Report of the Securities Commission on Aspects of the Affairs of Max Resources Limited

7

Referrals

1. the Registrar of Companies in relation to compliance with the requirements of the Companies Act 1993 and the Securities Amendment Act 1988;

2. the Market Surveillance Panel of the NZSE in connection with compliance with the Listing Rules of the NZSE;

3. the Institute of Chartered Accountants of New Zealand in relation to the audit of the financial statements of the Company by Sinclair & Wood, Chartered Accountants, Tauranga (see Volume 2 of our report);

4. the Institute of Directors of New Zealand Inc in relation to comments about audit committees and corporate governance more generally;

5. the statutory managers of Max;

6. the Australian Securities and Investments Commission in relation to compliance with the Corporations Law in Australia;

7. the shareholders of Max to help them understand the affairs and circumstances of the Company and make decisions on its next steps.
   
   Chairman

   18 January 2000
   Securities Commission
   P O Box 1179
   WELLINGTON