EXCELSIOR CAPITAL LTD — Interim / Quarterly Report 2017

Feb 22, 2017

Appendix 4D for the Half Year Ended 31 December 2016

This Half Yearly Report is provided to the Australian Stock Exchange (ASX) under ASX Listing Rule 4.2A.3

This Half-Year Report is to be read in conjunction with the 2016 Annual Financial Report.

Revenue and Net Profit/(Loss) from continuing and discontinued operations

Revenue up Net profit before tax attributable to members from continuing operations down Net profit/(loss) after tax attributable to members of the parent entity down	Percentage Change % Amount $’000
	1% to 21,312 4% to 2,415 11% to 1,540

Dividends (Distributions)

Dividends (Distributions)
Interim dividend – Ordinary - Payable 14 March 2017 The dividend will be 100% franked. Record date for determining entitlements to the dividend: • interim dividend - Ordinary	Amount per security Franked amount per security
	3.0 ¢ 3.0 ¢ 1 March 2017

Brief Explanation of Revenue, Net Profit/(Loss) and Dividends (Distributions)

CMI Limited produced a net profit of $1.5m after tax for the half year to 31 December 2016 which is 11% down on the previous corresponding period.

The Electrical operations produced a pre-tax profit of $3.5m, an increase of $0.7m on the December 2015 halfyear. Revenue increased by 1% (or $0.3m) to $21.0m compared to the previous corresponding period.

CMI Electrical’s operational performance continues to improve, influenced by growing demand in the resources sector and stronger conditions in the major project markets. The growth in the civil infrastructure sector and the recovery in the mining industry are drivers for growth in demand for Electrical revenues going forward.

Since the end of the half year an off market buy back was completed, totalling approximately $4.4m following the re-listing of the Company on the ASX on 19 January 2017 as an Investment Entity. CMI has an ungeared balance sheet and is in a strong position to build value for its shareholders through a combination of investment in the organic growth of the existing business and the investment portfolio to be managed by Glennon Capital.

The Directors declare to pay a fully franked interim dividend of $0.03 per share in respect of Ordinary shares for the half year ended 31 December 2016. The dividend is payable on 14 March 2017 to shareholders registered on the Record Date of 1 March 2017.

Net Tangible Assets Per Ordinary Security

Net Tangible Assets Per Ordinary Security
Net tangible assets per ordinary security	31/12/16 $ 31/12/15 $
	$1.32 $1.16

Other Significant Information

Not Applicable

Information on Audit or Review

This preliminary final report is based on accounts to which one of the following applies.

 The accounts have been audited.  The accounts have been subject to review.

 The accounts are in the process of being  The accounts have not yet been audited or audited or subject to review. reviewed.

Description of likely dispute or qualification if the accounts have not yet been audited or subject to review or are in the process of being audited or subjected to review.

Not Applicable

Description of dispute or qualification if the accounts have been audited or subjected to review.

Not Applicable

CMI Limited

Results for Announcement to the Market For the Half Year Ended 31 December 2016

Half Yearly Report of CMI Limited for the Half Year Ended 31 December 2016

(ABN 98 050 542 553)

Current Reporting Period: Half Year ending 31 December 2016 Previous Corresponding Period: Half Year ending 31 December 2015

1

CMI Limited

Consolidated Statement of Comprehensive Income For the Half Year Ended 31 December 2016

Continuing operations Revenue Other income Changes in inventories Raw materials expense Employee benefits expense Repairs, maintenance and consumables expense Occupancy expense Travel and communication expense Freight and cartage expense Depreciation and amortisation expense Finance costs Other expenses Profit from continuing operations before income tax expense Income tax Profit/(loss) for the period from continuing operations after income tax expense Profit/(loss) for the period Other comprehensive income/(loss) for the period, net of tax TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE PERIOD Profit/(loss) for the period is attributable to the owners of the parent Total comprehensive income/(loss) for the period is attributable to the owners of the parent Earnings/(loss) Per Share: From continuing and discontinuing operations: Basic (cents per share) Diluted (cents per share)	Note 2(a) 2(b) 2(c) 5 7 7	31/12/16 $’000 31/12/15 $’000
		21,312 21,160 30 42 (580) 771 (12,606) (14,027) (2,679) (2,861) (91) (129) (1,065) (929) (108) (190) (391) (364) (265) (225) (8) (15) (1,134) (717)
		2,415 2,516 (875) (796)
		1,540 1,720
		1,540 1,720 - -
		1,540 1,720
		1,540 1,720
		1,540 1,720
		4.42 4.96 4.42 4.85

Notes to the financial statements are included on pages 6 to 14

2

CMI Limited

Consolidated Statement of Financial Position As at 31 December 2016

Note Current Assets Cash and cash equivalents 4 Trade and other receivables Inventories Total Current Assets Non-Current Assets Property, plant and equipment Goodwill Other intangible assets Deferred tax assets Total Non-Current Assets Total Assets Current Liabilities Trade and other payables Provisions Current tax liabilities Total Current Liabilities Non-Current Liabilities Provisions Deferred tax liabilities Total Non-Current Liabilities Total Liabilities Net Assets Equity Issued Capital Reserves Retained Profits Total Equity	31/12/16 $’000 30/6/16 $’000
	26,223 26,742 9.994 8,387 10,446 11,027
	46,663 46,156
	411 469 7,192 7,192 1,966 1,969 132 76
	9,701 9,706
	56,364 55,862
	4,219 4,083 828 853 596 566
	5,643 5,502
	51 38 - -
	51 38
	5,694 5,540
	50,670 50,322
	35,207 28,520 (148) 6,685 15,611 15,117
	50,670 50,322

Notes to the financial statements are included on pages 6 to 14

3

CMI Limited

Consolidated Statement of Changes in Equity For the Half Year Ended 31 December 2016

At 1 July 2016 Profit/(loss) for the period Total comprehensive income for the half-year Transactions with owners in their capacity as owners: Cash dividends Transfer to issued capital Share buy-back costs Employee equity-settled benefits Balance at 31 December 2016 At 1 July 2015 Profit/(Loss) for the period Total comprehensive income for the half-year Transactions with owners in their capacity as owners: Cash dividends Return of capital Exercise of performance rights Employee equity-settled benefits Balance at 31 December 2015	Issued Capital Employee Share Benefits Reserve Class A Shares Reserve Retained Profits Total Equity $’000 $’000 $’000 $’000 $’000
	28,520 (117) 6,802 15,117 50,322
	- - - 1,540 1,540
	- - - 1,540 1,540 - 6,802 (115) - - - - (31) - (6,802) - - (1,046) - - - (1,046) (115) (31)
	35,207 (148) - 15,611 50,670
	38,555 480 6,802 14,808 50,598
	- - - 1,720 1,720
	- - - 1,720 1,720 - (10,455) 495 - - - (495) (160) - - - - (2,092) - - - (2,092) (10,455) - (160)
	28,595 (175) 6,802 14,436 49,658

Notes to the financial statements are included on pages 6 to 14

4

CMI Limited

Consolidated Statement of Cash Flows For the Half Year Ended 31 December 20160

Cash Flows From Operating Activities Receipts from customers (inclusive of GST) Payments to suppliers and employees (inclusive of GST) Interest and other costs of finance paid Income tax (paid)/refunded Net cash provided by operating activities Cash Flows From Investing Activities Interest received Payment for property, plant and equipment Payment for deferred expenditure Net cash (used in) investing activities Cash Flows From Financing Activities Payment for capital return Share buy-back costs Dividends paid Net cash provided by/(used in) financing activities Net Increase/(Decrease) In Cash and Cash Equivalents Cash and Cash Equivalents At The Beginning Of The Financial Period Cash and Cash Equivalents At The End Of The Financial Period	Note 4(c) 4(a)	31/12/16 $’000 31/12/15 $’000
		22,242 26,653 (20,819) (24,999) (8) (15) (900) (355)
		515 1,284
		331 397 (5) - (199) (151)
		127 246
		- (10,455) (115) - (1,046) (2,092)
		(1,161) (12,547)
		(519) (11,017) 26,742 34,174
		26,223 23,157

Notes to the financial statements are included on pages 6 to 14

5

CMI Limited

Notes to the Financial Statements For the Half Year Ended 31 December 2016

Note Contents

• 1 Summary of Accounting Policies

• 2 Profit from Operations

• 3 Subsequent Events

• 4 Notes to the Statement of Cash Flows

• 5 Income Taxes

• 6 Details relating to Dividends (Distributions)

• 7 Earnings Per Share

• 8 Contingent Liabilities, Contingent Assets and Commitments

• 9 Operating Segments

• 10 Share-based Payments

6

CMI Limited

Notes to the Financial Statements For the Half Year Ended 31 December 2016

1. Summary of Accounting Policies

Basis of Preparation

The half year financial report is a general purpose financial report prepared in accordance with the Corporations Act 2001 and AASB 134 Interim Financial Reporting .

The half year financial report does not include notes of the type normally included in an annual financial report and it is recommended that the half-year report be read in conjunction with the 2016 annual financial report and considered together with any public announcements made by CMI Limited during the half-year ended 31 December 2016 in accordance with the continuous disclosure obligations of the ASX listing rules.

The half year financial report has been prepared on the basis of historical cost. Cost is based on the fair values of the consideration given in exchange for assets. All amounts are presented in Australian dollars, unless otherwise noted.

The Company is a company of the kind referred to in ASIC Class Order 16/191, dated 24 March 2016, and in accordance with that Class Order amounts in the Directors’ Report and the half year financial report have been rounded off to the nearest thousand dollars, unless otherwise indicated.

This half-year consolidated financial report has been prepared by adopting accounting policies that are consistent with those accounting policies adopted in the annual financial statements for the year ended 30 June 2016 except for the adoption of new standards and interpretations as identified below or where otherwise stated.

New standards and amendments to standards mandatory for the first time for the financial year beginning 1 July 2016 have been adopted. The adoption of these standards had no material financial impact on the current period or any prior period and is not likely to affect future periods.

The fair value of financial assets and liabilities approximates carrying value, therefore no additional disclosure has been made.

7

CMI Limited

Notes to the Financial Statements For the Half Year Ended 31 December 2016

31/12/16	31/12/15
$’000	$’000

2.	Profit From Operations – continuing operations	Profit From Operations – continuing operations
	Profit from continuing operations before income tax includes the following items of revenue
	and expense:
	(a)	Revenue
		Sales of goods1	20,981	20,706
		Interest – other persons	331	454
			21,312	21,160
	1Revenue is stated net of discounts and rebates given.
	(b)	Other income
		Research and development government grant	-	15
		Other items	30	27
			30	42
	(c)	Expenses
		Depreciation and amortisation of:
		Property, plant and equipment	(63)	(63)
		Other intangibles	(202)	(162)
			(265)	(225)

8

CMI Limited

Notes to the Financial Statements For the Half Year Ended 31 December 2016

3. Subsequent Events

In respect of the financial period ended 31 December 2016, the directors recommend the payment of a fully franked interim dividend to the holders of fully paid ordinary shares of $0.03 per share. The dividend is payable on 14 March 2017 to shareholders registered on the Record Date of 1 March 2017.

The securities of CMI Limited were suspended from quotation on 18 November 2016 as required by the Australian Securities Exchange listing rules when a Company proposes to change the nature of its activities to those of an Investment Entity. The change of business was approved by shareholders on 23 December 2016. Subsequent to the half year-end, on 19 January 2017 the Company was reinstated to Official Quotation by the Australian Securities Exchange as an Investment Entity.

On 25 January 2017 the Company announced to the Australian Securities Exchange that it had completed an off-market buyback at $1.25 per share amounting to $4,356,927. The buyback price included a capital component of $1.01 and a fully franked dividend component of $0.24.

There has not been any other matter or circumstance in the financial statements or notes thereto, that has arisen since the end of the half year, that has significantly affected, or may significantly affect, the operations of the consolidated entity, the results of those operations, or the state of affairs of the consolidated entity in future financial years.

31/12/16	31/12/15
$’000	$’000

4. Notes to the Statement of Cash Flows

(a) Reconciliation of Cash

For the purposes of the statement of cash flows, cash includes cash on hand and in banks and investments in money market instruments, net of outstanding bank overdrafts. Cash at the end of the financial period, as shown in the statement of cash flows, is reconciled to the related items in the statement of financial position as follows:

Cheque Accounts Term Deposit Bank Overdraft	6,223 3,134 20,000 20,023
	26,223 23,157
	- -
	26,223 23,157

9

CMI Limited

Notes to the Financial Statements For the Half Year Ended 31 December 2016

2016
31/12/16	31/12/15
$’000	$’000

4. Notes to the Statement of Cash Flows (continued)

(b) Financing Facilities

The Group has a bank overdraft facility with the National Australia Bank, which is reviewed annually:

reviewed annually:
Amount used	-	-
Amount unused	2,500	2,500
	2,500	2,500
The Group has a finance lease facility with the National Australia Bank, which is
reviewed annually:
Amount used	-	-
Amount unused	2,000	2,000
	2,000	2,000
(c)Reconciliation of Profit/(Loss) for the Period to Net Cash Flows From Operating
Activities
Profit/(loss) for the period	1,540	1,720
Depreciation and amortisation of non-current
assets	265	225
Interest income classified as investing cash
flow	(331)	(454)
Finance lease interest	-	-
Equity settled share-based payment	(31)	(160)
(Increase)/ decrease in current tax balances	31	77
(Increase)/ decrease in deferred tax balances	(56)	349
Changes in net assets and liabilities, net of effects from	acquisition of businesses:
(Increase)/decrease in assets:
Current receivables	(1,606)	2,242
Current inventories	579	(771)
Increase/(decrease) in liabilities:
Current payables	136	(1,944)
Current provisions	(25)	34
Non-current provisions	13	(34)
Net cash from operating activities	515	1,284

10

CMI Limited

Notes to the Financial Statements For the Half Year Ended 31 December 2016

5. Income Taxes

31/12/16	31/12/15
$’000	$’000

(a) Income tax recognised in profit or loss

Tax expense comprises:

The prima facie income tax on pre-tax accounting profit from operations reconciles to the income tax expense in the financial statements as follows:

	income tax expense in the financial statements as follows:
	Profit/(loss) from continuing operations	2,415	2,516
	Total profit/(loss) before income tax	2,415	2,516
	Income tax calculated at 30%	725	755
	Add/(Deduct)
	Other items	86	23
	(Over)/Under provision of income tax in previous year	64	18
	Aggregate income tax expense	875	796
	Aggregate income tax is attributable to:
	Continuing operations	875	796
		875	796
6.	Details Relating to Dividends (Distributions)

		Amount	Franked
		per	Amount per
		security	security
		¢	¢
Interim dividend – Ordinary	2017	3.00	3.00
Final dividend – Ordinary	2016	3.00	3.00
Interim dividend –Ordinary	2016	3.00	3.00

Interim dividend (distribution) on all securities

Ordinary securities Total	31/12/16 $’000 31/12/15 $’000
	2,092 1,046
	2,092 1,046

Any other disclosures in relation to dividends (distributions):

The Directors propose to pay an interim dividend of $0.03 per share in respect of Ordinary shares for the half year ended 31 December 2016. Dividend is payable on 14 March 2017 to shareholders registered on the Record Date of 1 March 2017.

11

CMI Limited

Notes to the Financial Statements For the Half Year Ended 31 December 2016

7. Earnings Per Share

Basic earnings per share From continuing operations From discontinuing operations Total basic earnings per share Diluted earnings per share From continuing operations From discontinuing operations Total diluted earnings per share	31/12/16 ¢ per share 31/12/15 ¢ per share 4.42 4.96 - -
	4.42 4.96
	4.42 4.85 - -
	4.42 4.85

Basic Earnings per Share

The earnings and weighted average number of ordinary shares used in the calculation of basic earnings per share are as follows:

Net profit/(loss) Earnings used in the calculation of basic EPS from continuing and discontinuing operations Adjustments to exclude (profit)/loss for the period from discontinued operations Earnings used in the calculation of basic EPS from continuing operations Weighted average number of ordinary shares (a)	31/12/16 $’000 31/12/15 $’000
	1,540 1,720 1,540 1,720 - -
	1,540 1,720
	31/12/16 No. ’000 31/12/15 No. ’000
	34,853 34,656

(a) Options and performance share rights are considered to be potential ordinary shares and are therefore excluded from the weighted average number of ordinary shares used in the calculation of basic earnings per share. Where dilutive, potential ordinary shares are included in the calculation of diluted earnings per share.

12

CMI Limited

Notes to the Financial Statements For the Half Year Ended 31 December 2016

7. Earnings Per Share (continued)

Diluted Earnings/(Loss) per Share

The earnings and weighted average number of ordinary and potential ordinary shares used in the calculation of diluted earnings per share are as follows:

Net profit/(loss) Earnings used in the calculation of diluted EPS from continuing and discontinuing operations Adjustments to exclude (profit)/loss for the period from discontinued operations Earnings used in the calculation of basic EPS from continuing operations Weighted average number of ordinary shares and potential ordinary shares (a)	31/12/16 $’000 31/12/15 $’000
	1,540 1,720
	1,540 1,720 - -
	1,540 1,720
	31/12/16 No. ’000 31/12/15 No. ’000
	34,853 35,492

(a) Weighted average number of ordinary shares and potential ordinary shares used in the calculation of diluted earnings per share reconciles to the weighted average number of ordinary shares used in the calculation of basic earnings per share as follows:

Weighted average number of ordinary shares used in the calculation of basic EPS Share options and performance share rights (i) Weighted average number of ordinary shares and potential ordinary shares used in the calculation of diluted EPS	31/12/16 No.’000 31/12/15 No.’000
	34,853 34,656 - 836
	34,853 35,492

• (i) Share options and performance share rights are included on the basis that they are dilutive.

8. Contingent Liabilities, Contingent Assets and Commitments

Contingent liabilities Guarantees issued to bank in respect of lease of premises and supply contract performance	31/12/16 $’000 30/06/16 $’000
	238 253
	238 253

13

CMI Limited

Notes to the Financial Statements For the Half Year Ended 31 December 2016

9. Operating Segments

The financial statements reflect a single operating segment of electrical components which operates in Australia.

14

CMI LIMITED DIRECTORS' REPORT

The Directors of CMI Limited submit herewith the financial report for the half-year ended 31 December 2016. In order to comply with the provisions of the Corporations Act 2001 , the Directors report as follows:

The following persons were directors of the company during the whole of the financial period up to the date of this report, unless otherwise stated:

Name

Leanne Catelan (Non-executive Director) Craig Green (Non-executive Director) Steven Miotti (Non-executive Director) Michael Glennon (Non-executive Director) (Appointed 23 December 2016)

REVIEW OF OPERATIONS

CMI Limited produced a net profit of $1.5m after tax for the half year to 31 December 2016 which is 11% down on the previous corresponding period.

The Electrical operations produced a pre-tax profit of $3.5m, an increase of $0.7m on the December 2015 half-year. Revenue increased by 1% (or $0.3m) to $21.0m compared to the previous corresponding period.

CMI Electrical’s operational performance continues to improve, influenced by growing demand in the resources sector and stronger conditions in the major project markets. The growth in the civil infrastructure sector and the recovery in the mining industry are drivers for growth in demand for Electrical revenues going forward.

The securities of CMI Limited were suspended from quotation on 18 November 2016 as required by the Australian Securities Exchange listing rules when a Company proposes to change the nature of its activities to those of an Investment Entity. The change of business was approved by shareholders on 23 December 2016. Subsequent to year-end, on 19 January 2017 the Company was reinstated to Official Quotation by the Australian Securities Exchange as an Investment Entity.

Since the end of the half year an off market buy back was completed, totalling approximately $4.4m following the re-listing of the Company on the ASX on 19 January 2017 as an Investment Entity. CMI has an ungeared balance sheet and is in a strong position to build value for its shareholders through a combination of investment in the organic growth of the existing business and the investment portfolio to be managed by Glennon Capital.

The Directors declare to pay a fully franked interim dividend of $0.03 per share in respect of Ordinary shares for the half year ended 31 December 2016. The dividend is payable on 14 March 2017 to shareholders registered on the Record Date of 1 March 2017.

INDEPENDENCE DECLARATION BY AUDITORS

The auditor’s independence declaration is included on page 18.

ROUNDING OFF OF AMOUNTS

The Company is a company of the kind referred to in ASIC Class Order 16/191, dated 24 March 2016, and in accordance with that Class Order amounts in the Directors’ Report and the half year financial report have been rounded off to the nearest thousand dollars, unless otherwise indicated.

15

Signed in accordance with a resolution of the directors made pursuant to s.306 (3) of the

Corporations Act 2001.

On behalf of the Directors Leanne Catelan Director Craig Green Director

Sydney Dated: 22 February 2017

16

CMI LIMITED DIRECTORS’ DECLARATION FOR THE HALF-YEAR ENDED 31 DECEMBER 2016

In accordance with a resolution of the directors of CMI Limited, I state that: In the opinion of the directors:

(a) The financial statements and notes of the consolidated entity for the half year ended 31 December 2016 are in accordance with the Corporations Act 2001 , including:

• (i) Giving a true and fair view of the financial position as at 31 December 2016 and the performance for the half-year ended on that date of the consolidated entity.

• (ii) Complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 .

• (b) There are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable.

On behalf of the Directors

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Leanne Catelan Director Craig Green Director

Sydney Dated: 22 February 2017

17

Ernst & Young Tel: +61 7 3011 3333 111 Eagle Street Fax: +61 7 3011 3100 Brisbane QLD 4000 Australia ey.com/au GPO Box 7878 Brisbane QLD 4001

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To the members of CMI Limited

Report on the Half-Year Financial Report

We have reviewed the accompanying half-year financial report of CMI Limited, which comprises the condensed statement of financial position as at 31 December 2016, the condensed statement of comprehensive income, condensedstatement of changes in equity and condensed statement of cash flows for the half-year ended on that date, notes comprising a summary of significant accounting policies and other explanatory information, and the directors’ declaration of the consolidated entity comprising the company and the entities it controlled at the half-year end or from time to time during the half-year.

Directors’ Responsibility for the Half-Year Financial Report

The directors of the company are responsible for the preparation of the half-year financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal controls as the directors determine are necessary to enable the preparation of the half-year financial report that is free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express a conclusion on the half-year financial report based on our review. We conducted our review in accordance with Auditing Standard on Review Engagements ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity , in order to state whether, on the basis of the procedures described, we have become aware of any matter that makes us believe that the financial report is not in accordance with the Corporations Act 2001 including: giving a true and fair view of the consolidated entity’s financial position as at 31 December 2016 and its performance for the half-year ended on that date; and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 . As the auditor of CMI Limited and the entities it controlled during the half-year, ASRE 2410 requires that we comply with the ethical requirements relevant to the audit of the annual financial report.

A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Independence

In conducting our review, we have complied with the independence requirements of the Corporations Act 2001 . We have given to the directors of the company a written Auditor’s Independence Declaration, a copy of which is included in the Directors’ Report.

A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation

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Conclusion

Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the half-year financial report of CMI Limited is not in accordance with the Corporations Act 2001 , including:

• a) giving a true and fair view of the consolidated entity’s financial position as at 31 December 2016 and of its performance for the half-year ended on that date; and

• b) complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 .

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Ernst & Young

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Alison de Groot Partner Brisbane 22 February 2017

A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation

Ernst & Young Tel: +61 7 3011 3333 111 Eagle Street Fax: +61 7 3011 3100 Brisbane QLD 4000 Australia ey.com/au GPO Box 7878 Brisbane QLD 4001

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Auditor’s Independence Declaration to the Directors of CMI Limited

As lead auditor for the review of CMI Limited for the half-year ended 31 December 2016, I declare to the best of my knowledge and belief, there have been:

• a) no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the review ; and

• b) no contraventions of any applicable code of professional conduct in relation to the review.

This declaration is in respect of CMI Limited and the entities it controlled during the financial period.

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Ernst & Young

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Alison de Groot Partner 22 February 2017

A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation