target statement

Looks like the found someone another "independent expert".

Excuse my while I reach for a bucket:

The Independent Expert, Deloitte, was engaged by the Independent Directors to express an opinion in a report on
whether Wah Nam’s Offer is fair and reasonable to Brockman Shareholders.

The Independent Expert’s Report states that in the opinion of the Independent Expert, Wah Nam’s Offer of A$1.50
in cash and 18 Wah Nam Shares for each Brockman Share is fair and reasonable to Brockman Shareholders, and
provides reasons for that opinion.

Wah Nam’s Offer is FAIR

The Independent Expert has assessed the fair market value of a Brockman Share on a control basis to be in the range
of A$2.70 to A$3.05.

The Independent Expert has assessed the fair market value of the consideration under Wah Nam’s Offer to be in the
range of A$2.70 to A$2.95.

On the basis that the assessed value of the consideration being offered under Wah Nam’s Offer is within the range of
the estimated fair market value of a Brockman Share, the Independent Expert has concluded that the offer is FAIR.
Wah Nam’s Offer is reasonable

The Independent Expert has concluded that Wah Nam’s Offer is REASONABLE on the basis that it is FAIR, and also
taking into consideration the following factors:

• it is difficult to progress the Marillana Project under the current shareholding structure;

• it may be difficult to source project and equity funding under the current shareholding structure;

• the terms of Wah Nam’s Offer have been negotiated over a number of months;

• an alternative offer is unlikely given Wah Nam’s controlling interest in Brockman;

• the cash consideration provides Brockman Shareholders with an opportunity to realise approximately 50% of
their investment;

• the scrip consideration enables Brockman Shareholders to participate in the potential upside of the proposed
merged entity;

• Brockman Shareholders are receiving a premium to the share price of Brockman prior to the announcement of
Wah Nam’s Offer; and

• in the absence of Wah Nam’s Offer, Brockman Shares may trade below current levels.

The Independent Directors believe the Independent Expert’s conclusions support their view that Wah Nam’s Offer
represents the best opportunity for Brockman Shareholders to maximise the value of their investment in the absence
of an alternative, superior offer. The above summary of the key conclusions and opinion of the Independent Expert
should be read in conjunction with the Independent Expert’s Report, which is contained in Section 7 of this Target’s
Statement.