Ann: TAFTA Update, page-109

hi, if u don’t believe me or think it’s just my opinion, read the last sentence from the 2023 annual report regarding contingent liabilities. The chance of a pay out to Zurich is remote. You may ask why? Because the chances of us receiving any monetary amount from the thais is also remote.

27. Contingent assets and liabilitiesIn March 2019, Kingsgate settled a Political Risk Insurance claim against Zurich Insurance Australia Ltd, and other named insurers. The settlement consisted of:〉 a cash payment of US$55,000,000 received in April 2019;〉 a contribution totalling US$3,500,000 and A$750,000 for future costs incurred towards the Thailand- Australia Free Trade Agreement (TAFTA) Arbitration.To the extent that any amount is recovered by Kingsgate (being Kingsgate Consolidated Limited and/or Kingsgate Capital Pty Ltd) in connection with the TAFTA Arbitration, the Award Proceeds (meaning “any monetary amount finally received under, or from enforcement of, an Arbitral Award”) or any amount received by Kingsgate following a negotiated settlement or compromise of the TAFTA Arbitration, the settlement allows for a sharing arrangement between Kingsgate and the Insurers. The Insurers are only entitled to the amount of their original financial contribution including interest.The Group had no other contingent assets or liabilities at 30 June 2023 that is required to be reported. At the time of preparing this financial report some companies included in the Group are parties to pending legal proceedings. The Directors have determined that the possibility of any outflow in settlement resulting from these proceedings is remote.