26/11 2014 NED 9:25 FAX +61 2 9296 3999 0001/037

KING&WODDMALLESONS

26 November 2014

Comply AnnouncementB OmceASX Umud20 Bridge StreetSydney NSW 2000By f=,imk 1300 136 638

Deer Slr /Madam

Paladin Energy Lhnmed . Forn, 003: Noece of Initial Subitm,tial Holder

L.0-61Governor Ptl* -Ity,I.1 Fs,rer PlaM83*lly NSW MOOAu.tralaT +61 2 9296 2000P +81 2 9296 3990

 vivill'.com

Please see attached ASIC Form 803 - Notice of iniu subs*tial holder, Includhg Anneoan, which we arelodgN on behalf of our client, HOPU Clean Energy (Shgapore) Pte. Ltd.

Yon sh cifily

Lee HoranPsrlnerT +01 2 9286 2283M +61 404 807 972Lee.Horan@all.kvin.com

End 1

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Annexure AThis is Annexure "A' of 33 pages referred to in Fom, 603 (Notice of initial substantial holder)

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Agreement

Subscription agreement

Hopll Cle,rl e.s (8,10=re) Pia. LM.

Pli/kn 61.00 Lid

59¤58:*:VI:W /G*Nu..... 6737+X.11-*.......1.9.

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Contents

10 Tum:ndon10.1 T,m*,illon by lealic,ber10.2 ™rmbilon by Nladin10.3 -dofTer,1*-on10,6 Noother,1011  Nill,-or, ,0 ,El .........I---,--....--.----......„------*.

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--

Contents

Sch,cM, 48-4* ofCmpHI!

8 4 pli.

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1 De InltIons and Interpretation

1.1 Dil,Illions

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2 Conatom precedint b Corrvi,IM,

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2 Conditions precedent to Co le¢lon

11 Conemkms BcodintThi oblgdom ormi p ,0 unl, dli,Il 3 md 7 m con-n,10,4 and do notbeoon,0 **lunle= md 

Fal, 1 h,v,lihilent M,•low Board */01*: the &*10(Berl=,sailiid aWimill nolmi f,MI awTr- - ofthi Oonwic„*,Ilh ofA •la Brldsdallgill IIIU *14 th,IM,I no oDN-ns ini=1» Goval,wit, Fc,*1h.*KNI §0 e.. atns con... ..11V e,n* fum™mor Ny or on .r - do li »0-0/7-c .» 0  Sor- on0, ae'DiterA:Xq-h  -*-4-n--4/'A n.-=ImmPil*1*41*4-§0grdquolahofh 81*Ii<.19,=1 8,Ii- or011."*am .qud.ling.1."1"k ind124*-=11. TBXgr*-dhi .449/40/r,apect 100..41-a.*M.m-*-40/.Ad#-TEK..m.4auch Peraon,1 kl/m"/E Rm' nom mi amcmer. /d/nag omoers 9//#IWIgIt diilholdiI,m thi Te* mg,uild,I.

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2 Conalompioilil *Oompl*

12 Reeionable ende,voirs lo •aaily condmon  precedi,t

Pilil mul UNII.ombls.iwiI.%04,80 mm,#ste»conaonsploidird in *Illi 11 nIlined Iqidloi I poi,I* Ind h =1,-000 .r #.010".a

M Thea-cra,ermultule,eisonaW,endeab si,natnemts»com/mprioilitin III,Ill*ID,Ihd=ipidlou* =poilli• Ind hinyMonorWorOn'NOSD 

M In „ p iy wnmt moddec.,10„,Ii,=I,Ibrnc 10*»c-m,neams,rym

M Bap=R,muatplo,1,1,/h-mlion,em,yber,mon,*M//0 #0'O*lf »ty ll =lldon-219 no*»I or Iliallam Rl INIOIIIL-44multeoo..# -44* .*In-04..4*hwne#.-//4*W-m,po-<-M#-=-on'cl/'/1103.

-4*multf.*nall.*hmAM.INRbacom---M.W00,01:on indz-11 hm*1 *00 or hm bi=ri liwilitli *bele**4

M.o liald..21 .1.........a.nil#Pa nInd ma,0*bon,Ived by lbi mibic,0/ Ind Paldin.A-*Ir alimizillia,<(1 ) WI not b• 0=* 4„1,00 8 I glim 61 Mil, ln,ililon b m

p,rloularoor'.on:GO may be glvw 1,)cor)<Ilai):* of onk 004-ri *Iabiater or

PI.*con d=R0) 10*ap*10-u'll'r,Inm.*MI'-,emdlo

blolln I-mal amlorm,ror Palidh lillalll,yilil l,vlll,;

2.5 Cut 0# Dall

d notBul the 8-c,#orPllRom*/4to win a0*con-oncn enee•ra-*.Rom ,•**N pAblO./goon/on,M-lartan/*00,-on/00/onal

AP,#m,y, b,Motl,=huRN,k,I ....#.4.04*j-this iumnirt at Iny eine WoM Complieon W plity h= coomlid wilm dau,i 21 ItM ,» condlions al dilll 11 910 nots,ildid, crvah,d hl accold,no,#A

almu- 14 by Iw Cd MDik or00 U,I valldlgll In alli,  11 blmaill Il31,ilil al-Ililiell-1 U *lplal

¥e. that=vofth.©01 0. h...21 cannotbes §,d.

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OKU No b *g as,eement for .u,

a lim,2,109' adbi

Forte Imidlnae dd,4 iwiing In INI IgalillitwlIa b *4 Igilmilit IpA/loul/*ledwal/ IN/n/unlm/ndur 6»con-na h clm»ell h/vi....0=.*0* acco,dancD,-1 .1,eu .4 noper,on". © In* h1.lill  b 0...4...Im. 1..1 *Migigi...40....14 4 *0.=Idli I»halbe.*M

3 Subecription and issue

11 Sul»o,ipeon Shall

0,1-day#orCon*--*.dall--LB-*mull ./.4..al»orme, mut ele,or e lor, e» 81*1,9,1:1110, en,r* Ior mi ae,9,100,1 Pdoe,

31 Const!11100,1On *»40» Stio**n al,I/=.hSiabio,1*<inlo I#-0 by beCO.liUihiL

U *m and ranldN

M *40»as.»dI t.8 »*•r-be l=ued =t* pal*

08 be ffee of Enamb,mole; md

{01 ram41* in / re,plimIll, 119 Kil Shms an lizi h l,i alli ofR.M....di.*Comp.M

Quotation on ASX and TSX

P..6...1044.A,Xmrof.1.....millabl'*mehare... oonm pfed/4=dh//*d/* 2 Bu,in- D,$,ft,rComp lon.Palldin wlglvi lo liIAUX#nome ind,r =don 70SA®ofe»Corporalon,M mmi dayWai* Conmillon.Pilidin wl Prol*In-i lo niTS* Irl mosoribii  *I I©#m 002(194 e»Ta"Cor.m.*..M.M.4......m#.du. I.Im-*1b ob¢* =48* ..B--1k./.8 » lonhes*ommon'*'Complhp.licli-u.. min„Ikli Imsli lo #*dogi,Olll= W 0*m ni wi=R.I.Tsx,v*omr m- ..IM/,INE'mspdor,om.In'.p.004..e,flt '.<h'll.randlw.'/44/#dblin.pniddl...1/.m./Im toputh.MI""do wl. /./.m so.

=1*. pp.

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5 ae='b,rtiwill'.les

6 Subeoriber undert,kings

11 Exlt by the Subsormer

ADmOl/te©fah...t00 G/'"/0,//4//t,) I//Ii/1/had/IM/£1(»)0.11(26/*rm

0 po,Nof ny®hal-44.-*da .4-Wh--1,1*aoq*,d b, th, ad*.1,-!b must con,ut'hP/-4 In good *a in *don to hi piopoeid DI,poid bI1,/nep,opoied Mpo,11241 -ofner  mmneranden,in lish m Iner4il.al•th M.I.<.Cal,th,alb,orR   =1001*-0, ah-0&84-

by*18 811»0/lbo),b,wiyda blooktradi laNa diloodof#I KI- Imuotishnol,1malloalld, Ip of bu Ill orl,ul,Alons. min,gld Oyin qp,oprh #Imisid m,rki /itkil,Ii Ind DivDMIW I booll,/ or in alce,h p,oce,1 0,bo*0,I lk,/lb/mult(1) 0.10,%%,1118Rn000,/Pal,dk

-a-*orIormonDeIig,11*,d=DITI.,vpl,oeremmsbeho01,po,ed:md

0) consull /4/IM=-tatil. De -dBrch,roonsum,In good Ilm Pilidli h Hipict0 l» mann/ li #94 the Wook.de . oon.. ..M.*.*dme Shar•§ p lum(ton. 1.*in

(dlipe,d ef,u,Ili,IW hold,0 Ilmi Sdiogra,ir #,he  ID Olip=I d=9Sh es Onch, 9  8 ,0,*eonh- and my Shmsd equar*ao**ed ble» &*,crlber), h dic:Inal=ioes In v,hloh, folowl, 0» Dlqoiioni c,mom blilic, would hold a Iubilarlil lwiaig (as dalhed in N.Flon;-/ Pa.4#.Ekelum,rrm=tor*.polo .am•haooold,no8ulh Al la,AN prooms:(1) 11, mibigthr m,mt

w no  Pilidh h Ink# d ** 12 diyi pdar lo *»Ipposed Ompo< d l•W,ray dhi PHOosed buli of*mi//9,-Id/0/Tr/dmimpos.dOlloill of theS=m: md

(8) ....41:Pilgoodia"Ar,la,0,1,0-...,R ..0 bl,nd,d matme M.* .4.med, 10 I ble¥ orbu =*-/P, 1 1

W 00*19#012*, 01 al, noligiaor, Indardalm 6.1(0*1)< ).-*mqdz 1 Illlitlo lil liyw orhiyls plopold by Ibl In•010/

Qn It chIAl Bubed* Imi, DilflldAl 8hlres to* thuy=crmo,sht¥a/(,s,oploabl h accor-o -,»18rms nolled lo P-munderd,UNS.1 00(1)0»;or

pmpom In*Im•ll Ouy,I, or bu,w,4-Sham lo boOmpo ld dbyt- Bi),aileratole toe li #Im =*voinbb g l» pdol of red bye» buy,rorbIMIIpropoaed I#. Sub,o be,and ninld m P,la#h U//1

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5.2 PI,in,10•d aspoial

8 Pil dli Iidiilill/

*-61{«1)01 h %41 / cm//I'ha//m#sel **Sts= 10 ti dlifiI#hM buylor 014,<by M'#/1

HPalil, does noE F,opoi m *maOve buyi or blly„, hSooord//0/ v/l d/2//&10*ZXB)//hh 12dn* (,nd Im not0(hi,Il» Hipvlld Iboon,I l h=ot-oe u* Wi-2(01¢2*A»,hald..10.0.Kn ar/of,»m/N..4..#40=es .0-y8 -Re= *aoq-dby.=.IM,Imybubwor FlooM by i»Ilbio,ber on An= m moi *voimid.bh .bl4 18 ./-10.*mm..mem-dloP.Mer.umI11(01(1)(N.

NOD#-4..Al.- 14*.-00,-moatany..01•pmeof an, Sh.=Imy ofI Re.,d 80 = C©,por -/*Im.*Im.-/C oeed"War slam.,dCorpo-pl,mild...8*),I.k.*W.ili.-Melmad Bo*Comor-/INh.a.*bh"N..MIWIR.**-40 b, bar  by- ....1. In- as./.4 ....

U CondRIZ. on Sublodblt. Und'AL'All

Tne Ble,ore# tald,11#p h 81Idlil 0 01* IP* tM Ii Si, ,Ia,Ili= er Ib R-id Baci= Co,pal havi rili,vall **i,rili h Ihi

alim=lhatlhoy hal in •gglle. vike pa¥•rof 01 18* 10%;M) Piiicii oomp,MI.NgM,0- inacoolum- wmle» 00,-on, =t .b

*100 8.1; IndM Pilam, hsoompl•d #mb,*le• 18,mili, Al=,- 4

6 Paladh undeftakklgs

/1 Raghts OmrPal" mult announe..Mmbleous¥vvih U. 0-10=- ·1-hhblk¥a-ja*.0/nut(1) be a pro ral=3.40.m..ad/48h0<0 -*....011 Proo.. 4 at  =; *133 m .m lwel

ivoldinao*4SN    #0 Progidi Ilid*pi *  Sibicib,rm*40-, *,re» a*,c**,10-*bl-1) Thsp  ,ds  ,dBo. m. 4.0..0-q=*matp,inclpily lie uied lor/1 Ihi Conhi,Imi, Bonds

M hi 11* lid.In.n by Jp, Mo lin Au l"le Lhni.* .dM 0/t./.IercraDR-do.QI-*.*.Rn'

1» 44./4 0 parl*  h#.%0. 0./.

1„1/11 '//11

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7 CO"//I/n

) Thi al:0091* mIK *Ramoot*,ne  onlyh- thli agreemoil, in,1, kil Ico-Int 11[lar otnuar,1,0 *loh the albaorme, mult subuld,RTHB ther•: compon,ntof- RU*,00*ron--»IN.4-*U.*"W......F...d byJp. MorgenBill'i. 1*81.dis.MI Flt".C./.lonh.-lhatandau4.to:(1) ..WI#..bR.U..01/.0-1./.

0-*0.9-=MeI*In-re:md8» #/0= not- 4voal, po,ar of moree-,16 6 hNlarm ler the R l  Omr,

7 Corrvielon

7.1 nme Ind plloo lb, Complition

Coll"th..oftheBub-*m.. mdir i,VInI,•nut

(1) meleotloot,conalinioader hlollul®2.1®1 onmed-and /Iuoll Sne m d-imld by P/IMth# h Illl,1 2 EN:*Ii,§ De,imer =I#ILIon   Ily,r of li IMofIhi gon-om preoidlit hdiuill 11610 md 2.1(*0

A i Lava! 34 260 6! Geoloes Te,mce, PIIA VVII rn A-mli. orat/9-*.-0...r...

) Alili=*nollha,boihollds,Indm»Rd-mlmforCom-on h /xord/7//Abdim/%10)(1) /lokliVm •11 gor*m-,1mitU»corial==preoed,ntholauisill(M Idlf( hambeen,-led,Iwil h= bi,n no *ma dIildblPlialVVI s ,8 ind no*  01Imt*1Rtionhm=M.

7 Obng,tions of PllaNOnIbilii Coi,ipl,00,1. Palib ml proo n thi I m.ll d lie,041 4 P,lidn b--d *--4.'0*on./.-oft. SMon8-0./

7 Sub/0,4*lon at Completion

At Com*00,1 0,8 al,80:Be, ImtM-=4-0 Inial» ior md acolpt,» ille0,11»a*la*t* Shares,by=ofan *picalon slbil:*ly h the Im h 801 M,1; md

) Illo,illon p,100) piy lo Fil,11 he ateol»n P,108 In AUD md himrn-All,Aillilble Rm:11 h a form nomi„ilid by P,lak

7.4 Im= a! Compl on

At Compl-rk. Pal,b rmuatM /-1,8.) .u,orpt.n,»..41*Subeor,0011 8.-,othe

81*1,0,Ibl IN *orn =17 810:Inbmnoe or omirtild pllyd/* md0» (da,Ii,I,wion) pro,(de thi doolinir,1/Il requhd by cla„I 75¢,).

P•9•12

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U Doo,in,Inb* bi dilivir,d by Pdian

8 No*br»nt/-

M Oompllion P, 1m ove mi-M-Z.-**40.Iaelaihalto dul *IOId ald hin al *I 81*001 0n mize&Vlm 6 8,1.li== DI, il.Comp f, Pal./14 n„/0Imi alle,IW I01*E88 hol :IM,ment or Iteue pon,ored hol  8*881nmt h r •peot of

7.6 Cample«of! 'dii,2//i"Miti'Thi dlomlo Wte p oa I oonOinplal,d b, th clille 7 ¢881 *» Implot, of olause7*M)"Im#**IN'mult'**m#=11,«ty=poll**m'mout*Wc- a on do. nal  Rl »ei, min illwi* pil,Mic, 10 my 00  mil,N0 IIV0•4m . 0 7..'14'.(10 

N mill I m obigill  on Ily 0114 to taidell/= ar perionm m¥ of ihi glher

.'.*-th,t.*4*-**bem-*.0*mido 0/Ily**U misonity riqut  lo live<ae lg»e Itbili; indAi ai:IR,brIM*m b Palialn al do,11,1101*. dillvid Id,r*Ii, 78mi Pllidh mutMle, 10*abori r,1 MI=* moilvid by I underdzu, 7*wlmo pr*dlo  to Iqolhof dghlin,parlymayhivelnelmeddhiwn

Appoln nerrt of dhctor

Foa,AN Oorn,-nld lorI lang m gie Su blcllig or lis Reilled BodlleCorpol h v  dow# lieriatohth•ehar= io lhill,y havi in aggiiglyon, WIiw4* 11:111016,01, a,bioit< hii ll404 h* IMI li44.-t.,1*MI- nome,0 PN-1 01.norM,9-*,clor 040,11:glid DI, Ini  lo-Bo * p vilad *wt(1) ./-1-dO*ecto,.*-101,/Pa n( *ason,-

 e Nomi IId Dhclor prov- a oomerd to acl h=0*mihi Corpor,Un Aot ondI14=11,1*0 0.110*11 Figild.,. ddy Mmpl,1.d PI,Io„dhformallon Form i raqulld by mo TS[ ¢*1# th, Ekel=*A d/* to pp-*04.9-04.Mon,1[Worm-nFolm

the TSX Il Mqi** ble,i TEDO,nd m Inglil, ID ri,ipmIal Pilib li re,Red by BITEL

The SI,b.0,11,1 -In,swl.ilf Id -¥ Nomk,Ilid DI<,0§or Ipch,10 01cla-I. ho so .. .imenl#-ull".*me- ofPatmd »,In*gl Ir»,loolon # IM midi,g pin,Iit lo mo Con limme 00,pomions Act and vie Ae* BAN Rd-71, Eti/1*mq no: no,1/n,l a petion s be,4/Ici=4P-dh Unep•„ion h= 6•in remo„,dh a m=,w pfo¥Id•db h thi Oon,Ellillion or. iffamo by,otsion, 11 not1/.4U.,Imholdersd P *-for..-*Indwuk om nominal,moherp,rm..a....Al/40*0 8,111,0,Il,= = asl •   Bodlu *porl havir,lavml ln,ireals In thia••sio *=temyl,Ii h •s .g , lig pow,rof *18 -110% of Plild<,

1,11,6,8 0..18

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*10=Iniecul,e™ no DIA thi Nomic),IM Oholor*Ii,Ilt glyr•,Mk...mi-

9 .......

If Ill Nonlkilid Dbal=r-e, or ll [,mov,dfrom Ihi Boid /»C*11 h INNm=*,1,3- I=1*h cliuaig¢®) or li re¥*ed lo re* IMmi TeX or4101104 ne akeod*wl hmi l» *t, bi not thso**4lo*lpoll byM.m.....Pal,dU,/replaom.*low.....=108*80.4

9 Warranties

8.1 Palm En Wan,nU,8

Palm*Igh,elh  P.*W24.tomdforth. be.Rofth. 8-or er.Palidln loli,Ill,IONIl-ald-Ifil„ No M laill,„Ill Ii,VI,9,/1.4 pdam,IG,far*.

C "»Su-*-asewd. 01,A#-Plia 1 ¥f, 88,81.mawd ./-*In,clithe **Pal, 1,1• *,0,0,8, -014•Imilobwil. ig ,Il, rop,=Irlil,I, M id,hia,#3,ili*I= b d,*al•r •&•1*ty or oll,on,0-, a.up,Ii,4 •110&,did

Thi gukbiglihi ati)*=VVI,Tifthloind lor *IM#al

9.2 8..a-VIFaMd-

Tl.Sub  *,rmokno do,se,lpilk.-Ill'Ne,man[h,r*=m-*Sl*-*.

Pallm-do=thateceptiormsEk*-n.*0*Id rep-,1/om on,» WI of I» Subic,ber, b dbiolores omo=#4*H-Ze-Wad--141mthere ,eaok, lad.ulle--*Wh--,1 f -4-*d,d.

9.3 R,pe on ofwl,rantllTheWarmr- *gn by Pallm md e» allor- IM ghlm :

l, rie/*cl of -oh WI,i=/1wl/* 1, 41,ii•ed lo bo gh,n on I p,ftlm# d i,gnl.kmd

1 #Imp ctof-cho-Wl/*,onU»dm.4/...4/1dbwilld.*b... Ck../.01

U 81 V#val

Ths W==Il= Iuiliimi «lot-, ind Complillon al lhli me,Ismift

01) Pll alms#IdtW mi &13,0, /el*I hlo IMI ig„mi,Int h Ilmoech-ch Pall*,W  *

N The a*,c, er ack ,a ese.tM*dra*thID, ,*nmthmimos on.c,to,m.*.mrN*

Mlgl 14

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U ./.0.11"XVI.Int".

10 Tenililon

Each I/Illiily I lapinli Ind MIPIndent Ind not kll,d by rilimaoi lo mny mih=V = or,nynolol 0,%,*Irsh,n byinyp, h com,lollon Sh,IWIfigin lis

8.7 al=1,1,(mn UablillyThemIigH.N.=4.IMMI......9.-ctofdal.In-1.....bm=no .....SublonP,10&

Paill WI notbl WI,or *-nlin lls *,a,3,010•rnalll P,le*,4,»clahn 01.*W and* re,IQI,ble dell /412.701#11 *1Mlmle#L

1 Tenninmtion

T•Im! lon byth, Stescr er10.1

10.2

101

Th,a -mer- ,1--0.-1/....Wa-*-Ino,o,h**m Bil/,1 1-1PllW.,tir* ID nottri..in ogir«* at iny 00&** line prto,b Co Iloon.

TimIMIon by PallanA.mmw..W....1-'-t,RebelomComp[-11*".08!n ,m.Im........yall.=W..0.not#.mdCOm##/9.1...m.

Effset of T,fmh:stionIf Ili Ill,lnlnt ll bmhalid unde, clau,I U /tlilsolil- 10

I oh pidy rilimime,loh  I hi igindhce:= in ral/otof4 hr-oh of/1/....mlitoco gbe ore.../Ulawi.amcm,Ir.ploP a taldoc-m"lomerm-INsch ,d*omer.b f of P,A- *aol.-winkli,mscfhC.....INAO"'ll.Zinde»1*gid algilonocleigh pl,  imdiriac#i of-foloall, dmil mdschockles wl loorilinui bilipind,rly *om be glhir oblgilam of thipir-Idm-A,*n* on...v, r0 (13 -m 1.1 (p* or» and k/"pi/*brk® di/10 (re,mh/=*0) *u..12 (Du04 00*timd Ni,»=);(1) daule 13 (GEm; Ind

claum, 14 Ind 15 0141086 •nd e,nil*

*111(38 0// 1/

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10A No olhorright el  ,mlne* or ril©Ind

11 Alman....

No .'Ine,la,ml•10 .-dnd....mer mokd./. ,™md, 0-brmahofWITa*or<ths:000lmorhicom,s e for hlore001,PIM Illpt U pe,nl ad In=I=U Crell dIIU  la·

11 Announcements

M hn.* 0104..mo onefed,•,e mert.»p,rt mustr, •a4.*paw."mo 00".In./.0..imb...i"...m.emi =dID by ba go,INI Maoh Idl  raiso, hi# (h-IA-o••••m•f4.

(b) Th/p/4///010//*40/0/1/ul///toclaus/ 11(•),0//Cor•d/n///1In, trem n h.-I=moe-.11,rMen,rle-end

12 Duty

111 Dules

P-hmust"Y/'*hr••pect©f*Ie•,mt on,d,0/1/M**m//ofthleigii,ment ld mil Iil,mlit hn,loth ordo mi,tNI,4 lim or Iianed Ida, his

112 COI and Iplnles0) .8-t®re * for....slrnent eamp•*mult-

" 0,#ncoles ind.,Plisal r.,p.otof # n ,O,1,10,1. 94.01.ilk,4-*44.1**M.-4.la, 00*agr me ar dooumml =taged Imor** Id M ag,im,wt

an Al Ialm lo blwk= by the aillimmir or Pilal Il pe#omI,10 th-abinsul--sgr-IMIN.-IN-/moot.d*=-•ilis*Iiidn*IllBlldid in ll Igiggllllll.

13 GST

12.1 Deinttions

13.2 GST

WN"/u"* Athd/"I13*"/hans- dm"al //»GBT Lam, Im„thastme me,/I m h neeST Lav ul"' /»0"1'4 'd'*'ch""IL

ihil•§*MI#k*led,•»con•M•'lloifor r¥*I,hork,oor-4-*.-r do=/1-* .TOI)&-Ililtiny *Workmyfile'*Mha./.4*(dhw .94*nl .unrm'.aer=m##t

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14 Nab"

conlil,0 m ap-0 prnvt,lon d-,gullh  11, thi Malplintmu,tp  haddlion I, 1,8 condderaloo pr ,ded le,da, m agr,smlit *1 Ihi sullyOmlm It *1 04MidN OOT) m ImoldBd-ful 1motr4 I¥,0 to *uInoil ofliatconild,milon *h GBTeN,lia,In mil,11-,) mallpall byI. ral *Rl,loheST la k: 0 d h respect...supply.Ty=".mualply te ad ord =1103* i tes•mera = 10 oorildeciinoin lo •**h R *

M,Im,r n    -,d•valliccolnh**6//ha f*•,¥* 1011olaules 132* Ind 18*b  mles:(1) ..9.01.mul'.99.1..¤m*of eGST.rapone*dil

co,Ii//I//on M**mid

1U Tax kivoIC-

10»GOT©ompone,tof ,atoon,Id,flimirseomme,mount./0.4.4.» "not tofm. ....mustb.pldA*dI or cn-d §0- .*IX = •pplo 1•.

Tho Iuppler mult biu,a lhthvolo* 10#I reclpl,nt Qi IV*to *,loh *Ii112appl= m Iglrthm 7 *, foli# pe,Tnert al li GST hloh,IM collddirion fbrth, 4-*hill

1*4 R,hnbur,en»neD

0•ill pldy len-d cal-m»Ial,linlort lob, Mh,*c/Id ch,d•milid by «,8olli pity for a ¤tor Il)In,0 *fred h ooonicioni wilhI Igre,ill,t alIlinkin.im,nt or bdi,mi, p.,mi,t mult notMil =9 GST component ofh cost or<11„Ii I lil lanmt bl oomtor Eler»e I le Ii/,lil,0=1 IEN Ia=limloq,h/ on,nid. byhi p ybell *1*11* =Mer,19* u by bre,Il„,-evemimb=.

14 140(loss

14,1 How and-»reNo«ol mqbelent

A noli or oe»rcomm omlon inder IN Ig,Ii,Ini 0lo W) mli bl In Illna andd*VI,ad by hInd or eed D,pret* po 0 19 orInst lo a pity Kno I Il=0/ mef=Milor me em• Iddi lorUlPIIV kn dgule 14.3 or= omin- ,p,omed liya.**Noth

141 I#In Noticee se Imen lo hive been glvin mdrecolved00 A Nob Hd by p<*Ilgardld m 0,= Iid,Ioehedon memoond

Budi i= Dq06*, thidlofpc= ga08 A f= h Igid,d. glvin md „01*d on prock[010„ of, trimirds,lon Mpat

b, mic,1,1. *om wilmmA.IrtMhaomis, ut 010 09 s iedhh =th,4ehi redpli,t. f* i-nber, -ill e»Mcipkit Wo,ms I*=td,rmate' Nolools /0/orhloompl,18 wah' holn 4/ /4

0-17

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142

Pill

18 een",1

A NoloiMan byIn=l 11 Fegini/= be*U uhin and rio,h•d v#lign the•mal.caxal.Vik".Mgm.10*»at Ooooflher o mI.*=. Plmll ZII'l=liA Nalloi dillmliad or 104:10 ad othire,=1 on a B uillilW,I*14ROpmM#11/8I< li 10=1448 roolvedi lOO,m one» tio#Wlij ,iliDiy Id I NGON dilwid or rmoohid belam £00=„ 000=* InD brogildld = reciladataooin.

Pd.' dst*

0.4. Cm Hly8** Stylloo,WI.lim Al nal

Am.a0"

0.-ai.0'.14=.

F.0*/1/0 -addl....

=16 Up.........Z.&=8'.0-'-Mi

Bul'I"Ibl 40'' 8# 0-ty ZHRNG 465 82128,4 'Nap= WI,Yto,# 8,r# mes0=09 Mil'Ile I.../.ul/na/9./.ialn

El"/1/rCES, AL

Co#low

15 Genern I

111 Governing *wandB#*/*kn

This¥eemirt h govi,ned by *0hin for- h W -n Au*ala,E,ch .*voc.... .nor ech=M),r o on ofcol,t,maiivlilu ilidali hi dim k** ind coid, oflpidhm Slem inM'* d,ny proce-1" /NN/ofor h oonne-n w*h IN, <NumtEam nglyIlivallw#*Iia =11Wih lo O,l IMI<m,119,1 plooll inAl,0 00=* cne» bi* IWl»proci= has bi,nbrol,ht in in Iloom,niantRRUm.

15.2 InvalldIty and enforclablty

W.Wor-loncfill".......underth./wof.Wh#**m..pov-,b/*n.*ble t sl'Oonloe:./.*Iilln/#.MI 11,111, RI In levInth tamll or not

) Clatm 16.2M does nal I*Il8,00,comoll of Ihe provillo n dMsgreementm looo,Ili, val, diu,815»  Wodd m-*all/th•I,Ilii,or040* pift,I' 0,9.«ons,mdwols qi.Ime,V.

"11/GN 0/8 18

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lu W,h,r

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16 *-1

VallaionAlr liondin,l,rm ofitio ,/Inint mu,lb hivil,Ind *n,dby thipillii,

Alligili„Intofdgh 

W R ,afismgoutoforund'-hba//Im/"LI/ni'./Pit/      1-*0*ihe Mor Illin consent ofas olhir  11oroihi Ili,In Iliniliied ba R-ed Body Colporals ofe» a*Micil,I in IoootwN,le wlth *LIN 52AN-Mof Ii. 1650)bya pllyon 10» oe»rplly;oll„Illm

Cliu- IUM does notall ihi=,illi,alloncfmy clhorpidolmll

Whe, action I b.talcen at-ch pa,Rrs ovm,x,»n-Bch p=ly must at h o,mI®„Ii. doll Il= ind =moi,  alds==I=* nioi=y10 gh• M •Naot le** agioiIiwiV ind e» 4,„,=tions cont,mp d by L

Billi' ag"Iment11/9-Iata....IN-.n,of...Im...me.p .I"spead....dmili a"*med.lid'doU.b",n, lorz4-*prmr--men -No, led're,pectof Rssub.!,-,r.

Nomero rny-1-=ldlm...blmla„„m,r¢,1.notm,fo,m Compl, 

No rallsnoi

N-,r vidy Ne r-d an Iny **Ii„ rd by h oihir pidy na ili-*Midd In  I

1410 Cot,illparti™magie,In»nt mly be Ilouhd h my,unb,rdco,ill,plim.Alcounl,r,rts,tallogamor, oon-*01» 1• n,IIt

H A 0014 mq-cl#h igi=Ii,t bly **W91,004*rpil

p.'18

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0Ent18.11 Relationship of th, parties

15 Gemn#

Nollng m El¥Iimeit*Ilapl,m#¤4 lo bind sq oe=pall *4

Nol*W *1 I *,91101Ii®oll,my lamIU 4,/lo on a WIW h ighlin tomy#1Ip•*

1/Li= EM//c// 0/d////Sons

Un....®I'Ily'mqi*'dby*»l.rm.40:h,01.."14 . p-4. noti.,0,id lo .01aiI,0,1*) b g k  or*ihillu=11 00,=Ii*orippigvd or...p=d-Wht,pmr.m...All arr ne*,  Is,0.-motionW.*fi .-mmLAonmly¢-0  I.*,1.donm»  40-eoncSIons on-gl.. by Ref=goolam=.00.'d' cr-1.1.'I. dinymt.'ll.,•Ah,"hal./knormme*, Unwor ,00,momn./.m........Nvocr.-.*beo ladumb,/....Mlont..r-  -4OfWih,r.

=11//1/ .08"

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Application for Subscription SharesTo: The [*Iclor,

Pudh Energy Ud (Comparly)

Schedule 1

HOPU Clean Energy (Shlgapore) PULLd, h acoordgnce val the DBIrns of the8#becription A eement dated 24 No mber 2014 and made beb,aen the Cornpany andHOPU Clean Energy (8610•Pore) Pta Lid (S orlier) (Aoreemer,D:

1 *pies to have 1-ed bo lt 144,862,817 Adly paid orinary 81»res h 8,• cepltal of thiCompliwi

2 endoess payment In the Surn of A$80,842,383.00 repres,114 thi Kibiciption moneypeyabli I, reepict of thi shar=; and

3 agreel So hdd * lhares Illued to Ron and Il®lect to me prov lons of the cons*ulonof be Company from t le to Urne Ind to be bound by Ind observe such provisions.

Slgned for HOPU Clean Energy (8bgapore) Ph Ud

by h rupr...r vi , 81 A

dgn here)

PW r=n• Wendo,4,Zh 

*here )

Represent e

pr*t nmrn. Lau Teck Sen

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Tabl ofoonle,Its

A,pam---4.-es

Pm.*W...

801,80* 4C, 1

Schedules

28

111.. -21

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26/11 2014 NED 9: 31 FAX +61 2 9296 3999 0032/037

Palad]11 Warranties

1 General W=Tantles

Schedule 2

p./.Allinir. iltM Figi-Ilam) t h i coipoi-,1 Iglil,id M :Illkin lo bi r,o  4 md villy

**U =ji lhi Co,Fiag, A )3 Mioo,po,illo,) I b Il* Imoo,pamlid, 0,0, d =,d whis g hacooil„-

Imt-'.4/*-dbupnba

/0mrmle Ilinell  R Il=U pull Id Calaoly *0 Inlar Ilm Ind p lhll **Imder *de a,e,mer*.(00,pora  a-0111-m) al neole=, st-11-ns,ormi=4dihily Ind Iillormmoi hy PI*M of *de ¥Hmer h aoooidi*=- 18Im"hm,be,nobtlhled=*beobtle/*ICon ,Oon.I..m -m,®me-*01,ani*10,m

8)  IWI=Ill mcsilli*lon uoihi =Imudijaci wis 08appll-le); and

rb do= na I,1,Ill a hi# 0< 1-9 or agilim or9)Illl, a d<all Ider ly,gll,nll, or Sial,bri=, by witioh Il * bo dIld#t waold FY# R ivm Illl,#9 mloa-d pIloiI,IU I ob 10=imdiWI agie,mi,1  m*011, reo•4*cl omdlloml ippid olihiTe*=14:,Illmilan by Pil/li of thicon-,9 - rac;*ed by Te*.

m:*alcy':(1) Ind IM ma ¢ I mimber of Ihi P,lal ercup h= no( gone, or

Bopme v 94 :to *id/ov9; lt,nd I, cm m-W rnember4me P an Gioup hai not p-eed a

-44*mack-nor.mr,m•dip,#-*te=-04Rand-ch m-W mombw of *,P•I„I, Grouphm nd,=ed,ed ad,Im,00, nall  MI sedion elAB ol lhl Qpal*laA 0, alyconm,Woilon *om ASIC Ilim*t1-d 0,uch a n-* 0,ipphd fo,-*-onmer=o'OVA...C  - §4

0) Imdeachm-Wmemberof#IP#IMG,ouph=notbegnpmi,#0 orh,ilmid-I a p-on orolh,r p,voi= IM ,%**Fl or.,oWuM* so farm -1. svn.th,re.'mo a=*mee'44'p-on or#.p,00= ino NooMr, rwliver an  minip,Nliol,1 mma,r, 1*Id#,am*11,1,-, omo. m./.W".....FR"* M.*1**doIld#/belppo ed,ov 1», 0»orasub,&, ]po,tof,»

11'*. 0...

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01)

Ial.Ililil A.lia..I af -,

IMIl/* 0, propelly of Pal,M or any mal„1,1 mlir*,r d thi Pll, 1Gro# md  soh =P,lidnn, m  ire-no*amitaincee/44/1. 00pob*r * or1 m... rm..m,mb,rofm. N.m-VI.note,mred"4or.Ins.06/.......Al,/9.1 0 "pnllveor=inpoill=idhormi*0»*d*»be„,Id a.an dal

(Cla,1 Il uct:,4 me oggltal,Uuoture of Pilidn I m eet otl h,801«U, 4(Omler-p) e. ae,c,88,". ,oq-# Compl,lotc(1) I»kil,0,1.:clb,mic'omlam'de'&'** a-eB-

id*Iof* 8,041111„100„ lild lo legllilll 41» a#,Irilbs/11»...of §h,mholder*e. SU, on81,-hidq#/4*4BAiv  or d#* 0Irt m#:it mdmi Illa19* ell,=M=***I,/MI no nuq0 19 h-pddlum.

(es=Ivht n,48)00.h=(1) .9 -1,d Bmmbl=:R =Rly,ndlly**=dhh DIRoomiand63) moe='Im... 0» me,011», 'WI=.Imt e 

....al.4H.* .dammbli ....»abloals.0/.d be.MI-norof,andhivi gead nwlcalabli lid §4 / thi rilidd p,op r  or-il *10,1Bf, bii ofimol ,0.44-*01 880 hl ,rell  0110 rm.4.m.demll w!„tio,Iwr, md no clhar piepity00* Ue nolimly lor Ihi condulofglbu*m, P-al =prullaly oondiaolld 0,1/llliilloll,rl,provaD no Piac  iia,hddar*0<04 h le<*igd hI„niallon-mil,miofmi 94/,Ic/<Plon m=Imeormm#,lid byel-li(Mnmal,IhI a-M..old-dln,no 1811mrne Onoki lheno.mer  holudldliil,» Inli rmuh kir#Ili,# pirledindid 30 J ni 2014p,-lit *15 h al ma§„Id re,pe**le gon,oldited resldhofPilil =ld OlePalmal  upmd have  In prepirel In Icoord,„ai Illh apploable linW*g thi reoollkIind dioloin 014pr ioilid byFRS *ldalhorm/,4/q Illild# MpolkW (Iqi/,Inlirl h AL#,Ik0.*#* 1-0.1.ill.#.m...) *-30 J.e 2014. 0-Imm molo,ed to#, ae,cm,ror IDAE priortomedale INligieemeitI"le halboon no W.IN..ON".0 2"wavi a,mal•,1 laff/*In, thi ....1*bu*,18, operalons, al,et 8 -m po-on.*noe,prolll.lom- orpro,Foli. Ii,1*,sposmoo, Iioill  holcii,"i •q*y, criellis ofopirsilon, of0» Paladh Group 0,hi- a #vOL

00

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0in-4- P-Ill

2 Subsoriplon Shares

M Quotallon Irranees

MilhtM Rh.In.WI.,d'.ed one»OmolutM R.snotheenrenm,dbrnm.0..U.gdnom #00,8..08. Ul

hi blin h,al,ned byh AGX:M th.ah,r-I./*don..,EX.dh#.nothe,n..F..dhm*,0.*m

.deo,u,pen,bnhmb ,Mo.*Im.AmC,ndrs Sm•mli d indpoilid for#*€ m liTSX Ind noai*Mi belmm./.9,0,00,-"0*0.9100•-m-0*.*Mon..TBX.

12 Dllolosin Ii:11,„aiI

1 I I -0//8-1, p.kdold ="Imma d...U.ob lom emiwt.MXU*-/INX..UM-*f.=boo-10#a and- Coip„IMI Mmd Iwi lolodb hiASX and byI*lemeIn C==da, md hd on BEEDAR m,  4*«1 by Ipploibli C,ndm  aill,8.4 al0- Innaloncono,rn#/lamess,ld Ns -- c lpo,monmd pirbm,me Ind proms Ind lie,IdP li,134 ind Im buil„I- opir,#7,= of,%*loh It li IYI,I, sought relimibly lo be Imm, md has not MIAell an,*formilit pinci„*toh =00,ption, h lt» ASX liithg Rulo, Ind thi TED(Co my -lmlor.../.*-4.In,.colpt. AIR,and .4click»edlot:» 8,11.0,1»riv-,pnormi»di,ofe=  reinle<I:R   *li lo *aue a nolblliwiodd c *ilh Nolen 708AI of thiCoitoiimi= Ms< Iligili liiiolliiti#90, Iclkil 7  1) =id Uywodda#*  reigiol lo an *lar lor thi i,li of my Bhoof»n Sh,IlI l== Pdal u Igi, al diI,10,11 Ird k* Inib *whn* =ladIrdillaullad *1„Eld ,*10, ner* p,uplld by or on b,hil or P/Ifil 10 Il11„c,§»r Id mrlikid in #0 01*Roam =  Implili•,0 acouril h Ilfr-•11! repmid=e not mal*mIN"di, cr dec,01),e, v,1 er b,emll,lon ar*,0*8;d*-*In 'WI'Flm.41 b notal".4.4*bm.kne"i'not,n.i#avilile #144Imidigm=,Ry avallabb, wioukl bi liy lo havlamilllM......U..4..8-1

=11//18 P.g. 25

600

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Subsc,ter Warranties

1 Gened Warrmtles

Schedule 3

Th, alblorl»rwll=*etM m....blo/..=41.In....dorl,kmmber,g ,mcD,mdval*

Mill, Imd,r l,i Imi d *1 pligi of lima,poialon.

0) 01""pe"*bi) R I "*UNIEoqg//Id' op/mk,d ind '4<*ilg h "%0*u Iwelhl.d plaoedkigo,poi,lon.

00 /hwal/Nk"PHI"*aN/"Id/*I//W HOPUM-rfundli.M /,imv Ind apiel* la h•s t,1 FI,Ir m,1 0•Folyb •t- No*perlomi lli

atifdo= 1,1(1 ll,gri„Twit(Colpor* A-0,1 lom) 1 n00=myah-ts...mO-d,»ac,-perh--4-ke,cr roflhqee.Ah=-h-, e blim"MU.n 0&.d=¥ be oblhadl or/Com*On4.0--m.=Al-yar p, Tmmed/.

U) 41=W* boor- 00.4/.--Aid r ..."0*'*./4do•m*omilldi a br=oh of Inyh or#04 orcal»I or Malha..hurm.--4.82*moe.by 1 ch'.bolandu*loh.Oldd p,v¥dthmliwho.# per ,mNRDdth"ind= M.gli.meli

Mly.'0 (1) 111,Bnotgon<or propolod togo, MO *Id#%W Rh=notp- d.v*/*upr=©lion=oocnm-*pil

Ie.-*m lh no .snpree,nlormr-Ismcilip-ono,oth,rproo=

liwlndgip ordli,olullonand, Iolsibabi,lkh,Aire, *,Iiare nochmmInces ),164# a p on orolhi proci,Ii

64) nomcak-drindrnl.oer,),/I r.%4#.,d.,Wil„lor, 0 11[m nioerh- Wen *polild, or blinilinidarel®e*d lo beippo-d, ovorlho whol, or a subeh  p.tdthiLidll k,e or liolioly d*i&*00,#i, =14 io licI thi 91*,Imlbor I,elrelll no *gliallt,noes i U lu t m appchi*)I< ar

M li hmnd erilld :fo, or t,lten *M or p,opolld 10 Ial,r lla mlyng,nvomprcm-croompo,Rion#cr-*n.*h

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schedule 4

Sohedlie ofC**81

/VZINNI'le,/IMWI/*

vs,800rn-n 00,-18 n Na*NO.*-ImmU8¤74 lill convir*hbondl m-4 on mA 1 281 7

=lim

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OKSigning page

Er,Culd I an aglement

8 d tr *41" al'.qylyb pooorc/MI'lth =010,1127 drth,C ropil/*Act

-hillM.al,

*am»

Btned#HOPU 01- E-gy (81,4*M PIM Lit

LAUTook manI.-.

0*= 99„,mi, hup-

/100

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