Saturday, 26th May 2018

The Auditor

The current auditor of the Company is:
Mr Ryk Eksteen
Collins & Co.
127 Paisley Street
FOOTSCRAY    Vic    3011

Standards Accountants and Advisors ("Stannards") was the original auditor of the Company and had provided audit services to the Company for over 10 years.  Although the Board was satisfied with Stannards and thanks Stannards for their service, given the time that Stannards had acted as the Company's auditor, the Board considered that it was appropriate that the Company's auditor was changed to a local firm that is totally independent of the Sanctuary Lakes Resort developer.

In accordance with the Corporations Act 2001, consent was sought from the Australian Securities and Securities Commission (ASIC) to the resignatiuon of Stannards as the Company's auditors.  ASIC consented to the resignation of Stannards from 22nd June 2016.

Collins & Co consented to be the Company's auditor to replace Stannards.  The Board appointed Collins and Co to be the auditors of the Company on an interim basis in June this year pursuant to Section 327C of the Corporations Act until the members of the Company formally appoint the replacement at a general meeting of the Company.

At the Annual General Meeting of the Company on 21st November 2016, the following Resolution was received, considered and passed as an ordinary resolution:

"That Collins and Co be appointed as the Company's auditor with effect from the conclusion of the 2016 Annual General Meeting (it is noted that Collins and Co has already consented to act as auditor and was appointed on an interim basis by the Board on 22nd June 2016."