DIRECTORS’ REPORT

The directors of Cremorne Capital Limited (‘the Responsible Entity’) submit herewith the condensed financial report of HVT Land Trust (‘the Scheme’) for the half year ended 31 December 2022. In order to comply with the provisions of the Corporations Act 2001, the directors report as follows:

Directors

The names of the directors of the Responsible Entity during or since the end of the year are:

• Mr M A Ramsden

• Mr D.A. Carroll

• Mr O.R. Carton

Directors were in office for this entire period unless otherwise stated.

Review of operations

Results

The financial results of the operations of the Scheme are disclosed in the condensed statement of profit and loss and other comprehensive income. The net profit for the Scheme half-year ended 31 December 2022 was $251,415. This compares to a loss of $13,140 for the half-year ended 31 December 2021.

In respect of the half-year ended 31 December 2022, no distributions are payable (2021: Nil.)

Independence declaration by auditor

A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 is set out on page 3.

Signed in accordance with a resolution of the directors of the Responsible Entity made pursuant to s.298 (2) of the Corporations Act 2001.

On behalf of the Directors

Michael Ramsden Director

MELBOURNE

DATED 15 March 2023

Auditor’s Independence Declaration Cremorne Capital Limited – HVT Land Trust

I declare that, to the best of my knowledge and belief, during the half-year ended 31 December 2022 there has been: a.no contraventions of the auditor independence requirements as set out in the CorporationsAct2001 in relation to the review, and b.no contraventions of any applicable code of professional conduct in relation to the review.

Nexia Melbourne Audit Pty Ltd Melbourne

Dated this 16th day of March 2023

Richard Cen Director

Registered Audit Company 291969

Level 35, 600 Bourke Street

Melbourne Victoria 3000

T: +61 3 8613 8888

F: +61 3 8613 8800

Independent Auditor’s Review Report

To the members of Cremorne Capital Limited – HVT Land Trust Report on the Half-Year Financial Report

Conclusion

We have reviewed the half-year financial report of Cremorne Capital Limited – HVT Land Trust, which comprises the Condensed Statement of Financial Position as at 31 December 2022, the Condensed Statement of Profit or Loss and Other Comprehensive Income, Condensed Statement of Changes in Equity and Condensed Statement of Cash Flows for the half-year ended on that date, notes comprising a summary of significant accounting policies and other explanatory information, and the Directors’ Declaration.

Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the accompanying half-year financial report of Cremorne Capital Limited – HVT Land Trust does not comply with the Corporations Act 2001 including: i) giving a true and fair view of Cremorne Capital Limited – HVT Land Trust’s financial position as at 31 December 2022 and of its performance for the half-year ended on that date; and iii) complying with Accounting Standard AASB 134 Interim FinancialReporting and the CorporationsRegulations 2001.

Basis for Conclusion

We conducted our review in accordance with ASRE 2410 Review of a FinancialReport Performed by theIndependentAuditor of the Entity. Our responsibilities are further described in the Auditor’s Responsibilities for the Review of the FinancialReport section of our report We are independent of the Scheme in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional & Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (includingIndependence Standards) (the Code) that are relevant to our audit of the annual financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.

We confirm that the independence declaration required by the Corporations Act 2001 which has been given to the directors of the Scheme, would be in the same terms if given to the directors as at the time of this auditor’s review report

Material Uncertainty Related To Going Concern

We draw attention to Note 9 in the half-year financial report, which indicates that the financial statements of the Scheme have been prepared on the basis of a going concern Although the Scheme incurred a net gain of $251,415 during the half-year ended 31 December 2022, it has a negative working capital of $208,038. These events or conditions, indicate that a material uncertainty exists that may cast significant doubt on the Scheme’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.

Responsibility of the Directors for the Financial Report

The directors of the Scheme are responsible for the preparation of the half-year financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the half-year financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility for the Review of the Financial Report

Our responsibility is to express a conclusion on the half-year financial report based on our review. ASRE 2410 requires us to conclude whether we have become aware of any matter that makes us believe that the half-year financial report is not in accordance with the CorporationsAct2001 including giving a true and fair view of the Scheme’s financial position as at 31 December 2022 and its performance for the half-year ended on that date, and complying with Accounting Standard AASB 134 InterimFinancialReporting and the CorporationsRegulations2001.

A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Nexia Melbourne Audit Pty Ltd Melbourne

Dated this 16th day of March 2023

Richard Cen Director

DIRECTORS’ DECLARATION

The condensed financial statements and notes thereto of the HVT Land Trust for the half year ended 31 December 2022 as set out on pages 7 – 15 have been prepared by Cremorne Capital Limited (‘the Responsible Entity’) in accordance with the Corporations Act 2001.

The directors of the Responsible Entity declare that: a) In the directors’ opinion, there are reasonable grounds to believe that the Scheme will be able to pay its debts as and when they become due and payable; and b) In the directors’ opinion, the attached condensed financial statements and notes thereto are in accordance with the Corporations Act 2001, including compliance with accounting standards and giving a true and fair view of the financial position and performance of the Scheme.

Signed in accordance with a resolution of the Directors of the Responsible Entity made pursuant to s.303 (5) of the Corporations Act 2001.

On behalf of the Directors

M. Ramsden Director

MELBOURNE

Dated: 15 March 2023