07/04 2015 Tul 9:00 FAX +61 2 9296 3999

6 **4GUANGOON-AS TOM,NAam-grC04TD

50-58F, The Piv,@cl, Plizl 17 Zh 0ang West Road1-lanhe Dletrict Gus,igiliou, The Peoplds Republic of China

7 Apri 2015

Compsiy Annoimigairmits Plati  nAustralan SIC,dill acChange20 B,idge StreetSydney NSW 2000

4/0///u/135/8

D- slaaidlnGRAM -Th v  hic! for PmAt=*  n. 1 - Suppl,m .0 BI M S¢me,n»nt

This notice relatm lo Guallgdong Rilig H.K (Holdng) Lin,H,cfs (ARBN 148 061 344) CGRAM Hr), a

wholl)Mivi,Id *ubsidli,y of Gua,100ru Rls*W Assets Mmagernent Co., Ud., unconditional off-rn,ket

takeover bid for a l the or risy sheres in P Aust Lirr:Red (ABN 17 011 065 160).

In aooord„oe with Iiction 647(3)(a) of the Corporations Aot 2001 (Cwth), pleme find attached a

supplementary bkidets statimentdakl 2 Aprl 2015 which annexes a copy of the or Inal blddefs

Btablment dlead 30 Maioh 2015 (mlk d up) Ihow#,0 the oh,gas th,t have been made =rdided h

GRAM HICs replaoirnint bidder's statii,iaciL

PanAust has ¥eed to provide Its writDan consent In accordanoe uth CO 13/628 to the dispatoh of tho

replaoement bidder'; staeement an 13 Apri 2015.

Yin Iicirely

W-U

omCTOR

Enol 1

0001/053

117,1Ill 1 03470Bal,0

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  AR****la,64GUANGDONG RISING ASSETS MANAGEMENT CO.LTD

FIRST SUPPLEMENTARY BIDDER'S STATEMENT

in relation to the takeover bid by

Guangdong Rising H.K. (Holding) Limited, a whollyowned subsidiary of Guangdong Rising Assets

Management Co., Ltd. for all of the ordinary shares inPanAust Limited (ACN011 065 160)

IntroductionThi, documnnt » the *st 4 :,,1 rne- , blddits *lil,mer* bPIrst Supplamentmy Bidder'i Stilln„Int ') lo the

bldders s mneridlid 30 Me,0112015 COrlglnll aldcliti St•Osm-rf) 1=ued by Gl=lgdong FO,Ing H.K.

(Holdmg) L.Irrmed Hong Kong comp ty number 1352915 and ARBN 148 901 344 (-GRHIC), a wholly oviod

eubelci-y of Guingdo,I RIGN Aaseti Management Co., Lid In relation b b o#·rribt takeover bid *or al ne

oal=y *harei 41 P=Auot Lut,d (ACN 011 085 160) rp•,Aust,).

™, First Supplennartbary Bidder's Stat@mentsupplements, md :hould be reed lo together with, thi Orlg*,al

Bidders Stz ment

Replacement Bidder's StatementA r•placement bidder'* 8»ment wes *sued by GR}* on 2 Aprll 2015 TRIplammi,it BIdder'* Statemenr)

and replaced thle OrU,lal Blclder'e Sta ement

Aitached to thll docimierit 11 a r,14911<Bd upcopy of the Orlglled Bkjders Stmisment to-g thi ohingee  1* ha 

bien made m relleotad &7 the Replic,ment Bidder's Stal rnent

A mial olim var*n of the Rep cement Bidder's Statement w  be relemed Lnder a separata arnounc,ment

Other noticesPlease call 1300150131 (caners h Australa) or + 61 2 9098 9226 (catern outilde Austmla) If you reqtle

assistance *h your accep-,ce.

A copy of thi. Ftrat Supplemerfouy BIdd,r's 8*.3.imi h.. be.n lodg,d Wah ASIC and hal beerl .oproved by a

reook#on of the dreoiors of GRHK 6*a-d on 3 *12015

Sloned by Lbdn WIM of GRH< In accordance with section 361 ofthe Corporations Act

Lbdn WangDIrec or7 Apr12015

0002/053

12671207_1

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BIDDER'S STATEMENTTHIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION

If you 0,8 In any doubt as to how to deal ¥Ah il you should 0078[Ilt your le* nnanolal or oller prolessional adviser m.oon as po..17*.

ACCEPT ™E UNCONDITIONAL CASH OFFER:

by Bsudong Fislip H.K. (Holdhf l.*nied Hong Kong cornpany number 1352915 and ARBN 148 961 344. a wholyovgied subsiclary 01 Guangdong RI,Ing Asset: Managem,I* Co., Lid

GUANGDONG RISING ASSETS MANAGEMENT CO.,LTD

topurohage glyourorchmuy sh,e' hl:

PanAust UmitedABN 17 011 065 160

For A$1.71 CASH per share

Pleage call 1300 150 131 (oelers in Australa) or + 81 2 9098 9225 (callers oumide Australia) If you require aggislance wihyour acceplaroe.

The Offer isdaled H-11Apri 2015 and wit closeat 7.00pm (849 thne) on f411.Nay 2015, unless exiandid.

0acc*smillUE,I N0RTH

KING&WCDDBOCI ASIA LIMITED MALLESONS

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Key dates

Biddlei'e Statement,- -

Announcement of the OMer 30 March 2015

Date of thle-the oridnal Bidder's Stai rnent 80 March 2015

ZA 129lfOffer opene (date of the 0Me,) 2--12**-2016

Offer ciofes (ulless extended or v,thc awn) 7.00 pm (Sydney Ame) on f•<LAMa*-2015

Table of contents

Chairman's letter

Important notice

Why you should accept the unconc[Itional all c=Ah offer

Overview of the Offer

Information on GRHK and GRAM

Information on PanAust

GRHK's Intentions

Share capital Infomiailon

Funding

Taxation considerations -

Additional Information

Glossary

Approval of Bl¢Idees Statement

Appendbc 1 - Fonnal terms of the Offer -

Corporate dI

Acceptance and transfer form

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I

Chairman's letter

30 March 2015

Dew PanAust Shanholders

UNCONDITIONAL CASH OFFER

Bidders Statement' %

AR**1*14,&41IlZIDDATB

l am pleaeed to provide you wlth an unconditional cash o:Ter to acc,Ilre all yols sharee h PanAustlimited (l,anAusr) for A$1.71 per Par*Ist Share (the *Offer").

The Offer provides you with an opportzillty to reallse cash for you PanAust Shares at a premkmlvaluation.The Offer Price of 41.71 represents E

• 30.6% prernlum tothe doeing price of PanAust Shares on 27 March 2015 of A$1.23;• 40.1% premklm to the 1 month VWAP of PanAust Shares of 41.22;• 54.096 premium to the 3 month VWAP of PanA,m  Shares of A*1.28; and• 17.396 premium to the 6 month VWAP of PanAust Shares of A$1.48.1

The Offer provides you with the certainty of cash with no conditions ancl should be considered Wainstthe rleke and uncertalntes you may face If you remain a shareholder of PanAust In the lutn.

Quangdong Rlaing Amets Mmagement Co., Ud (*GRA&11, through Its wholy-o,med subelch,y,Quangdong Riel,g H.K (Hoking) Limited ('GRHIC), ia the largest shareholder In PanAust holding a

  relevant Interest h approldma:ely 22.5962 of the PanAust Shares. I belove that the Nkellhood ofanother bidder emergN with a superior proposal ls low, given the substantial oash premium offeredand our currerit relevant Interest h PanAust ShareaDetals of the Offer, Inclucing Its terms and concttions are set out In this Bidder's Statement

To acce$* the Offer, please folow the kistructions on the accompanying Acceptance Foml. If yourequ*e addtional assistance, please cal the Offer Information Une on 1300 150 131 (tol-free withinAustrala) or +61 2 9098 9225 (from O-de Australa).I encourage you to reed this document h Its enthty, andthen to accept the Offer as Boon asposslite. Payment wm be deepatohed to you by cheque on or before 7 Buohnees Daye after reo04* ofa valid acceptance.Yours shicerely

Wei ZhuChairman

1 Al VWAP tratlng d,la solicid kin Bloorrk,ro ¢a«houl thi colwlt of Bloombiro to uli of thi d4Iper,-d by ASIC01=, Ord, 07/240).

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L.

Important notice

Biddefs Statement

The Offer deecrl,ed dthln this Bidder's Stalemerrt 18 gh,en by Guangdong Rising H.K (Holc g)Limited (a wholy owned Subsklary of Guangdong Rising Assets Management Co., Lid), to PanAustLknlted ABN 17011 066160 under Pert 6.5 of the Corporatione Aot and eets out oertahn deoloeureerec;*ed by the Corporations Aot together with the tems of the Offer to acqdre your PanAust Sharee.

You sho<*1 read thle Bidder'I Statement In It8 entirety.

This ref,lacement Bidder@ Statement 18 dated 7 An,1 2015 and a coov of thle reol/vignerit Bkijefa

oriainal Bidder's Statement lodoed with ASIC 00 80 M,ch 2015. References In this document to 'thedde of thia Blcirlar'a Slitament' Cor Alnliar) Rhoilld be rgnd an rnfarnneim to 30 March 2015. MIncludes an Offer dated E•-11.*prilk, 015 on the tems set od in Appencix 1 of this Bidder's

ASIC takes no responst®y forthe conterit of this BIddees Statement

Defined terms

Caoltallsed terms and certain abbreviations used In this Bidder's Stateme  are defined In theGlo=ary.

Ur ®88 the contrary Intention m!,1.AArs, the context requires otherwise or Mirds are cleflned IntheGlosewy, wonia and phrases h thka Bidder'a Staterne,it have the aame megili and  arpretation asIn the Corporations ActUnlees othenvise Incicated, all referenoes to sections and appencices are references to Beoiions andappendices of this Bidder's Statement

Investment decisions

The kilormation in this Bidder's Statement Is general Info naion anddoes not take Into account thehdh,Idual liveltment obleolhes, f lancial sitiation or particular needs of each ParIAust Shareholder.You should consider seeklrU huependent financial end taxation acMce before meldig a decision asto whether or not to accept the Offer.

Notice to foreign PanAust Shareholders

™s Bidder's Btalement and the Offer are aubleot b Aumralan cisoloeure requiremenEs,vhloh may bedfferent from those appicable In other Miscictions. This Bidder's Stntament and Offer do not in anyway constitute an offer In any place tri w#loh, or to any person to v,horn, It would not be lawful to makesuch anoffer.

The distrmution of this Bldder's Statement may, In some countries, be restricted by law or regulation.Accor{Ingly. persons who come Into possesslon of this Bidder's Statement should Inform themselvesof, and obeerve, those restrictions.

Disclaimer as to forward looking statememB

Some of the statements appearing In this Bidders Statement may be h the nature of fonvarNookingstatements. YOU 8hould be aware that such statements are only predictions and are subject to

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 0,7313], 17*d,i '0 5'. N ,S,1"%'6* ,73",S .Bidders Statement

Inherent rieks and LE,certalntlee. Those risks and uncertedntlee Include factors and risks apedfle to the11¥6 try In which GRHK opermt,  as  1 as general economic condtions, prevamng exchange ratesand hiterests rates and conc tions In financial markets. Actual events or reeults may dmer materialyfrom the evmits or results expressed or inplled In any fonvard looking otatement None of GRHK orGRAM nor any of their respecove omcers and employees, andanypersons named in this Bidder'sStatement with thelr consent or any person Involved In the preparallon of this Bldder'88tatementmakee any representation or warranty (express or Impled) as *O the accuracy or Ikelhood of theflimlment of any forward looking statement, except to the extent requ,ed by law. You are r.irtionednot to plaoe any undue reianoe on any forward 1001*ng etat,mint The fonvard look g st=faments 111this Bidder's Statement refled views held only as at the date of this Bidder'* Statement

Except to the extent recluted by hw, GRHK and GRAM do not undertake to Kdate or review anyforward·-lookky statements, whether written or verbal, thatmay be made from time to  rne either bythem or on thet behalf, v,hether aB a result of new hformailon, futue events or olhenvise.

Information on PanAustThe *tformaton on P=,Aust, PanAust Shares and PanAusrs business contalled In this BiddersStedement has been prepared by GRHK using publicly avalable Wormation and should not beconsidered compreheridve.Information in this Bidder's Statement concerning PanAust, the PanAust Shares and PanAusesbuslnese hes not been Independenly verified by GRHK. Subject to the Corporations Act, none ofGRHK nor Its respective omcers and employees make any reprecentation or warranty (express orImpied) as to the aocuracy orcompletenees of this Information.Fl,ther Information relalng lo PanAust's buslnese may be Induded In PanAust'B Target'e Staismentvvhich PanAust must provide to PanAusrs shareholders tri response to this Bidder's Statement

Privacy

GRHK has colected yols Information from the reglater of PanALIst Shareholders for the plil)0808 Ofmakk the Ofter and, 11 accepted. ac mhlstering acceptances over yols holc  of PanAust Shares.The Corporations Aot requires the nemes end addresses of ParAust Shareholders to be held h apublo register. Your information may be diedoeed on a confidental basis to GRHK and Its relatedbodlee corporate, and holdera of eecurltles In GRHK or Im related bodes corporate and externalservioe provlders, and may be required to be cladoid to regulators, such as ASIC. The registeredoffloe of GRH< le Room 1208,12F, Bank of Amirloa Tower, 12 Hafoolst Road, A*nhdty, HongKong. The regle:Bred office of GRAM 18 50-58/F, The Pinnacle Plaza,17 Z]lulhna West Road, TianheDistrict Guarigzhou, Chiria

How to accept

Acceptances for the Offer must be received In sufflclent t,ne to be adid upon beforetheoloee of theOffer Period. To accept the Offer youshould folow the Ins#uctions set od ht Appenclx 1 of  lsBldder's Statement

EnquiriesN you are h any doubt as to how to deal wlth this Bkidets Statement, you should consult your brokeror your legal, financial or other professional adviser.Should you have any {Nestions about the Offer or how to accept It, please cal the shareholderWormalon Ine on 1300 150 131 (toll-free) from withh Australa or on +61 2 9098 8225 from 01*sideAustrala.

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Blocers Statement1.

ai8Mi**EP0e0fis,-,-e L, - ' '    

V.'llY YOU SHOULD ACCEPT THE UNCONDITIOIJAL ALL CASHOFFER

1. The Offer Price representsa SIGNIFICANT PREMIUM torecenttrading levels

2. The Offer ie an ALL CASH Offer and es oertain andimmediate value

3. The Offer REMOVES SIGNIFICANr RISKS

4. The Offer Is UNCONDmONAL and pa will be made promptly

5. The SHARE PRICE RIAY FALL after the close of the Offer

ACCEPT THEOFFER

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Bidders Staminent

1. The Offer Price represents a SIGNIFICANT PREMIUM to recent tradinglevels.

The Oller Price of ,41.71, ae lustrated bebw, represento a signmcant premilin lo the levels st whichPanAuBt Shares vnre trading up to and hlchicBno 27 March 2015, thelast tadhlo day p or totheemouncement of the Offer.Based on the price of PWAust Sharee uptoand  olu*lg 27 March 2015, the Offer Price represenm apr.mium of:

• 308% to the oloshg prloe of PanAuot Shaies on he ASX on 27 M,011 2015 of A*1.23;• 40.1% to the 1 month VWAP of Par*let Sharee of A$1.22;• 34.0% to the a month VWAP of PanAuet Shares of A$1.28; and

1. 17.3% to the 6 month VWAP of Par,Allet Shares of A$1.46.9

A51./1

Omar Price

--

39.694.

·V

Cloghg Price27 March 2015

Offer Price: A$1.71 per share

40.1%

'51.22

34.0%

A$1,28

17.3%

1 Month VWAP 3 Month VWAP 6 Monih VWAP

The 41.71 Offer Price Imples a market ry:plts-:tion of approxirnAtaly 41,108 mmon for Par:Aust

2. The Offer 18 an ALL CASH Offer and provides certain and immediate value.

The Offer 18 10096 cash foryour PanAust Shmem

If you accept the Offer• you Will be pald A*1.71 CASH for each of yots PanAust Shares;• you,hould not Incur any broker,ge fees or stamp asty on the acceptmice of the Offer; and

I IVWAP gOrder 07/249).

c a lolrced from Bloomt»rg (,1*101* the oor-* 01 Bloombirg lo uae 01 thi d-, as perrnmed by ASIC Gis

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Bidders Statement1,4.

• your payment cheque ul be deepabohed on or before 7 Buehieee Days after you valdaoceptance is recelved.

3. The Offer REMOVES SIGNIACANT RISKS.

It you accept the Offer, jou wil be pejd cash for yOLS PanAust Shares and will nolonger be exposed toexternal aild compenrepecmc risksthat PanAust maybe 81*leotto and which may adversely affect thetrad g price of PanAust Shares.PanAust's pre-development project at Frieda Rlver In Papua New Guinea l. require significant futurecapital expendlge In order to get lo production.Future development costs may *ve rise to a slgnlflost fun ng re*rement for PanAust PanAust mayseek to raise  ds through rahlig e ty oapital, for example through rights leeuee orplaoements to thkdparties. These capital ralaigs could result h dlution of existing Par*ist Shareholders.There 18 a risk thai the re*Irement for substa,illal e,nount@ of development caottal may negathely Impactthe 8hare price of PanAust Shares In the future.

In adajon, there are hherent riska In tv**10 ehares Inalsted enmy such as PanALiat.

These risks kiducle but are not imited to:

  commodity prloe rlski• foreign exchange risk;• operauonal Id development risk ;• regulatory risk;• equity market risk; and• general economic concitions.

4. The Offer is UNCOND[TIONAL and pa will be made promptly.

The Offer Ic i,LY),witional. Yourpa,ment checve wl bi despatched on or before 7 Business Days afteryour valid acceptance 18 received.

5. The SHARE PRICE MAY FALL after the close of the Offer.

Dependlr  onthe level of acceptances that GRHK receives underthe Offer, the market for your PanAustSharee may become 1888 Iquld or lees aotlve after the close of the Offer than the olrrent market Thismey have an adverse hipact on thetracing price for PanAust Shares.

1 GRAM ahady has a relevant intereet in approo*nately 22.596# of the Issued eharee of PanAust If GRAMand Its Assoclatee own morethan 5096 of PanAust they wl control thecompany. If GRAM and ItsAssockates control PanAust you Wl become a minority shafeholder which may have a number ofadvirie implogilorte for you as a PanAust Shareholder and the market for you P.nAu# Sharee.

h,/09/0 du  B 0,1.ir,/,19/ 01/1/19///19.

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lr-1 1-' ' -i,

'

Overview of the Offer

Bidders Statement

Set out below Is a slinm ary of the Offer. Furfher infomlation about the Offer can be folsid throl100LMthis Bidder's Statement, You Bhould read the entire Bidder's Statement before decidg whether toaooept the Offer.

Eiddel The Offer is made by Guwigdong Rising H.K (Holcing) 1-mited (*GRHIC).GRHK Is a dlectly wholly owned Subsidiary of Guangdong Rising AssetsManagement Co., W TGRARA').

lini:oitoitit)!  , I GRHK offers to ac**e al PanAust Sh,res for A$1.71 cash per PanAust Share onOffor

Conditione

0!fer Petioil

pak.511':ni floto

11:)&·.· 1(;Occocithe011rl

the Offer Terms set out h Appench 1 tothls Bidder's Statement.The Offer relates to PMAust Shares thai exist or wil exist as at the Register Date.The Offer wn not extend to the acqu Ition of my Par*Jet Share Rights. However, Itwl extend to al PEALIS: Shares that al l=Led and Isted for Fota on onthe ASXst aiytirne dtiN th®Offer Period:

• as a reed of exercise of the P,Must Share Rlghte; or• :l oornecoon with the vefng of outatendlo Lo¢  Term Share Plall shares

The Offer le unooncltional.

The Offer Is echedled to olose at 7.00pm (Sychley thne) on E•-11118*-2015 81ut Itrns* be=lended).

If you accept the Offer, your payment cheole will be deepalched on or before 7Business Days after yow vald acceptance 18 recelved.

The Offer may only be aooepled for al of yol/ Par* st Shares.How you accipt the Offor depends on v,hether you PanAL:st Sharns ari h an IssuerSponiored Hok*r  or a CHESS Holang.he•Spiroor*0 HtdhgIf you hold yoli PS*Ist Shares In an [muer Sponsored HokIN (your SRN *arts . -with an 91, lo accept the Ofter you must complete, eign and return thi enclosedAcceptance Form in accordance with the ingouctions on It and return It to theaddress hldlcated on me form tand set out below) before the end of the Offer PeriodCHESS HoldingIf you hold yols P Aust Shares In a CHESS Hoking (your HIN *rts within 901, 10Ecept the Offer you must elmer

(a) · heand yols Controing Partic*ant (for example, you broker) toinltlate accept,nce of the Offer before the end of the Offer Period; or

(b) mmplete the aooompan,Ing Aooeptanoe Form and send twcompleted Accep ance Form (together with aH other docurner,tsmqu*ed by the htrudlons on the form) Sectly to your broker orother Coreolng Pst!*ant h sufficient Ame forthe OMerto beaccepted before the end of the Offer Period with instructions tohmate acceptance of the Offer OIl Nur behalf before the end of theOffer Period: or

(0) complete, sign and return the Acceptance Form In accordance with

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' 45- )<1:11 3'., 4 , ' ' / 1 '. 4 ,%%'

Bidder's Statament

the :11*ucoons on : and lodge It by rettrrilrg It to the addressindloated onthe form (and eet out below) 80 that your acceptance 18reoelved before 7.00pm on the second last Business Day hn Sy*,eyof the Offer Period This wil auetorise GRHK to Instruct your brokeror other Controlng Participant to Initiate acceptince of the Ofter onyols behalf.

I you are a Brolcir or an AED[ 80¢t*mont Paroolpant, to accept the Offer youmust hitiate accep ance In aocorc co with the requirements of the ASX SettlementOperatig Rules before the end of the Offer Period.Haoms of your PanA,i Shar„ ar  h an [,suer Sponio,Id HokIng md ion»in a CHESS Hoking, pleme reed olauge 413(d) of the Offer Terms h Appendbc 1 tothis Bidder's Statament for how to accept the Offer.The postal end delvery ack*emee for completed Acceptance Forms are m folows.The postal ad[*08816:Boardroom Pty UmltedGRAM OMerGPO Box 3893Syc*ley NSW 2001Austr00aThe tr emisslon of the Acceptance Form End other doclitients 18 ai your own riskYou may del?ver the Aooeptance Fom and any assoolafed document» In person to:Boaidroom Pty UnittedGRAM OfforLevel 7,207 Kent StreetSyaley NSW 2000For ful detals see clause 4 of the Offer Terms in Appencix 1 to tids BiddefsStinmt

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2 Information on GRHK and GRAM2.1 Corporate Information

GRHK Is clrectly wholy owned by GRAM. GRHK 18 a Hong Kong  loorporaid entity that Is anexpansion vehicle for 118 parerrt comparly, GRAM, InckKing faciltatjng and Implemen ngoversea projects and Investments h overseas mir*lg companies and assets.

GRAM Is a Chinese Stale-owned company regulated under the Sints-ov,ned Am:Ats SI Yvislonand Administration Commleelon, the People's Government of the Guarigdong Provhce.

2.2 Overview of GRHK and GRAM and their principal activitiesGRAM and Its Subeldailes inck,(Bng GRHK operate a civersified portfolo of buslnesses centredon Inveetment@In the minhlo end production of non-ferrous metals Inck,diro lead-zinc, copper,gold. 11,)gsten and rare earth. Besides minlrt, GRAM also has other support Irwit•*les Inclucingelectronics, real eetate and Bance.

GRAM Is the second largest shareholder of China Telecom Co; Ud, and the controingshareholder of isted compantee inoludng Shenzhen Zhong»n Ungnan Nonfernet Co., Ud,Guargdong Fenghua Advanoed Teohnology (Holding) Co, Ltd, Rieing Nonforrous Metale Co.,Ud and Foshan Na#onstar Optoelectronic Co., Lid.

.HE p.'IN,0 '1*0"9, ..0

S=104 FIWIum Adwicd h".WE.Adul"'d M.8.- lim#thorn Raour©=) T chnology (Hol ng) Co. 1@d (SZSE * Ticinol,0 0110 ltd ,* bRI,Im,nt Hol  Ud > tknitld (Am( 1,t,d)

.sted)

Gl-Wdons G lectronics Fel//IMN."on...» tr*rrr*lon Ind-yhip W * Opto,lictronic Co, LU

¢mE kied)

Sh,1,1,1.1 8,=Ii.'ll¥ n» Norfernat Co. Ltd (SZY Isted)

N*/*ml-**Ud(Sse Ild)

Ch  Teleatn 04 Litl 0*ZI

GRAM haa dred id Indreot heetments In 2 listed oompanles oubside of China. GRAM'Gm *10 assets En located across 5 continents.

Currently, mir*10 Is GRAM's primary buslnees and It le focused on strategic civernillogilon.GRAM applies Its unique stength, 1*tancial netwvk, technical capabilities and managementexperience to advance Its current mhnhg projects End Inveets In other companies andwith potential for value and growth, with the view of creathg a c0versilled, global m Ing groupwhich IS Internationaly competitive.

This Offer Is consistent with GRAM and Its Subsiciariee' ongoing strategy to identify and develophigh-qualty non-ferrous metals projects globally.

Bidders Statement

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2.4(a)

Bidder's StatementL-  £%711* 1#895.laf**P..-.42, Tt Uv'F,,?2'·'  ',r, ;411 '14" ' "- 1

-'1 '.. I

% :.i, "' .-

2.3 History of GRHK and GRAM(a) Hitory of GRHK

GRHK was Incorporated h 2009 In Hong Kong. On 18 September 2009 It acqdred a 19.9%inter-t in PanAuet ae a oomerstone Investor. Shol then, GRHK hae made leveral purchaaesv,hlch has taken Its cu ent holdri In PanAust to approximately 22.596.1 M was registered InAustra•, asa foreign company on 27 January 2011. Other than hok/ng Its position hi thePar,Aust Sheres. GRHK does not curredy undertake any other busineso actMtlee.

(b) History of GRAM

GRAM was founded on 30 December 1999 bythe approval of the goverrynent of GuangdongPro*,ce. It Is one of the largest state-owned enterprlsee supervised by the Stah-owned AsaetsSupervision and Administration Commission, *e People'B Government (3uangdong Province.Over 15 yearB of development GRAM has achieved a succee®ful track record and presentedun410 oppollsiltks Ed dguflcant value for h shareholder. Atthe end d 2013, GRHK had totalassets of RME32,644 mllon and GRAM has conioidated assets of RMB88,049 milion.In 2011, GRAM ac*lired Caledon Resources PLC, an Austranan coal producer and explorerbased In the Bowen Bashi of Queensland GRAM also has lilerests In Pertlya 1.- lited. anAustrallan bie metals mining and exploration company. GRAM holds Its intereits In Perlyathrough drect and Incirect hestment8 hn Shenzhen Zhonglln Ungnan Nonfernet Co., Ltd, a listedcompany on the Shenzhen Stock Exchange.

DirectorsDireotors of GRHK

As ai the ri,ttn of this Bidder's St Ilent the clrectors of GRHK are:

• Diriotor - Hongqun Weng. Mr Wing holds a baohelor'o degrN In mochar· 1 and Ilictricalengineering from South China Unhersity of Technology. Since stepping Into non-ferrousmetal  ,dustry In 1878, Mr Weng has gained extenst,e eocperlence In management andknowleclge of mining. Mr Weng joined GRAM In 2002 and was appointed as cirector ofGRHK In July 2009. Mr Wer  18 Chakman of Guangdong Rluig Mhing Investment Co., Ud.

• Director-Lbdn Wang. Mr Wang holds a PhD degree In acco ng from Slm Yat-senU . Mr Wang has extensive experience in finance, accounting, audit and taxation. MrWang worked for the Rinance depertment of the provinolal government and also Berved aslectuer ai Sun Yai-een Un versity for nearly 10 years Since joining GRAM in 2006, MrWang has successlvely served as the General Man er of the Firs,cial Se«lement Center,the Capiml Operation Deparhient and the PlannN and Flnance Department Mr Wang wasappointed as drector of GRHK In July 2009.

• Director - Zhensheng Liu. Mr Uu gracktated from Southeast Univernity (previou* MmedNarting Geology Ins#tute) and completed poslgraduate program of resources economy atSun Yat-Ben University. Mr Lk,118 clmently a Committee Member of Shag*al GoldExchaw,ge Credentials Committee, China Gold Industry SAndard Commit;se andGuangdor  Precious Metal Standard Committee. Mr Liu also holds professional tres ofSenior Geologist and Benefloiailon Erdneer. Prior to joling GRAM, Mr Liu held eeveralmining-related managerial roles Inckidng the Vice General Manager of Hetal Gold Mine andthe Managing [)*ector of Guangdong Jn Ding Gold Co., Ud. Mr Uu Is VIce-President ofGuarviong FliaN Mining Investment Co., Lld and was •f'Pointed as drector of GRHK InDecember 2014.

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(b) Dhotors of GRAM

As at the date of this Blciders Statement the clrectors of GRAM ase:

Bidders Staterr ntp-''  . ..- -//.i /

..

• Chalrman - Wei Zhu. Mr Zhu holds a maste/9 degree In political economics from JInanUn,verslty. Mr Zliu has 20 years' experience In the miancial sector Incklding aithe People'sBank of Chha, Beveral venture capital Invesunent companlee and China Banking RegulatoryCommission and has extensive experience In corpor«te governance and capital operation.Mr Zhu has held various senior m40 roles before beN oppolritad as Chahnan ofGRAM h May 2013. Mr Zhu Is also Vice-Prooldent of the Association of China Rare Earthltv*mtry, Chairman of Shenzhen Zhonglin Ungnon Nonfemet Co., Ud (a Shenzhen SlockExohe le lated oomparly) and Guangdong Rare Earths Inckmlry Group.

• Dkedor, President - Zezhong U. Mr U holds master'* degmes In poitics from PekingUnh,irsity and public adm tration from Harvard Unhvergity. MT U worked forthe SintnCouncil and was a consultant to the Unlmd Ndons Development Program. Since 10'nhigGRAM hi 2006, Mr U has been leacing GRAM on mdtlple over,eas amet acquisltions andproleot markagement Mr U was appointed as Preeldent and cirector of GRAM h April 2013.Mr U Is GRHICs nominee drectoron the bowd of PanAust W Ujoined the board ofPanAust folo,ving the oornpleuon of the ehare plaoement to GRHK In September 2000. Mr Uis also Vice-President of Chila Nonferrous Metals Industry Assoclation, Chalrms,1 ofGu dong Fenghua Advanced Technology (Hoking) Co., Lid. (a Shenzhen StockExchange listed company) and Guargdong Rlskig (Austrana) Pty Ltd

• DIrector - Jinxiell Deng. Mr[)eng holds a masters depe In economics management andrecdved =1 EMBA degree from Sun Yai-sen Un Nerdy and holds a professlonal title ofSenior Economist Mr Deng joined GRAM In 2000 and hae alnco held several managementand committee posluacm. Mr Deri has mctsnelve ®*erience h hunan reeourcemanagement Mr Deng was appointed as a dlreotor of GRAM In May 2005 and was adrector of Rish Nonferrous Metals Co., Ltd (a Shanghai Skock Exohange 118ted oompany)from 2000 10 2013.

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 , .,4, f ./Tanveer 94'. I .

1..I

Bidder's Statement

3 Information on PanAust3.1 Recent PanAust share price performance'§

The graph below shows PanAust's share price for the 12 months to 27 March 2015.

ASple.. PrJA 1{:111,1,:,LIC,ne,i' of linn lote:no h,{*-4111:#4.40.1 ,th.:i s.ti,po:,al We,it GRAM

2.4 - ; M:'117614 rMGO AP 00,2.11*:e

13 . On O,.10*1 30. f r,Nig. pi„,t'.id 1,·,gmt 91,2.2 - Ii,iwviar·a pi'rlltiht, 1>·pat-' CEO. :iult Pill:6(16111 - w,6,10 k.ligm ni t:lac will. 4:) 11419 21.it A

2.0 - 1,0'.*4 6,10.4-14

1.9 - 9 a ' 100014 Num Afl.f-·**··

13 - Offer prlcI: All.71/aherl1.7 -

1       1A ·1.3 - Last c{..: A"Z.hal12 - -1.1 -

, I 'V1.0 '31/03/2014 30 6 014 30 0012014

-liwl'Al'.1d. Ble."Ovile.ASP.St- PN,A ilt:N,4%4*nt of non 11!:Id# Siffr.,lhre

.:.:,16611#* 111:ouwl Sw, GRAM14 - 1 785,7,114 /*,99 AS)Ils,W,#1023 ·22 ·112.0 .1/ ·1.8 - O#ar prto« A*1.71#Gll re1.7,  144,*1.41.3 - Laitoloeo * 27/3/»15: All.23/Iliire12 -1.11.031/03 14 300&314 3(10012014

--An#Id,1.cio, apte

Sowce; Ewoofite,0

31/12/2014

01101.f<,1. 30. 11%40 1,1!,4, bAE , ·69<t ultDir:ritcwl YAN ME PAIrAL,6, CE') 181 I'nt[Ausl6,·+Age 1011// b, 1,% s v.'ill]JD:4· 1, 11!¥ ,113)11': 412*,A||  1:kievcl101/10,7011 Bate: f,9 1 in[U,v

--

31M2 014

ABed 27 March 2015, being the last day on wNch PanAust Shaces Vaded prior to theannouncement of GRHICs offer(a) the last recorded tracRE price of PanAust Shaces was A$1.225;

(b) the 10 day VWAP of PanAust Shares was A$1.20;

(c) the highest recorded tracing price of PanAust Shares In the previous three months waSA$1.50; and

  4 ll* QI=18.100,illl,I,will r,In=lolili,dilloinldhm Blooir Ig ¢*te,lur 100„Ii,ildto*uohuieolre#grence, loI ndirv di  mperril»d ly MIC Gal Ods, 07/240).

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 PrIl-i CEY'Im*rp 0>491. 1.=41.'''

Biddets Statement

(d) the lowest reoorded tradhng price of PanAust Sharee hi the previoue three months wasA$1.10.

3.2 DisclaimerThe folov,Ing Worrnation on PanAuot has been prepawd by GRHK using publicly avanabloWormation, md has not been Independently vermed. Accordngly, GRHK does not, subject tothe Corporations Act, make any representation or warranty, express or inpled, as to theaccuacy or completeness of this Worm*14.

The Infomiatlon on PanALet In this Bidder's Statement should not be COmidered compreheneS.

In Ar ion, the Corporations Act requbree the drectors of PenAust to provide a Target'sStatement to Par*:st Shareholders In reeponse to thA Bidder's Statement, seting out oertalnmaterial hifo¢mation concerning PanAL,81,

3.3 Overview 01 PanAust and Its principal activities(a) Overview of P,J,Auts bu,Ine-

PanAust 18 Isted on the ASX (ASX: PNA). PMAust's head offlce is located In Brisbane, Australla

PanAust Is a copper and gold producer vlth a portfollo of projects In Lans, Chle and Papua NewGuinea

PenAust's producIN assets are the Ph u Barn Copper-Gold Operalon and the Ban HouayxalGold-Slver Operation. Both are located In PanAuses prospedve 2,600 square-*lorne¢re Phu Blacontract area h Laai.

In Papua New Guinea, PanAust holds an 8096 Interest h the Frieda River Copper-Gold Projectan undeveloped copper and gold project loestad on the border of the San,·64,51 and East 804provinces of Papua New Gdnea. The rema Ing 20% Interest 18 held by Highle„ds PacificLknlted.

(b) History of PanAust

P,Aust wte  oorporated In 1983 and leled on the ASX A 1987. In 2001, Pa„Aust aoqlled aninterest In the Phu Bla Contract Area in Laos. Between 2002 to 2004, PanAust conductedfeasulty stucles and me¢anurgical teets at both Phu Khein and Ban Houayxal. In 2005 PanAustgained 'producer' status folov,Ing thl first gold pot• at the Phu Khsm Heap Leach GoldOperation. In 2007, PanAust emered the S&P/ASX 200 Index and the first Phu Kham copper-gold ore was mined and atockpled and Phu KhE  Copper-Gold Operation commls,lonhgcommenced

In August 2014, PanAust accR,Ired an 80% Interest In the Frleda River Copper-Gold Projeot InPapua New Guinea. The remalnhng 20% 18 held by Highlands Pacific Linited Upon the grant ofa special mir,Ing lease or aminhg lease the government of Papua New G *te€1 has a rvit toacquki up to a 30% interist hn thi Frieda FUver Prolect

On 29 January 2015 PanALIst annolmced that no material expendkures are budgeted for 2015 forthe 1(TL (formerly Phonsavan) Copper-Gold Proled In Laoi and no Bite ac¢Mties are plann d for2015 forthe Carmen deposit orthe Inoa de Oro Copper-Gold Project In Chile. PanAust81*68(vently announced a correeponding write down In the value of those assets

(0) PanAust's Board of DIreotors

As at the IN of this Bidder'a S+Atartlent the drectors of PanAuet are:

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• Mr Garry Arthts Ho{01881;

• Dr Frederick Hess;

• Mrs Nerolie Phyls WI nall;

• Mr Geoffrey Arths Handby;

• Mr Geoffrey allard ;

• Mr Zezhong U (alternate Mr Qlan Deng);

• Mr John Philip Crofts;

• Mr Kenneth Wtlam Ploker g; and

• M8 Annabele Saly Chaplaln.

3.4 Substantial shareholders

Bidder's StaBBment

Based on mate,lallodged with ASX prior to the date of this Bidder's Statament each of thefollowing perBons (on behalf of lt,elf and #8 related bodies corporate) had 1,8 follovAngsubstarrtial shareholdhngs In the Issued ordinary share capital d PanAust

PanAus' Sharehold,r

GRHK and GRAMSource: ASX

InAust Sharea

145,734.8484

3.5 Publicly available Information

% of luued orelinliy shaf* c plialof PanAust

22-5%

Par,Aust Isa oompeny isted on ASX and b £,hjecl to the perlok and con nuous cls,*u,rerequirements of the Corporations Act and ASX PanAust's annual repolt for the year ended 31December 2014 was gNen to ASX on 19 February 2015.

4 580,000 PEA:st Shgrea se held Wreclyh=* GRHO; brokar BMO N=bli Burs Inc

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(a)(b)

.//1 ./.' " I. ...'/' I. 2 '

.'1

4 GRHK's Intentions4.1 Introduction

Bidders Statement

This section sets out GRHEs hitentions, on the beels of the factz; and hnformation concerningPanAuot which are kno n to it and the existing circumstances affectbg the businees of PENIAust,hn relation to the follov*,g:

the coninuation of the bueliess of PanAust;

any malor changes to be made to the buslness of PanAust, Including any redeploymentof the fb(ed assets of PanAust; and

(0) the fitUre employment of the presowt employees of PanAust

GRHK Is a wholly owned Subeklary of GRAM. Accortgly, GRAM has the sanle Inhentions asGRHK h relation to these mE[iters.The Intentions of GRHK have been formed on the basis of material Informalon concerningPanAust and the general business envlronment, whlch,n knoiNn al thothlll of preper* thisBIdder's Statement Certain of that Infomation was receh,ed during the limited due dillgenceconducted prior to 9 October 2014 (880 88(000 8.2). Final decisions regarcing these mnitors wl 8only be reached by GRHKAIght of mattal informaion and drclrnstances at the relevant time.Accordhgly, the statementB In this Bidders Statement may vary as now Information becomesaval[Ahb, or 1 . :h. · ohange.

4.2 Operational reviewGRHK and Its acM,ers have reviewed Informalon that has been pltioly released on PanALE Itsourrent 801Mtles and Its plans for the future, have had Ilrnlted decus,lons with PanAust h relationto 118 buelnesses and conducted hited due digence prior to 9 October 2014 (see section 8.2).However, GRHK does not currently have knowledge of all material Inforrnalon, faot» anddrcliiiatances that are nece=ary to assees the operational, commercial, taxailon and fhandalInplications of Its current Intentions. Consequently, final decisions on these matters have notbeen made.

Fodowing the close of the Offer, GRHK wl, to the extent thai Informailon Is avalable to lt,conduct a review of the operailons. asseta, souctn and employees of P Aust In light of thatWormation. Final decisions w01 only be reached aller that review and In Ight of all material factsand dirrilletonces. As such, statements set out In thls section 4 are statements of currenth,tention only which may change as new Infomauon becomes avalable orcircumgtanceechange. The statements In this section 4 should bereadlnthls context

GRHII Is PanAust's largest shareholder,vith a relevant Interest In Approxima$ely 22.5962 of theIssued capital. GRHK's Intendon Is to Increase Its shareholdlro h PanAust and to Increase ItsInvoNement In the development of Frieda River and the continued mar ement of PanAust'sother operalng assets.

4.3 Specmc Intentions - PanAust Share RightsGRHK Is not offe,¥ig to acquke any PariAust Share Fl lits GRHK encourages holders ofPanAust Share RIgMs to exercise the* PanAust Share Rights, to the exlent that they are entitledto do 80 underthe PanAust Share Rights Plan. and accept the Offer In respect of the PanAustShares Issued on exercise If they wish to participate In the Offer.

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.

-1- .1 1 1 2'1 1,1 1 , ' - - I1.,

Bidders Statement

.

4.4 Intentions upon acquialtion of 90% or more of PanAust SheresThis Motion sets out GRHICs current intentions N It acquires a relevant Intmest In 90% or more ofthe PanAust Shasee and Is entitled to proceed to compulsory acquisluon of the outatarKSngPanAust Shares.

(a) Compulsory acquisloon

If it becomes endtled to do 80 under the Corporabons Act GRHK Intends to:

(1) glve notices to compulsorily acc,Ilre any outs*Kim PanAust Shares In accordance withsection 6618 of the Corporations Act; and

(1) dve notices to holders of PanAust Share Rights to compulsorly acquire any outstancingP Aust Shares and PanAust Share RIght8 h accordance with section 6840 of theCorporalons Act

If It 18 required to do so under section 662A and 663A of the Corporations Act eFIHK *Itend8 togive noticee to PanAL:st Shareholders offerir  to acquire thedr PanAust Shares and PanAustShare Rights In accordance with eeclon 6628,6638 and 68<C of the Corporalorts Act

(b) ABX Listing

At the oonoluslon of the oompulgory aoquialtion prooees, GRHK htends to mrange for PenAust tobe removed from the officlal ilst of the ASX.

(e) Directors

GRHK wl replace themajortty of the members of the boacd of drectors of PanAust with Its ownnomhees which may  clude exis ng PanAust dreaton. Replacement board members have notbeen Identified by GRHK and their Identity may depend on the cirrisnstances at the relevait time.

M Operstions and a Ists

Following the dose of the Offer, GRHK Intends to conchictabroad based review of PanAust'soperdons ona strategic, func onal and fhnanclal level to evakate PanAuses ance,proMtabllity and proopects.GRHK h*ends to co lue the growth and development of PanAusts resolrce assets 8,roughsould and respor e businees practices and operational emclency enhancements.

GRHK also Intends to mahltaln posluve relationships wRh the local cornml es andgovernmentauthorities In the areas In which PanAust has projects and operalons.

GRHK Intends to continue carry* on the propoeed feaebillty study In relation to Frieda Fl ver.

Fhal decisions m to the operations and 888*8 of Par*lot %vii only be reached tter the reviewand in ight of al tho material faots and olrournot-loe . As Iuch the st,dements h thle Ikdon 4sholdd be read In this context

(I) Employa=

As oumried above, GRHK wllconduct a review of the operalions, assets, strategy and employeesof PmAust In this process GRHK may Identlfy some synergles in relation 10 Borne corporate,managerial and operational f ctions acroee GRAM and PanAL[Bt and GRHK may makeadjuslments over trne v,hen dowed by the law.

Where rA=ble GRHK wil seek to minimise job lowes and leverage the experience and sldle ofexletklg employeee. GRHK gAeo expeote to retain @ubetantl ly all the staff and employees of the

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FF/*FF#EnVE.'MERS*Re rE 61fmk#:·r' 7 2,:i--: '1, V, /Appjk.. . . , '2,-'. -

,

Par,Aust Group. However, this k sublect to some char es to employment positions In thetrmisltion period as GRAM End PanAuses businesses are combined and subject to non,181performance maneoement O4ectives which wII be conducted In compliance with local labour lawrecuIrement8.

GRHK Intends to review the oiddng employee performom,based kiceolive plan and folowingIts review may continue the existag plane, replaoe the plans ortermlnals the exis  plans. Finaldecidons regedng the Long Term Shan Plan and PanAust Share Rights Plan wl only bereaohed after GRHICs review.

4. Intentions upon acquisltion of less than 90% of PanAust SharesThis section Bets 01* GRHICs Intentions If GRHK were to gall effectve control of PanAustalthou* not beooming entitled to oompuleorly ao*Ilre the out,tan ng PanAust Shares.

( ASX Lliting

If GRHK gains control of PanAust vAthout becomllg entitled to compuloortly acqt*e theoutsta*W P Aust Shares, then baeed on the Infomiation clrrently available to it, GRHK

to cause PanAust to apply for removal from the official Ist of the ASX in accordance with

) Dilotors

Subjed to the Corpor<dons Act and PanAust'e conslitution, GRHK Intends to procure theappointment of Its nominees as a majority of the board of chomrs of P Aust after gahirieffedve control of PanAust (and to requisltion a meeting of PanAust for that purpoee Nnecessary), which may Include exletkig Par:Aust directors

Replacement boa,d members have not been Identified by GRHK and their Idenmy may dependon the circurnstancee at the relevant unle. However, It 18 expeded that the majority of thereplacement board members wi be persons with norropr  ®re,lenoe, quallf 0*vs and 6/9for Par Aust and Its business, which may h)clude members of GRAM orlts aimate compades'marlegililent *ins.

(c) Op rationa, a ees snd enlplo ee

If, folowing the doee of be Offer, PanAust becomes acontrolled enlty but not a wholly ownedal,sklary of GRHK, It 18 the present InMn on of GRHK to attempt b procln that PanAust'Bboard Implemer,ts the oblecth,es and goals oultned In section 4.4 tothe extent posdble andappropriate.As set out In section 4.4, folio%*Ig the cloee of the Offer, GRHK through Its norihieee ontheP Aust board Intends lo conckict a broad based revliw of Par*Jst'e operations on both astrategic and finandal level to evaluate PanAuses performance, profltablity and proopects.EmployeeIIhaig p'=»

If after the Offer Perlod. PanAust Is removed from the official list of the ASX, then GRHK willreview, through Its nomhnees on the board of PanAust the e,dsting licentive and performancebased Incentive p|8ns and consider replacing these plans with a suitable replacement plan for acompany mat 18 not leted.

(e) Dividend policy

The payment of c:vidends by PanAust wil be at Rie dacredon of the board of dlrectors ofPw,Aust, thi maJority of which Mould complis  GRHK nominees. PanAust Shareholders shouldbe aware that PanAust may not declare a dMdend In the **Ne and may opt to retain cash In thecompany to fuld the buBIness and repay debt

Bidder's Statement,

5

(b

d)

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1 -hil I , ,_"ri-- 2 #L- - _ .1 ,

1 .5,721 221,5W'>TVT'ii' - 24' 'Bidder's SlatGment

As set out in section 8.2(b) If GRHK were to gain effectkro control of P,AAust, certahn PanAustSubslciaries may be recvired to repay certain of their exismig debt fadltles. PanAust and therelevant PanAust 84®Idarles may not be h aposition to fwidthose repayments, refliance thefaolltles or procure eMernat ve fundho.

The extent of fLrlcing recpired maybe eignificent The detal lo not known to GRHK v thanycerteJnty at this t ne. Any decieions regarding the moot approp¢late cE®Ital stucture, and anyadittional funding requirements, wl be made by the Uien PanAust boad of Nectors. 11 Par,Austwere to meet Its f wring needs by ral,Ing equRy oapital, any shweholders h PanAust who do notperiloipate, wi havetheir shareholdings dluted.

Umlt,tions on Intentio 

To the extent that PanAust does notbecomea wholly owned Subeklary of GRHK and there aremkrity PEAAust s, GRHK Intends that the cirectors of PanALIst appoMed by It wmact at al t nee In accordance with thelr  cklciary dllies and that al requisite,hareholderapprovals and other legal requirements are oomphd with in pureulng anyof the IntentionsourNned above.Thoee requirements may require the approval of mliority PanAust Shareholders to theimplementation of any particular oblective.

The requirement to have regard to those 11duclasy dulles kn the context of a party ov,nedoompany and the possble requkements of m orky Par* st Shareholder *proval may preventh parlcular objecth,e being achieved.It should be noted that GRHK has riot currently Identified any particular Inltiatlve where theBeconsiderations may be relevant

The extent to which GRHICe Intentions for PanAust deeorl,ed In this Notion 4.5 of this Bidder'8Statement wil be realhd If PanAust Is apartly ovmed Subsidiary of GRHIC will be Bublect to:

• the law and ASX LIsthg Rules, pe cularly in relailon to related perty trar *tnsand collflcts of Interest end

• the legal obligation of thethen PanAust board of *ectors toact foraproperpurpose and ki the best Intereets of the PanAust Shareholders asa whole.

4.6 Intentions generallyExcept for the changes and litentions set otn In th18 Bection 4, GRHK Intends, basedontheWormation presently known to It:

(a)

(b)

to continue the business of PanAust

notto make any malor changes to the buslnese of PanAust or the deployment ofPanAust's assets; and

(c) to con nue the employment of PanAus  employees.

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E-).W*:€*emlyl-t€;DfR,·11*1'  4",•'-Ii-'c:444<; 1 '- *3.Ti'-14*W 324,4'-', " '27, 'l„.4 0 ''4,1,1;1 9 - '2

5 Share capital Information5.1 Capital structure

Bidders Statement

Accorcing to documents lodged by PBRAust with ASX and ASIC as at the date of this Bidder'sStatement thetotal numberof PanAust Shaces ae at the date of this Bidder's Statement 18647,862.526.

In ackltion there are 848,126 unleted PanAust Share Rights,vithout performance condtionsoutitancing pinguant to thi PanAust Share Rbhts Plan. As diecrl»d In 'ection 8.2(a)(1), the"rights will veston a change In oontrol of PEALIst wid each holder of the PanAust Share Rightshasthe right to be Issued one PanALmt Share for each PanAust Share Right

5.2 Details of relevant interests In PanAuBt securitiesDetale of GRI*'s relevant In&ereets In the secu,1096 of PanAust on the date of this Bidder'sSttement are set out In the table bee#:

Class of securities Total number In

Cldhluy S es 647.862.526

Relevaa interest ofGRHK Immediatelybe¢or. Bidder'sStstement lodgedwRI, ASIC

145,734,848(224@696)

Mevant  red ofGRHK Irnm datolyWore first Oflersent

448»68481 219,HA(23*12,48§96)

5.3 Details of voting power In PanAustGRHICs vothg power h PanAust as at the date of Ws Bidder'a Statement 18 22.485%

GRHICs vothg power hi PanAust as al the date Immeciately before the Tht Offer le Bent Is21,12'loG'6.

5.4 Consideration provided for PanAust securities during previous fourmonths

GRHK and Ita Aaeoclatee have not acc;,Ired ordspoeed of PanAustShares diring the period of four months inducil  on the day Inmedlately before the dale of theOffer.

5.5 [nducIng benefits given during previous four monthsNeither GRHK nor any of Us Associates has, dising the period of four months ending on the dayImmediately before the date of the Offer, gh,en, offered or agreed to glve, a benefit to enotherperson where the benefit was  ely to Induce theother pernon, or an As@oolaia, to:

(a) accept an Offer; or

(b) dispoee of PanAust Sheres,

which benefit was not offered to all holders of Par* st Shares under the Offer.

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R:'' --1,

6 Funding6.1 Overview

Bidders StaTGment

The conslderation for the acqlisttion of Par,Aust Shafee to which the Offer relates wl be satisfiedwholly in cash. If the Offer 18 accepled In reepect of al the PE¥*Jat Shares (other than PanAustShares In whloh GRHKand Its Assoolates already havia relevant interest = at the date of thisBidder's Statement but holucing PanAust Shares thaise Issued and listed for *lotanon on theAS)< ai any tinie dl*ig the Offer Period as aresultof the exercise of the PanAust Share Rights),the conalderation val be approximaiely A$881 mmon.

The funds avalable 10 GRHK are sumclent to fund the maxknun consideration payable pl,Buantto the Offer mid are also sumclent to fund the conelderalon payable to the Par*Ist ShareholderBwho exercise their rights pursuantto the lerms of the Long Tein Share Plan and the PanAustShare Rights Plan to aooopt the Offer.

6.2 Sources of fundingThe consideration set out In section 6.1 wil be fir,ded through a comb lation of Internal equityand external debt funding arrangements that have been put hn plaoe by GRHK Thl h malequity fundng wi fund approximately 15% of the lotal consideration, and the extemN debt fA'=tyWil fwid approximately 86% of the total consideration.

AN equity fun# wl be macle avalable h a mb¢ure of Australlan and US dollars and debtflsicirg will be provided h US dollare. These funds wl be paid into benk accols!29 held at theSydney Branch of the Bank of China Umad (-Disburlimint Accounr) andany US dollars heldwill be converted Inlo Australm dollars before payment to the Par*mt Shareholders who haveaccepted the Offer. Ullsation of the loan fnemy wl notbe subject to receipt of acceptance of theOffer but #hkawals from the bank account d be. This arrangement allows GRHK #le flexlityof pre-poemoning funde In Auatralla should It ohooee to do 80.GRHK considers thi elze of the US dollar equity and external debt funclrU il more than adflateto cover Nly reasonably expected appredation of the Australan dollar agalnst the US dolar andae a result no hedging  rangeme,18 havebeen put In Place. Inany case, GRHK has negotiatedthe ablmyto convert US dolar *awb·,gs to Australian dollan in advance of its purchases. Thienables GRHK to further maneoe the exchar e risk.

6.3 Equity lundIngGRHK executed an ecvity commb·nent letber,Greement with GRAM on 26 March 2015. Undertheagreemerit, GRAM agrees to provide funcing by way of subscription of addltional shwee to beIssued by GRHK to filnd up to 15% of the agingate acquisition price of the PanAust Shares tobe acquired by GRHK GRAM has agreed to pay the subecription consideralon al and whenthose payments are due to be macie by GRHK under th® Offer. The monly vAI bl provided Inwhatever form and manner GR * requkes.

As at the date of thii Bidder's Statement, GRHK is holcir  in Australia A$18,000,000.GRAM cur·ently has finds of ai least RMB539 mimon held In accounts In malor commercialbanks In China GRAM has coninled that(a) such flr,ciB are Immedlately avAInhle end are not sublect to security Interests or *It@ of

set off and are not req dred for other ani,gements; and

(b) no regulatory approvals are recpired to transfer those funds to the DIsblnementAooount

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1

6.4 Funding from external debt facility

Bidders Statement

GRHK executed a term loan fac ty agreement on 28 March 2015 v,Ith B,lk of CNna Limited andChina Development Bank Corporalon. The Syc tey Brench of Bilk of Chha Umlted wli act asagent for the lenders ('Agent'). Underthe fao[Ity Veement the lenders agree to provide a termloan faollity to find up to 8596 of thi negngato acqulattion price of the Par,Aust Sharee to beacc,ilred by GRHK Sublect to satisfaction of the conditions to finc g, GRHK may draw at leastthe US$ equ valent of A$732 m lon, based on the current exchange rate, to fund the Offer.

The proponion of loan fund  for each of the lenders Is 60% Bank of Chhrla l.*nl ed and 40%China Development Bank Corporalon.

Addltionel detalg of the debt facmty are clectmed below.

(i) Anlablity period

The loans under the loan fac•ty will remaln drawable for a period (*Avalabilty Porlocr) untl theearler of:

m the dafe on v,hlch al PanAL,st Shares whlch are riot curently held by GRHK havebeen acquired by GRHK; and

® a date filing after the last day of the Offer Period.

(b) Cof„iltkNIs precedent to Initial drawdown

There are a number of pre-contions tothe Initial drawdown conmmation inder the loan faclty.As of the date of thle Bidder'e Statement, the Agent has Issued a confirmation 10 GRH<conf*ming that all such concimons have been satisfied

(c) Condljons preoodint toeaoh drawdown (Inducing Initial drawdoim)

The lenders se not obliged to participa» h a dravidoNn If any of the folow*V happens or Iscor nubng In respect of GRAM and/or GRHK (but not Inch,cing PeAAust and Its Subeldlarles). Asat thedam of #ils Bidder Statement GRHK Is not aware of the occtrrence or cor*lance of myof the folowing, nor le It av„ce of any reason why any of the fododng wil ooour or oontlnue:

Mljor Evgl ol D*al#

(non-payment) Non-payment of EN·ly money owhg by GFIHKor GRAMInder any finance document, to the extent not aired vAthln the applAmecure period;

(13) (m,lor brmoh) any of the following undertakings In the facmyagreement In respect of GRHK Is breached and not cured withln anyappicable remedy period (If any):

(aa) not to create or permit to exist any security Interest or *881-sect,Ity over Its assets except as perm Itted under the faclityagreement;

(ab) not to sel, transfer or dispose of nori-cl,rent assets having avakie of more than US$60,000,000. any exploration or minngrights or any shmes, except as permitted under the faclityagreement

(ac) not to enter Into any amalg=ndon, demerger, merger oroorporate reoonetrucion;

(1)

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(F)

(G)

(H)

(ah)

(al)

(ad)

(ae)

(af)

(ag)

Bidder's Statement

to procure no change In the bus*tess of GRAM or Itself;

notto acc Ire any company, bus*,ees, assets or undert,khng ormake any Inveetment except as pemiltted under the facmyagreement

not to give any 6,=antees, except as pemnitted under the faoityagreement

not to *,cur kendal indebtednees except as permitled under thefadty egreement;

not to declare clvidends or m*e distrilicitto„I ; and

not to use the loan proceeds for purposes riot allowed ulder antioomiption laws, and to comply with ar®corrupOon laws andpolicies;

(C) (nulor misr priallition) a representation h the fadly soreementuth reiped to the valid  oorporadon and exte&,noe, power and authorityto OWn a,8818 end carry on business and to entsr Into and comply withthe fliance docirnlentg, non-contravention of laws, constitudon oreoreements, attah,med dal required authorlsailons, validity of choice oflaw inder, and recogr ion of judgments obtained under, the financedocummi, or no himunlty 18 untrue (-Milor P- · 4 - --511·,11 In anym aterlal respect and Is not cured In any appicable remedy period;

(D) (lniolvenoy) I,wlvenoy or Insolvenoy proce*ings h reeped of GRAMor GRHK or any of GRHEs material subsidarles (a material subsICIE,ybeing one which con*u!88 10% ormore to the Conao[Idated net asset,profR or revenue of GRHK);

(credltofs process) creditors proce88 against GRAM, GRHK or any ofGRHICs gubsicia m whi the amount is more than US$20,000,000 andIt 18 not cischarged withhl 10 buslnees days;

(unlawfulne„) It Is unlawfla for GRAM or GRHK 10obligations inder a finance document;

(repuctation) GRAM or GRHK repudiates Its ob alons under a finanoedocument; or

(c-ation of business) d or a materlal part of the bushless of GRAM,or of GRHK and Its subsklarles (t,ken as a whole), 18 Suopended or0/"I./IL

M *Imlerepreeentation

A Major ) repreeentation Is Mitue h any materlal respect or would become Boas a reault of the drav,down.

Nlog'lly

It Is unlawful lora lenderto perform Its obligations or fwid or malntah Its fulclngIn any loan.

.

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,-1,

Ov) Corre.pon€ing.quity amount

(d) Events oldefiult

Bidder's Statement

For each debt utillsanon, the borrower has not deposited an e*Ity cont:*xdonecpml to 15% of the total funcing (eqU|ty p|118 debt from thetotal drawdown) Intothe DIsbursement Account

The loan facilty wil be sublect lo the events of default which are oustorneuy for transaotions ofthis natze. However, cki ng the Avalablity Period the only events of default that would allow theAgent and the lenders to refuse to respond to void 10*Ation request are those set out hpersgraph 6.4(c)0) above.

(e) Flepre ntations, warrantle* and undenakings

The representations, warrentles end undertal*Igs In the fadity agreement are customary forUansations d this nalin In respect of GRHK, Its subelderlei (exclucing PanAust and Itssubeklarles inti GRHK has had control of PanAust) and GRAM. However, ckirk·g the AvailabilityPeriod the only breaches of representalons, wa,Tari es or isidertal*Igs that would allow theAgent and the lenders to refuse toreepond to a vald utilliallon request arethoee set out hparegraph 6.4(c) above.

megallty

Alls cumomaty, the lenders are not oblged to reepond to a valid uttlsalon request If It 18, orbecomes, un laviful to do so or It Is othenvIse unlav,ful for a lenderto perform b obllgatlons underthe finance doct.rnents.

(g) Comiponding equity =nolmt

The abulty to draw wil bealibled to the borrower provking equity contrbutions bto theDisblnement Account as oulined above.

(h) Loan Rlpaymont

Loans drav,n ls,der the loan facilty wl be repald over an 8 yeB, term vAth be nrst repaymentberna 12 months after the 1ht uullsadon date. and thereafter each repayment ehal be 6 monthsafter the preceding repayment date. The repayment prome Is such hat approximedely US$60mlion Is repaid Inthe ht 3.5 years, US$200 mlmon Is repaid Inthe next 4 years andthe balanceon the explry date.

hit*/Ht

Irrierest wmaocrue on loans ona dely basis on theloan attherate per annum of 3-monthsUBOR plus a margin, and wl be payable at h and of each 3-month  rest period. The marghvailee accorcing to fhnenoler and Is oommercialy senslth,e, butthe margin Is considered byGRAM and GFIHK to be reasonable and commercial for a leveraged takeover fhendig of Ofnaium.

Security

Repayment of he loans wil be:

(1) In the case of the loans provided by the four branches of the Bank of China Umited,seci,ed byan Indemnity provided bythe Yueodu Branch of the Bank of China Umited InChina; and

(D

(D

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(b)

(C)

\ -

Bidder's Statement

® In the caae of loans provided by Chlna Development Bank Corporation, Hong KongBranch, guaranteed by an ondemand guarantee given by the Guangdong Branch ofChina Development Bank Corporation In Ch*la.

01) GRH K Is not provldir  any security for the loans. However GRAM wil provide:

(A) a counbr-guarantee; and

(B) certain China mortgages and pledges;

as eecurity for the bank indemnity and guarantee grantors h Chbna by 30 June 2015;

Ov) GRHK v,14 after the explry of the Avallab ty Period, provide seculty over al GRHKsharee, and PanAust Shares Itthen holds, h favour of the bank guwantors In China, assecurly for GRAWs counter-guararlee obilgatione; and

M GRAM will, after the exply of the Availability Period, pr vide security over al GRHKshares, in favots of the bank guarailors In China, as security for GRAM's counter-guarantee obigations.

(vi) Itls expressly acknodedged thatthe banks h China maynottake action agahst GRAMIn Chha In a manner ,¥hich Is contrary to the certain fuide regime desert»d In para oh6.4.

Funds disbursementLoan proceeds upon drawlng wl be first creclt@d to a US dole, DIsblnement Accolrit GRAMmay tansfer funds from thi US dolar Disbursimint Account to thi Australian dolar*bunement accolint, and such traneferB need not be Inked to any opeck purchase. GFIHKmay, by 81*,mltting a share registry report of the valid acceptances of the Offer, r,•,p *Rtwithc*awals from the Australan dolar DIsbursement Account to pay the relevant PanAustShareholdem. The Agent may valcly refuselo effeot such a v,Ith<iriliNal request only W:

(a) the c*cumstances referred to In paragraphs 6.40)(1) to 6.4(0)(® se continuing;and/or

GRHK fals to provide the relevant shan reglfy report; 0nd/or

as a result of such v,Ithc*mval the proportion of e#y furicks to loan proceedswould be less than 15:85.

The form of the share registry report GRHK Is required lo provide has been agreed.

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7 Taxation considerations7.1 introduction

Bidders Stamment

The folowing 18 abrlef oullne of the pr,®al Australan hicorne tax, stamp duty and goods andBervices tax CGST-) coneequences generaly applicable to a PanAust Shareholder who AnT-nosof PanAust Sharee kt return for caeh under the Offer. It Is based on the current Australian taxlaws as at the date of this Bidder'e Statement taking Into account GRHICs understandblg of thecurrent adni I stralive practices of the Austr*Taxalion Office and anyother ALIstralantaxailon authority. The outh does not otherwise take Into account or antic*)ate changes In thelaw, whether by wayof juclolai decINon or legialative action, nor does It take Into account taxleglelation of COL„*ries apert from Australia

The folowing outlne is not exhaus#ve of all possile Australian hcome tax, stsnparty and GSToonelderations that oould apply to PanAuet Shareholders. In p oular, the summary le onlyrelevant to those PanAust Shareholders who hold their shares on capital aocolint for Austratantax plrposes. In addition, the ouulne does not *ply to PanAust Shareholders v,ho:

• buy and sell (ortrade) shares h theorcinary cotne of buslnees, oracquired the shares forresale at a profit or otherwise hold their Par Aust Shares on revenue account oras tradhigs;ock;

• may be sublect tospecial tax ndes, such as banks, Insurance companies, tax exemptorganlealons, superannuation funds or dealers h sectsltlee;

• hold the PanAust Shaces as part of an employee share oroplon plan Includng tlePanAust Share Rights Plan or the Long Tecm Share Plan;

• acquired (or are taken to have accuked for Australan Income tax purposes) their PenAustShame before 20 September 1986;

• are subled to the taxation of mandal arrangemente rules h DMelon 230 of the /noomeTax Assessment Act 1997 (C#th

• are non-regiderh of Austraia for tax Bspoies and arrmtly hold, or han held, at any AmePanAuBt Shles throt* a permanent estabdshment h Australa; or

• sri timporivy residents.

Thls outline does not consUMetax advice and should notberelied upon as such. GNen thegeneral nature of these comments and the complexity of the Australan tax laws v#ilch are subjectto change periodicaly, It 18 recommended that each Par*:st Shareholder should consult theirown tax adviser rege,cing the conseciuencee of acquhing, hoking or dlepoeing of thet PanAustShares having regard to current tax lawsandthelr partiollar c Cumstances.

Additionaly, employeee or eigble exeout*ee v,ho are lesued PanAuet Shares or rights hnaccordance with the terms of the PanAust Sham Rights Plan orthe long Term Share ManShould seek thet o,vntax advice on the linpicat ons of shares or rights (asthe case maybe)being lasued pursuant to these plans, andthe employee or *ble execu*ve accepti  the Offer.

7.2 Taxation on the disposal of PanAust SharesIf you accept the Offer, you will be treated 88 having deposed of Yols PanAust Shares forAustralian Income tax purposes by way of CH,posal of your PartAust Shares to GRHK Theclgposal of a PanAust Share va constitu* a capital gains tax event

However, If you do not ultimately dispose of your Par,Aust Shares (eg, the Offer lapees) then noCapital gains tax event should happen to you PanAual Sharee.

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e p ,V.11 1>,  *»1.  SE* r,_-,i,_l ._ ,-1 '·L

-

7.3 Australian resident PanAust Shareholders

Bidders Statement

You wl reallse a capital gain hi connection with the rimpoeal of a Pan*li: Share to the exbentthai the amolsit you receive (orwiN receive) forthe disposal of that PanAust Shace Is more thanthe cost bage of that PanALIst Sh, e, You wl realse a cooltal 1068 to the extent that the amountyou receive (ord reoetve) le lese than the re,ined ooit be. of the PanAust Share. CapHallosses cm usualy only be offset against capital gabs you realse In the same income year or hnlater home yeen (subject to Batsfying certah loss recoupment tee= where appicable).

The coet base of a PanAust Share ghould generaty hclude the total amount you paid (ordeemedto be paid) for the PanAust Shen, your aoquisltion costs and other costs relating tothe holdingand *posal of the PwAust Share, tothe exted to which you have not dalmed an Income taxdeduotion forsuoh costs. The reduoed oost base of a PanAust Share 18 usually determined in aslmiar, but not Idental, manner. There are a number of olrols!18 mes vhkh may reeun In yourcost base orreckiced cost base behg calculated h a clfferent manner to thatou Ined above. Werecommend that you consult yoltaxadviser to confirm the cost hs,ga orreduced aiwtbae®ofyols PanAust Shares.

Any net capital gain sholld be Included in your melable Income for that kome year. Broady,yois net capital gain In reepeot of an hoorne yei wil be calculaled by aggregaing al of yourcapital gains real[Bed h that Income year end reclucing that amolmt by you capital 106808reallsed h thal hoome year and any malable netospitalloeaes from prior years (subject tosatistyhg certain loss recoupment tests where applcable).

Par,Auet Sh"folders who are Inclviduals, trust, or complying super=,nu,dion funds may bie[Igble for decount capltd gains trestment In reepect of a PanAL.lot Share If they have held thatP=)Aust Share for 81 least 12 months before cisposal (excklcing thedals of aCCRIlsition and thedate of disposal) and cid not choose to *,dex the cost base of that PanAust Share (If Bopicable).Companies are notelgl,le for ciscount emp tal gains treatment Werecommend that you consultyour tax acMser as to your elgl Illty for discount capital gahs treaiment

TA Non-resident PanAust ShareholdersIf p are not a resident of Australa for Incorne tax purposes and hold your sharee in Pank Int onapitat accouil you d generally not be subject to Australan kome tax on any capital gainv,hen you cispose of your Par,Aust Shares, unless both of the folovving requkements aresatisfied:

(a) you hold a -non-portfolo Interest- h PanAust which 1 be the case N you (togetherwith your associates) hold atthetirne of depoeal (for capital gahm tax purposes),or held, throigholrt 88 12 month pe,lod duIN the two years prececing the trne ofclsposal (forcapltal gains tax plrposes) of your PanAust Shares, 10% or more of(brody) dl of the shares h PanAugO; and

(b) the ParIALIst Shares pass the  prinolpal asset test', broadly If the market value ofPanAuses dreot and hareot hitereets In taxable Austanan real property 01011*Ingland: leasee and mining rights) Is more than the maIket value of its other amet8 aithe time of dlaposal (for capital gains tax purposes).

If either element le abeent, any capital gui made on the dl,posal of your PanAust Sharee shouldnot be subject to Income tax h Austratia and If you make a capital loss on the deposal It Isdisregarded

A non-resident PanAust Shareholder who le subject to acapital gain ondsposal of thet PanAustShares maybe partaly e¥)le for *colsrt C Ital galne treatment depencing on their specificdrcurnstances. 11 you are a non-resident Par*Ist Shareholder you should seek your own taxadvice to detemilne whether dboount capital galne treatment le available and H eo, tile extent tov,hlch It le avalable.

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 ,7,11- '29''t.10.2,7.prt, 111-3 ..07"up,jGO,-, --,--'..

Bidders Statement.

The Australlan Income tax coneequences arising from the dleposal of PanAust Shares If you s,ea non-resident PanAust Shareholder wII depend on your particule, cbrcumstances Inckidngwhether the PanAu,t Shares are held on c tal or revenue accotilt whether the abovereCM.,Irements are Batstled and the provisions under any double tax treaty that Australia hasconcluded with your couitry of residence. Accorc*ngly, you should seek advice from your taxadviser as to the texation linplications of accepdng the Offerin Australa and In yop ooiritry ofreeldenoe.

7.5 Stamp dutyAny etamp duty pa ble on the transfer of Par,Aust Sharee to GRHK pursuant to the Offer wil bepaidby GRHK

7.6 GSTIn Genical, where thi PanAust Shareholder le resident in Australa the supply Of shares would bean hiput taxed flnanclal supply for GST purposes. Where the PanAust Shaceholder Is a non-resident of Australa the supply would be outside the zope of Australan GST. As suoh, PanAustShareholders wl not be required to charge GST on the cispoeal of PanAust Shafee.

PanAust Shereholders should seek thet own tax advice to detsm, Ine whether my (3ST  ,cLATedon costs (for example third party ach,Isers) In relation tothe dsposal of their Par,Aust Sharee 18recoverable.

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8 Additional Information8.1 Regulatory matters(a) ASIC modlfication. Ind =mption.

Bidder's Slaternert

ASIC has granted a nunber of  Clau Order relief Instruments provl ng for modmoations andexempdons that apply generaly to all penons, Inoludng GRHIC h reladon to lhe operation ofChapter 6 of the Corporations Act

(b) FIRB

GRHK 18 a foreign person tor the purposes of the ForeM Acqu*Itions and Takeovers Act AsGRHKhasmore than 15%of PanAust, PEAust Is shmlarly treated asa foreign person forpurpoees of the Foreign Aoquleltlons end Takeovers Aol

On 21 August 2014, GRHK obtained a statement of no oblections to the Offer from the Treasurerof the CommonvimiRh of Australia under the Austalan Foreign Investment Policy.

(o) PRC regu ory matters

The Offer 18 not concitonal on any PRO or other govemment approvals or Ings.

(d) Other regulator,appic,vals

On the basls of the Nmied due digence cotidicted by GRHK prior to 9 0*ber 2014 (referred toh section 8.2), GRHK 18 not preeenly aware of any fomlal regulatory approvals required fortheOffer In Laos, Chile or Papua New Glinea (except as sel out below).

In Papua New Guinea upon achange In control of PanAust, Frieda River L nited (which isaPanAust Subslciary) must apply to the Invesmlent Promotion Authority of Papua New Guinea forcertmcation h relation to Its activities and operstions in Papua New Gl*lea. Thb oe,lficaRon ksnot a concNtion to this Offer. GRHK has no reason to belleve thal the approval of Frieda RiverLImlte[fs appication *I not be forthcombng upon a change In control of PanAust Theconsequences" Frieda River Umitecrs appica#on Is not approved are unclear. There Is a risktimi a court h Papua New Gdriea could conclude thal upon refusal of the recertflcallonapplloation, Frieda River Limliede exle ng oertilloation lapeee and If eo It would oommlt anoffence In Papua New Guinea If It carried on business without a valid certificate.

8.2 Due dillgenoeFor the purpoee of oorifirning lt, assesement whether or not to aoquire all of the PanAust Shares,GRHK was gh,en access by PanAust to certain Informalon concerning the PanAust Group whichhas not been cieoloeed generally to PariALIst Shareholders, GRHIes acoess to this hformnt*termbated on 9 Ocldier 2014. Except ae set out in this section 8.2, none of the hnformalon tov,hlch GRHK was *en access 4 h the op lon of GRHK, of suchanahn andquamy whldi, Ifthe Informailon were generaly avalable, a reasonable peraon would expect 10 havea mateMeffect on the price or value of PanAust Sharee or, h the ophlon of GRHK and except ascisclosed in this Bidder's Statement, would otherwk,e be material to a decislon by a PariAuetShareholder v,hether or not to acoept the Ofter. However, the faot that GRHK'e deolelon to makethe Offer was confirmed by Its review of the info,mallon to which It had acce= may Itself beregarded as Information materlai to the dec1810,1 of a PanAust Shareholder v,hether or not toaccept thi Offer.

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- .., ,.

(a) Effect of Offer on Lono Term Shara Ph and PanAut Share Rights Plan

GRHK was given access by PanAust to certain Information concemhng the PanAust Group whichhas not been generally declosed to PanAust Shareholders h the due cNIOence process

PanAue: 8ham Rights Plan

PMA,mt has In place an employee share plan under which eligible employeeswho are Beleded bytheboard of dreotore of PenAust, oan reoetve anoffer forrl ts to be Issued ordnary shares upon certain performance oonditions beingmet ( PanAus: Share Rights PlanD. The right8 under the PanAust Share RightsPlan vest hamed on terms of employment of up tn tlne years. Vested stserightB are exerr*Ahle fora period of 10 years from the grant *ta.

If there Is a change In control h PanAust, notwithstandlng any vesthng concitionswhich are yet to be fulf ed, al the right, vest. In this con*14 a change in controloocure if a perwn obtains 50% of the volng rights, rights to 6096 of theastrbutions or the right to appoint 50% of the board of directors.

Par,Aust has disclooed to the ASX that there are presently 848,128 PinAustShare RIghta and that there 18 no exercise price forholders of PeAAust ShareFvlts to be Asued PanAust Shares under these rights

The Offer extends tothe PanAust Shares lasued or transferred to the relevantemployees pursuant to the terms of the PanAust Share Rights Man on the termsand cordtions set out In this Bldder's Statement

UN Torm Sl,Ire Nn

Separately to the PanAust Share Rights Plan, PanAust also hasln place anInointk,e plan for ellgate exicuM/es of PanALK selected by the bowd ofdirectors of PanAust to be Issued shares In PanAust ('Long Tim Shari Planl.

The LoN Term Share Plan 18 a loan backed share plan where the P AustGroup Issues shares, ora trustee transfers shares, lothe exect ve atins,ketvalue. The purchase price of each ahare 18 funded by a loan from the PanAustGroup.

The sharee issued  der the Long Term Share Plan veston the fu[Illmerrt ofcertain perfomlance conditions.

On a chame In cor*01 all the Lor  Term Shue Plan shares vest and the Wonaccelerales, becomk  payable v *15 days. In this conteld a change in controloccurs If a person obtains 50% of the vothg rights, right@ to 50% of thedistbutions orthe right to sopolnt 50% of the board ordreotors.

The Offer exmnds toany PanAu*tehores (both vie&ed and unve,ted) losued aspart of the Long Term Share Plan on the terms and con(*lons set out In thisBidders Statement

(b) Existing fudng arrangements

Due,igInce established that certain debt faciltles Ed equipment lease arratigements exist Inrelation to PenAuses Laos operations (colectively 'Existing Funding Arrengements').

Underthe Debt Facmty between Phu Bia MInlrU Limited (a PanAust SllbGIdiary) and Its lenders, achange lin control In respeot of PanAust will constitute an event requiring review and the partiesmust consult with each other with a view to estabishhg the impact of the change in control and a

Biddefs Statement

(1)

(H)

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8.3

Bidder's StatGment'' 1,

remedial action ph fora period of 60 days from the date of the change In control. If the changein control Is 88 11 unacceptable to any of the lenders, then that lender may require Its portion of theoutstanc g amounts b be repaid In ful no laterthan 90 days after the relevant lender gNesnotice of repayment and any undrawn commitment and hed*g transaotions with thai lender willbe cencelled. Inthls context a change Incontrol ocours If aperson obtakE 50% of the ellgtlevoling rights ata meeting of shareholders, accpkeetlie right to appoint or remove dreotorsrepresenting 5096 ofthe votes exerciBable by drectors or obbdns an Morest h 50% or more ofthe profits or dle#butions of PanAust

Underthe equipment leaae arrangements, the leesormay require repayment of al out,tancingamounts v thin 30 days of provkmgnotice tothe lessee, follow/lg a change h control event Thelessor can also requ e repayment of all outstancD,g amourm within 3 days providing notice to thelessee If the debt faolity Is acoelerated.

PanAust reported 10 the ASX In Its most reoent Annual Report that It had drawn down US$130million under the Debt Facity asat31 December 2014 andthere were three equ#ment leasefaoIWee with a total 0 rag balanoe of US$57.1 mlon.

At the date of this BIdder'@ Statement GRHK 18 not aware wheher the llnanclers or the leesorswl wah,e their *t, under theee provisions or con,ent to thi potentld change h control vvhichmay arise as a result d the Oller.

As such, there Is a risk that If these consents are not ob¢akled, the borrower would be oblgated torepay the outst ding amountg to the relevant hncier or lessor (as the case maybe) N theyexercise their rights and provide notice that theod,tandng amounts are due and payable.

H GRHK gahns enecti control of PanAust, but does not become enttled to compulsoriy acquirethe outstandng PonAust Shares and GRHK beoome® aware of any flnanolers or lessorshter,(*Ig to exercise th- rights explained In this section 8.2(b), GR * wil provideelipplementary ciecloeure at that ime. The supplementary diSCIOeln wl holude al relevanthfomistion known to GRHK ai the time about the conth.iance of the Existing FuncIngArrangements and the funding rec,ked Bhodd the E)¢181]ng Func g Arrangerrient  be reqi*ed tobe repaid (If any).

Flennancing of the faciltles *cussed In this section 8.2(b) win requke consent from the CentralBank of Laoe. However, GRHK has no reason to believe that this oor ent *11 not be forthcoming.

ConsentsConsen *

Each of the partee named In thetable below as consenting parties:

(D has given, and has not belore the date of this Biddefs Statement %,lhdrawn Its writtenconsent to be named h this BIdder's Stamment In the form and context In which It Isnamed;

® doee not make, or purport to make, any statements In this BIddefs Statement other thantlrnA stalerneritB referred to below h resped of that pady'B name (and conaerited to bythat party); md

(111) to #M maxblium exterrt permlmd by law, expreeely dlooloir,18 makee no repreeentalonregarcing and takes no reeponsbilty forany statements in or omle,lonB from thisBidder's Statement otherthan any reference to Its name.

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/,1 ,

Cuna International Capital Corporation Hong Kong Role as financial adviserSecidtien LiMIted

JB North & Co Py Ul

BOCI Asia Lhnited

Boardroorn Pty UmIted

IOng & Wood Malesons

Role u flnanclul adviger

Role as fblana advlger

Shafe registry

Role as legal advlger

(b) Statements based on documints announoed by PanAut tothe ASX

This Bidders Statement Includes stalements Which are made In, or based on statements maciein, documents announced on the company announcements platform of ASX and documentslodged with ASIC by Pof,Aust.

No person who has made any of these 8+00•ments has consen d to the *t-nent beingincluded In or aooompenying thle Bidder'e Staterned h the form =,d context h which It Ishiclucled.

If you would Re to receive a copy of any d these docunents or publcatiore. please oortact

Boardroom Pty UmitedGRAM OfferGPObox 3993Sydney NSW 2001

Toll-free within Autala: 1300 150131From outaide Australa: +61 2 9098 9225

8.4 Other material InformationExcept as Get out elsewhere In thEa Bidders Statemig there Is rio other Informfon that ls:

(a) materIN to the maIN of a dedsion by a PanAust Shareholder whether or not to acceptthe Offer: and

(b) lulown to GRHK, and has not previouoly been *clooed to the Par,Aust Shoreholders.

Bidder's Statement

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9 Glossary9.1 Definitions

Bidder's Slatement

The folovAng defined terms are used throughout this Bidder's Statement unless the contraryIntention appears or the context recuiree othenviee:

Acceptance Form means the form of acceptiice andtransfer accompanying the Offer oranyreplacement or subs#atte acce*nce form provided by or on behalf of GRHIC

Agent Is defined h sedion 6.4.

Announcement Daterneans 30 March 2015, beblg thedate of announcement of the Offer.

ASIC means Australian Secultles and Investmerits Commission.

Assoolat, means an assodde as thal term ie defined In the Corporations Act.

ASX Settlement means ASX Settlement Pty Umited (ABN 49 008 504 532), the body whichadmin ters the CHESS system In Australia.

ASX Settlement Particlpint means a partk®=It under the ASX Setlement Operalig Rules.

ASX Sittlimint Operating Rub means the adement rules 00 ASX Sallement

ASX means ASX Unlted or Australan Securldes Exchange, as appropriate.

Avalabl[Ity Period Es deflned h secton 6.4

Bidder's Statement meens thla document. being the statement of GRHK Lnder Paft 6.5 DMBIOn2 of the Corpormlinns Act rela  to the Offer.

Broloirmeans a person who Is a share broker and a 40/1*31,ant h CHESS.

Busli Day mn aday on v,hich b ks are open forg,neral bank* bush,Ns h S iey(not behng a Saiurday, Sunday orpubllo holiday In that place).

CHEESE means the Clearing House Electronic Sl*register System, whloh provides for electronicshare transfer h AUStrala.

CHESS Holding means a hoking of PMAust Shares on the CHESS subregister of PanAust

ChHe meare the Republo of Chle.

Controlling Participant means the Broker or ASX Settlement Participant who 18 deeignated asthe controling participant for sheree h a CHESS Holding in accordance with the ASX SettlementOperating Rules.Corporations Act means the Co,pomf#ons Ad 2001 (Cth).

Debt Faol[tty means the Amended and Reetated Fac ties Agreement dated 22 Janum 2013%vhlch facilities comprise a US$250 milton Revolving Cash Advance Facmty between a syncicateof seven lenders and Phu Bla Mining Um Ited and a US$25 m lion working capital facilty.Dllburlement Aooount 18 defined In section 6.2.Enoumbranoe means any

(a) eeourl¢y forthe payment of money orperformanoe of obigations, Including amortgage,charge, len, pledge, trust option, right of pre-emption, power, t]Ue retantion, or flaweddeposit arTangement; or

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(b)

(C)

=== k,4£,0.7.,i:Ese¢,1 H«!,rf  ,  ' --'-, f) ,Bidders Statement

rlgt£ Interest or arrangement which hacthe effect of gh,Ing another person apreference,prlority or advantage over credtors inducing any right of set-off, orright that aperson (otherthanthe owner) hasto remove something from land (known asa profit 8 prendre), easement, public right of way, restrictive or positive covenant,lease,orlcence to use or occupy; or

(d) third party rigM or Interest orany right arising asa consequence of the enforcement of aJudgrmerit

orany agreement to create any of them oralow them to existExisthig Funding Arrangements 18 deflned h section 82

foreign Aoqul,Itions and mciovers Act means 1he Foravn Acquis/#ons and Tag,ove,s Act1975 (Cth).GRAM means Guangdong RIshng Assets Management Co., Ud, a company hncorporated In PRO.GRHK means Gumgdong Rising H.K (Holcing) Umited (company number 1352915), a companyIncorporated h Hong Kong and a foredgn registered company In AustraMa (ARBN 148 961 344).GRHICs Takeover Transferl HoldIng means the holding of PanAust Sharee on the CHESS••*ne&•ter of GRHK,stabished forthe purposes of th'Off r.

eST 18 defined Il section 7.1.

HIN means a Holder Identification Number, whloh le thenlimber that starts with anT, alocatedby your Controting Porticipant, to Identify a PanAust Shueholder with a CHESS Hoking.

Hong Kong means Hong Kong Special Admint,trathve Region of the People'$ Repubic of China

Issuer Sponsorld Hoking means a holding of PanAust Shares on PanAust's Issuer sponsoredUng*ter.

Laoe means the People's Democratic Repubic of Lao.

Long Torn  Share Plan meaM Uie loan aham plan ifiereby Pan id Issues shams or aDust,etrailefers sharee to relevant executives of PanAust at ma,ket vakle, approved by PanAuetShareholders *2010.

Melor Mi' r / .4/2. 1 18 defined in section 8.4.

Offer means the offer by GRHK on the Offer Terms to acquire PanAust Shares (and forthemoldenoe of doubt lioliidis eaoh euoh offer made to an Inc vided PenAust Shareholder purauartto that offer).

Oflar)edod means the period commenchig on f.-11»*.2015 and ending on f•-lialaW2015, or euch later date to which the Offer has been ex ended

Offer P,loe means A$1.71 per PanAust Share.

Offer Terms means the brms and conditions of the OHer setout in Appendk 1 to this Bidder'sStatement

PanAul# means Par*ist Umited (ABN 17 011 066 180), a compeny incorporated In Auetraia.

PanAust Group means PanAust and each of Its Subsklarles, and PanAust Group Membermeans any one of these entities.

PanAust Shares means My paid ormnary shares Intlle capltai of PanAust

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(g)

(h)

(a)

(b)

(C)

(d)

(e)

-

Bidders Statement.

PanAust Share Rights Plan means the plan estabashed In 2007 under which eiglble employ,w¥®may be offered r hts to be Issued ordnary shares In PanAust provided certain condtions are

PmAust Share Rights means any such rights granted to eligible employees underthe Par*IstShare Rights Plan to be Isoued PanAust Shena upon certain concltlorie behg met

PanAust Shareholders measts holders of PanAust Shares

Papua Ne,v Quh  means the Independent Stab of Papua New Guinea

PRC means Plople's Repubic of China

Reg1, er Date means f*tiAP*.2015Rights me,18 al accretions, rights or beneflts of whatever k*,d attachbig to or arishig fromPanAust Shares dkedly or hdhotly after the date of this Bidder's Statement, Inducing butnotliilted to al #dends or other cigtrbutions and al rl#ts to receive my MIdends orothercistrbutions, or to reoelve or subecrbe for shares, stock units, notes bonds, options or othersioultles, diolared, paid or made by PanAL»t or a P Aust Subelciary.

SFIN meens a Securityholder Reference Nlillber, which Is the number which starts wle, an r,alocated by PanAust to Identify a PanAust Shareholder with an Issuer Spormred Holding.

Sublklary means a subeklary as mal term Is defined Inthe Comorations Act, and PanALISESubeklary means a st,1,**18,7 01 Par*00.

VWAP means the volume weighted average price.

9.2 General InterpretationThe folouig rules of h rpretation apply unleesthe contrary litention appears orthe contextre,iree othenvise:

A reference to thie Is a reference to Sydney, New South Wales, Australia time.

Headhgs are for convenlence only end do not affeot literpretation.

The siruilar Includes the Pll.K andconversely.

A reference to a Becilon le to a geodon of Ull Bidders Statement

A gender Includes al genders

Where a word or phrase Is dellned, lts other grammatical forms havea correspondingmeanN.

A$, or cents 18 a reference to the lawld amncy In AustrAh- unlees othe„VIBe R<nturl

A referer= to a person hde,dee a body oorporati, an LmIncorporatid body or other ertityand conversely.

A reference to a person Includes a referenoe to the persorrs executors, ackninistrators,sucoeesora, subedtutee (hncklcing, but not Ibrnlted to, pereor,8 taking by novation) and

(1)

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.. I.,

00

0

Bidder's Statement

A reference to any lag lalon or to any provision of any legistalon Includes anymoclfication or re-enactment of 4 any legislative providon substituted for It and alregulauons and statutory Instnsnents Asued Isider i .

A reference to any Instrument or document indlides any variation or replaoement of It

A term not speclficaly delned In this Bidder's Statement has the meaning *en to It (Ifsly) h the Corporations Actorthe ASX Settlement Operating Rules, as the nue maybe.

(m) A reference to a right or obllgation of any two or more persons confers that right, orImposes that oblgation, ag the case maybe,jointly and hndMckialy.

(n) A reference to you le to a pereon to whom the Offer Is made under Appen* 1 to thisBidder's Statemert

(I)

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 t'79- -T-:TiIN---ci lT'?i r' , 1" Tri I _ 1 , I.

4 1 338'&2'&2'. '' 'T 1 .

10 Approval of Bidder's Statement

Blddefs Staternent

The oopy of thls Bidder'8 8tatementthat Is to be lodged with ASIC hae been approved by areeolulion paseed by the cirectors of GRHK on 26 March 2015.

Signed by Lbdn Wang of GRHK * accordance with sedion 351 of the Corporattons Act

Lbdn WangDireo Or30-ME»ZA 2015

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1% ,

% 1

Appendix 1 - Formal terms of the Offer

1 Offer

Bidders Statement

GRHK offers to acquire al of you PmAust Shares together with an Rights attachhg to them, onthe following terms and condltions. This Offer relates to PanALM Shares that exbt Or Ill exist atthe Register Dale. The Offer wBI not extend to the acquisition of my PaMust Share Rights.Howiver, R wil extend to al PanALIet Shares that are l=ued and Noted for quotation on the ASX atany time #Ing the Offer Period:

• m a result of ovorr,tan of the PanAust Share Righte; or

• h ConnecOon with the ve ng of outstanclig Lor  Teim Share Plan shses.

You mayonly accept this Offer for all of Yols PanAust Shares

By accepting this Offer, you undertake to trwisfer to GRHK not only the PenAuet Shares to whichthis Ofler relates but,Aso all Rights attached tothose PanAust Shares (see clauees 5.4 and 5.5).

2 ConsiderationTh® conalderavon oftered for each PanAuBt Share 18 A$1.71 caah.

3 Offer PeriodThis Offer wll, unless withdra,m, remain open for acceptance ckshig the period commencN on

the dat  of this Offer, being E•11Ap:18-3015, and en Ing at 7.00pm (Sydney tme) on:

(a) Etli.Na*.2015; or(b) any date to which the pertod of thls Offer 18 extended In accordance with the Corporn*,ns

Act

v,hlchever Is the later.

4 How to accept this Offer41 Aoooptanoi Forme

Aoooptancee must be reoeh/ed Inthe manner specified below prior to the *ee of the Ofter Periodat 7.00*n Sydney time on 2-11-Mayk,2015, unless extivided (and In the case of any acceptanceIn respect of a CHESS Hoking, lodged at or sent to an *dreeaes as In(Scated under clause 4.3(e)before 7.00pm on the second last Bushnees Day h Sydney of the Offer Period h accordance v,Ithclause 4.3(a)(11)).

4.2 All of your holdingThis Ofter 16 for all of your PanAuBt Shares.

4.3 Aooeptanoe procedure for PanAust Shareholders

How you accept this Offer depends on whether yolr P=,Aust Shares an hold in a CHESS Holdingor an 168uer Sponsored Holdhg (the Acceptance Form outlnee which type of holcing you have):

(a) 11 you hold your PanAust Shares In a CHESS Holding (your HIN starts with an T)you must comply with the ASX Settlement Operating Rules.

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I ''1 1

Bidders Statemeni

If Wu hold your Par,Aust Shares in a CHESS Holc , to accept this Offer you musteither:

(1) *stuot your ControDIg Participant (ugualy yots broker) to Initiateacceptance of this Offer on your behalf In accordance with Rule 14.14 ofthe ASX Bettlement Operatilg Rules h strfflolent time forthls Offer to beaccepted before the end of the Offer Period; or

® complete indeign UN Aooeptam, Form and sind Ai oompletedAcceptance Form (together,vlh all other doctments re*,Ired by thehstuctions on the form) drectly to your Controlng Partdpant (usualyyour broker) In sufflcient tme for this Ofter to be accepted before the endof the Offer Period with  structions to Initiaie acceptmice of this Offer onyour behalf in acoordanoe with Rule 14.14 01 the ASX SettlementOperathg Rules before theend of theoffer Period; or

(® oomplete and sign the Aooeptnnoe Form and lodge It by returning It to anacldress as Inclcated under clause 4.3(e) sothatyo(Jr accep nce Isreceived before 7.OOpm. on 1he second last Builnees Day h Sydney ofthe Offer Period. Th  wl authorise GRHK to hs#uct yols ControlingParticlpant (usualy yolr broker) to Initiate acceptance of this Offer onyour behalf.

(b) 11 you are a Brok' r or an ASX Set"ement Pattlolpant, lo accept this Offer you mustblmale aooepte„oe In aooordanoe with the requirements of the ASX SettlementOperatN Rules before the end of the Offer Period.

(c) H you hold your PanAust Shifie In an ls,uir Sponio,Id Holding (your SRNstarts with an '11, If your PanAust Shares are In an Issuer Sponsored Holding, toaccept mis Ofler you must oomplets and alon the Accept== Form In accordancewith the listructions on It and lodge It by retirr  It (together with all other dooumentsrequired by the  tructions on the Accept,noe Form) 10 an addrees as bdicatedlinder dause 4.3(e) so that your acceptance le received before the end of the OfferPeriod.

(d) If .ome of your PlinAu# Sharel a/, h,Id ha number of loemi, Hoome of yoilPonAust Sharee are In dlflerent holdings your acceptance of this Offer will requireaction under dauses 4.3(a) and 4.3(c) In relation to the separate portions of yourPanAust Shar-.

(e) Postal and deivery ad*ess.

The poet  and deivery adcheses for completed Aoceptance Forms are as folows.

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, *1'lifi,27.-PI'_'C '*t 7 -   ' 2 I ' '.' 1]'.A

-'

The postal adckess ig:

Boardroom Pty UrnltedGRAM OfferG PO Box 3993Sydney NSW 2001Australa

BIdders Statement

Altemdvely you may del ver the Acceptance Form and any associated documents hperson toi

Boardroom Pty LimitedGRAM OfferLevel 7,207 Kent StreetSychiey NSW 2000

If you hold yols P ,Aust Sharee In an Issuer Sponsored Holdng, a reply paidenvelope (not able to be used by PanAust Shafeholders outside Australia) la enck· dfor your convenience.

If you are a PEAust Shareholder v,Ithln Aimtralla a reply paid envelope 18 endosedfor your convenience.

The transmission of the Acce;*ance Form and other documents is st your ovm Nk

(f) koep nos Form

The Acceptaice Form which accompanles this Offer forms part of It Subject todause 4.5, the rec,*ements on the Acceptance Form must be observed h accepoigthis Offer h respect of your PanAust Shares.

4.4 Power of attorney, deceased estate

When accepOng this Offer, you should also fon,wd for Inspection:

(a) If the Acceptance Form 18 execut# by an attomey, a certined copy of the power dattorney; and

(b) If the Acceptance Form 18 executed by the executor of a wll or the administrator of theestate of a deceased PanAust Shareholder, a certmed copy of the relevant Fant ofprobate or letters of admBetration.

4.5 When acceptance la completeAcceptance of this Offer wAi notbe complele until the completed Acceptance Form has beenrecdved at one of the addreisee eet out in £41 1  4.3(e) andthe re Irements of n|nis- 4 havec*henvise been met, provided that:

(a) GRHK may h lt@ sole dlocretion and without notice to you walve my orall of thoserequiremet,ta at any time (ktclucing but not limited b recviremente In relation tothemanner or method of accept ce, or the deadine for recelpt of acceptances specifiedunder dause 4.3(a)(ID); and

(b) vvhere such requ*ements have been compled with h respect of some bd not al ofyour PanAust Shares, GRHK may, In Its Bole dlacretion, deem your acceptance of thisOffer complete In reepect of those PanAust Shares for which the recvirements havebeen compled Mth but not In respect of the remainder (unlees GRHK walvee thosereq!*ements h accordanoe vvlth olauae 4.5(a)).

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L •-

I-

5

5.1

Bidders Statement

Where GRHK electe to wadve any requ*ement of dause 4, your acceptance of this Offer will becomplets regardless of any fallure byyou to comply Vth the walved requirement.

Payment for your sharesHow payment for yourshares will be rp--1-

The oonsideration payable by GRHKto you In respod of your PanAust Shares wil be paid to youby cheque In Australian cu·rency.

When consideration Is paid

Subject to clause 5.3, GRHK wildespaich acheque for the COnslderatlon to which you are entitledon acceptance of this Offer onorbefore 7 Bus ess Days aflar yol, valid acceptance Is received

Where additional documents are requiredWhere the Acceptance, Form or any subsequent request from GRHK reqdres adcluonal documentsto be  ven with youaoceptance (such as a oertlfled copy of any of a power of attorney, grant ofprobate or lettirs of ackninlitration, orany other document reasonably requested by GRHK to glvebetter eflect to your acceptance):

(a) If thedocuments are given wehyou acceptance, GRHK wl provide theconskierationh accordance v th clause 52; or

(b) If the documents are ghven after accet*a,ice andbefore the end of the Offer Period,GRHK wI despatch acheque for the consideration bythe end of wl,lchever of thefolowing periods ends eariter:

0 one month after GRHK Is glven the documents; and

(1) 7 Buslness Days after the end of the Offer Period; or

(c) If the documents are given after tho Ind of the Offer Period, GRHK wil despa ch acheque for the conelderation dthln 7 Business Days after the documents,e gwen.

If you do not provide GRHK vvith the reCMJ,ed adcmlonal documents within one month after the endof the Offer Perlod, GRHK may, h Its aole decretion, reeclnd the contract revitting from youracceptance of this Offer.

Where GRHK Is entitled to any FlghtsN GRHK becomes entitled to any Right, asa result of your acceptance of this Offer, it may requireyou tooke GRHK aldocumente nece@eary to veetthose Right@ In GRHK orothenvise to giveGRHKthe benefit or value of those Rights. If you do not give those documents to GRHK, or If Euhave received the benefit of those Rights, men GRHK may deduct from the considerationotherwise due to you the amoint (or value, as reagonably aesessed by GRHK) of those Rights haccordance with clause 5.5.

Rights generallyIf:

(a) you have (or,ny previous holder of yols PanAust Shar= hae) reoeived the benefit ofany Rights (whether In respect of non-cash benefits or otherwise); or

(b) you are (or any previous holder of your PartAust Sharee Is) entitled to receive thebenem of any Right, underthe terms that provide for or othenvise apply to thoseRMits (for exe pie, If the Right is to receive a (Mdend, If you are (or any previous

5.2

5.3

5.4

5.5

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1 f;Bidder's Slamnent

. 11. 'r 1 ' '; - ...

holder of your PanAuet Shares 19) the registered holder of the share aithe specifiedtime for determining those entitled to the  VIdend); or

(c) you PanAust Shares were Imued (or otherwlse came Into existence) on or after thespecified thie for demmining entltements In respect of any R ts to PanAustShareholders, then:

h the caae of F¥t8 to non-cash benefits, GRHK may daaot the value (asreasonably asaeied by GRHK) of euoh Rights from any oonelderationotherwise payable to you; or

(1) In the case of Fights to cash beneme. GRHK may deduct thi amount of suchRights from any consideration othenvise payable to you.

H GRHK does not. or cannot make such a dedualon. you must pay such value oramount 10 GRHK

5.6 Manner of paymentPayment of the cash amoult to v,hlch you ue entitled wil be maled by cheque (or othelwlse asdetermined by GRHK) in Australian currency. Chequee wil be sent to the adciress on theAcceptlice Form or ouch other adchee ag you may notify In wr ng to GRHK, by pre-paid ordharymal or, If you have an overseas address, by pre-pald alrniaL

5.7 Cleerances for offshore relldentsIf. at the Nne of acceptance of this Offer, any consent. al*hortty or de,ance Is res,Ired for you toreceive any con@Ideration under this Ofler InckKIng, but not Irrilted to consent, authority orekirance of:

(a) he Minister for Foreign AffakB (whether underthe Char*ar d the Un/ted Na#on, Ad1946 (Cth), the Chaiter of the Unibd Nations (Terrorism and Dealin, with Assets)Regula ons 2002 or any other regulatione madethereunder, or othe,wlse);

(b) the Reierve Bank d Australa uider& Bar,1*4  (Fordgn E)(rkiange)R*,La#one 1959 (Cth) or otherwise); or

(0) the Australan Taxation Office,

then acceptance of this Offer will not create or transferto you anyrIght (contractual or contireent)to receive (end you wl not be entitled to receive) any oonslderalon under this Offer triless andl,#Iall such consents, authorities or clearances have been obtained by GRHK

6 Conditions of this OfferThk; Offer and the contract that results from acceptance of this Offer are ls,condltional.

7 Effect of Acceptance7.1 Revocation of acceptance

Once you have accepted this Offer, you wIN be unable torevokeyour acceptance and thecontractreeulti rig fromyour acceptance win be bincing on you. In ad,tion, you wIR belnable to withdrawyour acceptance of this Offer or othen-e cli pose of your PanAust Shares.

0

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' 1 .,t .17

7-2 Your agreement

Bidders Statement'. I

By *ling and retrilig the Acceplanoe Form, or othenvise accepting this Offer you ¥41 bedeemed to have:

(a) Irrevocably authorlsed GRHK to alter the Acceptance Form on your behalf by:

0 insertjng correct detalls of your Par,Aust ShareS (Inclu g detals of a percel ofPanAust Shares requhd by clause 10.4(b));

(11) fmng h any blanks remaning on the Acceptanoe Form; and

(ID rectlfyI  any e ors h, and omissions from, the Acciptance Form,

as may be necemary to make the Ace.®Ma,Ice Form a vAM *co,ptance of this Offerand to enable reolstration of the transfer of you PanAust Shame to GRHK, andagreed to provide any document reasonably requested by GRHK to make theAccept,me Fo  a vald aooeptance of this Offer or to othenvise give better eflecttoyour acceptance;

(b) If any of your PanAuot Sharee ari In a CHESS Holding, trivoably authorlied GRHKto:

01) hstruct yolls Controahm Parlcipant to *Wate accepti ce of thbs Offer h r=;pectof al such PanAust Shares in accordance vdth the ASX Settlement OperatNRules; and

(1) *ve any other Instructons In relation to thoee PartAust Shafes to yolrContromrg Participant on yolr behalf under the sponeorship agreementbetween you and the Control# Participant

(o) agiod to hdomnify GRHK in reipeol of anyolalm or aotion  alnet It or any loss,damage or liability whatsoever Incurred by It as a result of you riot prockdrU your HINor SRN or In consequence of the tran,fer of your Par*lot Sharee to GRHK beingregls:ared by PanAust without prock,c6on of your HIN or SRN;

(d) rrevocably accepted  13 Offer h respect of alyour PanAust Shares despite anycifference between that number and the number of PanAust Sharee Bhown oil theAcceptance Form ;

(e) agreed lo the terms and condtions of this Offer NA agrmd to transfer (or oonsentedto the trander in accordance with the ASX Settlement Operating Rules) b GRHK ofyou PanAuot Sharee;

(0 repreeented and warranted to GRHK, as a findamental concltion of the contractresuRIN tom your acceptance of this Offer. that altha t*ne of acceptance and at thethne of transfer of your PanAust Shares to GRHK:

(1) you have paid to PanAust al amounto which are due for payment In respect ofyour PanAust Shares (otherthan amounts which may be 0%¥Ing by you toPanAust Lnder the Long Term Share Plan);

(1) an of your PanAust Shares are fully paid and free from all Encumbrances andrestrictions on transfer of any nailn (other than any Enclimbrences orreetrictions as maybe contemplated underthe PanAust Long Term SharePlan); and

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t. -1- 31 3, .6.. h ·_ ·y··<; 1", , --R' '

- +'.L- IAL--_ Cr'-,S! IA·, 7.' P.1 - ,

Bidder's Statement

(® you have full power and capedly to Ged and transfer thoge PanAust Shares(other than any resttictions contemplated under the PanAust Long Term SharePlan);

(g) on acceptance of this Offer:

(i)  revocably appointed GRHK and each of its dimolors from time to timeIndMdually as your agent and attorney on your behalf to:

(A) allend and vote In respect of yots Par,Aust Shares at al general meetingsof PanAust

(B) receive from PanAust or any other party, and retain, any share certillcatesvvhloh were held by PanAust, or any other party, v,hether pursuant to theterms of any employee Incentive scheme Onclticing. without Imltalon, anyemployee share scheme) or 0(herwlse; and

(C) aign al docurnentl (blchjclng an Inetrument appointing one of GRHICsc,rectors asa praxy In respect ofany or an of your PanAust Shares andany appllo#1Ion to PanAu•t for areplao,mort oertlfloate h respect of anyshare certlficate which has been loet or destroyed) end resolutions relating10 your PanAust Shares, and generaly to exercise al powers mdrightswhich you may have as a PanAust Shareholder and perform such actionsas may be appropriate in order to ve*t good title In your PanAust Shares inGRHK, and to have agreed that kn exercising such powers, any suchdrector 18 entmed to act h GRHICs Intereets as the beneficial owner andhtended registered holder of your PmAust Shares;

01) agreed not to vote h person at any general meethg of P=,Aust or to exercise(or purport to exercloe) In person, by proxy or othenvlee, any of the powerscor#erred on v„ dlectors of GRHK by claim 7.2(g)(D;

(11) rrevocably authorised and clreded GRHK to *oct PanAust to pay to GRHK, orto account to GRHK for, al R hts in respect of yols PanAust Sh ,es, 8ubjecttoGRHK accounting to you for any such Rights recdved by GRHK If this Offer 18withdrawn or any contraot reeultilg from your aoceptance to thle Offer 18reeclnded or rendered void;

(M  revocably authorised GRHK to notify PanAust on your behalf that your place ofaddreso for the poposes of eervhng notices upon you In reepect of yourPanAust Shares 18 the addrees specilled by GRHK In the notlfication;

(v) where, ai thai time, you have a right to be registered asa holder of the PanAustShares the subject of your acceptanoe as the result of an on-market purchase(but are not a PanAust Shareholder):

(A) agreed to use reasonable endeavoure loprooure thedelvery of thePMAust Shares the subject of your acceptance to GRHK In „,ncirdanceWI#i yOLS acceptance Buticing gMng GFIHK all documents rwrmanry toveet those PanAust Shares h GRHK or otherwlse to gh, GRHK thibenefit or value of those PanAust Shares) ;

(B) agreed notto do oromltto do anyming which may frustrate youacceptance of this Offer, or olherwlse obstruct registration of the fransfer ofthe PanAust Shares the subled of your acceptance to GFIHK;

(C)  revocably assigned to GRHK al contractual rights and recourse againstthe vendor In respect of your on-market purohaee vhloh contractual rights

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.

Bidders Statementi

and recourse may arw by reason of that person's fakn to complete thattrade;

(D)  reed to astn to GRHK (%¥Ithout any further action being re*red) aOrights In respect of your on-market puchase Immedledely on any failure byyou to complete that hde, Incklcing Irrevocably as®Igning to GRHK thedght to (a! GRHICs ultinate Moretion) complete that trade on your behel,and Egreed that GRHK may dechict from the conslderaton otherwisepayable toyou (pursuant to a vald aooep nce of thle Offer andthedelivery of the PanAust Shene thesublect of thatacceptance) any amountpaid by GRHK in orderto settle thai O,Hllarket purchase on yolf behalf. IfGRHK does not or cannot make Buch a deduction, you must pay suchamount to GRHK; and

(E) agreed thai 0 you are Inable to assign to GRH K any of the rights andrecourse specified under claueee 7.2(g)M(C) and 7.2(9)(v)([)), you wilaosign auch *ts and recourse ae eoon ae you are ligaly ablito;

(h) If at the time of aoceptance of th ls Offer yolr PenAust Sharee are In a CHESSHoldr,g, authorised, with offiot from the date that this Offer or arly contract re*u ngfrom acceptance of this Offer, GRHKto cause a message to be transmitted to ASXSettlement In accordance with Rule 14,17.1 of the ASX Semement Operating Rules 80ae lotransfer al of your PanAust Shsres lothe GRHICs Takeover Transferee Hoking.GRHKwil bego authorised even though at thethne of such transfer Ithas notprovided the oonsideration dueto you wider this Offer; end

(1) authorlsed and directed GRHK to pay to PanAust 80 much of the considerationothenvise payable to you as Is require lo clecharge any outitarKing debt owing byyouto PanAust (If any) underthe termo of any employee Incentive ®cherne.

By accepting this Offer you vil be deemed to have agreed to the maiters set out In clauses 7.2(a)to (1) (asappicable), notwithstanding where this Offer has been oalleed to be accepted Inacoordance with the ASX Settlement Operating Rules.

Except In relation to PanAust Shares h a CHESS Hoking, GRHK may at any thne deem thereoelpt of a allied Aooeptanoe Form ho be a valld aooeptanoe of this Offer even though you omit tohiclude your share certlficate(8) Of any) or there Is non-compiance with any one or more of theother reallrements for acceptance butlf GRHK does so, GRHK Is not o*ed to make theconsideration avalable to you unti all of the res,Irements for acceptance have been met.

8 WithdrawalGRHK may M4thdraw unaccepled Offers at anytime with the written consent of ASIC and sublect tothecondtions (lf any)specified h such consent

9 VaridonGRHK may vary this Offer h accordance vvith the Corporations Act

10 Acceptances by transferees and nominees10.1 Who may accept this Offer

Durbg the Offer Period:

(a) enyperson who Isable tog e good title toa parcel of your Par*J* Shares mayaooept this Offer (If bey have not already aooepted an offer 61 the fomi of this Offer)as If an offer on terme ldentical with this Offer has been made to them; and

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 frs-i h 2, F '-'i , ..   f#T i'.'VE:...I.I.I. PG", 5 .75=:3,1 ,-I, ,1- - 11

Bidders Statement

(b) any pereon whoholds omormore parcels of PanAust Shares as trustee. nomir-, orothenvise on accouit of another person, may accept as If a separate and cistinct offerhad been made In reldon to:

(1) each of those percels; and

(Ii) any parcel they hold In their own right

10.2 Holding shares

(a) A person is tskin to hold PanAust Shar  If thi person 4 or h= a right b beregished as, the holder of those PanAust Shares.

(b) A person w¢10 has a dght to be registered 88 a holder of PanAust Shares mayacceptthis Offer by completlng ond 81 Ing the Accepts= Form ill accordance uth theInstructions on Itand lodg g It by retuning It (together with all other documentsreqdred by the Mndons on the Accept,noe Form) to an address Indicated underclause 4.3(e) 80 that the acceptance Es reoelved beforethe end of the Offer Period.

10.3 Holding shares on trust or asa nomineeA person is taken to hold PanAust Shares on trust for, as nominee for, or on account of, anotherperson If they:

(a) areentitted to be registered astheholderof pediculs PanAust Sharee; and

(b) hold their Imerest h the PartAust Shares on trust for. as nomhee for, or on accocd of,hal other person.

10.4 Effective acceptance

An acceptance of an offer under clauae 10.1(b) 18 ineffeothe unless:

(a) the person who holde on aoools,t of another person, gives GRHK a notice steding thatthe PanAust Shares consist of a separate paroel; and

(b) the acceptance specHIes the number of PanAust Shares h that pucel.

References In this Offer to your Par*mt Shares v/11 be treated to relate to that separal ps,cel.

10.5 Notice of acceptanceA notice under datme 10.4(a) of them terina must be made:

(a) N It relam to PanAust Shams entered on an ASX Settlemert Bubregleter - In anelectronic form approved by the ASX Settlement Opering Rules; or

(b) otherwise - In Miting.

A person may, st the one Ame, accept fortwo or more p cek, 111*, this rbiae as If there hadbeen asingle offer lora separate parcel consung of those parcels.

11 Other matters11.1 Notices and other oommunloations

Subject to the Corporations Act. a notloe or other oomminlcallon ghen by GRHK to you hconnection with this Offer shall be deemed to be ddy given if it ie in writ g and:

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I ,- '

Bidder's Statement' ''

(a) 15 dlivered atyour address u recorded on the reglsti of members of PartAust ortheaddress sh 71 h the Acceptance Form; or

(b) 18 sent by pre-pald or*lary mal, or In the caae of an sar**ress outelde Als:trnlin by pre-paid airmal. to you aielher of those addresses

11.2 Return of documents

(a) this Offer Is v,Ith*awn =fter yOLE· Aoo'pli,Ice Form has been *ent to GRHK, butbefore It has been received; or

(b) for any other reason GRHK does not acqdre the PanAust Sharee to which youAcceptance Form relatee,

you may request GRHK by notice In writh to deepatch (at yots risk) your Aooeptance Formtogether with ul other documente fonvarded by you, b such address aa you nomhate. Wheresuch address 18 inside Australla. the documents wl be deepabched by pre-pald orditary maN.Where Buch addrxs 18 outaide Al:Btralla. the doctsnents will be deepatched by pre-paid akmal.

11.3 Costs and expensesAll costs end expenies of the pratwirakn, d-f#$ ad clrculailon of the Bidder's Staisment andthis Offer and al stamp duty payable In reepect of a transfer of PanAust Sharee In reepect of whichOffers afe accepted, wIN be paid by GRHK

11.4 Foreign lawsThis Offer Is not registered in any jurledlollon outolde Australa (unless an applicable foreign lawtreats It as registered asaresult of the Ws S*tament being  ged with ASIC). Itlsyoursolereeponablilty to satisfy yourself thal you am pemlt*1 by any foreign Imv appicable to you toaccept this Offer.

11.5 Governing law

This Offer and any contract reel*N from AMeptance of It is governed by the law hn force InQueensland. Australa-

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Corporate Directory

Flegistered Office of GRHK

Room 1206, 12F Bank of America To r12 Haroolit RoadAdmIratty Hong Kong

Share Registry

8011.1.00.11 Pty UmltedLevel 7,207 Kent StreetGydney NSW 2000

Financial Advisers

c'Cc41*.miEs

China International Capital Corporation Hong Kong Securities Unlited

N0RTHJBNorth&Co PtyLld

  BOCI ASIA LIMITEDBOCI Asia Urnlted

Legal Adviser

KING&WODDMALLESONS

1 KAg & Wood Mal=Fe

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ACCEPTANCE AND TRANSFER FORMIn Mipict 01 thi Oll,r by Gl-odor, Al*10 H.K. (Holctro) 1.h'1*,d HorU Kor, 0011¥Ily runb= 1352915 and ARE]N 148 881 344,

( INIO a wholy o ned iailan of 01  Milg M•Its Mamo nert Co., LEI lo =Rire Ill of Zils orinaly shaies hP,Al t Un™d ABN 17 011 086 180 (PmAult).

THSIAN =CRTANT DOC[mENT Al«) RSOl-= YO !ImEENATE ATTENnON

F YOU 00 NOT M«]ERSTA,13 rr PLEASE CONSULT YOUR FNIANCIAL, LEGAL OR OTIHER PROFESSIONAL ADVISER mal @™ATEY

STEP 1 -Check yourdit,ls bilow (m.0

DPIDName & AdchesName & AddreesName & AddressName & AddressName & Address

Name & Ack*ess

lamberof PmAu.:81-youhold

Hs,/SRN•CA n-Mid miywai  .<em you

0**Im•Puplolm/00• 

Barcode

u.0.-4---rm../.th•On./9.K..1/*In--0. r-/teut...mw...-4You Iiould rud Ite Ii,ki„'I I„„=,4 Illoli • wap„,   INI A-pi„Ioa Faia Carl,I,/ -m, i 1 Il thls I-„f•.1©•.mi.ve ...Ii»..,*,0 =A. idd,881.I.Ii. i.,i.-*,In-d..,1.d. 4=o.pliv .0., ,:Riazi=o.ping

lor ALL of loi, Ii,Auat alm, li , H all,mil le thinlm,b=01,1,- ilil Iayi). You o=:tat impt lor el*pin of

=--'h Ace,m-n  -0 mot- GR- 0-h am   u.du W-hoU

1 00 180 131 ¢01UI k* u 41 *901§ mm (*am olil ll kilil# /ill b avillilll  lionday  Pil,liy hilia,n Uom:PE PI,ki# Il,Ii=.H,ouneed .*

.dID,!10 ay.4

STEEP 2 - For k-„,A='sored Holdings only1 yols PmAL# Shlm We held on the **Spomored 88riglillr (see %6/80,tr to,e) or I al 1he mle of you=00 me yo<i Im erlined lo bi  41 n not M re *r,dI a hold,r Of you PIALt Sh,-, lo accept me Oller youMA./.00.4-m.*STEPS-For CHESS HoldNs only1 your Pliiki Shinl wi h,ld on the CHESS &ib-re,ster (M•Sl*>reg-' above) lo omept t» Offer you =1 *101• 00*18 you· Cor*·014 P.%£41- normily yots broker -

ind hailla th,rn to acclpt tha Oflar on Mur bel,00QI you dolh,4 you do not m,d §, com - Ind Minthll Ao©,pIII,0, Pannk

OR• Il yall Mit MHK 10 aor-t your Cor®-10 Pinalpart or

7,01/ bah/, *I liwir WA him md md ritu n Inelorm. By doing 80 YOU Il#,9,1,0 lo kna yowCor,#04 Pitkip,f to Ir-8 acciptinoe of 078 Offer haocord,nce -1 th, ABX Satilern,Int Opintki Rul .

()FFER COIJSInFRATION

S Aman wil pit* hon(All.71 Cmah for -oh PsnAu,E 8hme, unl<Ill

11» Olk il viul•dtobill thipdol)

mum-m,:

Your Bil"YA'Ii'w

Yourmo IrsT 1 0na,» Numm,r:

STEP 4 - Signm bdicit,d bdow 14 the sicilyholds,(s) rmmed above. bem the hold,®) al PoM,# Bnari:

(1) ACCEPT thi 011, h re,piol of AU of nly/ots P=,Al# St==;(2) AGREE TO TRANSFER P Aust Slme to (3FHK for thi cor,%18,*ion *poomed In the Oller, Ind in

=00,1,100 % th thi *ins thi Olior;(8) AUTHORISE GRH< b omoin wid their aggntu lo correct arly errorn In or or-lor* from e* Aooeptive Form

to m,Ne It m elleoliwl moo,gll„ol of thi Ofh* In,ble regilifilon of tho tlneler of the PmAIK *lill loGF*K IRd

(4) AGFEE tob'bound by the term, of the Oller.Fll- *ovelle  forl *Nrht*mSom on holl com,IteD'. h.

HAI, lorm *sig,/„d= pallrol /191,8y, thl #10118, 6,0 sti/ hiy havi nodi of ti», mo-,ofhpoawal

elorn.y.V..MU.""09/k-l. 2 .Ims/4/'01- 3

801• Olriol= =14801,00„ .zy 0..0/0.8,0...Wy

Rlill InIWJI</ il/I IOII¥-r m ur-bal 00--Ol/U*V 1**10=#I

Telephone number:Da:ed _1_/2015Your aooep l must bl r c ved BEFORE the 0111 Pldod Inds. H the Acoiplanc• Form 1, Nnt by 114you may usethe inoloeid Hply pold envilo» Your mooiptanal ofth• Oflu mu,t b• recel,Id befom 7pm

(Sydmy#,te) on [•] May 2018 (unlieithe 0110/ 1§ with*sam orixtlndet.

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How to complete this Acciptance Form and ACCEPT the Ofler

1. Your Name & Addnll detailYour /,9*Wid -8 Ind „21,1,0 li I ir Ivigs on ne -0Wom-n li hloorfec  pllilm-00 oonICIcn on lil bm ald/'CHESSabmghwah=/aM,em,Irbrokorof•101- 88.

al P.Ait i Bu am -1= 89,=ed and #*ticoir«Ibt Sicinlyliald,I, 8„,mid by a *1=on

2. *suer Sponsored Hodngs....M-1.0„cr  ppe,*,g na*B'8184.t)-40=84

I Bu P=*st m== =I in In h,Spomoid Hok ; 0, 1,1, , not yltrloll:,4 = U»holdu o¢ 10= Plkn al=Zth,nv=94mi 0-, you mul[Rl od li s Ao„,Imm *m mill,f Ind Il,In R lo ona of mi all,lia,I ihc,In hae,I.

3. CHESS Holdhgs(= Moa* by •CHESS·,ppi 10 r  10 ·alb,Igist,r' an Il  cl»ce Form)

H.-Nt#li -ham-i- Fi .not .0 .compl-and ree,n el,k....Fl"' -I-.. 0,1,r. Vou em cor-01 .ur Cor om,0 P o.* no-*.# re.. md -u m. k.....0.Ir O,1FI bilill H FY dsoll to u=  18 Aoo pli,El Form, lomi thi Ill iuollor= bilow.

it.-19011"* 01 the /OMS,Oillyholdor lodaillaol# IT»lorm- 001*-U P„kiplit • Ii,lti,li =giv „ol onthar b,1/ In woorchi,oidlh ASXS#lin*giat* F  14·14. YOU Incitillal thisio,m IB I dbyyouCOVEol, Pll®mt k1 #1*rA *110 Wom ne lid d Al0- Pidad IO IlbVOU Cor O4 Pallap  IO eN,01 ZOZII,mon C HESS **0 51,*1,1 hn

If,cur hokR, b CHESS spoi<IM Ild you I,nd yaw Accipl=vi Fom lo Boi,1*90,7 Pty Lhnlld, I all Ind thi rilii,a800*=Ice mes, 100*ESS lor for-c*,0 toboll,Cor*o#U Pilk*,gtlor -' · ' *. t N,le»r GE,Knor 8-*DomPly U*dd bi reipor,*di fc   iy d IIWI hlolimd by mil Halls.

4. Signatur«l)

You Inut thi lorm I lolcmi h h*pli pro¥ldld o,Ili=1:

..74

pm,*'a=r.

Mallod Nots.

Val i....Al# . h .901,1 me - * 4 . Pa*  Dill.4- 

To *imd,r /0./ d /0,V, mI'**m'M#WiltillFlOf *,W IO Il *In * Ipw./.*.07"'*.-hapoilri-na„mvilli,1,M dIyi hi I nom, al Ioilmdt....1 a. I. I .1

C.....E

Al....4.'*111....byI P/'9„/ '9 *, 01 / /'/W /py 0„al., 111,8 4 .ilibilli.0 . ..1=om.....-4 .. meBil'. d h Win'll ' a .'10(8. 1p WA....mca 1 I. .. .n-,a,1 a../..- of =ml10718(»)01® 0 118 Clcilloi ACL

Tll lin Iia*0/I# ly/:1/2*di or.*ac.dioml--*AT**/Ill rl =,=, Ill al l *,OW Il Bilil/' R, C =In Act 'll I "O="q..4.,hn.,06*.WI

m...im.--"...

Sold Slyour ParIAUSE Sllares-/wu #m, ao alo,Kur PmA- 81.4/..Mwilorm w,uENdd# 81-nort la the slogitiull iio -don you blboN.

Rlclnlty bought or iold PlnAust 81-'ll - I,ou limi ricirhy b 0 oreold ily PinAL  81-4 ELSh okmlg IMIW diYr kin I)t Ihoan on me bult of ms #vIL I 14 plei  allir thl lu,IMi/ of P-*•1Oll *10„n .*r*rad holcm  0,1 *»troflof -lorrn toN runbIro PmAl,t *smu m#how 'id"- PmAust81-N of wt*Il you 0, Illlid lo bicoml rigiallid asholdir), Ir-Ili dililion Ii# Molle - nm,» of thi*bl,r#ve@d lor,al.

..1.*m "U .,py On t. Accep » 5.. 41 b,uld b,GAL< md 80.  orn py lltild lor l. pl"Cy p.pul ofBoa„,4 WI =cipl„M ol e» Ollar md v Blldi m dh e» -Wairdon p le „1(W ni OW. ™s hlom-,1 r,qbe dlioloid lo GRMI md GRHC Hivia,Ilond advllii, =oiall= buli# p *U Ind m-W Brild•Ii md *Ic#*1 0, ,IM In:,clon  * Ihi OIW. I Fu do not m.lp4 01, lia„Tido,1, youaoo,pli,oi ma, ndM piaoi=ed id you ma, nal MaiMme =Ill:difillain pablbil. You r,cy Whe 00= loaoools thipamonal lilorm,ljon you hivi m pl•d. PI,a=IBoi:Wicoin RyLini'.cr. 0'.0polo, on '-b-w„ Jio  r ,*Id n LN Bj d-Vms Aoolptliwi Pon„ h pirion, H imi  bi rioihid 21 he dilivy adch,Ii sh,m, bilt,# boln *l ancl of al OflirPirlod.

Poll addre= glilvwy In PI.7,.1.1Boardroom Pty Ijnlted Boardroom Pty UnlodGRAM Ofler GRAM OfferGPO Box 3993 Lail 7,207 Kent StreetSyoley NSW 2001 SYDNEY NBW 2000

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