KELSIAN GROUP LIMITED — Governance Information 2016

Mar 15, 2016

SEALINK TRAVEL GROUP LTD CORPORATE GOVERNANCE STATEMENT – JULY 2015

Corporate! Governance! Statement!!

SeaLink!Travel!Group!Limited!( SeaLink )! Effective(July(2015

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SEALINK TRAVEL GROUP LTD CORPORATE GOVERNANCE STATEMENT – JULY 2015

The!Board!of!Directors!of!SeaLink!Travel!Group!Ltd!(“SeaLink”)!are!responsible!for!the!corporate!governance! of!the!Company!and!its!controlled!entities!(the!Group),!monitoring!the!operational!and!financial!performance!of! the!Group,!overseeing!its!business!strategy!and!approving!its!strategic!direction.!

The! ASX! Listing! Rules! require! listed! entities! to! disclose! the! extent! to! which! they! have! followed! the! best! practice!recommendations!set!by!the!ASX!Corporate!Governance!Council!during!a!reporting!period.!!!

The!underlying!principles!are!as!follows!–!

• 1.! Lay!solid!foundations!for!management!and!oversightL!

• 2.! Structure!the!Board!to!add!valueL!

• 3.! Act!ethically!and!responsiblyL!

• 4.! Safeguard!integrity!in!corporate!reportingL!

• 5.! Make!timely!and!balanced!disclosureL!

• 6.! Respect!the!rights!of!shareholdersL!

• 7.! Recognise!and!manage!riskL!and!

• 8.! Remunerate!fairly!and!responsibly.!

Each!of!these!principles!are!dealt!with!in!detail!below.!

PRINCIPLE.1.–.LAY.SOLID.FOUNDATIONS.FOR.MANAGEMENT.AN.OVERSIIGHT.

Recommendation+1.1+–+Role+of+the+Board+and+Management+

The! Board! is! accountable! to! the! Shareholders! for! the! performance! of! the! Company! and! has! overall! responsibility!for!its!operations.!!Day!to!day!management!of!the!Company’s!affairs,!and!the!implementation!of! the!corporate!strategy!and!policy!initiatives,!is!formally!delegated!by!the!Board!to!the!Managing!Director.!

The!key!responsibilities!of!the!Board!include:!

• Approving! the! strategic! direction! and! related! objectives! of! the! Company! and! monitoring! management! performance!in!the!achievement!of!these!objectivesL!

• Adopting!budgets!and!monitoring!the!financial!performance!of!the!CompanyL!

• Reviewing!the!performance!of!the!Managing!DirectorL!

• Overseeing! the! establishment! and! maintenance! of! adequate! internal! controls! and! effective! monitoring! systemsL!

• Overseeing! the! implementation! and! management! of! effective! safety! and! environmental! performance! systemsL!

• Ensuring!all!major!business!risks!are!identified!and!effectively!managedL!!

• Ensuring!that!the!Company!meets!its!legal!and!statutory!obligationsL!and!

• Ensuring!compliance!with!ASX!Listing!Rules!disclosure!requirements.!

For! the! purposes! of! the! proper! performance! of! their! duties,! the! Directors! are! entitled! to! seek! independent! professional!advice!at!the!Company’s!expense,!unless!the!Board!determines!otherwise.!!The!Board!schedules! meetings!on!a!regular!basis!and!other!meetings!as!and!when!required.!

Information!provided!to!the!Board!includes!all!material!information!on!the!Group's!operations,!budgets,!cash! flows,! funding! requirements,! shareholder! movements! and! share! pricing,! assets! and! liabilities,! disposals,! financial!accounts,!external!audits,!internal!controls,!risk!assessments!and!new!venture!proposals.!

Recommendation+1.2+–+Director+Checks+

Once!it!has!been!agreed!that!a!new!director!is!to!be!appointed,!a!search!will!be!undertaken,!sometimes!using! the! services! of! external! consultants.! ! Nominations! would! then! be! received! and! reviewed! by! the! Board.! Appropriate!checks!are!undertaken!on!potential!candidates!prior!to!appointment.!!

Director’s!details,!including!their!relevant!qualifications!and!experience,!the!skills!they!bring!to!the!Board!and! details!of!any!other!material!Directorships!are!disclosed!in!the!Annual!Report!and!on!the!Company’s!website.! Directors!are!required!to!table!at!Board!meetings!details!of!new!Directorships!and!any!conflicts!of!interest.!

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SEALINK TRAVEL GROUP LTD CORPORATE GOVERNANCE STATEMENT – JULY 2015

Recommendation+1.3+–+Written+Agreement+with+each+Director+and+Senior+Executive+

Non^Executive!Directors!are!engaged!by!the!Company!under!letters!of!appointment!and!senior!executives!are! engaged!under!service!contracts.!These!address!the!roles!and!responsibilities!of!individuals.!

Details!of!remuneration!and!key!elements!of!contracts!for!Executives!are!set!out!in!the!Remuneration!Report! in!the!Annual!Report.!

Recommendation+1.4+–+Company+Secretary+Accountability+

The!Company!Secretary!reports!directly!to!the!Board,!through!the!Chairman,!on!all!matters!to!do!with!the! functions!of!the!Board.!

Recommendation+1.5+–+Diversity+

The!Group!recognises!that!a!talented!and!diverse!workforce!is!a!key!competitive!advantage!and!our!success!is! a!reflection!of!the!quality!and!skills!of!our!people.!SeaLink!benefits!by!bringing!together!high!quality!people!of! different!gender,!age,!ethnicity!and!cultural!backgrounds!who!possess!a!diverse!range!of!experiences!and! perspectives.!!

The!Group!fosters!a!culture!in!which!all!people!treat!each!other!with!mutual!respect!and!are!recruited,!developed! and!promoted!on!the!basis!of!merit.!

To!support!its!commitment,!the!Group!has!adopted!a!Diversity!Policy.!Under!the!Policy,!the!Board!is! responsible!for!establishing!measurable!diversity!objectives!and!reviewing!progress!in!achieving!the!objectives! on!an!annual!basis.!All!employees!also!are!responsible!for!supporting!and!maintaining!SeaLink’s!corporate! culture!including!its!commitment!to!diversity!in!the!workplace.!!

The!key!objectives!of!this!Policy!which!support!SeaLink’s!corporate!objectives!aims!to!–!!

• Recruit!the!right!people!from!a!diverse!pool!of!high!quality!candidates.!People!will!be!recruited!on!the! basis!of!competence!and!performance!regardless!of!age,!ethnicity,!gender!or!cultural!backgroundL!!

• Make!more!informed!and!innovative!decisions,!drawing!on!a!wide!range!of!experience!and! perspectives!that!employees!from!diverse!backgrounds!and!different!skill!sets!bring!to!their!roles.!!

• Provide!equal!opportunities!based!on!merit.!!

The!following!Diversity!objectives!have!been!established!by!the!Board,!with!a!goal!of!achieving!these!targets!by! June!2018:!!

• Increase!overall!female!representation!on!the!Board!to!20%L!!

• Achieve!greater!than!40%!female!representation!for!Key!Management!Personnel!(“KMP”)!and!senior! management!rolesL!!

• Maintain!the!proportion!of!non^senior!management!positions!held!by!females!to!over!40%L!!

• Proactively!educate!all!business!leaders!around!diversity!and!cultural!awareness.!!

Recommendation+1.6+–+Board+Performance+Assessment+

The! Board! undertakes! an! informal! process! of! assessment! of! individual! performance! of! Directors! and! its! Committees! along! with! their! composition! on! an! annual! basis.! During! the! reporting! year,! the! Board! has! undertaken! an! assessment! of! individual! Directors! performance! through! individual! discussion! between! the! Chairman!and!each!Director.!

Committee!composition!and!performance!is!reviewed!at!the!annual!Board!strategic!review!meeting.!

Recommendation+1.7+–Performance+Evaluation+of+Senior+Executives+

The! Board! regularly! evaluates! management’s! performance! against! various! criteria,! and! requires! senior! executives!to!formally!address!the!Board!on!execution!of!strategy!and!associated!issues.!

!Senior!Executive!performance!is!evaluated!each!year!and!was!undertaken!as!follows!–!

• The!Chief!Executive!Officer’s!performance!was!undertaken!by!the!Remuneration!CommitteeL!

• Senior! Executive’s! performance! was! reviewed! by! the! Managing! Director,! with! an! oversight! of! their! objectives!and!performance!made!by!the!Remuneration!Committee.!

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SEALINK TRAVEL GROUP LTD CORPORATE GOVERNANCE STATEMENT – JULY 2015

PRINCIPLE.2.–.STRUCTURE.THE.BOARD.TO.ADD.VALUE.

It! is! the! role! of! the! Board! to! oversee! the! management! of! the! Company! and! it! may! establish! appropriate! committees! to! assist! in! this! role.! ! The! Board! has! an! Audit! and! Risk! Committee! and! a! Remuneration! and! Nomination!Committee.!!!

The!composition!of!the!committees!is!as!follows:!

Nomination!and!Remuneration!Committee!(Refer!2.1)!^!Comprises!Messrs!Lucy!Turnbull!(Chairman),!William! Spurr.!

Audit! and! Risk! Committee! (Refer! 4.1)! ^! Committee! comprises! Messrs! William! Spurr! (Chairman),! Frederick! Mann!and!Christopher!Smerdon.!

• Each!committee!has!a!charter!approved!by!the!BoardL!!

• And!each!committee!will!maintain!minutes!of!each!meeting!of!the!committee,!which!will!be!circulated!to!all! Directors.!

Recommendation+2.1+–+Nomination+and+Remuneration+Committee

The!Committee!is!responsible!for!the!following!matters:!

• Remuneration!policy!and!any!changes!to!remuneration!policy!and!practices!for!the!key!management! personnel!of!the!Company!and!all!employees!whose!remuneration!is!not!determined!through!Awards! or!Enterprise!Bargaining!AgreementsL!

• The!remuneration!for!the!Managing!Director!and!members!of!the!Executive!Management!Team,!being! those!Executives!reporting!to!the!Managing!DirectorL!

• Performance! based! (at^risk)! components! of! remuneration! and! targets! for! the! Company’s! financial! performance!as!they!relate!to!incentive!plansL!

• Allocation!made!under!all!equity^based!remuneration!plansL!

• The! remuneration! for! non^executive! Directors! including! the! Chairman! and! Committee! Chairs! and! payments!to!non^executive!Directors!for!additional!duties!undertaken!on!behalf!of!the!CompanyL!

• The!review!and!assessment!of!the!effectiveness!of!the!Company’s!Remuneration!PolicyL!

• Corporate!governance!process!relating!to!remunerationL!!

• The!Remuneration!Report!and!process!supporting!its!preparationL!

• Board!composition!and!Board!skills!matrix.!

Recommendation+2.2+–+Board+Skills+Matrix+

Board!composition!is!reviewed!periodically!either!when!a!vacancy!arises!or!if!it!is!considered!the!Board!would! benefit!from!the!services!of!a!new!director.!This!ongoing!assessment!is!based!on!giving!due!consideration!to!a! skills!matrix!assessment,!existing!experience!of!the!Board!and!matching!these!to!the!strategic!objectives!of!the! Company.!!!

Key!skills,!knowledge!and!experience!which!are!considered!in!the!Board!skill’s!matrix!are!in!the!areas!of!–!

• Public!Company!

• Tourism!&!Transport!Industries!!

• Tourism/Marketing/Sales!

• Finance!/!Accounting!

• Risk!Management!

• Strategic!Planning!

• Government!Relations!

• Mergers!&!Acquisitions!

• Legal!/!Regulatory!/!Business!contracts!

• Board!Corporate!Governance!

• Industrial!Relations!/!People!Management!

• Marine!and!Asset!Knowledge!–!vessels,!buses!

The!Directors!consider!the!size!and!composition!of!the!Board!are!appropriate!given!the!size!and!status!of!the! Company. However!the!composition!of!the!Board!will!be!subject!to!review!in!a!number!of!ways:!

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SEALINK TRAVEL GROUP LTD CORPORATE GOVERNANCE STATEMENT – JULY 2015

• The!Constitution!provides!that!at!every!annual!general!meeting,!one!third!of!the!Directors!shall!retire!from! office!but!may!stand!for!re^electionL!

• Remuneration! of! the! non^executive! directors! is! reviewed! and! approved! by! the! Board.! ! The! maximum! aggregate!annual!remuneration!which!may!be!paid!to!non^executive!directors!is!currently!$580,000.!!This! cannot!be!increased!without!approval!of!the!Company's!shareholders.!!!

• Remuneration! of! the! Managing! Director! is! reviewed! and! approved! on! an! annual! basis! by! the! non^ executive!directors!and!based!on!a!recommendation!of!the!Remuneration!and!Nomination!Committee.!

Recommendation+2.3+and+2.4+–+Director’s+independence.+

The!Board!is!conscious!of!the!need!for!independence!and!ensures!that!where!a!conflict!of!interest!may!arise,! the! relevant! Director(s)! leave! the! meeting! to! ensure! a! full! and! frank! discussion! of! the! matter(s)! under! consideration!by!the!rest!of!the!Board.!!Those!Directors!who!have!interests!in!specific!transactions!or!potential! transactions! do! not! receive! Board! papers! related! to! those! transactions! or! potential! transactions,! do! not! participate!in!any!part!of!a!Directors’!meeting!which!considers!those!transactions!or!potential!transactions,!are! not!involved!in!the!decision!making!process!in!respect!of!those!transactions!or!potential!transactions,!and!are! asked!not!to!discuss!those!transactions!or!potential!transactions!with!other!Directors.!

Corporate! Governance! Council! Recommendation! 2.4! requires! a! majority! of! the! Board! to! be! independent! directors.!!In!addition,!Recommendation!2.5!requires!the!chairperson!of!the!Company!to!be!independent.!!The! Corporate!Governance!Council!defines!independence!as!being!free!from!any!business!or!other!relationship! that!could!materially!interfere!with,!or!could!reasonably!be!perceived!to!materially!interfere!with,!the!exercise!of! unfettered!and!independent!judgement.!

In!accordance!with!this!definition,!Mr!Andrew!McEvoy!(Chairman),!Mr!William!Spurr,!Mr!Frederick!Mann!and! Mrs!Lucy!Hughes!Turnbull!are!independent.!!The!following!Directors!are!not!considered!to!be!independent! due!to!them!being!substantial!shareholders!(holding!more!than!5%!of!Issued!Capital).!

Name	Position
JeffreyEllison	ManagingDirector
ChristopherSmerdon	Non^ExecutiveDirector
TerryDodd	Non^ExecutiveDirector

The! Company! considers! industry! experience! and! specific! expertise! to! be! important! attributes! of! its! Board! members! and! therefore! believes! that! the! composition! of! the! Board! is! appropriate! given! the! size! and! development!of!the!Company!at!the!present!time.!

Recommendation+2.5+–+Independent+Chairman+and+Managing+Director+

The!Chairman!is!an!Independent!Director!and!the!Chairman!and!Managing!Director!are!separate!persons.!

Recommendation+2.6+–+Company+induction+and+professional+development+of+Directors+

The!Company!has!an!established!program!for!the!induction!of!new!Directors.!This!induction!covers!all!aspects! of!the!business!including!the!provision!of!information,!past!meeting!details,!business!plans,!access!to!Senior! Management!and!site!visits!to!ensure!that!the!new!Director!can!fulfil!their!responsibilities.!

The! Directors,! the! Board! and! any! Board! Committee! may! seek! external! professional! advice,! as! considered! necessary,!at!the!Company’s!expense,!with!the!consent!of!the!Chairman!and!assistance!from!the!Company’s! Secretary.!If!appropriate,!any!advice!received!will!be!made!available!to!all!Directors.!

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SEALINK TRAVEL GROUP LTD CORPORATE GOVERNANCE STATEMENT – JULY 2015

PRINCIPLE.3.–.ACT.ETHICALLY.AND.RESPONSIBLY.

Recommendation+3.1+–+Code+of+Conduct

The!Board!recognises!the!need!for!Directors!and!employees!to!observe!the!highest!standards!of!behaviour! and!business!ethics!when!engaging!in!corporate!activity.!!The!Company!intends!to!maintain!a!reputation!for! integrity.!!The!Company’s!officers!and!employees!are!required!to!act!in!accordance!with!the!law!and!with!the! highest!ethical!standards.!

The!standards!expected!of!employees!include:!

• Compliance!with!all!company!policies,!procedures,!rules,!and!contractual!obligationsL!

• Compliance!with!all!relevant!industry!legislative!requirements!in!the!performance!of!all!dutiesL!

• Adherence!to!appropriate!Professional!Codes!of!Practice!and/or!EthicsL!

• Compliance!with!all!reasonable!and!lawful!instructions!of!Managers/SupervisorsL!

• Observation!of!occupational!health!and!safety!rules,!responsibilities!and!practices!at!all!timesL!

• Adherence,!to!the!confidentiality!of!any!information,!records!or!other!sensitive!material!acquired,! during!the!course!of!employment!and/or!after!the!cessation!of!employment!with!the!CompanyL!

• Honesty! and! fairness! in! all! dealings! with! customers,! clients,! co^workers,! management! and! the! general!publicL!

• Respect!for!all!Company!equipment,!supplies!and!propertyL!

• Not!to!make!any!unauthorised!statements!to!the!media!about!the!Company’s!business!(requests! for! media! statements! must! be! referred! to! the! appropriate! manager/supervisor! or! responsible! person)L!

• No!displays!of!aggression!or!fighting!in!the!workplaceL!

• No!offensive!language!and/or!behaviour!in!the!workplaceL!

• No!unlawful!discrimination!or!harassment!in!the!workplaceL!

• Not!to!consume!or!be!under!the!influence!of!alcohol!or!other!drugs!whilst!in!the!workplace!with! reference!to!in!house!functions!exceptions!detailed!in!the!Alcohol!and!Other!Drugs!Policy.!

Securities+Trading+Disclosure+

The! Company! has! adopted! a! formal! policy! for! dealing! in! the! Company’s! securities! by! Directors,! senior! management!and!other!employees!(“designated!persons”)!with!effect!from!the!listing!of!the!Company!on!the! ASX.!This!sets!out!their!obligations!regarding!disclosure!of!dealing!in!the!Company’s!securities.!

The!Constitution!permits!Directors!to!acquire!securities!in!the!Company,!however!Company!policy!prohibits! designated! persons! from! dealing! in! the! Company’s! securities! at! any! time! whilst! in! possession! of! price! sensitive! information.! In! addition! to! this! general! prohibition,! designated! persons! may! only! deal! in! the! Company’s!securities!at!any!time!subject!to!the!following!exclusions:!

• From!the!close!of!business!on!31!December!to!the!opening!of!the!ASX!on!the!first!trading!day!after!the! Company’s!half^year!results!are!released!to!the!ASXL!and!

• From! the! close! of! business! on! 30! June! to! the! opening! of! the! ASX! on! the! first! trading! day! after! the! company’s!full^year!results!are!released!to!the!ASX.!

Dealing!in!the!Company's!Securities!by!Designated!Persons!outside!the!above!trading!window(s)!is!prohibited.!

In!addition,!designated!persons!proposing!to!deal!in!the!Company’s!securities!must!notify!the!Company!of! their!intention!and!receive!confirmation!from!the!Company!to!allow!them!to!deal!in!the!Company’s!securities.! In!accordance!with!the!provisions!of!the!Corporations!Act!and!the!Listing!Rules,!the!Company!will!advise!ASX! of!any!transaction!conducted!by!Directors!in!the!securities!of!the!Company.!

This!policy!was!updated!and!approved!by!the!Board!on!22[nd] !July,!2014.!

A.copy.of.this.policy.is.contained.on.the.SeaLink.website.at.www.SeaLinktravlegroup.com.au

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SEALINK TRAVEL GROUP LTD CORPORATE GOVERNANCE STATEMENT – JULY 2015

PRINCIPLE.4.–.SAFEGUARDING.INTEGRITY.IN.CORPORATE.REPORTING.

Recommendation+4.1+–+Audit+and+Risk+Committee+

This! Committee! provides! assistance! to! the! Board! in! fulfilling! its! corporate! governance! responsibilities! in! relation!to!the!Company’s!effectiveness!of!its!control!environment!in!the!areas!of!business!risk,!financial!risk,! and!compliance!with!legal/regulatory!requirements.!

The!Audit!and!Risk!Committee’s!primary!responsibilities!are!to:!

• Assess! whether! the! Company’s! external! reporting! is! legally! compliant,! consistent! with! committee! members’!information!and!knowledge!and!suitable!for!Shareholder!needsL!

• Assess!the!management!processes!supporting!external!reportingL!

• Liaise!with!the!external!auditors!and!ensure!that!the!audit!review!is!conducted!in!an!effective!mannerL!

• Make!recommendations!for!the!appointment!or!removal!of!auditorsL!

• On!an!annual!basis,!assess!the!performance!and!independence!of!the!external!auditorsL!

• Monitor!the!coordination!of!the!internal!and!external!audits!in!so!far!as!they!relate!to!the!responsibilities!of! the!committeeL!

• Recommend!to!the!Board!and!then!promulgate!clear!standards!of!ethical!behaviour!required!of!Directors! and!key!executives!and!encourage!observance!of!those!standardsL!

• Recommend! to! the! Board! and! then! promulgate! and! maintain! a! sound! system! of! risk! oversight! and! management!and!internal!control!which:!

• Identifies,!assesses,!manages!and!monitors!riskL!and!

• Informs!investors!of!material!changes!to!the!Company’s!risk!profileL!and!

• Recommend!to!the!Board!and!then!promulgate!and!maintain!a!system!to!ensure!compliance!with!all! environmental!and!occupational!health!and!safety!regulations!and!legislation.!

Recommendation+4.2+–+Financial+Declarations+from+the+Managing+Director+and+CFO+

!The! Managing! Director!and! CFO! are! required! to! make! a! declaration! that! the! Company’s! financial! reports! present! a! true! and! fair! view! in! all! material! respects! of! the! Company’s! financial! condition! and! operational! results! and! are! in! accordance! with! relevant! accounting! standards,! and! to! provide! assurance! that! the! declaration! is! founded! on! a! safe! system! of! risk! management! and! internal! controls,! and! that! the! system! is! operating!efficiently!in!all!material!respects.!

Recommendation+4.3+–+External+Auditors

The! policy! of! the! Company! and! the! Audit! Committee! is! to! appoint! an! external! auditor! which! clearly! demonstrates!quality!and!independence.!The!performance!of!the!auditor!is!assessed!by!the!Audit!and!Risk! Committee!annually.!

The!external!auditor!is!required!to!attend!the!AGM!and!be!available!to!answer!any!shareholder!questions! about!the!conduct!of!the!audit!and!the!preparation!and!the!content!of!the!audit!report.!

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SEALINK TRAVEL GROUP LTD CORPORATE GOVERNANCE STATEMENT – JULY 2015

PRINCIPLE.5.–.MAKING.TIMELY.AND.BALANCED.DISCLOSURE.

Recommendation+5.1+–+Disclosure+Policy

The!Company!has!a!policy!that!all!shareholders!and!investors!have!equal!access!to!the!Company’s! price! sensitive! information.! ! The! Board! has! the! responsibility! to! ensure! that! all! price! sensitive! information! is! disclosed!to!the!ASX!in!accordance!with!the!continuous!disclosure!requirements!of!the!Corporations!Act!and! ASX!Listing!Rules.!!!

Shareholder(Communication(

The! Board! strives! to! ensure! that! Shareholders! are! provided! with! sufficient! information! to! assess! the! performance!of!the!Company!and!its!Directors!and!to!make!well^informed!investment!decisions.! Information!is!communicated!to!Shareholders!through:!

• Annual!and!half^yearly!financial!reportsL!

• Annual! and! other! general! meetings! convened! for! Shareholder! review! and! approval! of! Board! proposalsL!

• Continuous!disclosure!of!material!changes!to!ASX!for!open!access!to!the!publicL!and!

• The!Company's!website,!where!all!media!releases!are!published.!

Shareholders!are!invited!to!raise!any!queries!through!the!Company!Secretary.!!

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SEALINK TRAVEL GROUP LTD CORPORATE GOVERNANCE STATEMENT – JULY 2015

PRINCIPLE.6.–.RESPECTING.THE.RIGHTS.OF.SHAREHOLDERS.

Recommendation.6.1.–.Information.on.the.website.

The!Company!provides!information!about!itself!and!governance!to!investors!via!its!website!which!includes!the! Company’s!Corporate!Governance!Statement.!

The!website!also!includes!links!to!copies!of!its!annual!reports!and!financial!statements,!ASX!announcements,! Notices!of!Meetings!as!well!as!an!overview!of!the!Company’s!business!activities.!

The!Company’s!“Corporate”!website!can!be!located!at!www.SeaLinktravelgroup.com.au

SeaLink’s!financial!calendar!is!also!available!via!the!‘Investor!Centre’!at!this!address.!!

Shareholders!are!able!to!access!information!relevant!to!their!holding!via!SeaLink’s!appointed!share!registry! services!company,!Boardroom!Limited.!Their!website!is!at!www.boardroomlimited.com.au.!!

Recommendation.6.2.–.Investor.relations.

The!Board!strives!to!ensure!that!Shareholders!are!provided!with!sufficient!information!to!assess!performance! of! the! Company! and! its! Directors! and! to! make! well^informed! decisions.! As! required! under! the! ASX! listing! rules! covering! continuous! disclosure,! SeaLink! will! immediately! disclose! any! information! that! a! reasonable! person!would!expect!to!have!a!material!effect!on!the!value!of!its!securities.!

The! Company’s! main! objectives! are! for! concise! communication! and! easy! access! to! information.! This! is! communicated!to!Shareholders!through^!

• Annual!and!half^yearly!accounts.!

• Reports!and!Presentations!associated!with!AGM’s,!half!and!full!year’s!results.!!

• Annual! and! other! general! meetings! convened! for! Shareholder! review! and! approval! of! Board! proposalsL!

• Continuous!disclosure!of!material!changes!to!ASX!for!open!access!to!the!publicL!and!!

• The!Company’s!website,!where!all!media!releases!are!published.!

Recommendation.6.3.–.Participation.at.Shareholder.meeting.

The! Chairman! will! permit! Shareholders! to! ask! questions! about! SeaLink’s! business! operations,! the! remuneration!report,!the!conduct!of!the!audit!and!the!preparation!and!content!of!the!audit!report!and!other! items!of!business!at!the!AGM.!

SeaLink!will!request!the!External!Auditor!to!attend!the!AGM!to!be!able!to!answer!any!shareholder!questions! about!the!conduct!of!the!audit!and!the!preparation!and!the!content!of!the!audit!report.!

Recommendation.6.4.–.Electronic.Communication.

Shareholders,!who!have!made!an!election,!receive!communication!including!the!Company’s!Annual!Report! on!the!Company’s!website!or!by!email.!The!Company!has!the!capability!to!communicate!with!Shareholders! electronically!through!its!website,!email!communications!and!via!the!share!registry.!Electronic!contact!details! are!provided!on!the!Company’s!website.!

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SEALINK TRAVEL GROUP LTD CORPORATE GOVERNANCE STATEMENT – JULY 2015

PRINCIPLE.7.–.RECOGNISING.AND.MANAGING.RISK

The!identification,!monitoring!and,!where!appropriate,!the!reduction!of!significant!risk!to!the!Company!will!be! the!responsibility!of!the!Board!and!the!Audit!and!Risk!Committee.!

The! Board! reviews! and! monitors! the! parameters! under! which! such! risks! will! be! managed.! ! Management! accounts!are!prepared!and!reviewed!with!the!Managing!Director!at!subsequent!Board!meetings.!Budgets!are! prepared!and!compared!against!actual!results.!

The!potential!exposures!with!running!the!Company!have!been!managed!by!the!appointment!of!senior!staff! who! have! significant! broad^ranging! industry! experience,! work! together! as! a! team! and! regularly! share! information!on!current!activities.!

Recommendation.7.1.–.Risk.Committee.

The!Audit!and!Risk!Committee!is!responsible!for!overseeing!and!approving!risk!management!strategy!and! policies,!internal!compliance!and!internal!control.!

Refer!Section!4.1!for!a!complete!list!of!responsibilities.!

The!Audit!and!Risk!Committee!members!are!all!required!to!possess!sufficient!technical!expertise!and!industry! knowledge!to!fulfil!the!functions!of!the!Committee.!It!is!composed!of!at!least!3!Directors,!the!majority!of!who! are! independent,! and! it! is! chaired! by! an! independent! Director.! Details! of! the! relevant! qualifications! and! experience!of!the!members!of!the!Committee!and!the!number!of!times!the!Committee!has!met!are!detailed!in! the!Annual!Report.!

Recommendation.7.2.–.Annual.Risk.Review.

Management! report! to! the! Board! on! the! effectiveness! of! the! Company’s! material! business! risks.! The! risk! management!framework!is!reviewed!at!least!annually!by!the!Audit!and!Risk!Committee.!

The!Managing!Director!and!the!Chief!Financial!Officer!are!required!to!make!a!declaration!in!accordance!with! Section!259A!of!the!Corporations!Act!that!the!Company’s!financial!statements!present!a!true!and!fair!view!of! all!material!aspects!of!the!Company’s!financial!condition!and!operational!results!and!are!in!accordance!with! relevant!accounting!standards.!They!also!provide!assurance!that!the!declaration!is!funded!on!a!sound!system! of!risk!management!and!internal!control,!and!that!the!system!is!operating!effectively!in!all!material!respects.!

Recommendation.7.3.–.Internal.Audit.

The! Company! does! not! have! a! formal! internal! audit! function.! However,! the! Company! Management! periodically!undertakes!an!internal!review!of!key!financial!systems!and!processes!through!an!internal!audit! program.!!Where!required,!external!consultants!are!used!to!support!this!program!and!will!report!to!the!Audit! and!Risk!Committee!as!well!as!Company!Management.!

Delegations!of!Authority!are!reviewed!annually!by!the!Audit!and!Risk!Committee!and!approved!by!the!Board.!

Recommendation.7.4.–.Sustainability.Risks..

The!Board!is!regularly!briefed!by!management!and!involved!in!discussions!in!relation!to!material!exposure!to! economic,!environmental!and!social!sustainability!risks!facing!the!Company.!

As!part!of!the!Group!risk!structure,!management!operates!a!Group!Risk!Committee!which!reviews!all!material! risks!covering!all!business!units.!Risk!assessments!are!undertaken!using!an!agreed!framework!where!risk! ratings!are!assigned.!!

Risks!which!are!assessed!include!economic,!environmental!and!sustainability!risks.!!

Members! of! the! Group! Risk! Committee! include! amongst! others! the! Managing! Director,! Chief! Financial! Officer,!Chief!Information!Officer,!Group!Risk!Officer!and!the!National!Marine!Fleet!Manager.!

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SEALINK TRAVEL GROUP LTD CORPORATE GOVERNANCE STATEMENT – JULY 2015

PRINCIPLE.8.–.REMUNERATE.FAIRLY.AND.RESPONSIBLY

Recommendation.8.1.–.Nomination.and.Remuneration.Committee.

The!Nomination!and!Remuneration!Committee!reviews!and!makes!recommendations!on!Director!and!senior! executive!remuneration!and!overall!staff!remuneration!and!incentive!policies.! Refer!Section!2.1!for!specific!responsibilities.!

The!Nomination!and!Remuneration!Committee!has!2!members,!both!whom!are!independent.!Details!of!the! relevant! qualifications! and! experience! of! the! members! of! the! Committee! and! the! number! of! times! the! Committee!has!met!are!detailed!in!the!Annual!Report.!

Recommendation.8.2.–.Disclosure.of.Remuneration.Policies.and.Procedures.

SeaLink’s!remuneration!policy!ensures!that!remuneration!packages!properly!reflect!the!person’s!duties!and! responsibilities,!and!the!remuneration!is!competitive!in!attracting,!retaining!and!motivating!people!of!suitable! quality.!

The!Nomination!and!Remuneration!Committee!reviews!and!makes!recommendations!on!Director!and!senior! executive!remuneration!and!overall!staff!remuneration!and!incentive!policies.!When!making!recommendations,! the! Committee! aims! to! design! policies! that! attract! and! retain! the! executives! needed! to! run! the! Company! successfully!and!to!motivate!executives!to!pursue!appropriate!growth!strategies!whilst!aligning!shareholder! return!with!remuneration.!

Remuneration!for!executives!typically!comprises!a!package!of!fixed!and!performance!based!components.!The! committee!may,!from!time!to!time,!seek!advice!from!specialist!remuneration!consultants!so!as!to!ensure!that! the!Board!remains!informed!of!benchmarks,!market!trends!and!practices,!and!did!so!this!financial!year.!

Remuneration!comprises!of!several!key!elements:!

• Fixed!remunerationL!!

• Annual!performance!incentivesL!and!!

• Where!a!specific!business!need!arises,!retention!incentives!are!offered!through!options!or!retention! bonuses.!!

There!is!no!requirement!for!either!the!Managing!Director!or!Key!Management!Personnel!to!hold!shares!in!the! Company.!!

Executive!remuneration!and!the!terms!of!employment!are!reviewed!annually!having!regard!to!personal!and! corporate!performance,!contribution!to!long^term!growth,!relevant!comparative!information!and!independent! expert!advice.!As!well!as!base!salary,!remuneration!packages!include!superannuation,!performance!related! bonuses!and!may!include!fringe!benefits.!

The!Company!does!not!subscribe,!at!a!senior!level,!to!the!philosophy!of!excessive!‘at!risk!components’!at!a! cash! salary! level! but! seeks! to! reward! employees! with! a! market! competitive! base! rate.! It! considers! that! employment!should!be!‘at!risk’!if!performance!does!not!deliver!results!or!is!at!an!unacceptable!level.!

Performance! related! remuneration! for! key! management! during! the! 2014^15! financial! year! was! tied! to! Company!profitability.!

All! remuneration! paid! to! Directors! and! executives! is! measured! at! the! cost! to! the! Company! and! expensed.! Shares!provided!to!Directors!and!executives!are!valued!as!the!difference!between!the!market!price!and!the! amount!paid!for!those!shares.!

Recommendation.8.3.–.Policy.on.Equity.based.Remuneration.Schemes.

The! Company! did! not! have! an! equity! based! remuneration! scheme! for! its! employees! or! Directors.! Share! options!are!used!sparingly!as!an!incentive!to!retain,!reward!and!attract!candidates!of!suitable!quality.!

The!Company’s!Securities!Trading!Policy!specifically!prohibits!Directors,!officers!and!employees!from!entering! into!transactions!or!arrangements!which!limit!the!economic!risk!of!unvested!entitlements!under!an!employee! share! scheme.! A! copy! of! the! Company’s! Share! Trading! Policy! can! be! found! at! www.SeaLinktravelgroup.com.au

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SEALINK TRAVEL GROUP LTD CORPORATE GOVERNANCE STATEMENT – JULY 2015

Departures+from+ASX+Corporate+Governance+Council+“Principles+of+Good+Corporate+Governance+and+ Best+Practice+Recommendations”+

The!corporate!governance!practices!of!the!Company!are!compliant!with!ASX!Corporate!Governance!Council’s! best!practice!recommendations!with!the!exception!of!the!departures!in!relation!to!the!following:!

• Size!of!the!Nomination!and!Remuneration!Committee.!

Approved!by!the!Board!27[th] !July,!2015!

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