CHAIRMAN’S LETTER I am pleased to present Sundance Energy Australia Limited’s Annual Report for the 12 months ended 31 December 2014. It has been another year of significant progress for Sundance across our portfolio of liquids rich oil and gas assets in the US. The Company’s strategic focus on growing production, cash flows and reserves from large, repeatable resource plays in North America continues to deliver positive results with growth in production, cash flows, and reserves. During late 2013 and 2014, we completed the divestment of our interest in the Williston Basin in North Dakota for $51 million which realised an internal rate of return of 45 percent; and also opportunistically divested our interest in the Denver-Julesburg Basin in Colorado for $114 million which realised an internal rate of return of 104 percent. These divestitures of smaller, less scalable positions enabled us to focus on developing and growing our  assets in the Eagle Ford in Texas and our Mississippian/Woodford assets in Oklahoma. Despite the reduction in crude oil and liquids prices towards the end of the year  and continuing into 2015, the operational performance and focused, value-adding  transactions during the past year have positioned the Company very favourably for  future growth in net asset value and shareholder returns.  In line with our strategy we continued to increase the level of company operated assets, and successfully maintained a very strong focus on optimising our operations and reducing costs. This resulted in an impressive improvement in well performance combined with a top tier cost structure.  Through our operated development program, we ended 2014 with record production  of 9,434 barrels of oil equivalent per day (BOEPD) compared with an exit rate of 5,028 BOEPD in December 2013 and an average annual production of 6,635 BOEPD compared to 3,015 BOEPD in 2013. During 2014 we drilled and completed 42.7 net wells, primarily in the Eagle Ford, bringing our total well count to 81.3 by 31 December 2014. High value oil comprised approximately 69 percent of our total 2014 annual production  and production from Sundance-operated projects accounted for 89 percent of total  production for the year. Corresponding with the growth in annual production, the Company’s full year revenues increased to $159.8 million and Adjusted EBITDAX increased to $126.4 million.  The Company’s development program also generated significant growth in Constant Case reserves during the year. More details are contained elsewhere in this Annual Report,  but in summary our 1P Reserves at the end of 2014 were 26.0 MBOE, 2P Reserves 54.1 MBOE, and 3P Reserves 147.7 MBOE. This compares with Reserves of 20.7 MBOE, 34.6 MBOE, and 92.8 MBOE, respectively, at the end of 2013. In the current price environment, we have elected to scale back our drilling program to mainly concentrate on limited drilling obligations to hold Eagle Ford acreage. This will enable us to maintain our low leverage profile, which was approximately 1.03x debt to Adjusted EBITDAX at year end, and focus on growing our drilling inventory in an environ- ment with less competition for leases and small acquisitions. Liquidity was $84 million at year end, with a borrowing base redetermination in 2015 expected to materially increase debt availability if the use of such funds is justified in line with our strategy. Sundance has grown its Eagle Ford acreage position from ~7,200 acres upon entering the basin to approximately 26,160 net mineral acres in the Eagle Ford at the end of 2014 which includes the acquisition of approximately 18,000 net acreage in 2014. By the end of the first quarter 2015 this had grown to 38,701 net mineral acres. Our growing presence in this prolific oil and gas region has been driving significant value for the Company and our shareholders, and continues to form our priority focus for development and acreage growth in the coming years. Despite the reduction in crude oil and liquids prices towards the end of the year and continuing into 2015, the opertional performance and focused, value-adding transactions during the past year have positioned the Company very favourably for future growth in net asset value and shareholder returns. A year of growing production, cash flow and reserves The Eagle Ford – driving value and production growth Dear Fellow Shareholders, 2