NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2000 Note Consolidated Company 2000 1999 2000 1999 $ $ $ $ 11. INVESTMENTS At cost: Unlisted investment - shares  controlled in entities – – 2,444,611 2,444,611 * Pursuant to ASIC Class Order 98/1418, relief has been granted to these wholly owned controlled entities from the Corporations Law requirements for preparation, audit and lodgement of the financial report. As a condition of the Class Order, Mermaid Marine Australia Limited and the controlled entities entered into a Deed of Cross Guarantee on 24 June 1999. Note Consolidated Company 2000 1999 2000 1999 $ $ $ $ 12. OTHER NON CURRENT ASSETS Future income tax benefit  - timing differences 664,722 318,202 – – 13. INTANGIBLES Goodwill arising on consolidation – 95,105 – – Write off of goodwill – (95,105) – – – – – – 14. ACCOUNTS PAYABLE Trade payables 1,844,206 1,079,327 – 55,590 Other payables and accruals 519,300 534,897 – 42,785 2,363,506 1,614,224 – 98,375 46 Gar Country of Ownership  Ownership Incorporation Interest 2000 Interest 1999 % % Parent Entity Mermaid Marine Australia Limited Australia Controlled Entities Mermaid Marine Group Pty Ltd* Australia 100 100 Mermaid Marine Vessel Operations Pty Ltd* Australia 100 100 Mermaid Marine Pty Ltd* Australia 100 100 Mermaid Marine Offshore Pty Ltd* Australia 100 100 Mermaid Marine Charters Pty Ltd* Australia 100 100 Mermaid Supply Base Pty Ltd* Australia 100 100 Dampier Stevedoring Pty Ltd* Australia 100 100 Mermaid Manning and Management Pty Ltd* Australia 100 100