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

Glossary Of Terms Used In Our Report

the Act
Securities Act 1978

AFA
Amendments et Fertilisants D'Amorique SA, French company developing fertiliser plant in France

AG-8
Auditing Guideline 8, "Other Information in Documents Containing Audited Financial Statements" issued by the New Zealand Society of Accountants in March 1986

AusGM
Australasian Gold Mines NL, Australian gold mining company

the Amendment Act
Securities Amendment Act 1988

ASX
Australian Stock Exchange

Briggs
Peter Briggs, director of Max and of WRS Pacific

the Commission
the Securities Commission

the Company
Max Resources Limited (In Statutory Management)

CR2I
Conception Realisations Industrielles et Immobilieres, French company constructing fertiliser plant for AFA

Czechowski
Edmund Czechowski, director of Max

the French Venture
an organic fertiliser processing venture in France in which Max was involved.

FRS-9
"Information To Be Disclosed In Financial Statements", financial reporting standard No 9 issued by the Institute of Chartered Accountants of New Zealand in February 1995 and revised in May 1996

FRS-29
"Prospective Financial Information", financial reporting standard No 29 issued by the Institute of Chartered Accountants of New Zealand in April 1996

Garland
Garland Investments Limited, Hong Kong based, Bahamas registered investment company

Herbert
Jeffrey Laurence Herbert, chartered accountant, partner of PBB Ashton Read, Perth, prepared a report on the financial condition of Max for Langoulant and Jeff Verheggen

Horwath Report
Independent review of the affairs of Max by Horwath, Chartered Accountants, of Perth, commissioned by McShane and Johnson

Intrepid
Intrepid Mining NL, Australian incorporated mining company listed on the ASX, renamed on 23 March 1998 to "Cobra Resources NL".

Jeff Verheggen
Josephus Jeffery Verheggen, former director of Max

Johnson
Thomas William Johnson, former director of Max

KPMG
KPMG Corporate Pty Limited, Perth, chartered accounting firm retained to prepare appraisal report on Max's entry into French Venture

Langoulant
Michael James Langoulant, former executive director of Max

Lunt
Trevor Lunt, former employee of Max and WRS Pacific

McLernon Group
Australian private investigation firm, commissioned by McShane and Johnson in March 1998 to investigate Max's affairs

McShane
Robert Ivan Owen McShane, former director of Max

Max
Max Resources Limited (In Statutory Management), New Zealand incorporated listed company

the Norseman Venture
Norseman Gold Joint Venture, significant mining investment for Max

NZSE
New Zealand Stock Exchange

Panel
Market Surveillance Panel of the New Zealand Stock Exchange

Robregal
Robregal Investments Limited, NZ incorporated wholly owned subsidiary of Max

Skidmore
Robert Skidmore, employee of WRS Pacific and of Max

Statutory managers
John Anthony Waller and Colin Thomas McCloy, partners of PricewaterhouseCoopers, chartered accountants, appointed on 31 August 1998 as statutory managers to Max by Order in Council under section 38 of the Corporations (Investigation and Management) Act 1989

Verheggen Snr
Josephus Theodorus Herbertus Verheggen, former director of Max, father of Jeff Verheggen

Village Lake
Village Lake Pty Limited, Australian company owned by Sophie and Peter Papavasilliou

Wah Fung
Wah Fung International Limited, Hong Kong based, Bahamas registered investment company

Wood
Peter Morris Wood, partner, Sinclair & Wood, Chartered Accountants, Tauranga, auditor of Max

WRS
Waste Recovery Systems, the business of processing organic fertiliser

WRS Europe
WRS Europe Limited, French registered company, formerly owned by Verheggen family, holds 87% of AFA after share issue by AFA in August 1996, sold in November 1996 to Max

WRS Pacific
WRS Pacific Pty Limited, company formerly owned by Briggs, Lunt, and Skidmore which held 87% interest in AFA until AFA increased its capital in August 1996 by issue of shares to WRS Europe