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

1. Introduction
   • Scope and purpose of our report
   • Background to our report on Max's financial statements
   • Procedure
2. Executive Summary of Volume 2
3. Max's Financial Statements for the Year Ended 30 June 1997
   • Summary of reported financial position
   • Comment on various aspects of Max's June 1997 financial statements
   • Consolidated statement of financial position for Max at 31 December 1997
4. Audit Issues
   • The audit of Max's financial statements
   • Approval of the Company's 1997 Annual Report
   • The Audit Committee
   • Referral
5. Maintenance of Company Records
   • Referral
6. Referrals

   Glossary of Terms Used in Our Report

Contents