Directors’ Report Commercialisation  Cash Flows Capital raisings - June & July 2013 Raising Benitec’s profile Financial Overview Capital raisings – February and April 2014 Page 8 Benitec Biopharma Ltd  Annual Report 2014 The Placement involved the purchase of 29,435,994 ordinary shares at a  price of AUD $1.07 per ordinary share. In addition, the investors received  free attaching options expiring in five-years to purchase 13,246,204  ordinary shares at an exercise price of AUD $1.26 per ordinary share.  The February and April 2014 Placement was made in two stages:  Benitec’s current assets at 30 June 2014 were $34,447,525 (June  2013: $1,722,590), with current liabilities of $954,680 (June 2013:  $1,110,370).  Benitec’s net loss for the year to 30 June 2014 was $7,039,109  compared to a net loss of $3,847,960 for the previous corresponding  period. Operating revenue of $1,373,773 (2013: $1,464,182) included  Research and Development Grants received totalling $775,833 (2013:  $824,333). Expenses totalled $8,867,247 (June 2013: $4,952,142) On 24 February 2014 Benitec announced it has entered into agreements  for a Private Placement to raise AUD $31,496,514 from international  institutional investors who include US based RA Capital Management,  Perceptive Advisors, Special Situations Funds and Sabby Management,  as well as existing Australian investors. The international institutional  investors comprised leading US healthcare and biotechnology  funds and their participation represents significant support for and  recognition of Benitec’s ddRNAi development programs. Benitec completed production of a video summarising ddRNAi’s mode  of action highlighting its advantages compared with conventional  RNAi; the video can be viewed on the Company’s website  http://www.benitec.com/videos.php In the print media, Benitec featured in  The Australian Way, QANTAS ’  in-flight magazine,  Business Review Weekly , and  Hospital & Aged  Care , as well as being featured in stories in  The Australian, Brisbane  Time s and  The Geelong Independent .  The SPP raised $2,820,000 and closed on 29 July 2013. The SPP was  conducted on the same terms as the private placement, with shares  allotted to participants in the SPP on 6 August 2013.  Benitec has entered into agreements to raise AUD 31,496,514 from international  institutional investors comprising leading US healthcare and biotechnology funds. Benitec continued to raise its profile as an innovator and leader in  gene silencing with Dr Peter French appearing on ABC TV’s “The  Business” and “The 7:30 Report”. Dr Peter French also recorded an  in-depth interview on Brisbane Radio 4BC.  A General Meeting was held on 17 July 2013 where shareholders  approved the second stage of the private placement, together with  a 25-for-1 consolidation of the Company’s issued securities. The  securities consolidation means that shareholders have 1 consolidated  security for every 25 securities held before Friday 19 July 2013. All  numbers of securities in this report are after the consolidation on 19  July 2013. Benitec’s commercial profile continues to grow. Two more firms  initiated coverage of Benitec during 2013 – 2014: Shaw Stockbrokers  recommended a “buy” rating with target price of $3.00 and New York- based Maxim Group also recommended a “buy” rating with a target  price of $4.00. Lodge Partners, who had initiated coverage in 2012  – 2103, updated their target price to $3.20 maintaining their “buy”  recommendation.  Benitec announced a capital management update on 6 June 2013,  including details of a Private Placement and share purchase plan (SPP).  The private placement raised $7,900,000 and was subscribed to by  several new institutional investors, along with Benitec management  and directors and existing sophisticated investors at $0.275 per share  (after consolidation). The June & July 2013 placement was made in  two stages: The $31.5 million injection of capital will enable Benitec to negotiate  with potential partners from a strong financial position. Business development has remained a major focus for Benitec in  2013 – 2014. Executing an appropriate partnering agreement with a  suitable commercial pharmaceutical company is a key goal for the  Company. The review and subsequent allowance to proceed with  the TT-034 clinical trial by the FDA combined with agreement by the  DSMB to dose the second patient in this “first-in-man” clinical trial  has created a significant increase in interest from the pharmaceutical  industry. These successes provide early stage validation of ddRNAi in  the Company’s other programs, any one of which could be a “company  maker” in their own right.  The Company cash flows consist of income from licensing the  Company’s technology, proceeds from issue of shares, interest income,  Research and Development grant receipts, payments to employees and  suppliers to exploit the Company’s intellectual property portfolio and  the maintenance of the required regulatory corporate structures. •  $412,000 was raised under the Company’s 15% placement  capacity, in accordance with ASX Listing Rule 7.1, and settled on  14 June 2013; and •  $7,488,000 was raised following shareholder approval, settled on  24 July 2013. 