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1 ASX Release: 30 April, 2012 Quarterly Activities Report for the period ended 31 March 2012 Market Cap: A$116m (17c a share) Cash at Bank*: A$12m Enterprise Value: A$104m Debt/Hedge: nil *As at 31 March 2012 ASX Code: HIG Shares on Issue: 686 million Options on Issue: 23 million Performance Rights: 3.5 million Shareholders: ~8,700 Directors Ken MacDonald, Chairman John Gooding, Managing Director Drew Simonsen Mike Carroll Dan Wood Fiu Williame lgara Management Craig Lennon, CFO & Co.Sec Terry Smith, GM Mining & BD Larry Queen, Chief Geologist Peter Jolly, GM Technical Ron Gawi, GM Port Moresby For further information, please contact: John Gooding and Craig Lennon Highlands Pacific Media Enquiries to: Simon Jemison Collins Street Media Website: HIGHLIGHTS Ramu Nickel ( with potential to move to 20.55%) Load commissioning of first of three high pressure autoclaves. More than 50,000 tonnes of slurried ore transported via 135km pipeline to the Basamuk treatment plant. First production of mixed nickel cobalt hydroxide intermediate product. First operating autoclave to be shutdown for planned inspection in April/May, with second autoclave to be commissioned. Ramp up over months to 31,150 tpa of nickel and 3,300 tpa of cobalt. Full production targeted for mid Frieda River Copper Gold Project (18.18%) Feasibility Study (FS) work program continues. Study due December Work program includes review of PNG s emerging gas/electricity supplies. Highlands share of expenditure carried by Xstrata Copper under a funding loan arrangement through to the lodgement of a Special Mining Lease application. Operator and Manager, Xstrata Copper, expected to spend approximately $20 million in 2012 on programs associated with completion of Feasibility Study. Xstrata exercised option over Nena deposit, now forms part of joint venture. Maiden Resource statement issued for Ekwai deposit and updated Resource statement for Koki deposit. Frieda River district contained copper inventory now stands at 12.9 Mt of copper, 20.4 Moz of gold and 49 Moz of silver. Star Mountains Copper Porphyry Exploration New exploration license granted EL1781 Mt Scorpion. Now three exploration licences covering 353 sqkms, approx 25kms from Ok Tedi. Exploration budget of US$8 million for Two rigs on site. Of 17 identified copper gold targets, two drilled. Olgal prospect drilling completed with 10 of 12 holes intersecting encouraging copper gold mineralisation. Assays for two holes pending. Pad48 and Rattatat prospects prepared for drilling during June quarter. Wau Bulolo Exploration Yangalemu and Kobiak prospects No activity during the quarter. Corporate Cash Reserves A$12m, no debt: In February Highlands received US$10.8 million after Xstrata exercised its option to include the Nena deposit in the Frieda River joint venture. Cash reserves at the end of the quarter of A$12 million. Annual General Meeting to be held in Port Moresby on 17 May COMMENTS by Managing Director John Gooding; The Ramu nickel cobalt project has commissioned its first autoclave and produced the first mixed nickel cobalt hydroxide intermediate product. This is another important milestone as the plant ramps up production with all three autoclaves to be commissioned in 2012 and with it the expectation of international sales and project cash flow. In the Star Mountains, drilling has commenced on a second high priority target as part of a US$8m campaign this year to find a deposit that could be supplemental copper gold feed for Ok Tedi 25kms to the south or another major project, with drill pads ready at the next two targets. On the Frieda River Copper Gold Project Xstrata and Highlands are continuing with a review of natural gas and electricity options with the Feasibility Study due later this year.

2 About Ramu Nickel Cobalt Project RAMU NICKEL PROJECT ( with potential to move to 20.55%) Location: The Kurumbukari mine is connected to the Basamuk treatment plant by a 135km pipeline which is on the coast and 75 km east of the provincial capital of Madang, PNG. Production: The 3 autoclave Basamuk treatment plant is designed to have an annual production of 31,150 tonnes of nickel and 3,300 tonnes of cobalt. Share: Highland s share of product based on its share is 2,666 tpa of nickel and 282 tpa of cobalt, rising to 3,520 tpa of nickel and 373 tpa of cobalt when equity increases to 11.30%. Equity: Highlands has an interest in the project which will increase to 11.3% at no cost after internal project debt has been repaid (approx 2018) from operating cash flow. Highlands has an option to acquire an additional 9.25% at fair market value which could increase its interest to 20.55%. Free Carry: The Ramu project debt funding is non recourse to Highlands with Highlands equity interest free carried. From commissioning, Highlands is able to have access to its pro rata share of Ramu s post debt servicing net cash flow. About MCC: The project s operator and majority owner is Hong Kong and Shanghai listed Metallurgical Corporation of China Limited (MCC). MCC is a multi asset multi disciplinary company, well known for its strength in scientific research, industrial engineering practice and international trading. MCC hold a 61% interest in MCC Ramu NiCo Limited which holds a 85% interest in the Project, with a number of other Chinese end user entities holding the remaining 39%. Basamuk Treatment Plant Site in operation Recent Activities The Basamuk treatment plant incorporates three High Pressure Acid Leach (HPAL) trains (autoclaves). During the March quarter the first autoclave was load commissioned and produced mixed nickel cobalt hydroxide intermediate product. During the June quarter, the first autoclave will be shut down for inspection and maintenance and a second autoclave circuit will commence load commissioning. This second train will run for approximately 4 6 weeks before it is shut down. At some stage during the quarter it is anticipated that two trains will be running together with the third and final train to be load commissioned in the September quarter. It is anticipated that in the June quarter some production statistics will be able to be released to illustrate the plants performance. At the Kurumbukari mine the ore is first treated in the de agglomeration and beneficiation plants removing oversized and chromite material. Production will progressively increase as part of the Basamuk plant ramp up over the coming months. The 135km slurry pipeline, linking the Kurumbukari mine to the Basamuk process plant, continues to operate as designed. Basamuk Treatment Plant Site in operation

3 About Frieda River FRIEDA RIVER COPPER GOLD PROJECT (18.18%) Location: Located in the north west of Papua New Guinea the Frieda River Project is one of Asia Pacific s largest undeveloped copper/ gold resources. Owners: The project owners are Xstrata Frieda River Limited (81.82%) and Highlands (18.18%) subject to PNG Govt 30% election. Highlands was free carried on the Frieda River Project by Xstrata through to 23 January 2012 and will be carried through to the lodgement of a Special Mining Lease application by a carried funding loan arrangement. In January 2012 Xstrata exercised its option over the adjacent Nena project. Studies: Having completed an 18 month Pre Feasibility Study in November 2010, the project is currently in the Feasibility Study stage due in December : Xstrata s project spend was US$38m with 37,388 metres drilled. 2010: Xstrata s project spend was US$79.3m with 51,082 metres drilled. 2011: Xstrata s project spend was US$103.9m with 15,903 metres drilled. Frieda Pre Feasibility Study (Nov 2010); In November 2010, details of the Frieda copper gold prefeasibility study were released. The key findings are outlined to the right. The PFS identified a multi decade life mine with output averaging 246,000tpa copper and 379,000ozs pa gold in the first eight years with C1 cash costs of US43 c/lb for the same period (assuming US$1,000/oz for gold). Cash flow assumptions based on US$2.50/lb copper and US$1000/oz gold. Feasibility Study focus In November 2011 Highlands and Xstrata Copper announced an extension for the delivery of the Frieda River Feasibility Study (FS) to 21 December 2012 in order to allow more time to consider PNG s emerging energy options. Field work at Frieda River in relation to the FS is essentially complete other than some continued environmental base line monitoring and community affairs and landownership determination programs. There is some line cutting and rock chip sampling occurring as part of an exploration program and a 2 month IP survey is expected to start in the June quarter. Xstrata as operator manager continues to advance the Feasibility Study with a natural gas power assessment well underway, in conjunction with project site reconfiguration review and general optimisation of the project execution model. On 16 th February, Highlands announced a maiden resource for the Ekwai deposit and an updated resource for the Koki deposit which form two of six deposits within a world scale copper gold porphyry cluster. Frieda River is PNG s largest currently reported copper gold resource. The total Frieda River district endowment totals some 2.8 billion tonnes of resource containing 12.9 Mt of copper and 20.4 Moz of gold. The pre feasibility and the feasibility study have focused on the three deposits Horse, Ivaal and Trukai; estimated to contain 2,090 million tonnes at a grade of 0.45% copper, 0.22g/t gold and 0.70g/t silver. PFS (Nov 2010) First 8 Years LOM Strip Ratio 1.1:1 1:1 Mill rate 60Mtpa 50Mtpa Recoveries 85% Cu & 72% Au 85% Cu & 71% Au Concentrate 930ktpa average 716ktpa average Production 246ktpa Cu and 379kozs pa Au 190ktpa Cu and 284kozs pa Au C1 Costs US43 cents/lb US58 cents/lb US$8.36/t US$8.68/t Cash Flow US$933m pa US$612m pa

4 Table 1: Horse Ivaal Trukai Mineral Resources at 0.20% Cu cut off as at 25th August 2011 Category MT Cu(%) Au(g/t) Ag(g/t) Measured Indicated Inferred Total Table 1 Notes: The Mineral Resources are constrained by topography and an economic pit calculated with Measured, Indicated and Inferred resources. Numbers may not be exact as they are rounded for tabulation. Competent Person: The information in the report that relates to Mineral Resources presented in Table 1 is based on information compiled by Mr Raúl Roco, who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Roco is a full-time employee of an Xstrata Copper entity. Mr Roco has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the estimation of Mineral Resources to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Roco consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. Table 2: Koki and Ekwai Mineral Resources at 0.2% Cu cut off Deposit Category MT Cu(%) Au(g/t) Cu k Tonnes Au Koz Koki Inferred ,700 Ekwai Inferred ,300 Total ,320 4,900 Table 2 Notes: The Koki deposit has been intersected by 30 drill holes on a nominal 150 m x 300 m grid. The data base contained 3626 composited samples with copper and gold values. The Ekwai deposit has been intersected by 31 drill holes on a nominal 150 m x 300 m grid. The data base contained 1385 composited samples with copper and gold values. The drill holes used in this estimate were drilled as part of several different drill campaigns between 1971 and Bulk density measurements are not available for these deposits so a bulk density of 2.57 was used for both deposits. No top cut was applied to the copper or gold assays. Grade estimation was done by Ordinary Kriging using a single domain. Maximum search distance was m and each block was informed by a minimum of eight composite samples. Competent Person: The database information used for the Koki and Ekwai resource estimate was complied and verified as suitable for this estimate by Lawrence Queen. The resource estimate information for Koki and Ekwai is based on information compiled by Simon Tear. Mr. Tear is a full-time employee of Hellman & Schofield and a Member of The Australasian Institute of Mining and Metallurgy. Mr. Queen is a full-time employee of Highlands Pacific and a Member of The Australasian Institute of Mining and Metallurgy. Both Mr. Queen and Mr. Tear have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Queen and Mr Tear consent to the inclusion in the report of the matters based on his information in the form and context in which it appears. Table 3: Nena Mineral Resources at 0.5% Cu cut off Category MT Cu(%) Au(g/t) As(%) Sb ppm Indicated Inferred Total Table 3 Notes: (i) Copper resource lower cut off grade 0.5% copper. (ii) Mineral Resources stated herein are based on the Nena 2008 Conceptual Stage Resource Model. (iii) These figures are constrained by topography; no economic pit has been applied to constrain the estimate. Numbers have been rounded for tabulation. Competent Person: The information in the report that relates to Mineral Resources presented in Table 3 is based on information compiled by Mr Raúl Roco, who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Roco is a full-time employee of an Xstrata Copper entity. Mr Roco has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the estimation of Mineral Resources to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Roco consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

5 Location: The Star Mountains refers to a range of mountains in far west PNG near the border with Indonesia. The first prospect drilled, Olgal, is approx 20kms NE of the Ok Tedi copper mine. STAR MOUNTAINS COPPER GOLD PORPHYRY EXPLORATION History: First explored by Kennecott in the early 1970s. Kennecott went on to discover the Ok Tedi deposit Program: Focused on the completion of Stage 1 drilling program on the Olgal prospect Program: A budget of approximately US$8m with systematic target drilling of Futik, Rattatat and Pad 48 prospects expected. Ownership: The Tifalmin lease (EL 1392) and Mt Scorpion (EL 1781) are 100% owned by Highlands while the Nong River lease (EL 1312) is subject to a joint venture agreement with Xstrata. All lease interests are subject to potential 30% PNG Government participation should it elect to do so. Nong River JV: During 2009 Highlands exercised its right to sole fund its own exploration program and retain 100% of the joint venture relating to the Nong River EL in the absence of an Xstrata exploration program. Xstrata has right to earn a 72% interest in the joint venture by producing a BFS by the year Xstrata has the right to reclaim a 72% interest by paying Highlands three (3) times the exploration expenditure incurred by Highlands at the time Highlands presents a Pre feasibility Study. There are no time deadlines on when Highlands must produce a Prefeasibility Study to Xstrata. Recent Activities Highlands now holds 3 exploration licences covering 353 sqkm following the granting of the Mt Scorpion (EL 1781) license. The Tifalmin (EL1392) and Mt Scorpion are 100% owned by Highlands whilst Nong River (EL 1312) is the subject of a joint venture with Xstrata (see explanation at left). During 2011 construction of an exploration base camp was completed which will allow more efficient utilisation of helicopter time and logistics to test more than a dozen prospects in coming years. Olgal Prospect: A 14 hole drilling programme has been completed with assays received for 12 holes. Of those 12 holes, ten showed encouraging copper gold porphyry style mineralisation. Futik Prospect: Drilling commenced late in 2011 with assays for one hole received to date. Drilling of a second hole is currently underway. Pad 48 & Ratattat Prospects: Pads have been prepared for the transport and mobilisation of a drill rig to site in the current quarter. Tifalmin Magnetics overlayed by stream sediment, soils & rock chips for copper

6 OLGAL PROSPECT (for more details on past assays see 4 April 2012 announcement) Hole North East Level Azimuth Dip Total Depth(m) 0120OLG OLG OLG At a 0.0% Cu cutoff Hole From To Interval (m) Cu (%) Au (g/t) Core Recovery % 0110OLG OLG OLG12 Results Pending 0140OLG12 Results Pending FUTIK PROSPECT Hole North East Level Azimuth Dip Total Depth (m) 001FUT At a 0.0% Cu cutoff Hole From To Interval(m) Cu (%) Au (g/t) Core Recovery % 001FUT FUT Notes: The following statements apply to the Star Mountain exploration results: Mineralised intersections are quoted as down hole widths. The porphyry mineralisation occurs as disseminations and vein stockworks. Quoted intercepts may include up to 6 m of internal waste. Collar locations are in UTM Zone 54 co ordinates using the AMG66 horizontal datum. Drill core is PQ, HQ or NQ size. Assays were carried out on half sawn core. The unused half core is stored on site. Samples were analysed at ALS Chemex in Townsville. Gold is by 50g fire assay and copper by ICP AES on an aqua regia digest. Samples assaying greater than 0.5% Cu are re assayed using an ore grade method suitable for higher grade samples. Hole positions are based on GPS survey of drill pads. Actual collars are within 10m of stated locations. Competent Persons Statement: The exploration results reported here are based on information compiled by Mr L.D. Queen who is a member of the Australian Institute of Mining and Metallurgy, and who is employed by Highlands Pacific Limited. Mr Queen has sufficient experience relevant to the style of mineralisation and the type of deposit under consideration, and to the activity which he is undertaking, to qualify as a Competent Person as defined in the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, The JORC Code 2004 Edition. He consents to the inclusion in the report of the matters based on the information compiled by him in the form and context in which it appears.

7 ATTACHMENT 1 Tenement Reference Exploration (Highlands Pacific Resources Limited) ELs 1340, 1392, 1761, 1781 EL 1312 ELAs 1880 and 2001 Frieda River Project (Highlands Frieda Limited) LIST OF MINING TENEMENTS Beneficial Interest at Commencement of Period 100% Note 1 100% Note 1, 3 100% Note 1 Beneficial Interest at End of Period 100% Note 1 100% Note 1, 3 100% Note 1 ELs 0058, 1212, 1744, 1745 and % Note 1, % Note 1 Ramu Project (Ramu Nickel Limited) SML 8 ML 149 LMPs 42, 43, 44, 45, 46, 47, 48 and 49 MEs 75, 76, 77, 78 and 79 ELs 193 and 1178 NOTES 1. Subject to the right of the Independent State of Papua New Guinea to acquire a 30% equity interest in any mining development in that country. 2. Highlands Pacific retains a 100% interest in the Nena Deposit (part of EL 0058), which is subject to an Option Agreement with Xstrata. 3. Xstrata has the right to claw back 72%. 4. Definitions: EL Exploration Licence ELA Exploration Licence Application SML Special Mining Lease ML Mining Lease LMP Lease for Mining Purpose ME Mining Easements

8 APPENDIX 5B MINING EXPLORATION ENTITY QUARTERLY REPORT Name of entity HIGHLANDS PACIFIC LIMITED ACN or ARBN QUARTER ENDED ( CURRENT QUARTER ) ARBN March 2012 NOTE: As Highlands operating and mining development decisions are based on US dollars, Highlands Directors have adopted the US dollar as Highlands functional and management reporting currency. For ease of understanding by the Australian and PNG investment communities, results have been converted, in this report, to $A at the rate ruling at the end of the quarter of $A/$US CONSOLIDATED STATEMENT OF CASH FLOWS Current quarter Current quarter Year to date (12 months) Year to date (3 months) $US'000 $A'000 $US'000 $A'000 Cash flows related to operating activities 1.1 Receipts from product sales and related debtors Payments for: (a) exploration and evaluation (3,026) (2,909) (3,026) (2,909) (b) development (c) production (d) administration (1,590) (1,529) (1,590) (1,529) 1.3 Dividends received Interest and other items of a similar nature received Interest and other costs of finance paid Income taxes paid Other Net Operating Cash Flows (4,565) (4,389) (4,565) (4,389) Cash flows related to investing activities 1.8 Payment for purchases of: (a) prospects (b) equity investments (c) other fixed assets Proceeds from sale of: (a) prospects (b) equity investments 10,800 10,383 10,800 10,383 (c) other fixed assets Loans to other entities Loans repaid by other entities Other Net investing cash flows 10,800 10,383 10,800 10, Total operating and investing cash flows (carried forward) 6,235 5,994 6,235 5,994

9 Cash flows related to financing activities 1.14 Proceeds from issues of shares, options, etc Proceeds from sale of forfeited shares Proceeds from borrowings Repayment of borrowings Dividends paid Other Net financing cash flows Net increase (decrease) in cash held 6,235 5,994 6,235 5, Cash at beginning of quarter/year to date 6,576 6,475 6,576 6, Exchange rate adjustements to item unrealised (403) (541) (403) (541) 1.22 Cash at end of quarter 12,408 11,928 12,408 11,928 Payments to directors of the entity and associates of the directors Payment to related entities of the entity and associates of the related entities Current quarter $US'000 $A' Aggregate amount of payments to the parties included in item Aggregate amount of loands to the parties in item 1.10 nil nil 1.25 Explanation necessary for an understanding of the transactions Refer Quarterly Report Non-cash financing and investing activities 2.1 Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows None 2.2 Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest None

10 Financing facilities available Amount available Amount used $US'000 $A'000 $US'000 $A' Loan facilities Nil Nil n/a n/a 3.2 Credit standby arrangements Nil Nil n/a n/a Estimated cash outflows for next quarter $US'000 $A' Exploration and evaluation Wau/Bulolo - - Nong River / Tifalmin 2,600 2,500 Frieda (to be funded by joint venture) - - Total Exploration and evaluation 2,600 2, Development Ramu (to be funded by joint venture) - - Other - - Total Development Production Administration 1,100 1,057 Total 3,700 3,557 Reconciliation of cash Reconciliation of cash at the end of the quarter (as shown in the Current quarter Current quarter Previous quarter Previous quarter consolidated statement of cash flows) to the related items in the $US'000 $A'000 $US'000 $A'000 accounts is as follows. 5.1 Cash on hand and at bank 10,787 10,370 1,700 1, Deposits at call Bank overdraft Other short-term deposits 1,621 1,558 4,876 4,801 Total cash at end of quarter (item 1.22) 12,408 11,928 6,576 6,475 Changes in interests in mining tenements Tenement Nature of interest Interest at Interest at reference (note 2) beginning of qtr end of qtr 6.1 Interests in mining tenements relinquished, reduced or Refer Table 2 lapsed in Quarterly Report Refer Table Interests in mining tenements acquired or increased in Quarterly Report

11 Issued and quoted securities at end of current quarter Description includes rate of interest and any redemption or conversion rights together with prices and dates. Total number Number quoted Issue price per security (cents) Amount paid up per security (cents) 7.1 Preference + securities (description) 7.2 Issued during quarter Ordinary securities 686,202, ,202, Issued during quarter 120, Convertible debt securities (decscription and conversation factor) 7.6 Issued during quarter Refer Attachment A 7.7 Options (description and conversation factor) Directors' and Executives' Option Incentive Scheme 21,390,000 Nil Refer attached Nil Performance Rights Plan 3,489,668 Nil Refer attached Nil 7.8 Issued during quarter (Performance Rights) Nil Nil Refer attached Nil 7.9 Exercised during quarter (Performance Rights) 120,332 n/a n/a n/a 7.10 Expired & lapsed during quarter (Perf. Rights) 20,000 n/a n/a Nil 7.11 Debentures Nil Nil (totals only) 7.12 Unsecured notes (totals only) Nil Nil

12 COMPLIANCE STATEMENT 1 This statement has been prepared under accounting policies which comply with accounting standards as de fined in the Corporations Law or other standards acceptable to ASX (see note 4). 2 This statement does give a true and fair view of the matters disclosed. Sign here:... Date: 30 April 2012 (Director/Company Secretary) Print name: C T LENNON Notes 1 The quarterly report provides a basis for informing the market how the entity s activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report 2 The Nature of interest (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and Issued and quoted securities The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities. 4 The definitions in, and provisions of, AASB 1022: Accounting for Extractive Industries and AASB 1026: Statement of Cash Flows apply to this report. 5 Accounting Standards ASX will accept, for example, the use of International Accounting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.

13 ATTACHMENT A HIGHLANDS PACIFIC LIMITED APPENDIX 5B ITEM 7.7 OPTIONS (DESCRIPTION AND CONVERSION FACTOR) Outstanding at the end of the quarter Details Issued Exercised A$0.135 Number of Options 3,390, ,000 Expiry Date 28 Feb 2013 A$0.078 Number of Options 1,360, ,000 Expiry Date 29 Jan 2014 A$0.078 Number of Options 2,000, ,000 Expiry Date 29 Jan 2014 A$0.117 Number of Options 1,000,000 Nil Expiry Date 26 June 2012 A$0.266 Number of Options 10,000,000 Nil Expiry Date 31 Mar 2015 A$0.266 Number of Options 5,450, ,000 Expiry Date 31 Mar 2015 No options lapsed during the quarter There were no options issued during the quarter There were no options exercised during the quarter

14 PERFORMANCE RIGHTS (DESCRIPTION AND CONVERSION FACTOR) Outstanding at the end of the quarter Details Issued Exercised A$0.00 Number of Performance Rights 3,489, ,332 Expiry Date 31 Dec 2013 (Subject to service and performance conditions) No Performance Rights issued during the quarter Performance Rights lapsed during the quarter Details Issued A$0.00 Number of Performance Rights 20,000 Expiry Date 31 Dec 2013 Performance Rights exercised during the quarter Details Issued A$0.00 Number of Performance Rights 120,332 Expiry Date 31 Dec 2013