POLARX LIMITED — Governance Information 2012

Dec 19, 2012

1490 – 1075 West Georgia Street Vancouver, BC V6E 3C9 Canada

Tel: 604 688 9478 Fax: 604 688 9458

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ASX Limited Level 8 2 The Esplanade PERTH WA 6000

Corporate Governance Statement and Compliance with ASX Corporate Governance Council Recommendations (“Recommendations”)

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Set out below is the corporate governance statement of Crescent Resources Corp. (“the Company”) and its compliance with the Recommendations.

It is currently intended that the Company will merge with Coventry Resources Limited following which the board will change and amendments may be made to the Company’s corporate governance documents.

	BestPracticeRecommendation	NotificationofDeparture	Explanation of Departure
	2.1	The Company doesnot have a majority ofindependentDirectors.	The Directors consider that the current structure and composition of the Board isappropriate to the size and nature of operations of the Company.
	2.2	The chairperson is notanindependentdirector	The Directors consider that the current structure and composition of the Board isappropriate to the size and nature of operations of the Company.
	2.4	The Company doesnothaveaNominationCommittee	The role of the Nomination Committee has been assumed by the full Boardoperating under the Nomination Committee Charter adopted by the Board.
	4.1 and 4.2	The Company doesnot have an Audit andRisk ManagementCommittee	The role of the Audit and Risk Management Committee has been assumed by thefull Board operating under the Audit and Risk Management Committee Charteradopted by the Board.

8.1	8.1	The Company does	The Company does	The role of the Remuneration Committee has been assumed by the full Board.	The role of the Remuneration Committee has been assumed by the full Board.	The role of the Remuneration Committee has been assumed by the full Board.	The role of the Remuneration Committee has been assumed by the full Board.	The role of the Remuneration Committee has been assumed by the full Board.
		not	havearationtee
		R
		emune
		Commit
8.2		Non-exe	cutive	To attract and retain independent Non-executive directors with sufficient skills and
		director	sreceive	experience to the Company, incentive options are required to form part of the
		otions	as a part ofation.	remuneration package.
		p
		remuner
3.2, 3.			y	The Company has not yet established a formal policy on diversity and has notestablished or reported measurable objectives for achieving gender diversity. TheCompany makes its appointment decisions based on merit, by assessing whether aperson’s skills and experience are appropriate for particular roles. It does notdiscriminate based on gender, age, ethnicity or cultural background.Given the Company’s size and stage of development, it does not believe that aformal diversity policy will provide any measurable benefit to the Company that isnot already provided by its existing practices in this area. However, as the
		ii
	3, 3.4, 3.5	Dverst
				’
				Companys operations develop it will consider the adoption of a formal diversity
				,policy and the setting of measurable objectives for achieving gender diversity.
	s Meyer

Doris Meyer Company Secretary & Director 19 December 2012

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