ARDEA RESOURCES LIMITED — Capital/Financing Update 2020

Sep 23, 2020

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ABN: 30 614 289 342 Registered and Business Office Suite 2, 45 Ord Street West Perth WA 6005 Australia Tel: +61 8 6244 5136 Email: ardea@ardearesources.com.au

24 September 2020

SHARE PURCHASE PLAN

Dear Shareholder

Ardea Resources Limited - Share Purchase Plan

On behalf of the Board of Ardea Resources Limited (ACN 614 289 342) ( Company ), I am pleased to offer you the opportunity to subscribe for fully paid ordinary shares in the Company ( Shares ) under a Share Purchase Plan ( SPP ).

The Company is offering eligible shareholders the opportunity to apply under the SPP for up to a maximum of $30,000 worth of Shares at an issue price of $0.47 per Share ( Issue Price ). Shareholders will be eligible to participate in the SPP if they have a registered address in Australia or New Zealand as at 5.00pm (AWST) on 17 September 2020.

The Issue Price is equal to the price at which the Company undertook its placement to institutional, sophisticated and professional investors announced on 18 September 2020, with the SPP to raise up to $2,500,000 (before costs). The Issue Price represents a 9.3% discount to the volume weighted average market price of Shares over the last five days on which sales of Shares were recorded on the Australian Securities Exchange ( ASX ) immediately prior to the SPP being announced.

Funds raised under the SPP will be used to progress Ardea’s gold exploration and appraisal program, including further drilling, metallurgical testing, geological studies and for general working capital.

Applications for new Shares under the SPP can be made electronically by Australian Shareholders using the BPay® details on the enclosed Application Form. The offer of Shares under the SPP is made in accordance with ASIC Corporations (Share and Interest Purchase Plans) Instrument 2019/547 ( ASIC Instrument 2019/547 ) and therefore does not require a prospectus for the purposes of Chapter 6D of the Corporations Act.

An electronic copy of the SPP terms and conditions, along with information with respect to applying for Shares in the Offer is also accessible at https://investor.automic.com.au/#/home

Important Information

The SPP is governed by the enclosed terms and conditions. The Board urges you to read these terms and conditions carefully and in their entirety, together with announcements made by the Company to ASX, before deciding whether to participate in the SPP.

If you are uncertain whether Shares are a suitable investment for you, you should consult your financial or other professional adviser. The Board recommends that you obtain your own financial advice in relation to the SPP and consider price movements of Shares in the Company prior to electing to participate in the SPP.

Enquiries

If you have any enquiries in relation to your Application Form or the SPP, please call the Company Secretary on +61 (08) 6244 5136.

Applications must be received electronically at the Company’s share registry by no later than at 5.00pm (AWST) on 6 October 2020.

Yours faithfully

Mat Longworth Non-Executive Chair

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Not for release to US wire services or distribution in the United States

Ardea Resources Limited (ACN 614 289 342)

Share Purchase Plan Terms and Conditions

These terms and conditions are the terms and conditions of Ardea Resources Limited (ACN 614 289 342) ( Company ) 2020 Share Purchase Plan ( Offer ) and are binding on any shareholder providing a completed Share Purchase Plan Application Form to the Company.

1. Offer

The Offer is an invitation to apply for fully paid ordinary shares in the Company ( Shares ) up to a maximum subscription of $30,000 at an issue price of $0.47 per Share ( New Shares ) ( Offer ).

The Offer to each eligible shareholder is made on the same terms and conditions.

The Offer is non-renounceable.

2. Eligibility

You are only eligible to apply for New Shares ( Eligible Shareholder ) if:

• (a) your registered address in the Company’s register of members is in Australia or New Zealand and you are not in the United States or acting for the account or benefit of a person in the United States; and

• (b) you were registered as a holder of Shares as at 5.00pm AWST on 17 September 2020.

3. Issue Price

The issue price for each New Share under the Offer is $0.47 per Share.

In accordance with the requirements of ASIC Instrument 2019/547, the Company notes that:

• (a) On the last trading day immediately prior to the announcement date of the Offer, the closing price of the Shares traded on the ASX was $0.535 per Share. The Issue Price is a 12.1% discount to that closing price.

• (b) The market price of Shares in the Company may rise and fall between the date of the Offer and the date that any Shares are issued to you as a result of your application under this Offer.

• (c) By making an application under this Offer, each Eligible Shareholder will be acknowledging that although the issue price is at a discount, Shares are a speculative investment and the price of Shares on ASX may change between the date of the

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Company announcing the Offer and the date of issue of Shares under the Offer and that the value of the Shares received under the Offer may rise or fall accordingly.

• (d) The issue price is less than the market price of Shares during a 'specified period' in the 30 days before the date of the Offer (such specified period being the 5 days in which trading in Shares occurred before the date of announcement of the Offer, being 18 September 2020).

In accordance with ASX Listing Rule 7.2 Exception 5, the Issue Price is equal to or greater than 80% of the volume weighted average price for the 5 days in which trading in the Shares occurred before the date of the announcement of the Offer.

The Board recommends that you obtain your own financial and taxation advice in relation to the Offer and consider price movements of Shares in the Company prior to making an application under this Offer.

4. Number of New Shares

4.1 Application amount

If you are an Eligible Shareholder, you can apply for up to a maximum of $30,000 worth of New Shares. Eligible Shareholders can select one of the following alternatives:

Offer	Value	Number of Shares
A	$2,000	4,255
B	$5,000	10,638
C	$10,000	21,276
D	$20,000	42,553
E	$30,000	63,829

4.2 $30,000 maximum

The total costs of New Shares purchased by each Eligible Shareholder (including through joint holding/s, multiple share accounts or any holding in which they have a beneficial interest/s) must not exceed A$30,000.

The Company reserves the right to issue to an Eligible Shareholder fewer New Shares than the number applied for, for whatever reason, including to avoid the possible subscription of over A$30,000 worth of New Shares by a Shareholder through multiple applications or joint holdings.

No fractions of New Shares will be issued.

4.3 Maximum number of New Shares to be issued

• (a) ASX Listing Rules limitation : In accordance with ASX Listing Rule 7.2 Exception 5, the total number of New Shares under the Offer must not exceed 30% of the number of Shares currently on issue.

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• (b) Limitation : The maximum amount raised under the Offer will be capped at $2,500,000. The Company will not accept oversubscriptions.

• (c) Board discretion : The Board reserves its right to reject any applications in whole or in part. Subject to clause 4.3(b), the Board reserves absolute discretion regarding the final amount raised under the Offer (subject to the requirements of ASIC Corporations (Share and Interest Purchase Plans) Instrument 2019/547 and the ASX Listing Rules). If there is a rejection, your application monies may be greater than the value of New Shares issued to you under the Offer, in which case the excess application monies will be refunded to you, without interest.

5. Participation costs

You must pay the issue price per New Share and any fees or charges incurred by you in completing the Application Form, for example, bank fees or fees of professional advisors. No commission is payable by the Company on the issue of the New Shares and no brokerage applies.

6. Rights Attaching

The rights and obligations of the New Shares are contained in the Constitution of the Company (which is available for inspection at the registered office of the Company during the period of the Offer). The New Shares will be issued on the same terms as all other ordinary shares in the Company and the Company will apply for the New Shares to be quoted on ASX. If the New Shares are not quoted on ASX, the New Shares will not be issued and funds will be refunded.

7. Allotment of New Shares

Subject to these terms and conditions, the New Shares will be allotted as soon as possible after the Offer closing date. The Company will send or cause to be sent to you a holding statement in due course.

8. Payment for New Shares

All amounts in this Offer are expressed in Australian dollars. If you are:

• (a) an Australian shareholder, you must pay for the New Shares by BPay® following the instructions on the Application Form; or

• (b) a New Zealand shareholder that is unable to pay by BPay®, please contact the Share Registry on +61 2 9698 5414 at any time from 8.30am to 5.00pm (AEST time) Monday to Friday during the Offer period, for alternative electronic funds transfer payment arrangements for the number of New Shares you wish to apply for.

If you do not provide the exact amount, the Company reserves the right to issue you a lesser number of New Shares and (if necessary) return a portion of your funds. No interest will be paid on money returned.

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1. Risk

New Shares are a speculative investment and the market price may change between the dates you apply for New Shares and the issue of New Shares to you. Accordingly, the value of New Shares applied for may rise or fall.

This Offer is not a prospectus and does not require the types of disclosures required under the Corporations Act. You must rely on your own knowledge of the Company, previous disclosures made by the Company to ASX, and, if necessary, consult your professional advisor when deciding whether or not to participate in the Offer.

10. Privacy

By receiving completed Application Forms, the Company collects personal information about shareholders. The Company will use this information for the purposes of processing the Application Form and updating the records of the Company. Unless required by the law, the Company will not disclose the personal information for another purpose without the consent of the shareholder. Except as stated by the law, shareholders are able to access, upon request, their personal information held by the Company. For further information about how we manage your personal information or if you wish to obtain a copy of the Company’s Privacy policy, please contact us.

11. Use of Funds

The Board presently intends that the funds raised from the Offer will be applied towards:

• (a) progress Ardea’s gold exploration and appraisal program, including further drilling, metallurgical testing and geological studies; and

• (b) general working capital (including corporate and administration costs).

As with any intended budget or use of funds, this is a statement of current intentions as at the date of this Offer. Intervening events and new circumstances have the potential to affect the manner in which the funds are ultimately applied. The Board reserves the right to alter the way the funds are applied on this basis.

12. Important Dates

The important dates in relation to this Offer are summarised below.

Event	Date
Record Date (5pm AWST)	17 September 2020
Announcement of SPP	18 September 2020
Dispatch of Offer Document and Application Form Lodge SPP cleansing notice with ASX	24 September 2020

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Event	Date
Offer opening date
Offer closing date (5pm AWST)	6 October 2020
Announcement of results	9 October 2020
Issue of New Shares	12 October 2020

These above dates are indicative only. The Company may vary the dates and times of the Offer by lodging a revised notice with ASX.

New Shares issued under the Offer will be issued as soon as practicable after the Offer closing date. Application for quotation on ASX of the New Shares will be made immediately following the issue of those Shares.

13. Joint Holders

If you are a joint holder of existing Shares, you are taken to be a single registered holder of existing Shares for the purposes of determining whether you are an Eligible Shareholder and joint holders are entitled to participate in the Offer in respect of that single holding only. If as joint holders, you receive more than one offer under the Offer due to multiple identical holdings, you may still only contribute a maximum of $30,000 in applying for New Shares.

14. Custodians

If you are an Eligible Shareholder and hold Shares as a custodian (as defined in ASIC Corporations (Share and Interest Purchase Plans) Instrument 2019/547 (refer below) ( Custodian ) or in any more specific ASIC relief granted to the Company in relation to the Offer), you may apply for up to A$30,000 worth of new Shares for each beneficiary for whom you act as custodian provided you complete and submit, together with an Application Form, a certificate ( Custodian Certificate ) with the following information:

• (a) that you held Shares on behalf of:

• (i) one or more other persons that are not custodians; and/or

• (ii) another custodian ( Downstream Custodian ) that holds beneficial interests in Shares on behalf of one or more other persons to which those beneficial interests relate,

(each a Participating Beneficiary ) at the Record Date who have subsequently instructed you, and/or the Downstream Custodian, to apply for Shares under the Offer on their behalf;

• (b) the number of Participating Beneficiaries and their names and addresses;

• (c) the number of Shares that you hold on behalf of each Participating Beneficiary;

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• (d) the number or dollar amount of Shares that each Participating Beneficiary has instructed you, either directly or indirectly through a Downstream Custodian, to apply for on their behalf;

• (e) that the Issue Price for Shares applied under the Offer for each Participating Beneficiary for whom you act in addition to the application price for any other Shares issued to you as custodian (as a result of instruction given to you as Custodian or a Downstream Custodian) for that Participating Beneficiary under any arrangement similar to the Offer in the prior 12 months does not exceed A$30,000;

• (f) that a copy of the written offer document was given to each Participating Beneficiary; and

• (g) where you hold Shares on behalf of a Participating Beneficiary indirectly, through one or more Downstream Custodians, the name and address of each Downstream Custodian.

For the purposes of ASIC Instrument 2019/547 you are a ‘Custodian’ if you provide a custodial or depository service in relation to shares of a body or interests in a registered scheme and who:

• (a) holds an Australian financial services licence covering the provision of a custodial or depository service;

• (b) is exempt from the requirement to hold an Australian financial services licence covering the provision of a custodial or depository service;

• (c) holds an Australian financial services licence covering the operation an IDPS or is a responsible entity of an IDPS-like scheme;

• (d) is a trustee of a self-managed superannuation fund or a superannuation master trust; or

• (e) is a registered holder of shares or interests in the class and is noted on the register of members of the body or scheme as holding the shares or interests on account of another person.

If you hold Shares as a trustee or nominee for another person or persons but are not a Custodian as defined above, you cannot participate for beneficiaries in the manner described above. In this case, the rules for multiple single holdings (see paragraph 4.2 above) apply.

Custodians should request a Custodian Certificate when making an application on behalf of Participating Beneficiaries. To request a Custodian Certificate and if you would like further information on how to apply, you should contact the Company’s Share Registry on 1300 288 664 at any time from 8.30am to 5.00pm (AWST time) Monday to Friday during the Offer period.

Custodians may not participate in the SPP on behalf of, and may not distribute this Booklet or any other document relating to the SPP to, any person in the United States or elsewhere outside Australia and New Zealand.

The Company reserves the right to reject any application for Shares to the extent it considers that the application (whether alone or in conjunction with other applications) does not comply with these requirements. The Company reserves the right to reject applications in accordance with these Terms and Conditions.

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1. Foreign offering restrictions

15.1 Distribution

This document does not constitute an offer of Shares in any jurisdiction in which it would be unlawful, and has been prepared for distribution in Australia and New Zealand only and may not be released or distributed elsewhere.

15.2 New Zealand

The New Shares are not being offered or sold to the public within New Zealand other than to existing shareholders of the Company with registered addresses in New Zealand to whom the offer of New Shares is being made in reliance on the Financial Markets Conduct Act 2013 and the Financial Markets Conduct (Incidental Offers) Exemption Notice 2016 . This document has not been registered, filed with or approved by any New Zealand regulatory authority. This document is not a product disclosure statement under New Zealand law and is not required to, and may not, contain all the information that a product disclosure statement under New Zealand law is required to contain.

16. Underwriting

The Offer is not underwritten.

17. No Financial Advice

This document does not provide financial advice and has been prepared without taking account of any person’s investment objectives, financial situation or particular needs. You should consider the appropriateness of participating in the Offer having regard to your investment objectives, financial situation or particular needs. Shareholders should seek independent financial and taxation advice before making any investment decision in relation to these matters.

18. Acknowledgement

By making a payment via BPay® or for New Zealand shareholders via alternative electronic funds transfer, you:

• (a) irrevocably and unconditionally agree to the terms and conditions of the Offer and the terms and conditions of the Application Form and agree not to do any act or thing that would be contrary to the spirit, intention or purpose of the Offer;

• (b) warrant that all details and statements in your application are true and complete and not misleading;

• (c) agree that your application will be irrevocable and unconditional (that is, it cannot be withdrawn even if the market price of the Shares is less than the Issue Price);

• (d) warrant that you are an Eligible Shareholder and are eligible to participate in the Offer;

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• (e) acknowledge that no interest will be paid on any application monies held pending the issue of Shares under the Offer or subsequently refunded to you for any reason;

• (f) acknowledge that the Company and its officers and agents, are not liable for any consequences of the exercise or non-exercise of its discretions referred to in these terms and conditions;

• (g) if you are applying on your own behalf (and not as a Custodian), acknowledge and agree that:

• (i) you are not applying for Shares with an application price of more than $30,000 under the Offer (including by instructing a Custodian to acquire Shares on your behalf under the Offer); and

• (ii) the total of the application price for the following does not exceed $30,000:

  • (A) the Shares the subject of the application;

  • (B) any other Shares issued to you under the Offer or any similar arrangement in the 12 months before the application (excluding Shares applied for but not issued);

  • (C) any other Shares which you have instructed a Custodian to acquire on your behalf under the Offer; and

  • (D) any other Shares issued to a Custodian in the 12 months before the application as a result of an instruction given by you to the Custodian to apply for Shares on your behalf under an arrangement similar to the Offer;

• (h) if you are a Custodian and are applying on behalf of a Participating Beneficiary on whose behalf you hold Shares, acknowledge and agree that:

• (i) you are a Custodian (defined above);

• (ii) you hold Shares (directly or indirectly) on behalf of one or more Participating Beneficiaries;

• (iii) you held Shares on behalf of the Participating Beneficiary as at the Record Date who has instructed you to apply for Shares on their behalf under the Offer;

• (iv) each Participating Beneficiary on whose behalf you are applying for Shares has been given a copy of this document;

• (v) the application price for the Shares applied for on behalf of the Participating Beneficiary, and any other Shares applied for on their behalf under a similar arrangement in the previous 12 months (excluding shares applied for but not issued), does not exceed $30,000; and

• (vi) the information in the Custodian Certificate submitted with your Application Form is true, correct and not misleading;

• (i) agree to be bound by the constitution of the Company (as amended from time to time);

• (j) acknowledge that none of the Company, its advisers or agents, has provided you with any financial product or investment advice or taxation advice in relation to the Offer, or has any obligation to provide such advice;

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• (k) authorise the Company, and its officers and agents, to correct minor or easily rectified errors in, or omissions from, your Application Form and to complete the Application Form by the insertion of any missing minor detail;

• (l) represent that you are not in the United States nor subscribing for Shares for the account or benefit of a person in the United States;

• (m) acknowledge that the Shares have not been, and will not be, registered under the US Securities Act or the securities laws of any state or other jurisdiction of the United States and, accordingly, the Shares may not be offered or sold in the United States except in transactions exempt from, or not subject to, the registration requirements of the US Securities Act and any other applicable securities laws;

• (n) acknowledge that the Shares will only be offered and sold outside the United States in "offshore transactions" (as defined in and in reliance on Regulation S under the US Securities Act);

• (o) if in the future you decide to sell or otherwise transfer the Shares, you will do so in a regular way on ASX where neither you nor any person acting on your behalf know, or have reason to know, that the sale has been pre-arranged with, or that the purchaser is, a person in the United States; and

• (p) have not distributed this document or any other documents relating to the Offer to, any person in the United States or elsewhere outside Australia and New Zealand. Failure to comply with these restrictions may result in violations of applicable securities laws.

Failure to comply with these restrictions may result in violations of applicable securities laws.

19. Additional provisions

19.1 Amendments

The Company may amend the terms of the Offer at any time. Any material amendments will be announced to the ASX.

19.2 Termination

The Company may terminate or otherwise withdraw the Offer at any time. Any termination or withdrawal will be announced to the ASX, and any application monies received will be refunded without interest.

19.3 Interpretation

The Company may act or omit to act in relation to the Offer (including applying the terms of the Offer) in its absolute discretion. The Company may settle any difficulty of question of fact or interpretation in relation to the Offer in any matter it thinks fit, whether generally or in relation to any participant, application or Share. The Company's decision will be conclusive and binding. The Company reserves the right to waive strict compliance with the terms of the Offer. The Board or any delegate may exercise the powers of the Company under the terms of the Offer.

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Ardea Resources Limited | ACN 614 289 342

[EntityRegistrationDetailsLine1Envelope] [EntityRegistrationDetailsLine2Envelope] [EntityRegistrationDetailsLine3Envelope] [EntityRegistrationDetailsLine4Envelope] [EntityRegistrationDetailsLine5Envelope] [EntityRegistrationDetailsLine6Envelope]

All Registry Communication to:

GPO Box 5193, Sydney NSW 2001 1300 288 664 (within Australia) +61 2 9698 5414 (international) corporate.actions@automicgroup.com.au www.automicgroup.com.au

SRN/HIN: [HolderNumberMasked] ASX Code: ARL Record Date: 5.00pm (AWST) on 17 September 2020

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SHARE PURCHASE PLAN APPLICATION FORM Offer Closes at 5.00pm (AWST) on 6 October 2020

1: SUBSCRIPTION

Ardea Resources Limited (ASX: ARL) ( Company ) is offering you the opportunity to purchase up to A$30,000 of fully paid ordinary shares ( New Shares ) in the Company (subject to any discretionary scale back or oversubscriptions) by way of a Share Purchase Plan ( SPP ) to raise up to $2,500,000 before costs ( Offer ). The price per Share under the SPP being offered is A$0.47 per New Share. Other than as defined in this Application Form, capitalised terms have the same meaning as defined in the Offer Document.

You may subscribe for any one of the following parcels ( subject to a maximum band or any scale back ) described below by paying the applicable Subscription Amount in accordance with the payment instructions in section 2 of this Application Form:

	Parcel	Subscription amount	Number of Shares
Minimum	A	$2,000	4,255
	B	$5,000	10,638
	C	$10,000	21,276
	D	$20,000	42,553
Maximum	E	$30,000	63,829

2: PAYMENT: You can pay either by BPAY® or EFT

Option A – BPAY®	Option A – BPAY®	Option B – Electronic Funds Transfer (EFT)
	Biller Code: TBC	The unique payment reference number which has been assigned to your
		Application is: ARL [HolderId]
	Ref No:[BPayCRN]	Funds are to be deposited in AUD currency directly to following bank account: Account name: Automic Pty Ltd
		Account BSB: TBC
		Account number:TBC
Contact your financial institution to make your payment from your cheque or savings account. Note:You do not need to return this form if you have made payment via BPAY®. Your BPAY® reference number will process your payment for your application for Shares electronically.		Swift Code: WPACAU2S IMPORTANT: You must quote your unique reference number as your payment reference/ description when processing your EFT payment. Failure to do so may result in your funds not being allocated to your application and Shares subsequently not issued. Note:You do not need to return this form if you have made payment via EFT. Your unique reference number will process your payment for your application for Shares electronically.

The Company encourages participants in the SPP Offer to apply for the Shares by BPAY® or EFT as a matter of public safety, to avoid the handling of paper Application Forms and to overcome potential mail delays in light of the ongoing COVID-19 pandemic. Cheques and cash will not be accepted as a form of payment.

INSTRUCTIONS FOR COMPLETION OF THIS FORM

HOW TO APPLY FOR SHARES UNDER THE SPP

1 Subscription

As an Eligible Shareholder, you are entitled to contribute amounts as set out overleaf regardless of the number of Shares you currently hold. These amounts may be subject to scale back (in the Directors' absolute discretion).

2 Payment

Make a payment for the amount you wish to apply for. You can only make a payment via:

• (a) BPAY® if you are the holder of an account with an Australian financial institution that supports BPAY® transactions; or

• (b) EFT if you are a holder of an account that supports EFT transactions to an Australian bank account.

Please note that should you choose to pay by BPAY® or EFT:

• (c) you must quote your reference number quoted on the front of this Form; and

• (d) you do not need to submit the Share Purchase Plan Application Form but are taken to have made the declarations on the Share Purchase Plan Application Form;

It is your responsibility to ensure that your BPAY® payment or payment by EFT is received by the Share Registry by no later than 5.00pm (AWST) on the Closing Date. You should be aware that your financial institution may implement earlier cut off times with regards to electronic payment and may charge fees associated with processing an EFT and you should therefore take this into consideration when making payment.

3 Contact Details & Elect to be an e-Shareholder

As a valued shareholder in Ardea Resources Limited, you can help minimise the costs of printing and mailing by electing to receive all shareholder communications electronically. This will ensure you receive all future important shareholder communications in a faster and more secure way. Please enter your details below and return this form to our Share Registry by email to hello@automicgroup.com.au. Please include a contact number we may reach you on between the hours of 8.30am and 5.00pm (AWST).

	Telephone Number Contact Name (PLEASE PRINT) ( ) Email Address ARL – [HolderId]

IMPORTANT INFORMATION

1. This is an important document which requires your immediate attention. If you are in any doubt as to how to deal with this Application Form, please consult a professional adviser.

2. If you do not wish to purchase shares under the Share Purchase Plan, there is no need to take action.

3. Please ensure you have read and understood the terms and conditions of the Share Purchase Plan in the Share Purchase Plan Offer Document accompanying this Application Form and this section entitled "Important Information" before making payment by BPAY® or EFT.

4. The offer for shares under the Share Purchase Plan is non-renounceable. Applications can only be accepted in the name printed on the Application Form.

5. If you are a custodian, trustee or nominee within the meaning of “Custodian” as defined in ASIC Corporations (Share and Interest Purchase Plans) Instrument 2019/547, you must complete and submit an additional schedule that contains further certifications and details (Schedule) that must be provided before your application will be received. The Schedule can be obtained by contacting the Share Registry on the telephone number set out below. Applications received by Custodians that are not accompanied by the Schedule will be rejected.

6. For applicants that are not required to complete the Schedule, by making payment by BPAY® or EFT, you certify that the aggregate of the payment paid by you for:

7. the parcel of Shares indicated on this Application Form or BPAY® or EFT payment; and

8. any other Shares applied for by you, or which you have instructed a custodian to acquire on your behalf under the Share Purchase Plan or any other similar arrangement in the 12 months prior to making payment by BPAY® or EFT does not exceed A$30,000.

9. 1. The maximum subscription limitation of $30,000 will apply even if you have received more than one Application Form (whether in respect of a joint holding or because you have more than one holding under separate security accounts).

10. You are not assured of receiving the shares for which you have applied as the Company may scale back applications in its absolute discretion.

11. By making payment of application monies, you certify that:

12. you wish to apply for shares under the Share Purchase Plan as indicated on this Application Form;

13. you have read and understood the terms and conditions of the Share Purchase Plan;

14. you agree to be bound by the Constitution of the Company and the terms and conditions of the Share Purchase Plan;

15. you agree to accept any lesser number of shares than the number of shares applied for; and

16. you are not in the United States and are not acting for the account or benefit of a person in the United States and have not sent any offering materials relating to the SPP offer to any person in the United States.

If you require further information about the SPP Offer, please contact Automic on 1300 288 664 or +61 2 9698 5414 between 8.30am and 5.00pm (AWST).