2014 Remuneration  Action Rationale Non-executive Director  Compensation  Increased total director base  compensation during 2014 by  approximately A$65,000 per  Director.  Based on market review of director  compensation at peer group  companies and to reflect the  increasing complexity of the  Company’s operations and therefore  the related time commitment and  performance expectations of the  directors.  Key Changes for 2015  Action Fixed Remuneration No increases to Managing Director’s  or KMP’s base salary.  Cash Short-Term Incentive  Short-Term Incentive payments  earned for 2014 will be paid out in  Restricted Stock Units during 2015  instead of cash to reflect the current  low commodity price environment  and preserve liquidity. Equity Long-Term Incentive Long-Term Incentive RSUs to KMPs  earned for 2014 will be paid out in  2015 with 50% time based vesting  and 50% vesting tied to Total  Shareholder Return compared to the  peer group over a three year period. Non-executive Director  Compensation No increases to NED fees What We Do:  What We Don’t Do:  •  Pay for Performance  – STI and LTI awarded is based on  historical Company performance.  •  Enter into Egregious Employment Contracts –  The  Company does not enter into contracts containing multi- year guarantees for salary increases, non-performance  based bonuses or equity compensation.  •  Utilize a Quantitative Process for Performance Cash  Bonuses  – The Remuneration and Nominations  Committee establishes Company performance measures  and goals at the beginning of the performance year that  are assigned individual weightings. In considering bonus  awards for the year, the Committee scores the Company’s  performance on each measure in arriving at an overall  weighted score that determines the amount of any  bonuses.  •  Provide Excessive Severance and/or Change in Control  Provisions –  Provisions do not require cash payments  exceeding three times base salary plus target/average/last  paid bonus; No liberal change in control definition in  individual contracts or equity plans that could result in  payments to executives without an actual change in  control or job loss occurring.  •  Require Stock Ownership by Executive Officers  –  Board-adopted guidelines establish robust minimum stock  ownership levels for our executive officers to ensure  appropriate alignment with shareholders.  •  Provide Tax Gross-Ups  – The Company does not include  tax gross-up payments for any STI or LTI Plans.  - 29 -  B. Executive Summary 