Ann: Results of Meeting, page-14

I can only go by what was announced which was as follows:-

The Committee has cited two core reasons for their decision being;

• On 5 September 2019 the then MEC Board entered into a series of investments into technology
investee, Claratti. MEC did not proceed with this investment1
. In reviewing the initial investment
made by the previous MEC Board into Claratti the Committee formed the view that the Company had
contravened various sections of the PDF Act. Specifically, the Committee noted that MEC entered
into four (4) transactions in Intelligent IP Hosting Pty Ltd trading as Claratti Workspace (“Claratti”)
which contravened ss19(1), 27, 27A of the PDF Act on nine (9) occasions and;

• On eight (8) occasions MEC failed to notify the Committee of events affecting information previously
given in contravention of ss42(2)(a), (c), (k) of the PDF Act over the period from 24 July 2018 to 31
July 2020.