day after the
announcement of the results for that period. In addition, before a
specified person can deal in Mission's securities they must
obtain clearance from the appropriate officer, confirming that
there is no reason why they cannot trade.
Ownership of Equity settled Options and Performance
rights
There
are no options or performance rights at the date of this
report.
D.
Employees.
As of
June 30, 2019, we had three employees. The following table provides
a breakdown of our employees by main category of activity and
geographic location:
USA
Australia
Malaysia
Finance, legal and
other administrative functions
0
2
1
Historic
Employees
For
the fiscal year ended June 30,
USA
Australia
Malaysia
India
2016
-
2
4
-
2017
-
2
1
-
2018
-
2
1
-
2019
-
2
1
-
We
believe that our relations with employees are good and we have not
experienced any significant labor stoppages or disputes. Our
employees are not represented by labor unions or covered by a
collective bargaining agreement.
We
typically enter into a standard confidentiality and non-competition
agreement with our management and research and development
personnel. Each of these contracts includes a covenant that
prohibits the relevant personnel from engaging in any activities
that compete with our business during his or her employment with us
and for two years after their employment with us.
Insurance
We have
insurance policies covering all normal aspects of our business in
line with industry practices and the current state of
operations.
We
believe that our overall insurance coverage is consistent with the
market practice or the jurisdiction of operation. We also maintain
appropriate Directors and Officers Liability
Insurance.
E.
Share
Ownership.
The
following table presents certain information regarding the
beneficial ownership of our ordinary shares based on total issued
ordinary shares of 40,870,275 as of October 7, 2019
by:
●
each person known
by us through substantial shareholder notices filed with the
Australian Securities Exchange and SEC to be the beneficial owner
of more than 5% of our ordinary shares;
●
each of our
directors in office during the 2019 fiscal year;
●
each of our named
executive officers; and
●
all of our current
directors and executive officers as a group.
Number
ofShares
% of
issued ordinary shares
Principal
Shareholders
Pejuang Emas Sdn
Bhd
5,000,000
12.23
%
Kajaintharan
Sithambaran
5,000,000
12.23
%
Mohamed Nizam Abdul
Razak
2,500,000
6.12
%
Mohd Azlan Bin
Mohammed
2,500,000
6.12
%
Directors
and Executive Officers:
Dato' Nathan
Mahalingam
(1)
5,612,956
13.73
%
James
Garton
5,112,051
12.51
%
Guy
Burnett
5,112,001
12.51
%
All directors and
executive officers as a group
(1)
Includes
492,957 shares held by Mission Equities Sdn Bhd., a company which
Dato' Nathan Mahalingam, Mission NewEnergy's Chief
Executive Officer, owns.
Beneficial
ownership is determined according to the rules of the SEC and
generally means that a person has beneficial ownership of a
security if he or she possesses sole or shared voting or investment
power of that security, and includes options that are exercisable
within 60 days. Information with respect to beneficial ownership
has been furnished to us by each director, executive officer or 5%
or more shareholder, as the case may be.
Unless
otherwise indicated, to our knowledge, each shareholder possesses
sole voting and investment power over the ordinary shares listed,
subject to community property laws where applicable. None of our
shareholders has different voting rights from other shareholders
after the closing of this offer.
To the
best of our knowledge, there have not been any significant changes
in the ownership of our ordinary shares by major shareholders over
the past three years, except the beneficial ownership
of:
●
Muraldir
Menon sold shares to Pejuang Emas Sdn Bhd registered with the ASX
on July 6, 2018
●
Karisma
Integrasi Sdn Bhd sold 2,500,000 shares to Mohamed Nizam Abdul
Razak and Mohd Azlan Bin Mohammed each which were registered with
the ASX on July 6, 2018
●
Nathan
Mahalingam, James Garton and Guy Burnett were each issued 5,000,000
shares on February 19, 2015.
As of
August 15, 2019, we had thirty seven holders of record in the
United States with a combined holding of 9,045,684 shares,
representing 22.13% of our total outstanding shares as of that
date.
Item 7. Major Shareholders and Related Party
Transactions
A.
Major
Shareholders and Related Party Transactions.
See
"Item 6.E—Directors, Senior Management and
Employees—Share Ownership."
B.
Related
Party Transactions.
Other
than as disclosed below, from July 1, 2018 through to June 30,
2019, we did not enter into any transactions or loans between us
and any (a) enterprises that directly or indirectly through one or
more intermediaries, control or are controlled by, or are under
common control with us; (b) associates; (c) individuals owning,
directly or indirectly, an interest in our voting power that gives
them significant influence over us, and close members of any such
individual's family; (d) key management personnel and close
members of such individuals' families; or (e) enterprises in
which a substantial interest in the voting power is owned, directly
or indirectly by any person described in (c) or (d) or over which
such person is able to exercise significant influence. Refer to
note 23 of the financial statements included at the end of this
report for details of any related party transactions.
Loans
From
time to time, we have made loans to or received loans from our
wholly owned subsidiaries, including M2 Capital Sdn Bhd and Mission
Biofuels Sdn Bhd. Loans are repaid where possible and are given on
interest free terms. These inter-company loans are eliminated on
consolidation.
Management rights with subsidiaries
From
time to time, we have been involved in transactions with wholly
owned and controlled subsidiaries. Such transactions between
related parties are on commercial terms and conditions no more
favorable than those available to other parties.
Rental costs
During
the period we have paid a company controlled by Dato, Swaminathan
Mahalingam $8,142 office rental fee in Malaysia.
C.
Interests
of Experts and Counsel.
Not
applicable.
Item 8. Financial Information
A.
Consolidated
Statements and Other Financial Information.
Our
consolidated financial statements are set out in Item 18 of this
annual report.
Legal Proceedings
We are
not involved in any significant legal proceedings.
Dividend Distributions
We have
never declared or paid any cash dividends on our ordinary shares
and we do not anticipate paying any cash dividends in the
foreseeable future. Our Board's current intention is to
reinvest any income in the continued development and operation of
our business.
Except
as permitted by the Corporations Act, under our Constitution
dividends may only be paid out of our profits.
Payment
of cash dividends, if any, in the future will be at the discretion
of our Board or, if our directors do not exercise their power to
issue dividends, our shareholders in a general meeting may exercise
the powers.
Even if
our Board decides to pay dividends, the form, frequency and amount
will depend upon our future operations and earnings, capital
requirements and surplus, general financial conditions, contractual
restrictions and other factors that the Board may deem
relevant.
B.
Significant
Changes.
Except
as disclosed elsewhere and below in this annual report, we have not
experienced any significant changes since the date of our audited
consolidated financial statements included in this annual
report.
Item 9. The Offer and Listing
A.
Offer
and Listing Details.
Our
shares are listed on the ASX (symbol: "MBT") (currently
suspended from trading) and are traded on the OTC Markets Pink
Sheets (symbol: MNELF).
Our ordinary
shares were suspended from trading on the ASX on 25 November
2016.
B.
Plan
of Distribution.
Not
applicable.
C.
Markets.
See
"Item 9.A—The Offer and Listing—Offer and Listing
Details."
D.
Selling
Shareholders.
Not
applicable.
E.
Dilution.
Not
applicable.
F.
Expenses
of the Issue.
Not
applicable.
Item 10. Additional Information
A.
Share
Capital.
Not
applicable.
B.
Memorandum
and Articles of Association.
Our Constitution
We are
a public company limited by shares registered under the
Corporations Act by the Australian Securities and Investments
Commission, or ASIC. Our constituent document is a Constitution,
which is similar in nature to the by-laws of a company incorporated
under the laws of a U.S. state. Our Constitution does not provide
for or prescribe any specific objectives or purposes of Mission
NewEnergy. Our Constitution is subject to the terms of the ASX
Listing Rules and the Corporations Act. Our Constitution may be
amended or repealed and replaced by special resolution of
shareholders, which is a resolution passed by at least 75% of the
votes cast by shareholders entitled to vote on the
resolution.
Under
Australian law, a company has the legal capacity and powers of an
individual both inside and outside Australia. The material
provisions of our Constitution are summarized below. This summary
is not intended to be complete, nor to constitute a definitive
statement of the rights and liabilities of our shareholders and is
qualified in its entirety by reference to the Constitution, which
is available on request.
Directors
Interested Directors
Except
where permitted by the Corporations Act, a director may not vote in
respect of any contract or arrangement in which the director has,
directly or indirectly, any material interest according to our
Constitution. Such director must not be counted in a quorum, must
not vote on the matter and must not be present at the meeting while
the matter is being considered.
Unless
a relevant exception applies, the Corporations Act requires
directors of Mission NewEnergy to provide disclosure of certain
interests and prohibits directors of companies listed on the ASX
from voting on matters in which they have a material personal
interest and from being present at the meeting while the matter is
being considered. In addition, the Corporations Act and the ASX
Listing Rules require shareholder approval of any provision of
related party benefits to our directors.
Directors' Compensation
The
Directors agreed to take no fees or salary with effect 30 November
2016.
Borrowing Powers Exercisable by Directors
Pursuant to our
Constitution, the management and control of our business affairs
are vested in our Board. The Board has the power to raise or borrow
money. The Board may also charge any of our property or business or
any uncalled capital and may issue debentures or give any other
security for any of our debts, liabilities or obligations or of any
other person, in each case, in the manner and on terms it deems
fit.
Retirement of directors
Pursuant to our
Constitution, one third of directors other than the director who is
the Chief Executive Officer, must retire from office at every
annual general meeting. If the number of directors is not a
multiple of three then the number nearest to but not less than one
third must retire from office. The directors who retire in this
manner are required to be the directors or director longest in
office since last being elected. A director, other than the
director who is the Chief Executive Officer, must retire from
office at the conclusion of the third annual general meeting after
which the director was elected.
Share Qualifications
Our
Constitution provides that we may fix a share qualification for our
directors in general meeting. However, there are currently no
requirements for directors to own our shares in order to qualify as
directors.
Rights and Restrictions on Classes of Shares
Subject
to the Corporations Act and the ASX Listing Rules, rights attaching
to our shares are detailed in our Constitution. Our Constitution
provides that any of our shares may be issued with preferred,
deferred or other special rights, whether in relation to dividends,
voting, return of share capital, payment of calls or otherwise as
the Board may determine from time to time. Except as provided by
contract or by our Constitution to the contrary, all unissued
shares are under the control of the Board which may grant options
on the shares, allot or otherwise dispose of the shares on the
terms and conditions and for the consideration it deems fit.
Currently our outstanding share capital consists of only one class
of ordinary shares.
Dividend Rights
The
Board may from time to time determine to pay dividends to
shareholders. All unclaimed dividends may be invested or otherwise
made use of by the Board for our benefit until claimed or otherwise
disposed of in accordance with our Constitution.
Voting Rights
Under
our Constitution, each shareholder has one vote determined by a
show of hands at a meeting of the shareholders. On a poll vote each
shareholder shall have one vote for each fully paid share and a
fractional vote for each share which is not fully paid, such
fraction being equivalent to the proportion of the amount which has
been paid to such date on that share. Under Australian law,
shareholders of a public company are not permitted to approve
corporate matters by written consent. Our Constitution does not
provide for cumulative voting.
Right to Share in our Profits
Subject
to the Corporations Act and pursuant to our Constitution, our
shareholders are entitled to participate in our profits only by
payment of dividends. The Board may from time to time determine to
pay dividends to the shareholders, however no dividend is payable
except out of our profits. A declaration by the Board as to the
amount of our profits is conclusive.
Rights to Share in the Surplus in the Event of
Liquidation
Our
Constitution provides for the right of shareholders to participate
in a surplus in the event of our liquidation. In certain
circumstances, any division may be otherwise than in accordance
with the legal rights of the contributories, and in particular, any
class may be given preferential or special rights or may be
excluded altogether or in part from participation in a surplus in
the event of liquidation.
Redemption Provisions
There
are no redemption provisions in our Constitution in relation to
ordinary shares. Under our Constitution and subject to the
Corporations Act, any preference shares may be issued on the terms
that they are, or may at our option be, liable to be
redeemed.
Sinking Fund Provisions
There
are no sinking fund provisions in our Constitution in relation to
ordinary shares.
Liability for Further Capital Calls
According to our
Constitution, the Board may make any calls from time to time upon
shareholders in respect of all monies unpaid on partly-paid shares,
subject to the terms upon which any of the partly-paid shares have
been issued. Each shareholder is liable to pay the amount of each
call in the manner, at the time, and at the place specified by the
Board. Calls may be made payable by installment.
Provisions Discriminating Against Holders of a Substantial Number
of Shares
There
are no provisions under our Constitution discriminating against any
existing or prospective holders of a substantial number of our
shares.
Variation of Share Rights
Our
Constitution provides that, unless otherwise provided by the terms
of issue of the shares of such class, the rights attaching to any
class of shares may, subject to the ASX Listing Rules, be varied
with the consent in writing of members with at least 75% of the
votes in the class or with the sanction of a special resolution
passed at a separate meeting of the holders of the shares of such
class. These conditions are not more significant than that required
by the Corporations Act.
General Meetings of Shareholders
General
meetings of shareholders may be called by the Board. Except as
permitted under the Corporations Act, shareholders may not convene
a meeting. Under the Corporations Act, shareholders with at least
5% of the votes which may be cast at a general meeting may call and
arrange to hold a general meeting. The Corporations Act requires
the directors to call and arrange to hold a general meeting on the
request of shareholders with at least 5% of the votes that may be
cast at a general meeting or at least 100 shareholders who are
entitled to vote at the general meeting. Twenty-eight days notice
of the proposed meeting of our shareholders is required under the
Corporations Act.
According to our
Constitution, the chairman of the general meeting may refuse
admission to or exclude from the meeting, any person who is in
possession of a picture recording or sound recording device, in
possession of a placard or banner, in possession of an object
considered by the chairman to be dangerous, offensive or liable to
cause disruption, any person who refuses to produce or permit
examination of any object, any person who behaves or threatens to
behave in a dangerous, offensive or destructive manner, or any
person who is not a director or one of our auditors, one of our
shareholders or a proxy, attorney or representative of one of our
shareholders.
Foreign Ownership Regulation
There
are no limitations on the rights to own securities imposed by our
Constitution. However, acquisitions and proposed acquisitions of
shares in Australian companies may be subject to review and
approval by the Australian Federal Treasurer under the Foreign
Acquisitions and Takeovers Act 1975 (Commonwealth of Australia).
Generally this Act applies to acquisitions or proposed
acquisitions:
●
by a
foreign person, as defined in the Foreign Acquisitions and
Takeovers Act, or associated foreign persons which would result in
such persons having an interest in 15% or more of the issued shares
of, or control of 15% or more of the voting power in, an Australian
company; and
●
by
non-associated foreign persons which would result in such foreign
person having an interest in 40% or more of the issued shares of,
or control of 40% or more of the voting power in, an Australian
company.
The
Australian Federal Treasurer may prevent a proposed acquisition in
the above categories or impose conditions on such acquisition if
the Treasurer is satisfied that the acquisition would be contrary
to the national interest. If a foreign person acquires shares or an
interest in shares in an Australian company in contravention of the
Act, the Australian Federal Treasurer may order the divestiture of
such person's shares or interest in shares in the company.
The Australian Federal Treasurer may order divestiture pursuant to
the Act if he determines that the acquisition has resulted in that
foreign person, either alone or together with other non-associated
or associated foreign persons, controlling the company and that
such control is contrary to the national interest.
Ownership Threshold
There
are no provisions in our Constitution that require a shareholder to
disclose ownership above a certain threshold. The Corporations Act,
however, requires a substantial shareholder to notify us and the
Australian Securities Exchange once a 5% interest in our shares is
obtained. Further, once a shareholder owns a 5% interest in us,
such shareholder must notify us and the Australian Securities
Exchange of any increase or decrease of 1% or more in its holding
of our shares. Such major shareholders are also required to file a
notice with the SEC on Schedule 13D or Schedule 13G.
Issues of shares and Change in Capital
Subject
to our Constitution, the Corporations Act, the ASX Listing Rules
and any other applicable law, we may at any time issue shares and
grant options or warrants on any terms, with preferred, deferred or
other special rights and restrictions and for the consideration and
other terms that the directors determine. Our power to issue shares
includes the power to issue bonus shares (for which no
consideration is payable to Mission NewEnergy), preference shares
and partly paid shares.
Subject
to the requirements of our Constitution, the Corporations Act, the
ASX Listing Rules and any other applicable law, including relevant
shareholder approvals, we may consolidate or divide our share
capital into a larger or smaller number by resolution, reduce our
share capital (provided that the reduction is fair and reasonable
to our shareholders as a whole, and does not materially prejudice
our ability to pay creditors) or buy-back our shares whether under
an equal access buy-back or on a selective basis.
Change of Control
Takeovers of listed
Australian public companies, such as Mission NewEnergy, are
regulated by, amongst other things, the Corporations Act which
prohibits the acquisition of a relevant interest in issued voting
shares in a listed company if the acquisition will lead to that
person's or someone else's voting power in the company
increasing from 20% or below to more than 20% or increasing from a
starting point that is above 20% and below 90%, subject to a range
of exceptions.
Generally, and
without limitation, a person will have a relevant interest in
securities if they:
●
are the
holder of the securities;
●
have
power to exercise, or control the exercise of, a right to vote
attached to the securities; or
●
have
the power to dispose of, or control the exercise of a power to
dispose of, the securities (including any indirect or direct power
or control).
If at a
particular time a person has a relevant interest in issued
securities and the person:
●
has
entered or enters into an agreement with another person with
respect to the securities;
●
has
given or gives another person an enforceable right, or has been or
is given an enforceable right by another person, in relation to the
securities; or
●
has
granted or grants an option to, or has been or is granted an option
by, another person with respect to the securities,
and the
other person would have a relevant interest in the securities if
the agreement were performed, the right enforced or the option
exercised, the other person is taken to already have a relevant
interest in the securities.
There
are a number of exceptions to the above prohibition on acquiring a
relevant interest in issued voting shares above 20%. In general
terms, some of the more significant exceptions
include:
●
when
the acquisition results from the acceptance of an offer under a
formal takeover bid;
●
when
the acquisition is conducted on market by or on behalf of the
bidder under a takeover bid and the acquisition occurs during the
bid period;
●
when
shareholders of the company approve the takeover by resolution
passed at general meeting;
●
an
acquisition by a person if, throughout the 6 months before the
acquisition, that person, or any other person, has had voting power
in the company of at least 19% and as a result of the acquisition,
none of the relevant persons would have voting power in the company
more than 3 percentage points higher than they had 6 months before
the acquisition;
●
as a
result of a rights issue;
●
as a
result of dividend reinvestment schemes;
●
as a
result of underwriting arrangements;
●
through
operation of law;
●
an
acquisition which arises through the acquisition of a relevant
interest in another listed company;
●
arising
from an auction of forfeited shares; or
●
arising
through a compromise, arrangement, liquidation or
buy-back.
Breaches of the
takeovers provisions of the Corporations Act are criminal offences.
ASIC and the Australian Takeover Panel have a wide range of powers
relating to breaches of takeover provisions including the ability
to make orders canceling contracts, freezing transfers of, and
rights attached to, securities, and forcing a party to dispose of
securities. There are certain defenses to breaches of the takeovers
provisions provided in the Corporations Act.
Proportional Takeovers
Our
Constitution indicates that where offers to purchase our shares
have been made under a proportional takeover scheme, we are
prohibited from registering, other than where a transfer is
effected in accordance with the takeover provisions (if any) under
the ASTC Settlement Rules, a transfer which would give effect to
the contract resulting from the acceptance of such an offer unless
and until a resolution to approve the proportional takeover scheme
is approved at a meeting by the persons entitled to vote on such
resolution. The offeror or an associate of the offeror is not
entitled to vote on such resolution. A person, other than an
offeror or associate of the offeror, who, as at the end of the day
in which the first offer under the proportional takeover scheme was
made, held shares in that class of shares, is entitled to one vote
for each of the shares held in that class.
Access to and Inspection of Documents
Inspection of our
records is governed by the Corporations Act. Any member of the
public has the right to inspect or obtain copies of our registers
on the payment of a prescribed fee. Shareholders are not required
to pay a fee for inspection of our registers or minute books of the
meetings of shareholders. Other corporate records including minutes
of directors meetings, financial records and other documents are
not open for inspection by shareholders. Where a shareholder is
acting in good faith and an inspection is deemed to be made for a
proper purpose, a shareholder may apply to the court to make an
order for inspection of our books.
C.
Material
Contracts.
We have
not entered into any material contracts other than in the ordinary
course of business and other than those described in "Item
4—Information on the Company" or elsewhere in this
annual report on Form 20-F.
D.
Exchange
Controls.
Under
existing Australian legislation, the Reserve Bank of Australia does
not prohibit the import and export of funds, and generally no
governmental permission is required for us to move funds in and out
of Australia. However, for the movement of funds to and from
"tax havens," as specified by current regulations, a
tax clearance certificate must be obtained. The United States is
not a declared tax haven. Accordingly, at the present time,
remittances of any dividends, interest or other payments by us to
non-resident holders of our securities in the United States are not
restricted by exchange controls.
E.
Taxation.
The following is a summary of material U.S. federal and Australian
income tax considerations to U.S. holders, as defined below, of the
acquisition, ownership and disposition of ordinary shares. This
discussion is based on the laws in force as at the date of this
annual report, and is subject to changes in the relevant income tax
law, including changes that could have retroactive effect. The
following summary does not take into account or discuss the tax
laws of any country or other taxing jurisdiction other than the
United States and Australia. Holders are advised to consult their
tax advisors concerning the overall tax consequences of the
acquisition, ownership and disposition of ordinary shares in their
particular circumstances. This discussion is not intended, and
should not be construed, as legal or professional tax
advice.
This summary does not describe U.S. federal estate and gift tax
considerations, or any state and local tax considerations within
the United States, and is not a comprehensive description of all
U.S. federal or Australian income tax considerations that may be
relevant to a decision to acquire or dispose of ordinary shares.
Furthermore, this summary does not address U.S. federal or
Australian income tax considerations relevant to holders subject to
taxing jurisdictions other than or in addition to the United States
and Australia, and does not address all possible categories of
holders, some of which may be subject to special tax
rules.
U.S. Federal Income Tax Considerations
In this
section, we discuss material U.S. federal income tax considerations
applicable to an investment in ordinary shares by a U.S. holder, as
defined below, that will hold the ordinary shares as capital assets
within the meaning of Section 1221 of the Code. We do not discuss
the tax consequences to any particular holder nor any tax
considerations that may apply to holders subject to special tax
rules, such as banks, insurance companies, individual retirement
and other tax-deferred accounts, regulated investment companies,
individuals who are former U.S. citizens or former long-term U.S.
residents, dealers in securities or currencies, tax-exempt
entities, persons subject to the alternative minimum tax, persons
that hold ordinary shares as a position in a straddle or as part of
a hedging, constructive sale or conversion transaction for U.S.
federal income tax purposes, persons that have a functional
currency other than the U.S. dollar, persons that own (directly,
indirectly or constructively) 10% or more of our equity or persons
that are not U.S. holders.
In this
section, a "U.S. holder" means a beneficial owner of
ordinary shares that is, for U.S. federal income tax
purposes:
●
an
individual who is a citizen or resident of the United States for
U.S. federal income tax purposes;
●
a
corporation, or other entity treated as a corporation for U.S.
federal income tax purposes, created or organized in or under the
laws of the United States or any state thereof or the District of
Columbia;
●
an
estate the income of which is subject to U.S. federal income
taxation regardless of its source; or
●
a trust
(i) the administration of which is subject to the primary
supervision of a court in the United States and for which one or
more U.S. persons have the authority to control all substantial
decisions or (ii) that has an election in effect under applicable
income tax regulations to be treated as a U.S. person.
As used
in this section, a "non-U.S. holder" is a beneficial
owner of ordinary shares that is not a U.S. holder or an entity or
arrangement treated as a partnership for U.S. federal income tax
purposes.
If an
entity or arrangement treated as a partnership for U.S. federal
income tax purposes holds ordinary shares, the U.S. federal income
tax treatment of a partner generally will depend on the status of
the partner and the activities of the partnership. Partners of
partnerships that will hold ordinary shares should consult their
tax advisors.
You are urged to consult your own tax advisor with respect to the
U.S. federal, as well as state, local and non-U.S., tax
consequences to you of acquiring, owning and disposing of ordinary
shares in light of your particular circumstances, including the
possible effects of changes in U.S. federal and other tax
laws.
Dividends
Subject
to the passive foreign investment company rules, discussed below,
U.S. holders will include as dividend income the U.S. dollar value
of the gross amount of any distributions of cash or property
(without deduction for any withholding tax), other than certain pro
rata distributions of ordinary shares, with respect to ordinary
shares to the extent the distributions are made from our current or
accumulated earnings and profits, as determined for U.S. federal
income tax purposes. A U.S. holder will include the dividend income
at the time of receipt. To the extent, if any, that the amount of
any distribution by us exceeds our current and accumulated earnings
and profits, as so determined, the excess will be treated first as
a tax-free return of the U.S. holder's tax basis in the
ordinary shares and thereafter as capital gain. Notwithstanding the
foregoing, we do not intend to maintain calculations of earnings
and profits, as determined for U.S. federal income tax purposes.
Consequently, any distributions generally will be reported as
dividend income for U.S. information reporting purposes. See
"Backup Withholding Tax and Information Reporting"
below. Dividends paid by us will not be eligible for the
dividends-received deduction generally allowed to U.S. corporate
shareholders.
Subject
to the passive foreign investment company rules, certain dividends
received by an individual U.S. holder (as well as certain trusts
and estates) from a "qualified foreign corporation" are
eligible for a preferential U.S. federal income tax rate (20%),
subject to certain minimum holding period requirements and other
limitations. A foreign corporation may be a "qualified
foreign corporation" if (it is eligible for the benefits of a
comprehensive income tax treaty with the United States which the
U.S. Secretary of Treasury determines is satisfactory for this
purpose and which includes an exchange of information program. We
expect to be considered a qualified foreign corporation with
respect to our ordinary shares because we believe we are eligible
for the benefits under the Double Taxation Convention between
Australia and the United States. Accordingly, dividends we pay
generally should be eligible for the reduced income tax rate.
However, the determination of whether a dividend qualifies for the
preferential tax rates must be made at the time the dividend is
paid. U.S. holders should consult their own tax
advisers.
Includible
distributions paid in Australian dollars, including any Australian
withholding taxes, will be included in the gross income of a U.S.
holder in a U.S. dollar amount calculated by reference to the
exchange rate in effect on the date of actual or constructive
receipt, regardless of whether the Australian dollars are converted
into U.S. dollars at that time. If Australian dollars are converted
into U.S. dollars on the date of actual or constructive receipt,
the tax basis of the U.S. holder in those Australian dollars will
be equal to their U.S dollar value on that date and, as a result, a
U.S. holder generally should not be required to recognize any
foreign exchange gain or loss.
If
Australian dollars so received are not converted into U.S. dollars
on the date of receipt, the U.S. holder will have a basis in the
Australian dollars equal to their U.S. dollar value on the date of
receipt. Any gain or loss on a subsequent conversion or other
disposition of the Australian dollars generally will be treated as
ordinary income or loss to such U.S. holder and generally such gain
or loss will be income or loss from sources within the United
States for foreign tax credit limitation purposes.
Dividends received
by a U.S. holder with respect to ordinary shares will be treated as
foreign source income, which may be relevant in calculating the
holder's foreign tax credit limitation. The limitation on
foreign taxes eligible for credit is calculated separately with
respect to specific classes of income. For these purposes,
dividends will be categorized as "passive" or
"general" income depending on a U.S. holder's
circumstance.
Subject
to certain complex limitations, a U.S. holder generally will be
entitled, at its option, to claim either a credit against its U.S.
federal income tax liability or a deduction in computing its U.S.
federal taxable income in respect of any Australian taxes withheld
by us. If a U.S. holder elects to claim a deduction, rather than a
foreign tax credit, for Australian taxes withheld by us for a
particular taxable year, the election will apply to all foreign
taxes paid or accrued by or on behalf of the U.S. holder in the
particular taxable year.
The
availability of the foreign tax credit and the application of the
limitations on its availability are fact specific. You are urged to
consult your own tax advisor as to the consequences of Australian
withholding taxes and the availability of a foreign tax credit or
deduction. See "Australian Tax Considerations —
Taxation of Dividends."
Sale or Exchange of Ordinary Shares
Subject
to the passive foreign investment company rules, discussed below, a
U.S. holder generally will, for U.S. federal income tax purposes,
recognize capital gain or loss on a sale, exchange or other
disposition of ordinary shares equal to the difference between the
amount realized on the disposition and the U.S. holder's tax
basis in the ordinary shares. This gain or loss recognized on a
sale, exchange or other disposition of ordinary shares will
generally be long-term capital gain or loss if the U.S. holder has
held the ordinary shares for more than one year. Generally, for
U.S. holders who are individuals (as well as certain trusts and
estates), long-term capital gains are subject to U.S. federal
income tax at preferential rates. For foreign tax credit limitation
purposes, gain or loss recognized upon a disposition generally will
be treated as from sources within the United States. The
deductibility of capital losses is subject to limitations for U.S.
federal income tax purposes.
You
should consult your own tax advisor regarding the availability of a
foreign tax credit or deduction in respect of any Australian tax
imposed on a sale or other disposition of ordinary shares. See
"Australian Tax Considerations — Tax on Sales or other
Dispositions of Shares."
Passive Foreign Investment Company Considerations
The
Code provides special, generally adverse, rules regarding certain
distributions received by U.S. holders with respect to, and sales,
exchanges and other dispositions, including pledges, of shares of
stock of, a passive foreign investment company, or PFIC. A foreign
corporation will be treated as a PFIC for any taxable year if at
least 75% of its gross income for the taxable year is passive
income or at least 50% of its gross assets during the taxable year,
based on a quarterly average and generally by value, produce or are
held for the production of passive income. Passive income for this
purpose generally includes, among other things, dividends,
interest, rents, royalties, gains from commodities and securities
transactions and gains from assets that produce passive income. In
determining whether a foreign corporation is a PFIC, a pro-rata
portion of the income and assets of each corporation in which it
owns, directly or indirectly, at least a 25% interest (by value) is
taken into account.
The
determination of whether or not we are a PFIC is a factual
determination that must be determined annually at the close of each
taxable year. Based on our business results for the last fiscal
year and composition of our assets, we believe that we may be a
PFIC for U.S. federal income tax purposes for the taxable year
ended June 30, 2015. Similarly, based on our business projections
and the anticipated composition of our assets for the current and
future years, we may be a PFIC for the taxable year ended June 30,
2016. It is also possible that we may become a PFIC in any future
taxable year.
If we
are a PFIC for any taxable year during which a U.S. holder holds
ordinary shares, any "excess distribution" that the
holder receives and any gain realized from a sale or other
disposition (including a pledge) of such ordinary shares will be
subject to special tax rules, unless the holder makes a
mark-to-market election or qualified electing fund election as
discussed below. Any distribution in a taxable year that is greater
than 125% of the average annual distribution received by a U.S.
holder during the shorter of the three preceding taxable years or
such holder's holding period for the ordinary shares will be
treated as an excess distribution. Under these special tax
rules:
●
the
excess distribution or gain will be allocated ratably over the U.S.
holder's holding period for the ordinary shares;
●
the
amount allocated to the current taxable year, and any taxable year
prior to the first taxable year in which we were a PFIC, will be
treated as ordinary income; and
●
the
amount allocated to each other year will be subject to income tax
at the highest rate in effect for that year and the interest charge
generally applicable to underpayments of tax will be imposed on the
resulting tax attributable to each such year.
The tax
liability for amounts allocated to years prior to the year of
disposition or excess distribution cannot be offset by any net
operating loss, and gains (but not losses) realized on the transfer
of the ordinary shares cannot be treated as capital gains, even if
the ordinary shares are held as capital assets. In addition,
non-corporate U.S. holders will not be eligible for reduced rates
of taxation on any dividends received from us if we are a PFIC in
the taxable year in which such dividends are paid or in the
preceding taxable year.
If we
are a PFIC for any taxable year during which any of our non-United
States subsidiaries is also a PFIC, a U.S. holder of ordinary
shares during such year would be treated as owning a proportionate
amount (by value) of the shares of the lower-tier PFIC for purposes
of the application of these rules to such subsidiary. You should
consult your tax advisors regarding the tax consequences if the
PFIC rules apply to any of our subsidiaries.
Unless
otherwise provided by the U.S. Treasury, each U.S. shareholder of a
PFIC is required to file a Form 8621 and such other form as the
U.S. Treasury may require. If we are or become a PFIC, you should
consult your tax advisors regarding any reporting requirements that
may apply to you as a result of our status as a PFIC.
A U.S.
holder may avoid some of the adverse tax consequences of owning
shares in a PFIC by making a "qualified electing fund"
election. The availability of this election with respect to our
ordinary shares requires that we provide information to
shareholders making the election. We do not intend to provide you
with the information you would need to make or maintain a qualified
electing fund election and you will, therefore, not be able to make
such an election with respect to your ordinary shares.
Alternatively, a
U.S. holder owning marketable stock in a PFIC may make a
mark-to-market election to elect out of the tax treatment discussed
above. If a valid mark-to-market election for the ordinary shares
is made, the electing U.S. holder will include in income each year
an amount equal to the excess, if any, of the fair market value of
the ordinary shares as of the close of the holder's taxable
year over the adjusted basis in such ordinary shares. The U.S.
holder is allowed a deduction for the excess, if any, of the
adjusted basis of the ordinary shares over their fair market value
as of the close of the holder's taxable year. Deductions are
allowable, however, only to the extent of any net mark-to-market
gains on the ordinary shares included in the U.S. holder's
income for prior taxable years. Amounts included in the U.S.
holder's income under a mark-to-market election, as well as
gain on the actual sale or other disposition of the ordinary
shares, are treated as ordinary income. Ordinary loss treatment
also applies to the deductible portion of any mark-to-market loss
on the ordinary shares, as well as to any loss realized on the
actual sale or disposition of the ordinary shares, to the extent
the amount of such loss does not exceed the net mark-to-market
gains previously included for such ordinary shares. The tax basis
in the ordinary shares will be adjusted to reflect any such income
or loss amounts. A mark-to-market election will be effective for
the taxable year for which the election is made and all subsequent
taxable years unless the ordinary shares are no longer regularly
traded on an applicable exchange or the Internal Revenue Service
("IRS") consents to the revocation of the
election.
The
mark-to-market election is available only for stock which is
regularly traded on (i) a national securities exchange that is
registered with the U.S. Securities and Exchange Commission, (ii)
NASDAQ, or (iii) an exchange or market that the U.S. Secretary of
the Treasury determines has rules sufficient to ensure that the
market price represents a legitimate and sound fair market value.
Our ordinary shares are listed on the ASX and, consequently, we
expect that, assuming the ordinary shares are so listed and are
regularly traded, the mark-to-market election would be available to
you were we to be or become a PFIC.
U.S.
holders are urged to contact their own tax advisors regarding the
determination of whether we are a PFIC and the tax consequences of
such status.
Net Investment Income Tax
Certain
U.S. Holders who are individuals, estates, or trusts must pay a
3.8% tax on, among other things, dividends and capital gains from
the sale or other disposition of shares of common
stock.
Backup Withholding Tax and Information Reporting
Requirements
U.S.
holders that are "exempt recipients" (such as
corporations) generally will not be subject to U.S. backup
withholding tax and related information reporting requirements on
payments of dividends on, and the proceeds from the disposition of,
ordinary shares unless, when required, they fail to demonstrate
their exempt status. Other U.S. holders (including individuals)
generally will be subject to U.S. backup withholding tax at the
applicable statutory rate, currently 28%, in respect of any
payments of dividends on, and the proceeds from the disposition of,
ordinary shares if they fail to furnish their correct taxpayer
identification number or otherwise fail to comply with applicable
backup withholding requirements. Information reporting requirements
generally will apply to payments of dividends on, and the proceeds
from the disposition of, ordinary shares to a U.S. holder that is
not an exempt recipient. U.S. holders who are required to establish
their exempt status generally must provide IRS Form W-9 (Request
for Taxpayer Identification Number and Certification).
Backup
withholding is not an additional tax. Amounts withheld as backup
withholding may be credited against a U.S. holder's U.S.
federal income tax liability. A U.S. holder may obtain a refund of
any amounts withheld under the backup withholding rules by filing
the appropriate claim for refund with the Internal Revenue Service
in a timely manner and furnishing any required
information.
U.S.
holders are urged to contact their own tax advisors as to their
qualification for an exemption from backup withholding tax and the
procedure for obtaining this exemption.
Certain
U.S. Holders who are individuals may be required to report
information relating to an interest in our ordinary shares, subject
to certain exceptions. U.S. Holders are urged to consult their tax
advisers regarding their reporting obligation in connection with
their ownership and disposition of our ordinary
shares.
The discussion above is not intended to constitute a complete
analysis of all tax considerations applicable to an investment in
ordinary shares. You should consult with your own tax advisor
concerning the tax consequences to you in your particular
situation.
Australian Tax Considerations
In this
section, we discuss the material Australian income tax
considerations related to the acquisition, ownership and disposal
by the absolute beneficial owners of the ordinary shares. This
discussion does not address all aspects of Australian income tax
law which may be important to particular investors in light of
their individual investment circumstances, such as shares held by
investors subject to special tax rules (for example, financial
institutions, insurance companies or tax exempt organizations). In
addition, this summary does not discuss any foreign or state tax
considerations, other than transfer duty. Prospective investors are
urged to consult their tax advisors regarding the Australian and
foreign income and other tax considerations of the purchase,
ownership and disposition of the shares. This summary is based upon
the premise that the holder is not an Australian tax
resident.
Taxation of Dividends
Australia operates
a dividend imputation system under which dividends may be declared
to be 'franked' to the extent of tax paid on company
profits. Fully franked dividends are not subject to dividend
withholding tax. Dividends payable to non-Australian resident
shareholders that are not operating from an Australian permanent
establishment (Foreign Shareholders) will be subject to dividend
withholding tax, to the extent the dividends are not foreign
sourced and declared to be conduit foreign income (CFI) and are
unfranked. Dividend withholding tax will be imposed at 30%, unless
a shareholder is a resident of a country with which Australia has a
double taxation agreement and qualifies for the benefits of the
treaty. Under the provisions of the current Double Taxation
Convention between Australia and the United States, the Australian
tax withheld on unfranked dividends that are not CFI paid by us to
which a resident of the United States is beneficially entitled is
limited to 15%.
If a
company that is a non-Australian resident shareholder owns a 10% or
more interest, the Australian tax withheld on dividends paid by us
to which a resident of the United States is beneficially entitled
is limited to 5%. In limited circumstances the rate of withholding
can be reduced to nil.
Tax on Sales or other Dispositions of Shares — Capital gains
tax
Foreign
Shareholders will not be subject to Australian capital gains tax on
the gain made on a sale or other disposal of our shares, unless
they, together with associates, hold 10% or more of our issued
capital, at the time of disposal or for 12 months of the last 2
years.
Foreign
Shareholder who, together with associates, owns a 10% or more
interest would be subject to Australian capital gains tax if more
than 50% of our direct or indirect assets determined by reference
to market value, consists of Australian land, leasehold interests
or Australian mining, quarrying or prospecting rights. Double
Taxation Convention between the United States and Australia is
unlikely to limit the amount of this taxable gain. Australian
capital gains tax applies to net capital gains at a
taxpayer's marginal tax rate but for certain shareholders a
discount of the capital gain may apply if the shares have been held
for 12 months or more. For individuals, this discount is 50%, which
may not be available for non-resident shareholders. Net capital
gains are calculated after reduction for capital losses, which may
only be offset against capital gains. Non-resident shareholders are
urged to obtain tax advise as required.
Tax on Sales or other Dispositions of Shares — Shareholders
Holding Shares on Revenue Account
Some
Foreign shareholders may hold shares on revenue rather than on
capital account, for example, share traders. These shareholders may
have the gains made on the sale or other disposal of the shares
included in their assessable income under the ordinary income
provisions of the income tax law, if the gains are sourced in
Australia.
Non-Australian
resident shareholders assessable under these ordinary income
provisions in respect of gains made on shares held on revenue
account would be assessed for such gains at the Australian tax
rates for non-Australian residents, which start at a marginal rate
of 32.5%. Some relief from Australian income tax may be available
to such non-Australian resident shareholders under the Double
Taxation Convention between the United States and
Australia.
To the
extent an amount would be included in a non-Australian resident
shareholder's assessable income under both the capital gains
tax provisions and the ordinary income provisions, the capital gain
amount would generally be reduced, so that the shareholder would
not be subject to double tax on any part of the income gain or
capital gain.
Dual Residency
If a
shareholder were a resident of both Australia and the United States
under those countries' domestic taxation laws, that
shareholder may be subject to tax as an Australian resident. If,
however, the shareholder is determined to be a U.S. resident for
the purposes of the Double Taxation Convention between the United
States and Australia, the Australian tax would be subject to
limitation by the Double Taxation Convention. Shareholders should
obtain specialist taxation advice in these
circumstances.
Transfer Duty
No
transfer duty is payable by Australian residents or foreign
residents on the trading of shares that are quoted on the ASX or
OTC.
Australian Death Duty
Australia does not
have estate or death duties. As a general rate, no capital gains
tax liability is realized upon the inheritance of a deceased
person's shares. The disposal of inherited shares by
beneficiaries, may, however, give rise to a capital gains tax
liability if the gain falls within the scope of Australia's
jurisdiction to tax (as discussed above).
Goods and Services Tax
The
issue or transfer of shares will not incur Australian goods and
services tax.
F.
Dividends
and Paying Agents.
Not
applicable.
G.
Statement
by Experts.
Not
applicable.
H.
Documents
on Display.
We are
subject to the periodic reporting and other informational
requirements of the Exchange Act as applicable to foreign private
issuers. Under the Exchange Act, we are required to file reports,
including annual reports on Form 20-F, and other information with
the SEC. All information filed with the SEC is available through
the SEC's Electronic Data Gathering, Analysis and Retrieval
system (EDGAR), which may be accessed through the SEC's
website at www.sec.gov. Information filed with the SEC may also be
inspected and copied at the public reference room maintained by the
SEC at 100 F Street, N.E., Washington, D.C. 20549. You can request
copies of these documents upon payment of a duplicating fee, by
writing to the SEC. Please visit the SEC's website at
www.sec.gov for further information on the SEC's public
reference room.
As a
foreign private issuer, we are exempt under the Exchange Act from,
among other things, the rules prescribing the furnishing and
content of proxy statements, and our executive officers, directors
and principal shareholders are exempt from the reporting and
short-swing profit recovery provisions contained in Section 16 of
the Exchange Act.
I.
Subsidiary
Information
Not
applicable.
Item 11. Quantitative and Qualitative Disclosures About Market
Risk
Our
business activities are exposed to a variety of market risks,
including credit risk, foreign currency risk, interest rate risk
and commodity risk.
Credit Risk
There
is no credit risk for receivables at June 30, 2019 in the refining
operations.
Foreign Exchange Risk
The
Group operates internationally through a number of subsidiaries and
is thus exposed to fluctuations in foreign currencies, arising from
the foreign currencies held in its bank accounts and the
translation of results from investments in foreign operations. The
foreign exchange exposures are primarily to the Malaysian Ringgit
and the US dollar.
Foreign
currency risks arising from expected expenditure in foreign
currencies are managed by holding cash in that currency. Foreign
currency translation risk is not hedged, with translation
differences being reflected in the foreign currency translation
reserve.
Group
sensitivity
At June
30, 2019, if foreign currencies had changed by -/+ 10%, with all
other variables held constant, the following financial impacts
would have been recorded by the Group:
Effect
on cash and cash equivalent – A$5,748 lower / A$7,026 higher
(2018: A$ 11,238 lower / A$9,194 higher)
Profit
and Loss would have been – A$5,748 lower / A$7,026 higher
(2018: A$ 11,238 lower / A$9,194 higher)
Hedging
of Foreign Currency Risk
At
financial report date the Group had no forward exchange contracts
in place.
Interest Rate Risk
Interest rate risk
has historically been managed with a mixture of fixed and floating
rate deposits, fixed rate convertible note debt and floating rate
debt. For further details on interest rate risk refer to the table
below under liquidity risk. The group has no debt at June 30,
2019.
Group sensitivity
At 30
June 2019, if interest rates had changed by -/+ 25 basis points,
with all other variables held constant, the following financial
impacts would have been recorded by the Group;
●     Effect
on post tax profit – A$ Nil lower/higher (2018: A$ Nil
lower/higher)
●     Equity
would have been – A$ Nil lower/higher (2018: A$ Nil
lower/higher)
Commodity Risk
As
there was no inventory held as at June 30, 2019, the Group has no
exposure to market prices of input costs into the production of
biodiesel.
Item 12. Description of Securities Other than Equity
Securities
A.
Debt
Securities.
Not
applicable.
B.
Warrants
and Rights.
Not
applicable.
C.
Other
Securities.
Not
applicable.
D.
American
Depositary Shares.
Not
applicable.
PART II
Item 13. Defaults, Dividend Arrearages and
Delinquencies
None.
Item 14. Material Modifications to the Rights of Security Holders
and Use of Proceeds
A.-D.
Material Modifications to the Rights of Security
Holders.
None.
E.
Use
of Proceeds.
The
following "Use of Proceeds" information relates to our
initial U.S. public offering of 2,785,000 ordinary shares at a
public offering price of US$9.00 per share, thereby raising gross
proceeds of approximately US$25.1 million. The registration
statement on Form F-1 (File No. 333-170471) for our initial public
offering was declared effective by the SEC on April 19, 2011. On
April 26, 2011, we completed our public offering after 2,785,000
ordinary shares were sold. Chardan Capital Markets, LLC, Rodman
& Renshaw, LLC, Maxim Group LLC and Northland Capital Markets
were the underwriters for our initial public offering. We received
net proceeds (after deducting underwriting discounts and
commissions and other expenses related to the offering) of
approximately $US22,228,504. None of the above expenses included
direct or indirect payments to directors or officers of our company
or their associates, persons owning 10% or more of our equity
securities or our affiliates. The underwriters did not exercise
their overallotment option.
From
April 19, 2011, effective date of our registration statement on
Form F-1 for the offering, to June 30, 2011, we used approximately
US$0.8 million proceeds for the expansion of our feedstock
operations, including but not limited to Jatropha acreage
expansion, approximately US$2.1 million for general corporate and
convertible note coupon purposes, and as of June 30, 2011, we had
approximately $16.7 million left from the net proceeds of the
offering. Approximately US$8.8 million of the cash at June 30, 2011
was held in the refining segment to meet working capital needs. In
2012 the Group used A$4.9m for operations, A$4.0 million for
capital expenditure and advances to related entities and A$5.5
million for debt redemption. We had A$1.5 million in cash on hand
at June 30, 2012. In 2013 the Group used A$3.7m for operations,
released A$2.3 million from sale of capital items and raised a net
A$1.4 million from debt facilities. We had A$1.4 million in cash on
hand at June 30, 2013. During fiscal 2014 the Group utilized a US$5
million funding facility to meet operating costs until the two
refineries were sold, at which stage the working capital facility
was settled, convertible note debt paid down and the balance
retained for ongoing working capital and investment
uses.
None of
the net proceeds from our initial public offering were paid
directly or indirectly to directors or officers of our company or
their associates, persons owning 10% or more of our equity
securities or our affiliates.
Item 15. Controls and Procedures
A.
Disclosure
Controls and Procedures.
Under
the supervision and with the participation of our management,
including the Chief Executive Officer and Chief Financial Officer,
we conducted an evaluation of the effectiveness of our disclosure
controls and procedures (as such term is defined in Rules 13a-15(e)
under the Exchange Act), as of June 30, 2015. Based on this
evaluation, our Chief Executive Officer and Chief Financial Officer
concluded that our disclosure controls and procedures were
effective as of such date. Our disclosure controls and procedures
are designed to ensure that information required to be disclosed by
us in the reports that we file under the Exchange Act is recorded,
processed, summarized and reported within the time periods
specified in the SEC's rules and forms and that such
information is accumulated and communicated to management,
including the Chief Executive Officer and Chief Financial Officer,
as appropriate to allow timely discussions regarding required
disclosure.
B.
Management's
Annual Report on Internal Control over Financial Reporting and
Attestation Report of the Registered Public Accounting
Firm.
Management of the
Company is responsible for establishing and maintaining adequate
internal control over financial reporting, as such term is defined
in Exchange Act Rules 13a-15(f) and 15d-15(f). The Company's
internal control over financial reporting is a process designed to
provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external
purposes in accordance with applicable generally accepted
accounting principles. A company's internal control over
financial reporting includes those policies and procedures that:
(1) pertain to the maintenance of records that, in reasonable
detail, accurately and fairly reflect the transactions and
dispositions of the assets of the Company; (2) provide reasonable
assurance that transactions are recorded as necessary to permit
preparation of financial statements in accordance with generally
accepted accounting principles, and that receipts and expenditures
of the Company are being made only in accordance with
authorizations of management and directors of the Company; and (3)
provide reasonable assurance regarding prevention or timely
detection of unauthorized acquisition, use or disposition of the
company's assets that could have a material effect on the
financial statements.
Because
of its inherent limitations, internal control over financial
reporting may not prevent or detect misstatements. Also,
projections of any evaluation of effectiveness to future periods
are subject to the risk that controls may become inadequate because
of changes in conditions or that the degree of compliance with the
policies or procedures may deteriorate.
The
Company's management has evaluated the effectiveness of the
Company's internal control over financial reporting as of
June 30, 2019 based upon criteria established in Internal Control
Integrated Framework (2013) issued by the Committee of Sponsoring
Organizations of the Treadway Commission. Based on the assessment,
the Company's management, including its Chief Executive
Officer and Chief Financial Officer, concluded that, as of June 30,
2019, the Company's internal control over financial reporting
was effective.
Changes
in Internal Control over Financial Reporting.
There
was no change in internal control over financial reporting during
the year ended June 30, 2019 that has materially affected, or is
reasonably likely to materially affect, our internal control over
financial reporting.
Item 16. [Reserved]
Item 16A. Audit Committee Financial Expert
The
Board determined that Mr. James Garton is qualified as an Audit
Committee Financial Expert and all members are independent as
determined by the NASDAQ listing rules.
Item 16B. Code of Ethics
Our
board of directors adopted a Code of Conduct for Directors and Key
Officers that applies to our directors, officers and employees. We
have posted a copy of our code of business conduct and ethics on
our investor relations website at
http://missionnewenergy.com.
Item 16C. Principal Accountant Fees and Services
Audit Fees
. The aggregate fees billed for professional
services rendered by the Company's principal accountant for
the audit of the Company's annual financial statements for
the fiscal years ended June 30, 2019 and 2018 were A$27,359 and
A$26,816, respectively.
All other Fees
. A$0 and for the fiscal year ending 2019 and
A$0 in fiscal year 2018.
Tax Fees
. The Company incurred fees totaling A$0 during the
fiscal year ended June 30, 2019 and 2018.
Audit-Related Fees
. A$0 and for the fiscal years ending 2019
and 2018.
All
fees incurred by the Company in relation to audit and permissible
non–audit services are approved by the Audit and Risk
Management Committee prior to the expenditure being
incurred.
Item 16D. Exemptions from the Listing Standards for Audit
Committees
Not
applicable.
Item 16E. Purchases of Equity Securities by the Issuer and
Affiliated Purchasers
Not
applicable.
Item 16F. Change in Registrant's Certifying
Accountant
Not
applicable.
Item 16G. Corporate Governance
Not
applicable.
Item 16H. Mine Safety Disclosures
Not
applicable.
PART III
Item 17. Financial Statements
See
Item 18.
Item 18. Financial Statements
The
consolidated financial statements for Mission NewEnergy Limited and
its subsidiaries are included at the end of this annual
report.
Item 19. Exhibits
EXHIBIT
NUMBER
Description
of Exhibit
1.1
Constitution of
Mission NewEnergy (incorporated by reference to Exhibit 3.1 of our
registration statement on Form F-1 (File No. 333-170471), as
amended, initially filed with the SEC on November 8,
2010).
4.1
Form of Access,
Indemnity and Insurance Deed for Directors and Ex-Directors
(incorporated by reference to Exhibit 10.6 of our registration
statement on Form F-1 (File No. 333-170471), as amended, initially
filed with the SEC on November 8, 2010).
4.2
Employment
agreement (as renewed) with Dato' Nathan Mahalingam
(incorporated by reference to Exhibit 10.7 of our registration
statement on Form F-1 (File No. 333-170471), as amended, initially
filed with the SEC on November 8, 2010).
4.3
Employment
agreement with Guy Burnett (incorporated by reference to Exhibit
10.8 of our registration statement on Form F-1 (File No.
333-170471), as amended, initially filed with the SEC on November
8, 2010).
4.4
Employment
agreement with James Garton (incorporated by reference to Exhibit
10.9 of our registration statement on Form F-1 (File No.
333-170471), as amended, initially filed with the SEC on November
8, 2010).
8.1
*
List of
Subsidiaries.
12.1
*
Certification of
Chief Executive Officer pursuant to Rule 13(a)-14(a) of the
Securities Exchange Act of 1934, as amended.
12.2
*
Certification of
Chief Financial Officer pursuant to Rule 13(a)-14(a) of the
Securities Exchange Act of 1934, as amended.
13.1
*
Certification of
Chief Executive Officer and Chief Financial Officer pursuant to
Rule 13(a)-14 (b) of the Securities Exchange Act of 1934, as
amended, and 18 U.S.C. Section 1350, as adopted pursuant to Section
906 of the Sarbanes-Oxley Act of 2002, as amended.
*Filed
herewith.
SIGNATURES
The
registrant hereby certifies that it meets all of the requirements
for filing on Form 20-F and that it has duly caused and authorized
the undersigned to sign this annual report on its
behalf.
Mission
NewEnergy Limited
Date: November 15,
2019
By:
/s/ Guy
Burnett
Name:
Guy
Burnett
Title:
Chief Financial
Officer and Company Secretary
Tel:
+8 6382 4600
Fax:
+8 6382 4601
www.bdo.com.au
38
Station Street
Subiaco,
WA 6008
PO
Box 700 West Perth WA 6872
Australia
Stockholders and Board of Directors
Mission
NewEnergy Limited
SUBIACO WA 6008
Opinion on the Consolidated Financial Statements
We have audited the accompanying consolidated financial position of
Mission NewEnergy Limited (the "Company") and
subsidiaries as of June 30, 2019 and 2018, the related consolidated
statements of profit or loss, comprehensive income, changes in
equity, and cash flows for each of the three years in the period
ended June 30, 2019, and the related notes (collectively referred
to as the "consolidated financial statements"). In our
opinion, the consolidated financial statements present fairly, in
all material respects, the financial position of the Company and
subsidiaries at June 30, 2019 and 2018, and the results of their
operations and their cash flows for each of the three years in the
period ended June 30, 2019
,
in conformity with International Financial
Reporting Standards as issued by the International Accounting
Standards Board.
Emphasis of Matter Regarding Going Concern
The
accompanying consolidated financial statements have been prepared
assuming that the Company will continue as a going concern. As
described in Note 2 to the consolidated financial statements, the
Company has suffered recurring losses from operations that raise
substantial doubt about its ability to continue as a going concern.
Management's plans in regard to these matters are also
described in Note 2. The consolidated financial statements do not
include any adjustments that might result from the outcome of this
uncertainty. Our opinion is not modified with respect to this
matter.
Basis for Opinion
These consolidated financial statements are the responsibility of
the Company's management. Our responsibility is to express an
opinion on the Company's consolidated financial statements
based on our audits. We are a public accounting firm registered
with the Public Company Accounting Oversight Board (United States)
("PCAOB") and are required to be independent with
respect to the Company in accordance with the U.S. federal
securities laws and the applicable rules and regulations of the
Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the
PCAOB. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the consolidated
financial statements are free of material misstatement, whether due
to error or fraud. The Company is not required to have, nor were we
engaged to perform, an audit of its internal control over financial
reporting. As part of our audits we are required to obtain an
understanding of internal control over financial reporting but not
for the purpose of expressing an opinion on the effectiveness of
the Company's internal control over financial reporting.
Accordingly, we express no such opinion.
BDO Audit (WA) Pty Ltd ABN 79 112 284 787 is a member of a national
association of independent entities which are all members of BDO
Australia Ltd ABN 77 050 110 275, an Australian company limited by
guarantee. BDO Audit (WA) Pty Ltd and BDO Australia Ltd are members
of BDO International Ltd, a UK company limited by guarantee, and
form part of the international BDO network of independent member
firms.
Our audits included performing procedures to assess the risks of
material misstatement of the consolidated financial statements,
whether due to error or fraud, and performing procedures that
respond to those risks. Such procedures included examining, on a
test basis, evidence regarding the amounts and disclosures in the
consolidated financial statements. Our audits also included
evaluating the accounting principles used and significant estimates
made by management, as well as evaluating the overall presentation
of the consolidated financial statements. We believe that our
audits provide a reasonable basis for our opinion.
BDO Audit (WA) Pty Ltd
Wayne Basford
Director
We have served as the Company's auditor since 2013
Perth, 15 November 2019
FINANCIAL
STATEMENTS TABLE OF CONTENTS
Page
CONSOLIDATED STATEMENT
OF PROFIT OR LOSS
37
CONSOLIDATED STATEMENT
OF COMPREHENSIVE INCOME
39
CONSOLIDATED STATEMENT
OF FINANCIAL POSITION
40
CONSOLIDATED STATEMENT
OF CHANGES IN EQUITY
41
CONSOLIDATED STATEMENT
OF CASH FLOWS
42
NOTES TO THE
CONSOLIDATED FINANCIAL STATEMENTS
43
HOW NUMBERS ARE
CALCULATED
43
1. Nature of
operations and general information
43
2. Basis of
preparation
43
3. New, revised or
amending Accounting Standards and Interpretations
adopted
45
4. New Accounting
Standards and Interpretations not yet mandatory or early
adopted
45
5. Segment
reporting
45
6. Other
income
46
7
.
Expenses
46
8. Income
Tax
47
9. Earnings per
share
48
10. Cash and cash
equivalents
49
11. Trade and Other
Payables
50
12.
Provisions
50
13. Issued
Capital
50
14. Cash Flow
Information
51
GROUP
STRUCTURE
52
15. Investments in
subsidiaries, unconsolidated entities and
associates
52
RISK
53
16.
Critical Accounting
Estimates and Judgments
53
17.
Financial Instruments
and Financial Risk Management
54
18.
Capital
Management
55
UNRECOGNISED
ITEMS
56
19.
Capital and Leasing
Commitments
56
20.
Contingent Liabilities
and Contingent Assets
56
21.
Events occurring after
the reporting period
56
OTHER
INFORMATION
56
22.
Remuneration of
Auditors
57
23.
Related
Parties
57
24.
Parent
entity information
57
25.
Company
Details
58
26.
Authorisation of
financial statements
58
CONSOLIDATED STATEMENT OF PROFIT OR
LOSS
FOR
THE YEAR ENDED 30 JUNE 2019
Note
2019
2018
2017
$
$
$
Other
income
6
165,152
1,524
7,777
Total
revenue and other income
165,152
1,524
7,777
Director and
Employee benefits expense
7
a
-
-
(467,220)
Net foreign
exchange (losses)/gains
(7,333)
(4,095)
(10,874)
Consultants'
expenses
(4,175)
(6,663)
(13,017)
Regulatory
expenses
(54,741)
(56,029)
(40,228)
Travel
expenses
-
(1,990)
(66,488)
Rental
expenses
(9,756)
(9,288)
(11,986)
Other
expenses
7
b
(77,240)
(121,090)
(298,617)
Depreciation and
amortisation expenses
-
(1,898)
(487)
Finance
Costs
-
(2,450)
-
Impairment of
investment in associate
(3,608,038)
Profit/(Loss)
before income tax
11,907
(201,979)
(4,509,178)
Income tax
expense
8
-
(135)
(3,252)
Net
Profit/(Loss) before associate accounted loss
11,907
(202,114)
(4,512,430)
Share of net
profit/(loss) of associate accounted for using the equity
method
15
-
-
(38,174)
Profit/(Loss)
for the year after tax
11,907
(202,114)
(4,550,604)
Profit/(Loss)
attributable to:
Owners of Mission
NewEnergy Ltd
11,907
(202,114)
(4,550,604)
Non-controlling
interests
-
-
-
11,907
(202,114)
(4,550,604)
CONSOLIDATED
STATEMENT OF PROFIT OR LOSS FOR THE YEAR ENDED 30 JUNE 2019
Contd.
Earnings per share
from continuing operations
attributable to the
ordinary equity holders of the parent:
Basic
earnings/(loss) per share (dollars)
9
0.0003
(0.005
)
(0.11
)
Diluted
earnings/(loss) per share (dollars)
9
0.0003
(0.005
)
(0.11
)
Earnings per share
from profits attributable to the
ordinary equity
holders of the parent:
Basic
earnings/(loss) per share (dollars)
9
0.0003
(0.005
)
(0.11
)
Diluted
earnings/(loss) per share (dollars)
9
0.0003
(0.005
)
(0.11
)
The above
Consolidated Statement of Profit or Loss should be read in
conjunction with the accompanying notes.
CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME
FOR
THE YEAR ENDED 30 JUNE 2019
2019
$
2018
$
2017
$
Profit/(Loss)
for the year
11,907
(202,114)
(4,550,604)
Other
comprehensive income
Items that may be
realised through profit or loss:
Exchange
differences on translating foreign operations
(51)
2,672
(20,146)
Other
comprehensive (loss)/income for the period net of tax
(51)
2,672
(20,146)
Total
comprehensive profit/(loss) for the year
11,856
(199,442)
(4,570,750)
Attributable to
non-controlling equity interests
-
-
-
Attributable
to owners of the parent
11,856
(199,442)
(4,570,750)
Comprehensive
profit/(loss) from Continuing Operations
11,856
(199,442)
(4,570,750)
The above
Consolidated Statement of Comprehensive Income should be read in
conjunction with the accompanying notes.
CONSOLIDATED STATEMENT OF FINANCIAL
POSITION
AS
AT 30 JUNE 2019
Note
2019
2018
$
$
Current
Assets
Cash and cash
equivalents
10
173,343
195,601
Other
assets
6,757
4,078
Total current
assets
180,100
199,679
Non-Current
Assets
Total non-current
assets
-
-
Total
Assets
180,100
199,679
Current
Liabilities
Trade and other
payables
11
19,285
20,720
Short-term
provisions
12
153,885
183,885
Total
current liabilities
173,170
204,605
Net
Assets/(Liabilities)
6,930
(4,926)
Equity
Issued
capital
13
523,197
523,197
Reserves
1,037,274
1,187,325
Accumulated
losses
(1,553,541)
(1,715,448)
Total Equity /
(Deficit)
6,930
(4,926)
The above
Consolidated Statement of Financial Position should be read in
conjunction with the accompanying notes.
CONSOLIDATED STATEMENT OF CHANGES IN
EQUITY
FOR
THE YEAR ENDED 30 JUNE 2019
Ordinary
Share Capital
Retained
Earnings/ (losses)
Share
Based Payments Reserve
Foreign
Currency Translation Reserve
Total
$
$
$
$
$
Balance
as at 30 June 2017
523,197
(1,513,334)
150,000
1,034,653
194,516
Loss after income
tax expense for the year
-
(202,114)
-
-
(202,114)
Other Comprehensive
profit for the period
-
-
-
2,672
2,672
Total
Comprehensive Income/(Loss)
-
(202,114)
-
2,672
(199,442)
Transactions
with owners in their capacity as owners
-
-
-
-
-
Balance
as at 30 June 2018
523,197
(1,715,448)
150,000
1,037,325
(4,926)
Profit after income
tax expense for the year
-
11,907
-
-
11,907
Other Comprehensive
loss for the period
-
-
-
(51)
(51)
Total
Comprehensive Income/(Loss)
-
11,907
-
(51)
11,856
Transactions with owners in their capacity as owners
-
150,000
(150,000)
-
-
Balance
as at 30 June 2019
523,197
(1,553,541)
-
1,037,274
6,930
'The above
consolidated statement of changes in equity should be read in
conjunction with the accompanying notes
CONSOLIDATED STATEMENT OF CASH
FLOWS
FOR
THE YEAR ENDED 30 JUNE 2019
Note
2019
$
2018
$
2017
$
Cash
Flows From Operating Activities
Payments to
suppliers and employees
(180,432)
(191,255)
(983,190)
Interest
received
6
152
1,524
7,718
Income tax
paid
(35)
(128)
(3,252)
Net cash (used in)
operating activities before non-recurring RTO Fee
(180,315)
(189,859)
(978,724)
RTO exclusivity
fees
165,000
-
-
Net cash (used in)
operating activities
14
(15,315)
(189,859)
(978,724)
Cash
Flows From Investing Activities
Retention
released
-
-
1,056,870
Payable associated
with retention released
-
-
(1,056,870)
Net cash provided
from investing activities
-
-
Cash
Flows From Financing Activities
Net cash (used) by
financing activities
-
-
Net
(Decrease) In Cash And Cash Equivalents
(15,315)
(189,859)
(978,724)
Cash and cash
equivalents at beginning of the financial year
195,601
387,840
1,400,538
Effects of exchange
rate fluctuations of cash held in foreign currencies
(6,943)
(2,380)
(33,974)
Cash
And Cash Equivalents At End Of Financial Year
10
173,343
195,601
387,840
The above
Consolidated Statement of Cash Flows should be read in conjunction
with the accompanying notes.
NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS
HOW NUMBERS ARE
CALCULATED
This section
provides additional information about those individual line items
in the financial statements that the Directors consider most
relevant in the context of the operations of the entity,
including:
(a) information and
accounting policies that are relevant for an understanding of the
items recognised in the financial statements. Accounting policies
specific to an item of disclosure are included with that disclosure
in these Financial Statements,
(b) analysis and
sub-totals, including segment information,
(c) information
about estimates and judgements made in relation to particular
items.
1.
Nature of operations and general
information
Mission NewEnergy
Limited is a company domiciled in Australia (ACN: 117 065 719)
and:
●
listed on the ASX
(MBT). Currently the shares on the ASX are in voluntary
suspension;
●
continues to seek
an alternative business opportunity;
●
that has a 20%
interest in an Associate owning a 250,000 tpa (approx. 75 million
gallon p.a.) biodiesel refinery, located in Malaysia. The 20%
interest investment is carried at NIL value as the project has
stalled due to an inability of the biodiesel refinery operating
entity to secure ongoing offtake sales contracts. FGVGE borrowed
money from FGV Capital Sdn Bhd in 2015 as part proceeds to acquire
the refinery. FGV Capital Sdn Bhd have terminated the loan facility
on 24 June 2019, which is now immediately due and
payable
2.
Basis of preparation
Statement
of compliance
The financial
report is a general purpose financial report which has been
prepared in accordance with International Financial Reporting
Standards (IFRS) and interpretations issued by the International
Accounting Standards Board (IASB). Mission NewEnergy Limited is a
for-profit entity for the purpose of preparing the financial
statements.
These accounting
policies have been consistently applied by each entity in the Group
and are consistent with those of the previous year.
Basis
of measurement
The financial
report has been prepared on an accruals basis and is based on
historical costs. All amounts shown are in Australian dollars ($A)
unless otherwise stated.
Significant matters
Going
concern
The
Group incurred a net operating profit for the year ended 30 June
2019 of $11,907 (2018: $202,114 loss) and incurred net cash
outflows from operating activities before non-recurring RTO fee of
$180,315 (2018: $189,859 used). At 30 June 2019 the Group had
net a working capital surplus of $6,930 (2018 : $4,926 deficit). At
31 October 2019 the Group had a cash balance of $93,332 and payable
liabilities of around $9,050 (excluding leave liability of
$153,885, which the employees have agreed not to pay down unless
the Group has sufficient cash resources to pay). The Group
currently has no source of income and the cash balance is not
expected to be exhausted within 12 months based on the 2019/20
forecast profile prepared by management. The Company has been in
trading suspension since 25 November 2016 and will likely be
removed from the official ASX list on 25 November 2019 if a project
or business activity is not in place by this date.
The ability of the Group to continue as a going
concern is dependent on identification and completion of a
suitable
alternate business opportunity.
These conditions
indicate a material uncertainty that cast a significant doubt about
the Group's ability to continue as a going concern and,
therefore, that it may be unable to realise its assets and
discharge its liabilities in the normal course of
business.
Management believe
there are sufficient funds to meet the Group's working
capital requirements as at the date of this report, and that there
are reasonable grounds to believe that the Group will continue as a
going concern as a result of a combination of the following
reasons:
●
the Group has
received confirmation from its employees and Directors that they
have forgone all salary entitlements since 1 December 2016 and will
not call on their annual leave entitlements until the Group has a
clear ability to pay; and
●
management expects
the cash to be able to fund the organisation until a suitable
alternate business opportunity is identified and
completed.
Should the Group
not be able to continue as a going concern, it may be required to
realise its assets and discharge its liabilities other than in the
ordinary course of business, and at amounts that differ from those
stated in the financial statements. The financial report does
not include any adjustment relating to the recoverability and
classification of recorded assets or liabilities that might be
necessary should the entity note continue as a going
concern.
Carrying
value of investment in associate
The Group owns 100%
of M2 Capital Sdn Bhd, a Malaysian subsidiary, which owns a 20%
stake in FGV Green Energy Sdn Bhd (FGVGE), a refinery joint venture
company (see note 15). This project has stalled and the asset is
mothballed. FGVGE borrowed money from FGV Capital Sdn Bhd in 2015
as part proceeds to acquire the refinery. FGV Capital Sdn Bhd have
terminated the loan facility on 24 June 2019, which is now
immediately due and payable. The Board of FGVGE have met and
declared an inability to repay this loan and FGVGE has impaired the
carrying value of the asset during the financial year. Under the
terms of the loan agreement, FGV Capital have full security over
the refinery asset in the event of a default.
MBT and its
subsidiaries have no obligation, financial or otherwise, to meet
any capital shortfall requirements of FGVGE.
The Group's
investment in associate which is fully impaired (2018: fully
impaired), please refer to note 15 and 16 for further
information.
Goods and Services Tax (GST)
Revenues, expenses
and assets are recognised net of the amount of GST, except where
the amount of GST incurred is not recoverable from the Australian
Tax Office. In these circumstances the GST is recognised as part of
the cost of acquisition of the asset or as part of an item of the
expense. Receivables and payables in the statement of financial
position are shown inclusive of GST
Functional
and Presentation currency
The consolidated
financial statements are presented in Australian Dollars. The
functional currencies of the operating units are as
follows:
●
Malaysian
investments (20% investment in Associate) - Malaysian
Ringgit
●
Other –
Australian Dollar.
The Board of
Directors approved this financial report on 4 November
2019.
3.
New, revised or amending Accounting
Standards and Interpretations adopted
The Group has
adopted all of the new, revised or amending Accounting Standards
and Interpretations issued by the IASB that are mandatory for the
current reporting period. The adoption of these Accounting
Standards and Interpretations did not have a material impact on the
financial performance or position of the consolidated
entity.
The changes in
Accounting policies and impact on the financial statements
were:
●
IFRS 9 was adopted
without restating comparative.
●
IFRS 15 had no
impact because the Group had no revenue.
Any new, revised or
amending Accounting Standards or Interpretations that are not yet
mandatory have not been early adopted.
4.
New Accounting Standards and
Interpretations not yet mandatory or early adopted
Australian
Accounting Standards and Interpretations that have recently been
issued or amended but are not yet mandatory, have not been early
adopted by the consolidated entity for period ended 30 June 2019.
The consolidated entity's assessment of the impact of these new or
amended Accounting Standards and Interpretations, most relevant to
the consolidated entity, are set out below.
IFRS16 Leases
IFRS
16 eliminates the operating and finance lease classifications for
lessees currently accounted for under IAS 17 Leases. It instead
requires an entity to bring most leases onto its statement of
financial position in a similar way to how existing finance leases
are treated under IAS 17. An entity will be required to recognise a
lease liability and a right of use asset in its statement of
financial position for most leases.
There
are some optional exemptions for leases with a period of 12 months
or less and for low value leases. The adoption of the leases
standard did not have material impact because the group has no
operating lease agreement in place.
It
is not expected that there will be any material impact on the
financial statements when these amendments are
adopted.
5.
Segment reporting
Segment
Report – 2019
Malaysia
Australia
Total
2019
$
2019
$
2019
$
Revenue
Other
income
-
165,152
165,152
Total
segment revenue
-
-
-
Depreciation and
amortisation
-
-
-
Finance
costs
-
-
-
Impairment of
investment in associate
-
-
-
Other
expenses
(9,890)
(143,355)
(153,245)
Segment result
before tax
(9,890)
21,797
11,907
Income tax
expense
-
Net
profit for the year
11,907
Non-current Segment
assets
-
-
-
Total Segment
assets
10,899
169,201
180,100
Segment
liabilities
(11,335)
(161,835)
(173,170)
Segment
Report – 2018
Malaysia
Australia
Total
2018
$
2018
$
2018
$
Revenue
Interest
received
-
1,524
1,524
Total
segment revenue
-
1,524
1,524
Depreciation and
amortisation
(1,898)
-
(1,898)
Finance
costs
-
(2,450)
(2,450)
Impairment of
investment in associate
-
-
-
Other
expenses
(31,490)
(167,665)
(199,155)
Segment result
before tax
(33,388)
(168,591)
(201,979
Income tax
expense
(135)
-
(135)
Net
(loss) for the year
(202,114)
Non-current Segment
assets
-
-
-
Total Segment
assets
9,844
189,835
199,679
Segment
liabilities
(340)
(204,265)
(204,605)
Accounting Policies: Segment reporting
The Group Chief
Executive Officer is the Chief operating decision maker. The
reportable segments presented are in line with the segmental
information reported during the financial year to the Group Chief
Executive Officer.
Segment revenues
and expenses are those directly attributable to the segments and
include any joint revenue and expenses where a reasonable basis of
allocation exists. Segment assets include all assets used by a
segment and consist principally of cash, receivables, inventories,
intangibles and property, plant and equipment, net of allowances
and accumulated depreciation and amortisation. Segment liabilities
consist principally of payables, employee benefits, accrued
expenses and borrowings. Segment assets and liabilities do not
include deferred income taxes. Segments exclude discontinued
operations.
Intersegment Transfers:
There are no
intersegment transfers.
Business and Geographical Segments:
The
Group had one key business segment, being biodiesel, which is
located in Malaysia.
6.
Other income
2019
$
2018
$
2017
$
Proceeds from RTO
activities
165,000
-
-
Interest
income
152
1,524
7,777
165,152
1,524
7,777
7.
Expenses
2019
$
2018
$
2017
$
7a) Director and
Employee benefits expense
Wages and
Salaries
-
-
450,318
Contribution to
defined contribution plans
-
-
16,902
-
-
467,220
7b) Other
expenses:
-
Audit
fees
27,359
26,816
46,748
Computer
maintenance & consumables
362
-
592
Communication
expenses
5,984
7,976
14,725
Insurance
costs
25,732
58,192
78,004
Legal
fees
4,083
14,787
52,508
Due diligence
costs
-
-
73,145
Other
administrative costs
13,720
13,319
32,895
Total
77,240
121,090
298,617
8.
Income Tax
2019
$
2018
$
2017
$
a. The components
of tax expense comprise
Current
tax
-
(135)
(3,252)
Deferred
tax
-
-
-
-
(135)
(3,252)
b. The prima facie
tax on the profit/(loss) from ordinary activities before income tax
is reconciled to the income tax as follows:
Accounting
profit/(loss) before tax
11,907
(201,979)
(4,509,178)
Prima facie tax
(benefit on profit/(loss) from ordinary activities before income
tax at 27.5%
3,275
(55,544
(1,352,753)
Adjusted
for:
Tax effect
of:
●
losses not brought
to account
-
55,409
1,349,501
●
utilisation of
available tax losses
(3,275)
-
-
-
(135)
(3,252)
Add:
Over provision for
income tax in prior year
-
-
Income tax
attributable to entity
-
(135)
(3,252)
The applicable
weighted average effective current tax rate is as
follows:
0
%
0
%
0
%
Deferred tax assets
on temporary differences and losses are not recognised because it
is not probable that future taxable profit will be available
against which the unused tax losses can be used and may be subject
to continuity of ownership and business test.
At both period ends
the Group has not recognised any current or deferred tax
liabilities or assets.
Deferred tax assets
on losses to a value of $2.9 million (2018: $2.9 million) to date
are not brought to account due to not being probable of being
recovered. In addition, deferred tax assets for deductible
temporary differences of A$2.9 million (2018: A$3.1
million).
Accounting Policy: Income Tax
The charge for
current income tax expense is based on the profit/(loss) for the
year adjusted for any non-assessable or disallowed items. It is
calculated using the tax rates that have been enacted or are
substantially enacted by the reporting date.
Deferred tax is
accounted for using the balance sheet liability method in respect
of temporary differences arising between the tax bases of assets
and liabilities and their carrying amounts in the financial
statements. No deferred income tax will be recognised from the
initial recognition of an asset or liability, excluding a business
combination, where there is no effect on accounting or taxable
profit or loss.
Deferred tax is
calculated at the tax rates that are expected to apply to the
period when the asset is realised or liability is settled. Deferred
tax is credited in the Statement of profit or loss, except where it
relates to items that may be credited directly to equity, in which
case the deferred tax is adjusted directly against
equity.
Deferred income tax
assets are recognised to the extent that it is probable that future
tax profits will be available against which deductible temporary
differences can be utilised.
The amount of
benefits brought to account or which may be realised in the future
is based on the assumption that no adverse change will occur in
income taxation legislation and the anticipation that the Group
will derive sufficient future assessable income to enable the
benefit to be realised and comply with the conditions of
deductibility imposed by the law.
9.
Earnings per share
a. Reconciliation
of earnings to profit or loss
Earnings used in
calculation of both ordinary and dilutive EPS
11,907
(202,114
)
(4,550,604
)
b. Earnings
used in calculation of both ordinary and dilutive EPS for ongoing
operations
11,907
(202,114
)
(4,550,604
)
c. Weighted average
number of ordinary shares outstanding during the year used in
calculating basic EPS
40,870,275
40,870,275
40,870,275
Effect
of:
Weighted average
number of ordinary shares outstanding during the year used in
calculating dilutive EPS
40,870,275
40,870,275
40,870,275
Accounting policy: Earnings per share
Basic earnings per
share are calculated by dividing the profit attributable to owners
of the company, excluding costs of servicing equity other than
ordinary shares, by the weighted average number of ordinary shares
outstanding during the financial year.
Diluted earnings
per share adjusts the figures used in the determination of basic
earnings per share to take into account the after tax effect of
interest and other financing costs associated with the dilutive
potential ordinary shares, and the weighted average number of
additional ordinary shares that would have been outstanding
assuming the conversion of all dilutive potential ordinary
shares.
10.
Cash and cash equivalents
2019
$
2018
$
2017
$
Cash at bank and in
hand
169,795
102,705
147,673
Short-term bank
deposits
3,548
92,896
240,167
173,343
195,601
387,840
See note 17,
Financial Instruments, for information on risk exposures for cash
and cash equivalents.
Accounting policy: Cash and Cash Equivalents
Cash and cash
equivalents include cash on hand, deposits held at call with banks,
other short-term highly liquid investments with original maturities
of 3 months or less.
11.
Trade and Other Payables
CURRENT
2019
$
2018
$
Unsecured
liabilities:
Trade
payables
4,732
9,730
Sundry payables and
accrued expenses
14,553
10,990
19,285
20,720
12.
Provisions
CURRENT
Provision for
leave
153,885
183,885
153,885
183,885
The
group has received confirmation from its employees and Directors
that they will not call on their annual leave entitlements until
the group has a clear ability to pay. During the year the company
settled $30,000 of accrued leave liabilities.
13.
Issued Capital
Fully
paid ordinary shares (Issued and authorised)
2019
Number
2019
$
2018
Number
2018
$
At the beginning of
reporting period
40,870,275
523,197
40,870,275
523,197
Ordinary shares
issued
-
-
-
-
At
reporting date
40,870,275
523,197
40,870,275
523,197
Ordinary shares
participate in dividends and the proceeds on winding up of the
parent entity in proportion to the number of shares held. At
shareholder meetings each ordinary share is entitled to one vote
when a poll is called, otherwise each shareholder has one vote on a
show of hands. There were no warrants, performance rights or
options in existence at reporting date.
Accounting policy: Contributed equity
Ordinary shares are
classified as equity. Incremental costs directly attributable to
the issue of new shares are shown in equity as a deduction, net of
tax, from the proceeds.
14.
Cash Flow Information
Reconciliation
of Cash Flow from Operations with Profit/(Loss) after Income
Tax
2019
$
2018
$
2017
$
Profit/(Loss) after
income tax
11,907
(202,114)
(4,550,604)
Non
cash flows in profit / (loss)
Depreciation of
plant and equipment – continued operations
-
1,898
487
Share of net
loss/(profit) of associate
-
-
38,174
Provision for
employee benefits
(2,826)
Other non cash
adjustments
-
-
4,436
Current
tax liabilities
(35)
-
-
Impairment of
associate
(318)
-
3,608,038
Net
cash (used in) operating activities before change in assets and
liabilities
11,554
(200,216)
(902,295)
Change in assets
and liabilities
Decrease in
receivables
-
-
1,091
(Increase) /
decrease in other assets
(2,557)
6,471
(4,691)
(Increase) in
creditors and accruals
(1,427)
(377)
(87,870)
Decrease in
provisions
(30,000)
-
-
Foreign Currency
Adjustments
7,115
4,263
15,041
(26,869)
10,357
(76,429)
Cash
(used in) operations
(15,315)
(189,859)
(978,724)
There were no
non-cash investing activities during the reported
periods.
Cash flows are
presented in the statement of cash flows on a gross basis, except
for the GST component of investing and financing activities, which
are disclosed as operating cash flows.
GROUP STRUCTURE
This section
provides information which will help users understand how the group
structure affects the financial position and performance of the
group as a whole. In particular, there is information
about:
● changes to
the structure that occurred during the year as a result of business
combinations and the disposal of a discontinued
operation
●
transactions with non-controlling interests and interests in joint
ventures.
A list of
subsidiaries is provided in note 15. This note also discloses
details about the group's equity accounted
investments.
15.
Investments in subsidiaries,
unconsolidated entities and associates
(a)
Subsidiaries
The Group's
subsidiaries at 30 June 2019 are set out below. Unless otherwise
stated, they have share capital consisting solely of ordinary
shares that are held directly by the Group, and the proportion of
ownership interests held equals the voting rights held by the
Group. The country of incorporation or registration is also their
principal place of business.
Percentage
Owned (%)
Ownership
interest held by non-controlling interests
Country
of Incorporation
2019
2018
2019
2018
Principal
activities
A.
Controlled Entities Consolidated
Parent
Entity:
Mission NewEnergy
Limited
Australia
Subsidiaries
of Mission NewEnergy Limited:
Mission Biofuels
Sdn Bhd
Malaysia
100
100
-
-
Administrative
entity
M2 Capital Sdn
Bhd
Malaysia
100
100
-
-
Holds 20% of FGV
Green Energy SB
B.
Associates
Felda Green Energy
Sdn Bhd
Malaysia
20
20
80
80
Biodiesel
refining
Set out below is
the associate of the group as at 30 June 2019. The entity listed
below has share capital consisting solely of ordinary shares, which
are held directly by the group. The country of incorporation or
registration is also their principal place of business, and the
proportion of ownership interest is the same as the proportion of
voting rights held.
Name
of entity
Country
of Incorporation
Percentage
Owned (%)
Nature
of relationship
Measurement
method
Carrying
amount ($)
2019
2018
2019
2018
FGV Green Energy
Sdn Bhd
Malaysia
20
20
Associate
Equity
method
-
-
Summarised
statement of comprehensive income
FGV
Green Energy Sdn Bhd
2019
2018
(Loss) from
operations
(35,914,990)
(194,886)
The Groups share of
(Loss)/profit from operations
-
-
Summarised
statement of financial position
FGV
Green Energy Sdn Bhd
2019
2018
Cash and cash
equivalents
11,374
16,496
Other current
assets
52,490
85,209
Non-current assets
– written to NIL during the financial year
-
37,852,240
Current
liabilities
(24,340,686)
(21,967,251)
Non-current
financial liabilities
-
-
Net
(Liabilities)/Assets
(24,276,822)
15,986,694
Accounting policy: Principles of Consolidation
The consolidated
financial statements comprise the financial statements of Mission
NewEnergy Limited and its subsidiaries, as defined in Accounting
Standard IFRS 127 'Consolidated and Separate Financial
Statements'. These include Mission Biofuels Sdn Bhd and M2
Capital Sdn Bhd. A list of controlled and associate entities with
details of acquisitions and disposals is contained in this note.
All controlled entities have a 30 June financial year-end. The
Associate company has a 31 December year end.
All inter-company
balances and transactions between entities in the Consolidated
Group, including any unrealised profits or losses, have been
eliminated on consolidation. Accounting policies of subsidiaries
have been changed where necessary to ensure consistency with the
policies applied by the parent entity.
Where controlled
entities have entered or left the Consolidated Group during the
year, their operating results have been included/excluded from the
date control was obtained or until the date control
ceased.
Non-controlling
interests in the equity and results of the entities that are
controlled are shown as a separate item in the consolidated
financial report.
Foreign Currency Transactions and Balances
Functional and
presentation currency
The functional
currency of each of the Group's entities is measured using
the currency of the primary economic environment in which that
entity operates. The consolidated financial statements are
presented in Australian dollars which is the parent entity's
functional and presentation currency.
Transaction and
balances
Foreign currency
transactions are translated into functional currency using the
exchange rates prevailing at the date of the transaction. Foreign
currency monetary items are translated at the year-end exchange
rate. Non-monetary items measured at historical cost continue to be
carried at the exchange rate at the date of the transaction.
Non-monetary items measured at fair value are reported at the
exchange rate at the date when fair values were
determined.
Exchange
differences arising on the translation of monetary items are
recognised in the Statement of profit or loss, except where
deferred in equity as a qualifying cash flow or net investment
hedge.
Exchange
differences arising on the translation of non-monetary items are
recognised directly in equity to the extent that the gain or loss
is directly recognised in equity, otherwise the exchange difference
is recognised in the Statement of Profit or Loss.
Group
companies
The financial
results and position of foreign operations whose functional
currency is different from the Group's presentation currency
are translated as follows:
●
assets and
liabilities are translated at year-end exchange rates prevailing at
that reporting date;
●
income and expenses
are translated at average exchange rates for the period where this
is not materially different from the rate at the date of the
transaction; and
●
retained earnings
are translated at the exchange rates prevailing at the date of the
transaction.
Exchange
differences arising on translation of foreign operations are
transferred directly to the Group's foreign currency
translation reserve in the statement of financial position. These
differences are recognised in the Statement of Profit or Loss in
the period in which the operation is disposed.
RISK
This section of the
notes discusses the groups exposure to various risks and shows how
these could affect the Groups financial position and
performance.
16.
Critical Accounting Estimates and
Judgments
The preparation of
annual financial reports requires the Board to make judgements,
estimates and assumptions that affect the application of accounting
policies and the reported amounts of assets and liabilities, income
and expenses. The Board evaluates estimates and judgments
incorporated into the financial report based on historical
knowledge and best available current information. Estimates assume
a reasonable expectation of future events and are based on current
trends and economic data, obtained both externally and within the
Group. Actual results may differ from these estimates.
Except as described
below, in preparing this consolidated financial report, the
significant judgements made by management in applying the
Group's accounting policies and the key sources of estimation
uncertainty were the same as those that were applied to the
consolidated financial report as at end for the year ended 30 June
2019. During the twelve months ended 30 June 2019 management
reviewed its estimates in respect of:
Impairment
of assets
The Group
assesses impairment of assets at each reporting date by evaluating
conditions specific to the Group that may lead to impairment. Where
an impairment trigger exists, the recoverable amount of the asset
is determined.
Investments
in subsidiaries
Investments held by
the parent entity, Mission NewEnergy Limited, are reviewed for
impairment if there is any indication that the carrying amount may
not be recoverable. The recoverable amount is assessed by reference
to the higher of 'value in use' (being the net present
value of expected future cash flows of the relevant cash generating
unit) and 'fair value less costs to sell'.
In line with
the impairment of the carrying value of assets in the subsidiaries,
the parent entity has impaired the value of all subsidiaries to
zero. This accounting adjustment has no impact on the cash flows or
the Consolidated Financial Statements of the Group. Refer to note
24: Parent Information for further details.
Investments
in associates/Non-Current Assets held for sale
The Group owns 100%
of M2 Capital Sdn Bhd, a Malaysian subsidiary, which owns a 20%
stake in FGV Green Energy Sdn Bhd (FGVGE), a refinery joint venture
company. Investments in associates held by the parent entity,
Mission NewEnergy Limited, are reviewed for impairment if there is
any indication that the carrying amount may not be
recoverable.
In
assessing the carrying value of the investment, the following
factors were considered by the Directors:
o
Mission
does not hold a refining asset, however it holds a 20% share in the
refining JV,
o
This
refining JV is not a listed publicly traded entity with a readily
determinable share price, nor is there a ready market to sell the
20% holding,
o
Mission
does not have the voting or management rights to force any actions
on the JV company, (be that to commence refurbishment, sell the
asset as a going concern or for sell for scrap value),
o
Should
the JV company require further equity funding to undertake the
refurbishment the group has insufficient current cash proceeds to
protect its equity position and hence our shareholding position
would likely be diluted,
o
FGVGE
borrowed money from FGV Capital Sdn Bhd in 2015 as part proceeds to
acquire the refinery. FGV Capital Sdn Bhd have terminated the loan
facility on 24 June 2019, which is now immediately due and payable.
The Board of FGVGE have met and declared an inability to repay this
loan. Under the terms of the loan agreement, FGV Capital have full
security over the refinery asset in the event of a default. MBT and
its subsidiaries have no obligation, financial or otherwise, to
meet any capital shortfall requirements of FGVGE.
Accordingly
the Directors deemed it prudent to impair the carrying value of the
investment to NIL in a prior financial year. Should the Group sell
the refinery an impairment reversal is expected to be recognised in
the financial records of the Group. As the project remains stalled
and mothballed at 30 June 2019, the carrying value is retained at
NIL.
2019
2018
$
$
Impairment of
investment in associate
-
-
-
-
17.
Financial Instruments and Financial
Risk Management
Financial Risk
Management
The Group has a
financial risk management policy in place and the financial risks
are overseen by the Board. The Group's financial instruments
consist mainly of deposits with banks, other financial assets and
accounts payable.
The principal risks
the Group is exposed to through its financial instruments are
interest rate risk, foreign currency risk, liquidity risk and
credit risk.
The Group does not
have any financial assets carried at fair value therefore no
further disclosure in relation to the fair value hierarchy is
presented. In addition the group does not have any financial
instruments that are subject to recurring or non-recurring fair
value measurements.
As at 30 June 2019
and 30 June 2018 the group held the following financial
instruments:
2019
$
2018
$
Financial
assets
Cash and cash
equivalents*
173,343
195,601
Financial
liabilities
Trade and other
payables
19,285
20,720
* Under
the category of the financial instrument standard the cash and cash
equivalent is classified as loans and receivable under IAS 39 in
2018 and is classified as a financial asset at amortised cost in
2019 under IFRS 9.
The fair value of
cash and cash equivalents, trade and other payables are short-term
instruments in nature whose carrying value is equivalent to fair
value.
Interest rate risk
There is no
interest rate risk given there are no material deposits held at a
floating rate.
Foreign
currency risk
The Group holds its
20% share of the refinery through a number of international
subsidiaries and is thus exposed to fluctuations in foreign
currencies, arising from the foreign currencies held in its bank
accounts, and the translation of results from the international
subsidiaries. The foreign exchange exposures are primarily to the
Malaysian Ringgit and the US dollar.
Foreign currency
risks arising from commitments in foreign currencies are managed by
holding cash in that currency. Foreign currency translation risk is
not hedged, with translation differences being reflected in the
foreign currency translation reserve.
Group sensitivity
At 30 June 2019, if
foreign currencies had changed by -/+ 10%, with all other variables
held constant, the following financial impacts would have been
recorded by the Group;
Effect on
cash and cash equivalent – A$5,748 lower / A$7,026 higher
(2018: A$11,238 lower / A$9,194 higher)
Profit or Loss
would have been – A$5,748 lower / A$7,026 higher (2018:
A$11,238 lower / A$9,194 higher)
Hedging
of Foreign Currency Risk
At financial report
date the Group had no forward exchange contracts in
place.
Credit
risk
The following
table sets out the credit quality of financial assets:
2019
$
2018
$
Cash and Cash
Equivalents
Counterparties with external credit rating (Standard and
Poors)
A-1+
(Australian)
166,644
189,836
P-2
(Malaysia)
6,699
5,765
173,343
195,601
Commodity
Risk
As there was no inventory held as at 30 June 2019,
the Group has no direct exposure to
market prices of input
costs into the production of biodiesel.
Liquidity
risk
Weighted
Average Interest Rate
2019
2018
2019
2018
$
$
%
%
Financial Assets:
Cash
and cash equivalents
173,343
195,601
1.26
%
1.02
173,343
195,601
Financial
Liabilities:
Current
liabilities
173,170
204,605
The Group manages
liquidity risk by monitoring forecast cash flows and ensuring that
adequate cash is maintained to meet known liabilities. The Group
has no current source of income and has negotiated with key
management personnel to not take salaries or Directors
fees.
Accounting policy: Financial Instruments
Recognition
Financial
instruments are initially measured at fair value on trade date,
which includes transaction costs (except where the instrument is
classified as 'fair value through profit or loss' in
which case transaction costs are expensed to profit or loss
immediately), when the related contractual rights or obligations
exist. Subsequent to initial recognition these instruments are
measured as set out below.
18.
Capital Management
Management controls
the capital of the Group in order to maintain an appropriate debt
to equity ratio, provide the shareholders with adequate returns and
ensure that the Group can fund its operations and continue as a
going concern. Due to the stage that the business is in,
managements approach would be to fund the business with equity
where required. Management reviews historic and forecast cash flows
on a regular basis in order to determine funding
needs.
The Group has no
debt and capital includes ordinary share capital, supported by
financial assets.
UNRECOGNISED ITEMS
This section of the
notes provides information about items that are not recognised in
the financial statements as they do not (yet) satisfy the
recognition criteria.
19.
Capital and Leasing
Commitments
The group has no
operating lease or capital expenditure commitments.
20.
Contingent Liabilities and Contingent
Assets
The Group is not
aware of any contingent liabilities or contingent assets as at 30
June 2019
.
21.
Events occurring after the reporting
period
There have been no
significant subsequent events up until the date of signing this
Financial Report.
OTHER INFORMATION
This section of the
notes includes other information that must be disclosed to comply
with the accounting standards and other pronouncements, but that is
not immediately related to individual line items in the financial
statements.
22.
Remuneration of Auditors
2019
$
2018
$
Audit
services
Remuneration of the
auditor of the parent entity for:
●
auditing or
reviewing the financial reports – BDO Audit (WA) Pty
Ltd
27,359
26,816
23.
Related Parties
During the period a
subsidiary in the Group leased a portion of office space from a
company owned by the Chief Executive Officer at a cost of around
A$650 per month. The lease is on a month to month
basis.
There were no other
transactions with related parties during the period other than with
subsidiaries which were 100% wholly owned.
Key management
personnel compensation
2019
$
2018
$
Short-term employee
benefits
-
-
Post-employment
benefits
-
-
-
-
Detailed
remuneration disclosures are provided in the remuneration report on
pages 5 to 11. During the financial year, the Company settled
$30,000 of accrued leave liabilities owing to the three
Directors.
24.
Parent entity information
2019
2018
Information
relating to Mission NewEnergy Limited:
$
Current
assets
169,201
189,835
Non-current
assets
-
-
Total
assets
169,201
189,835
Current
liabilities
(161,835
)
(204,265
)
Total
liabilities
(161,835
)
(204,265
)
Net asset surplus /
(deficit)
7,366
(14,430
)
Issued
capital
418,635
418,635
Opening Retained
(Loss)
(433,065
)
(410,755
)
Share based
payments reserve
-
150,000
Total
shareholders' equity (surplus)/deficit
(14,430
)
157,880
Profit/(Loss) of
the parent entity during the year
21,796
(172,310
)
Total
shareholders' equity deficit/(surplus)
7,366
(14,430
)
2019
$
2018
$
Details of any
contingent liabilities of the parent entity
-
-
Details of any
contractual commitments by the parent entity for the acquisition of
property, plant or equipment.
-
-
The parent entity
is not aware of any other contingent liabilities or contingent
assets as at 30 June 2019
.
25.
Company Details
The registered
office of the company is: Mission NewEnergy Limited, Unit B9, 431
Roberts Road, Subiaco, WA 6008, Australia.
The
principal places of business are:
Australia
Mission NewEnergy Limited
Head Office
Unit B9, 431 Roberts Rd, Subiaco, Western Australia, 6008,
Australia.
Malaysia
Mission
Biofuels Sdn Bhd
M2
Capital Sdn Bhd
No 5E Nadayu 28
Dagang
Jalan PJS
11/7
Bandar
Sunway
47500 Subang
Jaya
Selangor,
Malaysia
26.
Authorisation of financial
statements
The consolidated
financial statements for the year ended 30 June 2019 (including
comparatives) were approved by the Board of Directors on 4 November
2019.
Dato'
Nathan Mahalingam
Director