Ann: Half Yearly Report and Accounts, page-17

Hi MADAGAN thank you for pointing me to the loan announcement.

I ran some real rough calculations based on Nebari ability to convert to Horizon shares if and when they want by the maturity date.
The way my calculation goes is this:
US$5,000,000 at 0.65 exchange rate = A$7,700,000
7% interest on $7,700,000 for 30 months = $1,300,000
Loan amount to repaid at maturity $9,000,000

The 15 day Volume weighted Average share price at 23 November was about $0.065 I think.

If Nebari elect to convert to shares a 25% premium is $0.065 is applied so the share price used is $0.081

Shares on issue will rise by about 101,000,000 being $9,000,000 divided by $0.081.

Current shares on issue about 701,000,000 will go to 802,000,000 and the loan will be cleared if Nebari convert.

All these assumptions in my calculations are my opinions only and should not be relied on as accurate.