Investor Presentaiton

Profit and Loss - @30 June 2018 Cash Total Revenue Operating Costs Development and Construction costs Investment in BIOMASS R&D Refund Total Cash Non Cash BIOMASS valuation movement Profit and Loss overview by key activity at 30 June 2018 Flinders 1 Flinders 2 Esperance Port Lincoln 3rd Party Selling & Marketing Listing fees Consultants & Advisors Head Group office Total 1,853,225 360,523 63,557 2,277,305 (1,046,960) (955,798) (13,124) (426,824) (553,229) (198,078) (344,792) (1,204,765) (4,743,569) (677,175) (209,520) (886,695) (782,132) (1,331,738) (2,113,870) 1,994,059 1,994,059 24,133 (2,964,711) (13,124) (209,520) (66,301) (553,229) (198,078) (344,792) 852,851 (3,472,770) 654,124 848,575 1,502,699 Change in valuation methodology 610,135 (refer Note 2 (x) of Annual Report) Performance Rights & Director Options Deprecation & Amortisation (253,684) (253,684) 610,135 (1,131,712) (1,131,712) (10,707) (36,789) (554,864) Total Non Cash 1,010,575 594,891 (10,707) (1,168,501) 426,258 Profit (Loss) before tax 1,034,708 (2,369,820) (13,124) (209,520) (77,008) (553,229) (198,078) (344,792) (315,650) (3,046,512) Reef construction costs with completion of Flinders 2 in Q1FY2019. ✓ Focus for Flinders 1 & 2 → optimisation, abalone growth, and increasing future harvests. ✓ Future BIOMASS value realised as abalone are harvested. Private & Confidential 13

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