Notes to and forming part of the Financial Statements for the Financial Year Ended 30 June 2022

The operation of the Scheme is solely in Australia and no additional operating segment established in 2021 financial year.

Notes to and forming part of the Financial Statements for the Financial Year Ended 30 June 2022

12. Related Party Disclosures

The Responsible Entity of Cremorne Capital Limited - HVT Land Trust is Cremorne Capital Limited (ACN 006 844 588).

The Custodian of the Scheme is Perpetual Investment Management Limited. Custody fees of $21,879 were paid during the period. (2021: $29,337)

Transactions with related parties have taken place at arm’s length and in the ordinary course of business.

Investment management fees of $207,269 were paid to the Responsible Entity in accordance with the constitution. (2021: $205,765)

No Custodian fees were paid to the Responsible Entity in accordance with the constitution as no applications were received by the Scheme.

The Responsible Entity has paid $0 (2020: $0) worth of expenses on behalf of the Scheme, which were paid or are payable by the Scheme. At year end the Responsible Entity is owed $33,269 (2021: $180,856).

The Responsible Entity has been paid no commissions for the sale and purchase of assets and debt arrangement fees (2020: $Nil).

Accounting and administration fees of $65,497 were paid or payable to Terrain Capital Ltd. Michael Ramsden is a director of Cremorne Capital Limited and Terrain Capital Limited (2021: $46,580).

Legal fees of $27,375 were paid or payable to Oliver Carton who is a director of Cremorne Capital Limited (2021: $12,825) for legal work associated with the Rights Issue and other matters.

Key Management Personnel

The names of the key management personnel of the Scheme during the financial year were:

• Mr M.A. Ramsden (Director)

• Mr D.A. Carroll (Director)

• Mr O.R. Carton (Director)

The positions noted above for the Scheme's key management personnel are the positions held within the Responsible Entity and not the Scheme itself.

Compensation of Key Management Personnel

No amount was paid by the Scheme directly to the Directors of the Responsible Entity. Consequently, no compensation as defined in AASB 124 "Related Party Disclosures" is paid by the Scheme to the Directors as Key Management Personnel.

Holdings of units by related parties

During or since the end of the financial period, Michael Ramsden who holds 6,967 units in the scheme under the names of Whitehaven Investments Pty Ltd, Pacrim Super Fund, Doverpoint Pty Ltd and Ormley Pty Ltd. Cremorne Capital Ltd holds 6,499 units in the scheme, Don Carroll holds 500 units and Oliver Carton has a beneficial interest in 150 units.