EDEN INNOVATIONS LTD — Interim / Quarterly Report 2016

Apr 28, 2016

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ACN 109 200 900

ASX Quarterly Report

For the Period Ended 31 March 2016

HIGHLIGHTS

EdenCrete[TM] / Carbon Nano Tubes

• U.S. commercial EdenCrete[TM] order received for use in replacing a high strength concrete slab located in an area of extreme wear and abrasion, following a successful field trial in October 2015. The new replacement EdenCrete[TM] slab was completed since the end of the quarter. Compared to a proposed alternative slab (which was to be constructed using new ultra high strength specifications but without added EdenCrete[TM] and which had a planned 5 year service life) the EdenCrete[TM] slab:

• delivered a total project cost saving of approximately 45%,

• was 50% thinner than the new ultra high strength slab design,

• used only fiberglass fibres and carbon nanotube reinforcement in lieu of traditional steel mesh or rebar,

• required little or no sub-base preparations, and

• is intended to provide at least a comparable 5-year service life for this project.

• Eden received the further results from the ongoing ASTM testing of the EdenCrete[TM ] enriched concrete (measured after 90 days) which showed:

• 39% increase in compressive strength (ASTM C39)

• 59% reduction in the rate of abrasion (ASTM C105).

• Eden received a very positive market response to the potential of EdenCrete[TM] as a concrete admixture, at its maiden commercial launch at the World of Concrete 2016 held in Las Vegas from 2-5 February 2016.

• The current expansion of Eden’s Colorado based production capability of EdenCrete[TM] from its current maximum level of approximately 190,000 gallons per year to a targeted maximum (operating on a 24 hour/day basis) of 2-2.4 million gallons per year (approximate market value US$50 - $60million) commenced during the quarter, and is on schedule to be in production by early in 2017.

• EdenCrete[TM] samples supplied to nine more U.S. companies for trialling.

• GDOT specifications for 24-Hour Accelerated Concrete/ Class B Concrete being prepared.

• Progress on proposed GDOT field trial for Class 1 concrete.

• Subsequent to the end of the quarter Eden secured a financial assistance and incentives package (including a conditional land grant of 112 acres along with various exemptions and rebates from future taxes and levies) worth in aggregate US$24.76 million from Georgia Economic Development Authority and Augusta Economic Development Authority.

Level 15, 197 St Georges Terrace, Perth, Western Australia 6000 Telephone: (08) 9282 5889 Facsimile: (08) 9282 5866 Email: mailroom@edenenergy.com.au

Optiblend™ Dual Fuel

• Orders received in the U.S. during the quarter for three units totalling US$110,000.

• Order received in India during the quarter for one unit valued at approx. AUD $32,000.

UK Gas Assets

• During the quarter Eden completed the sale of its 100% owned UK subsidiary that holds all its UK gas assets, to the parent of its UK Joint Venture partners in consideration for an earn-out arrangement.

DETAILS

EDENCRETE[TM] (Eden 100%)

Commercial Order for a Heavy Wear and Highly Abrasive Application Completed

The project took place at a major regional maintenance facility in Georgia for a large national U.S. company where very heavy steel components from a national transport fleet are brought for repairs and maintenance.

The concrete at the maintenance facility is exposed to extreme rolling loads, impact loads and abrasive wear ( see Figure 1 below ); and several times each year, under a scheduled maintenance programme, sections of the hard stand area that are severely cracked and require replacement are ripped up and replaced.

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Figure 1. View of site showing very high loading of heavy replacement parts

This project used the same concrete mix that was approved by Georgia Department of Transportation (GDOT) in November 2015 for 24-hour maintenance and B Class concrete, but without any set accelerator. It involved replacing three concrete slabs using EdenCrete[TM] , the first and third of which were adjacent to one another in an area over which loaded trucks, fork lifts and front-end loaders frequently travel to access the section of the yard where the replacement parts are stored ( see Figure 1 above ). These sections were excavated as closely to 150mm (6 inches) as

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possible, but there were sections where it was as deep as 225mm (9 inches) but there was no preparation of the subbase before the new concrete was poured ( see Figures 2 and 3 below ).

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Figure 2. Partially poured first slab showing minimal sub-base preparation

To manage the variable depth, which normally requires a flat, compacted sub-base to be installed, more EdenCrete[TM] enriched concrete was simply used to fill the deeper sections of the hole instead of spending time and money on subbase preparation. As a result it was not necessary to order aggregate or compaction equipment to prepare the subbase, and a little extra concrete was simply added to the concrete truck that delivered the concrete.

The outcome of using EdenCrete[TM] on this project was approximately a 45% reduction in the total costs compared with the budgeted cost of carrying out the same work using a new ultra-high strength mix design. This alternative mix would

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have involved a 12 inch (300mm) thick concrete slab incorporating half inch (12.5mm) diameter steel rebar, supported by a six inch (150mm) compacted crushed aggregate sub-base, that had been planned to try and achieve a five year service life for the concrete.

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Figure 3. Completed first slab

The first section was driven on by loaders accessing the storage yard within 24-hours after the last slab was poured.

The second slab is to be used as foundation for a large filtration system used in the adjacent fabrication shop. No excavation at all was conducted, and the formwork was built abutting the pre-fabricated metal wall. Additionally, a sidewalk running under it in the middle of the area was left in-situ and the slab simply poured over the top ( see Figures 4 and 5 below ). Heavy trucks will be regularly driven onto this slab to change the large filters on the system.

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Figure 4. Formwork and minimal sub-base preparation for second slab

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Figure 5. Completed second slab

If the anticipated improvements in performance and cost savings that are expected from the replacement slab can be replicated in other highway and infrastructure trials and projects, the commercial rollout of EdenCrete[TM] into the huge U.S. infrastructure market may well be significantly accelerated. The U.S. Interstate Highway network was estimated by the U.S. Geological Survey in 2005 to consume almost 40% of all cement used in the U.S.

90 day ASTM C494 Test Results.

During the quarter Eden received the 90 day results of EdenCrete[TM] enriched concrete, from tests being conducted for Eden Innovations in Colorado, in accordance with the standards and the procedures of ASTM C494 “S”, and these continued to show very encouraging results, compared to standard concrete.

ASTM C494 “S” certification is the industry standard certification procedure for specific performance concrete admixtures.

The 90 day ASTM C494 r esults showed the following improvements over the control:

• 39% increase in compressive strength (ASTM C39)

• 59% reduction in the rate of abrasion (ASTM C105)

These results correlate well with the results from various earlier tests conducted by Eden and other parties over the past twelve months, including the August 2015 Georgia Department of Transportation Field Trial on the I-20 Interstate Highway, which showed a 45.8% increase in compressive strength and a 56% reduction in the depth of wear from abrasion.

All the ASTM C494 test results for EdenCrete[TM] , up to 90 days, are shown below as Figure 6 below .

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Figure 6 ASTM C494 – EdenCrete Test Results to 90 days

Importantly, the data from the ASTM C494 abrasion resistance tests, which showed a 56% reduction in the depth of abrasive wear at 56 days, and which was extended at 90 days to a 59% reduction in the depth of wear, produces the impressive performance chart in Figure 7 .

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Figure 7. ASTM C494 abrasion resistance test at 56 days and 90 days

The only tests still remaining for EdenCrete[TM] to complete these ASTM C494 “S” tests are:

 Compressive strength - at 180 days and 365 days.

 Freeze/ Thaw – anticipated in June 2016.

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The ASTM tests, which are measured and reported by ASTM approved laboratories, are important as they provide the standardised industry method of assessing and comparing the benefits delivered by any particular admixture.

World of Concrete Convention- Las Vegas- February 2016

Eden received a very positive market response to EdenCrete[TM] as a concrete admixture, at its maiden commercial launch at the World of Concrete 2016 held in Las Vegas from 2-5 February 2016. Much interest from companies all over America and from many other countries was received and a number of these enquiries have resulted in on-going communications about possible future use or trialling of EdenCrete[TM] .

Expansion of Eden’s Colorado EdenCrete[TM] Production Capability

The current expansion of Eden’s Colorado based production capability of EdenCrete[TM] , from its current maximum level of approximately 190,000 gallons per year to a targeted maximum (operating on a 24 hour/day basis) of 2- 2.4 million gallons per year (approximate market value US$50 - $60million) is proceeding on schedule and is still targeted to be in production by early in 2017.

EdenCrete[TM] Samples Supplied to Nine more U.S. Companies for Trialling.

During the quarter, Eden supplied nine more companies, many of significant size, with EdenCrete[TM] samples for trial purposes and has received many more enquiries. This provides further encouragement in relation to future sales. Because of the differences in chemistry between cement produced in different locations from different source materials, it is usual practice in the concrete industry for each location that uses a different cement to undertake its own tests, even if other branches of the same company have previously carried out tests. The trials often take at least 3-6 months to arrange and complete and this results in a relatively slow lead-time for the conversion of enquiries into orders.

GDOT –Field Trial for Class 1 Concrete- Progress

The preliminary steps to arrange for the next Georgia Department of Transportation (GDOT) field trial for its Class 1 concrete, which were agreed to by GDOT in November 2015, have commenced and this project is planned to be undertaken in the coming months. A suitable site where a new section highway is to be laid has been identified and arrangements are currently being made with the relevant contractor that is to undertake the work.

GDOT – Specifications for 24-Hour Accelerated Concrete and Class B Concrete

During the quarter Eden assisted GDOT engineers and designers in preparing draft specifications to cover the use by GDOT of EdenCrete[TM] in its Class 24-Hour accelerated concrete mix applications and also its Class B concrete application. The timing for completion of this process is not certain but the process is now well underway.

Proposed Georgia based EdenCrete[TM] Production Facility

Subsequent to the end of the quarter, further significant progress towards the establishment of a large scale EdenCrete[TM ] concrete admixture production facility in the USA was made when Eden’s wholly owned subsidiary, EdenCrete Industries Inc. (“ECI”) secured an attractive financial assistance and incentives package worth an aggregate of US$24.76 million to assist it establish its large scale global manufacturing plant in Augusta, Georgia.

ECI proposes to establish its large-scale global EdenCrete[TM] production facility in Augusta over the next seven years at an estimated cost of US$67 million to create 251 jobs, and upon which the incentive package is conditional.

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The plant will be the first to be built on the site and will be developed in four stages to a planned annual production capacity of 189 million litres (50 million gallons) of EdenCrete[TM ] concrete admixture. The site has sufficient area to accommodate up to 10 of these plants as demand grows ( see Figure 8 below ).

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Figure 8. Schematic of Possible Site Layout of Future Georgia Production Facility

State of Georgia Incentive Package

The State of Georgia (through the Georgia Department of Economic Development (GDEcD”)) and the Augusta Economic Development Authority (“AEDA”) have collectively agreed to provide a generous financial assistance and incentives package estimated to be worth up to US$24.76 million over the next 20 years to assist ECI.

The incentives package, which is dependent on ECI establishing the new plant and creating the new jobs, will deliver total cost savings and cost avoidance benefits of US $24.76 million, with:

• US$11.59 Million to be provided by State of Georgia

• US$13.17 Million to be provided by AEDA

Incentive Package Details

The details of the financial assistance and incentives package for new plant, which are being provided against ECI’s commitment to build the plant, include the following:

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• A grant of 45 hectares (112 acres) of industrial land in the Augusta Industrial Park (worth US$2.8M) with an option over a further 12.75 ha (31.5 acres) for future expansion ( see Figure 8 ) which is conditional on the plant being built ;

• Financial assistance through the AEDA Industrial Revenue Bond programme that will deliver approximately US$5.8M of savings in local property taxes over 20 years;

• AEDA will spend US$2.5m establishing two lane road access to site, US$100,000 towards site preparation costs and US$400,000 towards securing rail access to the site,

• GDEcD will contribute US$500,000 to the cost of establishing the road, training and hiring assistance,

• Augusta Utilities to spend US$1.57M to install water and waste water lines to site; and

• Various other State and AEDA tax benefits including:

• State Job Tax Credits

• Various County tax exemptions from Property Tax, Inventory Tax, and Freeport Exemption; and

• State Sales Tax and Use Tax exemptions.

Apart from evidencing the strong support that the Government of Georgia is prepared to provide to incoming industry, this very generous assistance package will significantly reduce both the up-front capital costs and the operational set-up costs associated with establishing the large scale manufacturing operation in Georgia, and also help significantly defray operating costs for up to 20 years.

It also provides a large tract of suitable industrial land with capacity for very large-scale future expansion. The site has very convenient road and rail access to the entire North American market, as well as easy access to shipping to the global market via the Port of Savannah. The site adjoins the railway system linking it to the entire North American rail network. It is also located within 12 kilometres of the interconnected U.S. Interstate Highway network giving it very efficient road access to North America. The Port of Savannah, the third largest port (by volume) in the U.S. for containerised freight, is 160 kilometres away by both road and rail, and provides efficient shipping access via the Atlantic to South America, Europe, Africa and the Middle East, and also via the Panama Canal to the rest of the global market.

This incentive package will deliver a significant reduction in both the capital and operating costs, and greatly enhance the overall attractiveness of the project to future investors and lenders for fund raising purposes.

High strength CNT enriched concrete requiring little or even no reinforcing steel

In 2015, Eden Energy and Monash University were awarded A$300,000 Australian Research Council Linkage Grant for research into use of carbon nanotubes to reduce steel reinforcing in concrete. The award, funded by the Commonwealth of Australia, will provide a total of A$300,000 over the three-year life of the research project.

Since the collaborative ARC grant application was initially lodged, the Principal, Dr Frank Collins, who was formerly Associate Professor and Head of Structures Department at the Civil Engineering Department at Monash University, has been appointed as Professor of Infrastructure Engineering, at Deakin University’s Institute for Frontier Materials in Victoria. Accordingly Monash University has agreed to transfer the project to Deakin University. The transfer documentation and a suitable agreement between Eden and Deakin University will need to be agreed and completed before the project will commence.

An agreement between Eden and Deakin University is being negotiated and is nearing completion.

This new project offers Eden a great opportunity to collaborate in world-leading, high level research into how its EdenCrete[TM] carbon nanotube enriched concrete admixture affects concrete at a nano-scale in

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delivering increased flexural and compressive strength, increased abrasion resistance and reduced permeability, amongst other benefits.

This research could potentially lead to both the improvement of EdenCrete[TM] and the development of a long dreamed of goal of producing ultra-high strength concrete that requires little or no steel re-enforcing. Quite apart from the enormous environmental and financial implications, such an outcome would have far reaching implications for the global construction industry. The significant advances on many fronts that Eden has made with its EdenCrete[TM] admixture over the past 18 months should considerably assist in accelerating the rate at which the exciting new research project can gain momentum.

CNT Enriched Polymers and Plastics Project in Australia

The CNT enriched polymer and plastics project with the University of Queensland (“UQ”) that is being headed by a post-doctoral candidate from the U.S. and which is partly funded by an ARC grant, continued during the quarter. This project is aiming to develop reinforced polymer composites for potential automotive and aerospace applications.

UQ was awarded a $255,000 grant by the Australian Research Council in 2014 to partially fund this threeyear project. This collaboration project follows earlier preliminary encouraging results from the addition of Eden’s carbon nanotubes into polypropylene.

During the quarter some encouraging preliminary results were achieved and these will be pursued during the coming year.

Background

Eden has developed an efficient, commercially competitive pyrolysis process to produce carbon nanotube (CNT) and carbon nano-fibres. Eden remains optimistic that it will develop suitable markets for the nanocarbon products that it can produce. Eden currently has small-scale commercial production capabilities at its subsidiary in Colorado that enable it to produce nano-carbon from a feedstock of natural gas (methane).

OPTIBLEND™ DUAL FUEL SYSTEM (EDEN 100%)

U.S. OptiBlend™ Progress

Eden Innovations (formerly Hythane Company), a wholly owned U.S. subsidiary of Eden, received purchase orders for three OptiBlend[TM] dual fuel systems during the quarter with a combined value of US$110,000.

The global market for dual fuel systems has been at a virtual standstill for the past 18 months as a result of the steep drop in world oil prices, the consequential drastic slowdown in oil and gas exploration in and the greatly reduced difference in price between diesel fuel and natural gas. Although the global price of oil remains low, which from market reports appears likely to continue at least for the short to medium term, nevertheless these sales indicate some level of renewed interest from the sector and may signal a slight upturn in the level of exploration activity.

However, whilst it is not possible to reliably predict the future OptiBlend[TM] sales level based on this limited number of sales, Eden is still encouraged at this renewed the level of interest in the market.

India Optiblend™ Progress

During the quarter, Eden Energy (India) Pvt Ltd (“Eden (India)”), Eden’s wholly owned Indian subsidiary, received an order for one unit worth approximately A$32,000.

It also delivered for installation the eight OptiBlend[TM] dual fuel kits previously ordered by Oil and Natural Gas Corporation Limited (“ONGC”). During the quarter Eden (India) also appointed a company as its representative in Oman and requests for quotes have already commence following through.

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India is presently expanding its early stage domestic exploration for shale oil and gas, and ONGC is a significant participant in this exploration programme. Sales of OptiBlend[TM] kits in the U.S. and India have greatly slowed over the past year as a result of low oil prices and a reduction in U.S. exploration, and Eden (India) is hopeful of further success in this emerging Indian market.

Optiblend™ Background

Eden has developed an efficient dual fuel system that is capable of operating on diesel engines and displacing up to 70% of the diesel fuel with natural gas. If Hythane™ fuel (hydrogen enriched natural gas) is used in place of natural gas, the displacement of diesel fuel could be as high as 80%. The use of the natural gas will greatly reduce greenhouse gas emissions and, in places where natural gas is cheaper than diesel, will also reduce fuel costs. It has significant market potential particularly in the diesel-powered generator set (“genset”) market.

As a result of the increase in shale gas recovery in USA, the lower priced natural gas has resulted in a large market in USA for the conversion of these diesel engines to operate on a dual-fuel system of both natural gas and diesel is anticipated. Depending upon the size of the engine and the number of hours per day that it operates, payback times for the conversions are mostly a lot less than 12 months, so the cost is minimal compared to the replacement cost of a natural gas generator.

Hythane™ Fuel Projects

Indian Hythane Bus Demonstration Projects

No progress was made during the quarter on any potential Indian Hythane™ projects. Whilst it may be possible for one such project to ultimately proceed, particularly if in the longer term Eden can generate sufficient low cost hydrogen produced as a by-product from its pyrolysis project to produce carbon nanotubes, at present these projects are looking unlikely to occur.

UK GAS PROJECT

On 24 February 2016, Eden sold its 100% owned UK subsidiary that holds all its UK gas assets, to the parent of its UK Joint Venture partners. Consideration is an earn-out (commencing at 1% of gross sale proceeds from all hydrocarbon sales from the UK licences (PEDLs) in which Eden’s subsidiary held a 50% interest, and reducing to 0.5%), in connection with any hydrocarbon sales made in the period expiring on the 20th anniversary of completion. There is no cap placed on the maximum value of the amount that Eden can receive under the earn-out.

Eden has no further financial commitments on this project, but can still share in the potential upside from hydrocarbon sales, and focus its efforts on its EdenCrete[TM ] and OptiBlend[TM] projects.

Gregory H Solomon

Executive Chairman

For further information, please contact Greg Solomon (+61 8 9282 5889) or visit our website (www.edenenergy.com.au).

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Interests in UK Tenements (PEDLs) as at 31 December 2015

Tenements	Location	Interest held at end of quarter	Acquired during the quarter	Disposed during the quarter
PEDL100	UK	Nil*		50%
PEDL148	UK	Nil*		50%
PEDL149	UK	Nil*		50%
PEDL214	UK	Nil*		50%
PEDL215	UK	Nil*		50%
PEDL216	UK	Nil*		50%
PEDL217	UK	Nil*		50%
PEDL219	UK	Nil*		50%
PEDL220	UK	Nil*		50%

* Eden is entitled to an earn-out commencing at 1% (and reducing to 0.5%) of gross sale proceeds from all hydrocarbon sales from these UK licences (PEDLs) made until 24 February 2036. There is no cap placed on the maximum value of the amount that Eden can receive under the earn-out

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Appendix 4C Quarterly report for entities admitted on the basis of commitments

Rule 4.7B

Appendix 4C

Quarterly report for entities admitted on the basis of commitments

Introduced 31/03/00 Amended 30/09/01, 24/10/05, 17/12/10

Name of entity
Eden Energy Ltd
ABN 58 109 200 900	Quarter ended (“current quarter”)
58 109 200 900	31 March 2016

Consolidated statement of cash flows

Cash flows related to operating activities 1.1 Receipts from customers 1.2 Payments for (a) staff costs (b) advertising and marketing (c) research and development (d) leased assets (e) other working capital 1.3 Dividends received 1.4 Interest and other items of a similar nature received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Other (provide details if material) Net operating cash flows	Current quarter $A’000	Year to date (9 months) $A’000
	717 (487) (415) (282) - (596) - 3 (12) - -	841 (1,147) (880) (640) - (1,583) - 4 (12) - (27)
	(1,072)	(3,444)

• See chapter 19 for defined terms.

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Appendix 4C Quarterly report for entities admitted on the basis of commitments

	Current quarter $A’000	Year to date (9 months) $A’000
1.8 Net operating cash flows (carried forward)	(1,072)	(3,444)
Cash flows related to investing activities 1.9 Payment for acquisition of: (a) businesses (item 5) (b) equity investments (c) intellectual property (d) physical non-current assets (e) other non-current assets 1.10 Proceeds from disposal of: (a) businesses (item 5) (b) equity investments (c) intellectual property (d) physical non-current assets (e) other non-current assets 1.11 Loans to other entities 1.12 Loans repaid by other entities 1.13 Other (provide details if material) Net investing cash flows 1.14 Total operating and investing cash flows	- - - (326) - - - - - - - - -	- - - - (385) - - - - - - - -
	(326)	(385)
	(1,398)	(3,829)
Cash flows related to financing activities 1.15 Proceeds from issues of shares, options, etc. 1.16 Proceeds from sale of forfeited shares 1.17 Proceeds from borrowings 1.18 Repayment of borrowings 1.19 Dividends paid 1.20 Other (provide details if material) Net financing cash flows	5,330 - - (1,931) - -	6,178 - 1,710 (1,931) - -
	3,399	5,957
Net increase (decrease) in cash held 1.21 Cash at beginning of quarter/year to date 1.22 Exchange rate adjustments to item 1.20 1.23 Cash at end ofquarter	2,001 610 (80)	2,128 511 (108)
	2,531	2,531

• See chapter 19 for defined terms.

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Appendix 4C Quarterly report for entities admitted on the basis of commitments

Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities

1.24 1.25	Aggregate amount of payments to the parties included in item 1.2 Aggregate amount of loans to the parties included in item 1.11	Current quarter $A'000
		278
		-
1.26	Explanation necessaryfor an understandingof the transactions
	Directors Fees and superannuation were paid during the quarter. Management Fees, as per agreement, were paid during the quarter to a company of which Mr GH Solomon and Mr DH Solomon are directors. Legal Fees were paid during the quarter to a firm of which Mr GH Solomon and Mr DH Solomon are partners. Placement fees were paid to RM Corporate Finance Pty Ltd, a company of which Mr GT Le Page is a director. Consulting fees were paid to Orequest Pty Ltd, a company of which Mr GT Le Page is a director.

Non-cash financing and investing activities

• 2.1 Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows -

• 2.2 Details of outlays made by other entities to establish or increase their share in businesses in which the reporting entity has an interest -

Financing facilities available

Add notes as necessary for an understanding of the position.

3.1 Loan facilities 3.2 Credit standby arrangements	Amount available $A’000	Amount used $A’000
	-	-
	-	-

• See chapter 19 for defined terms.

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Appendix 4C Quarterly report for entities admitted on the basis of commitments

Reconciliation of cash

Reconciliation of cash
Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows.	Current quarter $A’000	Previous quarter $A’000
4.1 Cash on hand and at bank 4.2 Deposits at call 4.3 Bank overdraft 4.4 Other (provide details)	2,531	610
	-	-
	-	-
	-	-
Total: cash at end of quarter(item 1.23)	2,531	610

Acquisitions and disposals of business entities

5.1 Name of entity 5.2 Place of incorporation or registration 5.3 Consideration for acquisition or disposal 5.4 Total net assets 5.5 Nature of business	Acquisitions (Item 1.9(a))	Disposals (Item 1.10(a))
		Adamo Energy (UK) Ltd
		United Kingdom
		Royalty
		$51,000
		Held interest in UK Gas Licences

Compliance statement

• 1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act.

• 2 This statement does give a true and fair view of the matters disclosed.

Sign here: Date: 29 April 2016 (Company secretary) Print name: Aaron Gates

• See chapter 19 for defined terms.

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Appendix 4C Quarterly report for entities admitted on the basis of commitments

Notes

1. The quarterly report provides a basis for informing the market how the entity’s activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.

2. The definitions in, and provisions of, AASB 107: Statement of Cash Flows apply to this report except for any additional disclosure requirements requested by AASB 107 that are not already itemised in this report.

3. Accounting Standards. ASX will accept, for example, the use of International Financial Reporting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.

• See chapter 19 for defined terms.

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