|  ̈ | REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|--------|-------------------------------------------------------------------------------------------------------|

| x | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|-------------------------------------------------------------------------------------------|

|  ̈ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|--------|-----------------------------------------------------------------------------------------------|

|  ̈ | SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|--------|--------------------------------------------------------------------------------------------------|

----

| Title of each class           |   | Name of each exchange on which registered |
|-------------------------------|--------|-------------------------------------------|
|                          |   |                                      |
| Ordinary Shares, no par value |   | The NASDAQ Global Market                  |

|  ̈ Large accelerated filer |   |  ̈ Accelerated filer |   | x Non-accelerated filer |
|--------------------------------|--------|--------------------------|--------|-------------------------|

----

----

|                                              |                                                                                  |
|---------------------------------------------------|---------------------------------------------------------------------------------------|
|                                              | Page                                                                                  |
|                                              |                                                                                  |
| CONVENTIONS THAT APPLY TO THIS ANNUAL REPORT      |   2                                                                              |
|                                              |                                                                                  |
| SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS |   2                                                                              |
|                                              |                                                                                  |
| INDUSTRY AND MARKET DATA                          |   3                                                                              |
|                                              |                                                                                  |   |
| PART I                                            |                                                                                  |   |
|                                              |                                                                                  |   |
|                                              | Item 1. Identity of Directors, Senior Management and Advisers                         |   3 |
|                                              | Item 2. Offer Statistics and Expected Timetable                                       |   4 |
|                                              | Item 3. Key Information                                                               |   4 |
|                                              | Item 4. Information on the Company                                                    |   20 |
|                                              | Item 4A.Unresolved Staff Comments                                                     |   43 |
|                                              | Item 5. Operating and Financial Review and Prospects                                  |   43 |
|                                              | Item 6. Directors, Senior Management and Employees                                    |   61 |
|                                              | Item 7. Major Shareholders and Related Party Transactions                             |   76 |
|                                              | Item 8. Financial Information                                                         |   77 |
|                                              | Item 9. The Offer and Listing                                                         |   78 |
|                                              | Item 10. Additional Information                                                       |   79 |
|                                              | Item 11. Quantitative and Qualitative Disclosures About Market Risk                   |   90 |
|                                              | Item 12. Description of Securities Other than Equity Securities                       |   92 |
|                                              |                                                                                  |   |
| PART II                                           |                                                                                  |   |
|                                              |                                                                                  |   |
|                                              | Item 13. Defaults, Dividend Arrearages and Delinquencies                              |   92 |
|                                              | Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds |   92 |
|                                              | Item 15. Controls and Procedures                                                      |   93 |
|                                              | Item 16. [Reserved]                                                                   |   93 |
|                                              | Item 16A. Audit Committee Financial Expert                                            |   93 |
|                                              | Item 16B. Code of Ethics                                                              |   94 |
|                                              | Item 16C. Principal Accountant Fees and Services                                      |   94 |
|                                              | Item 16D. Exemptions from the Listing Standards for Audit Committees                  |   94 |
|                                              | Item 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers      |   94 |
|                                              | Item 16F. Change in Registrant’s Certifying Accountant                          |   94 |
|                                              | Item 16G. Corporate Governance                                                        |   94 |
|                                              |                                                                                  |   |
| PART III                                          |                                                                                  |   |
|                                              |                                                                                  |   |
|                                              | Item 17. Financial Statements                                                         |   95 |
|                                              | Item 18. Financial Statements                                                         |   95 |
|                                              | Item 19. Exhibits                                                                     |   95 |

----

| 1 Tonne   | =      | 2,204.6226 Pounds biodiesel   |
|-----------|--------|-------------------------------|
|      |   |                          |
| 1 Tonne   | =      | 1.1023 Tons (short) biodiesel |
|      |   |                          |
| 1 Tonne   | =      | 298 Gallons biodiesel         |
|      |   |                          |
| 1 Tonne   | =      | 7.4 Barrels biodiesel         |
|      |   |                          |
| 1 Barrel  | =      | 42 Gallons biodiesel          |
|      |   |                          |
| 1 Hectare | =      | 2.4 Acres                     |

----

|   | · | our expectations regarding the market for Jatropha; |
|--------|--------|-----------------------------------------------------|

|   | · | our expectations regarding the amount of Jatropha seeds that will be produced from our Jatropha acreage; |
|--------|--------|----------------------------------------------------------------------------------------------------------|

|   | · | our belief regarding the amount of Jatropha oil that our Jatropha seeds will yield; |
|--------|--------|-------------------------------------------------------------------------------------|

|   | · | our beliefs regarding the design, technology, operation and maintenance of our refineries; |
|--------|--------|--------------------------------------------------------------------------------------------|

|   | · | our ability to procure a sufficient supply of raw materials, in particular, suitable and cost competitive feedstocks; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------|

|   | · | our beliefs regarding the competitiveness of our products; |
|--------|--------|------------------------------------------------------------|

|   | · | our beliefs regarding the advantages of our business model; |
|--------|--------|-------------------------------------------------------------|

|   | · | our expectations regarding the scaling and expansion of our production capacity; |
|--------|--------|----------------------------------------------------------------------------------|

|   | · | our expectations regarding our ability to maintain and expand our existing customer base; |
|--------|--------|-------------------------------------------------------------------------------------------|

|   | · | our expectations regarding entering into or maintaining joint venture enterprises and other strategic investments; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------|

|   | · | our expectations regarding increased revenue growth and our ability to achieve profitability resulting from increases in our production volumes; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | our beliefs regarding our ability to successfully implement our strategies; |
|--------|--------|-----------------------------------------------------------------------------|

|   | · | our beliefs regarding our abilities to secure sufficient funds to meet our cash needs for our operations and capacity expansion; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------|

|   | · | our future business development, results of operations and financial condition; |
|--------|--------|---------------------------------------------------------------------------------|

|   | · | the effects of weather; |
|--------|--------|-------------------------|

|   | · | government regulatory and industry certification, approval and acceptance of our product and its derivatives; and |
|--------|--------|-------------------------------------------------------------------------------------------------------------------|

|   | · | government policymaking and incentives relating to renewable fuels. |
|--------|--------|---------------------------------------------------------------------|

----

|   | A. | Selected Financial Data. |
|--------|----|--------------------------|

|                                                  |   | 2011U$(1) |      |   | 2011A$                                          |   |      | 2010A$ |   |   | 2009A$    |   |   | 2008A$ |      |   | 2007A$ |   |
|------------------------------------------------------------|--------|-----------|-----------|--------|-------------------------------------------------|--------|-----------|--------|--------|--------|-----------|--------|--------|--------|-----------|--------|--------|--------|
|                                                  |   |      |      |   |                                            |   |
|                                                  |   |      |      |   | (in thousands, except share and per share data) |   |
| Income Statement data:                                     |   |      |      |   |                                            |   |      |   |   |   |      |   |   |   |      |   |   |   |
| Total sales revenue                                        |   |      | 13,946    |   |                                            |   | 14,080    |   |   |   | 14,394    |   |   |   | 43,368    |   |   |   | 9,403 |   |   |   | 77 |   |
| Total other income                                         |   |      | 2,842     |   |                                            |   | 2,869     |   |   |   | 2,066     |   |   |   | 11,809    |   |   |   | 20,530 |   |   |   | 1,436 |   |
| Cost of sales                                              |   |      | (13,854   | )      |                                            |   | (13,987   | )      |   |   | (15,021   | )      |   |   | (45,709   | )      |   |   | (10,964 | ) |   |   | (46 | ) |
| Employee benefits expense                                  |   |      | (7,455    | )      |                                            |   | (7,527    | )      |   |   | (5,307    | )      |   |   | (5,117    | )      |   |   | (2,694 | ) |   |   | (1,476 | ) |
| Other income (expenses)                                    |   |      | (11,706   | )      |                                            |   | (11,818   | )      |   |   | (88,751   | )      |   |   | (19,271   | )      |   |   | (5,962 | ) |   |   | (1,433 | ) |
| Finance costs                                              |   |      | (5,238    | )      |                                            |   | (5,288    | )      |   |   | (5,152    | )      |   |   | (8,401    | )      |   |   | (5,868 | ) |   |   | (269 | ) |
| Profit/(loss) from operations before income tax            |   |      | (21,465   | )      |                                            |   | (21,671   | )      |   |   | (97,771   | )      |   |   | (23,321   | )      |   |   | 4,445 |   |   |   | (1,711 | ) |
| Income tax (expense) benefit                               |   |      | 1         |   |                                            |   | 1         |   |   |   | (29       | )      |   |   | (434      | )      |   |   | (161 | ) |   |   | (199 | ) |
| Net (loss)/profit                                          |   |      | (21,464   | )      |                                            |   | (21,670   | )      |   |   | (97,800   | )      |   |   | (23,755   | )      |   |   | 4,284 |   |   |   | (1,910 | ) |
| Basic and diluted earnings (loss) per share (2)            |   |      | (3.47     | )      |                                            |   | (3.50     | )      |   |   | (20.76    | )      |   |   | (12.00    | )      |   |   | 2.31 |   |   |   | (1.05 | ) |
| Weighted average ordinary number of shares outstanding (3) |   |      | 6,199,265 |   |                                            |   | 6,199,265 |   |   |   | 4,711,249 |   |   |   | 1,979,725 |   |   |   | 1,852,853 |   |   |   | 1,820,000 |   |
| Balance Sheet data:                                        |   |      |      |   |                                            |   |      |   |   |   |      |   |   |   |      |   |   |   |   |   |   |   |   |   |
| Total current assets                                       |   |      | 31,376    |   |                                            |   | 29,236    |   |   |   | 25,007    |   |   |   | 26,372    |   |   |   | 54,317 |   |   |   | 79,714 |   |
| Total assets                                               |   |      | 39,277    |   |                                            |   | 36,598    |   |   |   | 33,749    |   |   |   | 118,030   |   |   |   | 114,580 |   |   |   | 103,288 |   |
| Total current liabilities                                  |   |      | 23,674    |   |                                            |   | 22,059    |   |   |   | 4,300     |   |   |   | 9,550     |   |   |   | 10,379 |   |   |   | 2,666 |   |
| Total non-current liabilities                              |   |      | 47,529    |   |                                            |   | 44,287    |   |   |   | 59,137    |   |   |   | 57,441    |   |   |   | 55,579 |   |   |   | 53,102 |   |
| Total liabilities                                          |   |      | 71,203    |   |                                            |   | 66,346    |   |   |   | 63,437    |   |   |   | 66,991    |   |   |   | 65,958 |   |   |   | 55,768 |   |
| Retained earnings (accumulated losses)                     |   |      | (145,655  | )      |                                            |   | (135,720  | )      |   |   | (117,259  | )      |   |   | (19,475   | )      |   |   | 2,904 |   |   |   | (2,433 | ) |
| Total equity                                               |   |      | (31,926   | )      |                                            |   | (29,748   | )      |   |   | (29,688   | )      |   |   | 51,039    |   |   |   | 48,622 |   |   |   | 47,520 |   |
| Other financial data:                                      |   |      |      |   |                                            |   |      |   |   |   |      |   |   |   |      |   |   |   |   |   |   |   |   |   |
| Dividends per share                                        |   |      | -         |   |                                            |   | —   |   |   |   | —   |   |   |   | —   |   |   |   | — |   |   |   | — |   |

----

| (1) | The balance sheet data has been translated into U.S. dollars from Australian dollars based upon the noon buying rate of the City of New York for cable transfers of Australian dollars, as certified for customs purposes by the Federal Reserve Bank of New York on June 30, 2011, which exchange rate was A$1.00 = US$1.0732. The income statement data has been translated into U.S. dollars from Australian dollars based upon the weighted average of the noon buying rate of the City of New York for cable transfers of Australian dollars, as certified for customs purposes by the Federal Reserve Bank of New York for the period from July 1, 2010 to June 30, 2011 which as A$1.00 = US$0.9905. These translations are merely for the convenience of the reader and should not be construed as representations that the Australian dollar amounts actually represent such U.S. dollar amounts or could be converted into U.S. dollars at the rate indicated. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Net (loss)/profit per ordinary share — basic and diluted is calculated as net loss for the period divided by adjusted weighted average number of ordinary shares outstanding for the same period, after giving effect to the 50-1 share consolidation that was effected on April 4, 2011. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | The weighted average number of ordinary shares outstanding is shown after giving effect to the 50-1 share consolidation that was effected on April 4, 2011. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                         |   | At PeriodEnd |   |   | AverageRate (1) |   |    | High   |   |   | Low    |   |
|----------------------------------------------|--------|-------------------|--------|--------|----------------------|--------|---------|--------|--------|--------|--------|--------|
| Fiscal year ended June 30,                   |   |              |   |   |                 |   |    |   |   |   |   |   |
| 2006                                         |   |              | 0.7423 |   |                 |   | 0.7472  |   |   |   | 0.7781 |   |   |   | 0.7056 |   |
| 2007                                         |   |              | 0.8491 |   |                 |   | 0.7925  |   |   |   | 0.8491 |   |   |   | 0.7407 |   |
| 2008                                         |   |              | 0.9562 |   |                 |   | 0.9042  |   |   |   | 0.9644 |   |   |   | 0.7860 |   |
| 2009                                         |   |              | 0.8055 |   |                 |   | 0.7423  |   |   |   | 0.9797 |   |   |   | 0.6073 |   |
| 2010                                         |   |              | 0.8480 |   |                 |   | 0.8837  |   |   |   | 0.9369 |   |   |   | 0.7751 |   |
| 2011                                         |   |              | 1.0732 |   |                 |   | 0.9905  |   |   |   | 1.0970 |   |   |   | 0.838 |   |
| Month ended                                  |   |              |   |   |                 |   |    |   |   |   |   |   |   |   |   |   |
| June 30, 2011                                |   |              | 1.0732 |   |                 |   | 1.06166 |   |   |   | 1.0737 |   |   |   | 1.0439 |   |
| July 31, 2011                                |   |              | 1.1001 |   |                 |   | 1.07807 |   |   |   | 1.1026 |   |   |   | 1.0565 |   |
| August 31, 2011                              |   |              | 1.0702 |   |                 |   | 1.05015 |   |   |   | 1.0930 |   |   |   | 1.0192 |   |
| September 30, 2011                           |   |              | 0.9744 |   |                 |   | 1.02201 |   |   |   | 1.0750 |   |   |   | 0.9744 |   |
| October 31, 2011                             |   |              | 1.0610 |   |                 |   | 1.01678 |   |   |   | 1.0707 |   |   |   | 0.9453 |   |
| November 30, 2011                            |   |              | 1.0244 |   |                 |   | 1.01117 |   |   |   | 1.0366 |   |   |   | 0.9686 |   |
| December 31, 2011 (through December 2, 2011) |   |              | 1.0221 |   |                 |   | 1.02240 |   |   |   | 1.0227 |   |   |   | 1.0221 |   |

----

| (1) | For the fiscal years, determined by averaging noon buying rates on the last day of each full month during the fiscal year. |
|-----|----------------------------------------------------------------------------------------------------------------------------|

|   | B. | Capitalization and Indebtedness. |
|--------|----|----------------------------------|

|   | C. | Reasons for the Offer and Use of Proceeds. |
|--------|----|--------------------------------------------|

----

|   | D. | Risk Factors. |
|--------|----|---------------|

----

|   | · | make it more difficult for us to satisfy our indebtedness obligations under the convertible notes, exposing us to the risk of default, which could result in a foreclosure on our assets, which, in turn, would negatively affect our ability to operate as a going concern; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | make it more difficult for us to satisfy our obligations under our other indebtedness; |
|--------|--------|----------------------------------------------------------------------------------------|

|   | · | require us to dedicate a substantial portion of our cash flow from operations to interest and principal payments on our indebtedness, reducing the availability of our cash flow for other purposes, such as capital expenditures, acquisitions, dividends and working capital; |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | limit our flexibility in planning for, or reacting to, changes in our business and the industry in which we operate; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------|

|   | · | increase our vulnerability to general adverse economic and industry conditions; |
|--------|--------|---------------------------------------------------------------------------------|

|   | · | place us at a disadvantage compared to our competitors that have less debt; |
|--------|--------|-----------------------------------------------------------------------------|

|   | · | increase our cost of borrowing; and |
|--------|--------|-------------------------------------|

|   | · | limit our ability to borrow additional funds. |
|--------|--------|-----------------------------------------------|

----

|   | · | failure of equipment or processes; |
|--------|--------|------------------------------------|

|   | · | operator or maintenance errors; |
|--------|--------|---------------------------------|

|   | · | labor disruptions; |
|--------|--------|--------------------|

----

|   | · | extended and unscheduled interruptions to production; |
|--------|--------|-------------------------------------------------------|

|   | · | accidents; and |
|--------|--------|----------------|

|   | · | damage to equipment and disaster whether arising from the actions or omissions by us or our employees or from external factors. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------|

----

----

----

----

----

----

|   | · | general economic and market conditions; |
|--------|--------|-----------------------------------------|

|   | · | conditions in energy markets; |
|--------|--------|-------------------------------|

|   | · | credit availability from banks or other lenders for us and our industry peers; |
|--------|--------|--------------------------------------------------------------------------------|

|   | · | investor confidence in the industry; |
|--------|--------|--------------------------------------|

|   | · | the operation of our refineries; |
|--------|--------|----------------------------------|

|   | · | our financial performance; and |
|--------|--------|--------------------------------|

|   | · | our levels of indebtedness. |
|--------|--------|-----------------------------|

----

|   | · | gelling at lower temperatures than petroleum diesel, which can require the use of low percentage biodiesel blends in colder climates or the use of heated fuel tanks; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | potential water contamination that can complicate handling and long-term storage; |
|--------|--------|-----------------------------------------------------------------------------------|

|   | · | reluctance on the part of some auto manufacturers and industry groups to endorse biodiesel and their recommendations against the use of biodiesel or high percentage biodiesel blends; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | potentially reduced fuel economy due to the lower energy content of biodiesel as compared with petroleum diesel; and |
|--------|--------|----------------------------------------------------------------------------------------------------------------------|

|   | · | potentially impaired growth due to a lack of infrastructure such as dedicated rail tanker cars and truck fleets, sufficient storage facilities, and refining and blending facilities. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

|   | A. | History and Development of the Company. |
|--------|----|-----------------------------------------|

----

|   | B. | Business Overview. |
|--------|----|--------------------|

|   | · | we have successfully built our Jatropha contract farming business to commercial scale, although the cultivated acreage is not yet mature; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | we have already crushed and exported our first commercial quantity of Jatropha oil; |
|--------|--------|-------------------------------------------------------------------------------------|

|   | · | palm-based biodiesel like the type we produce is widely understood in the major transport fuels markets in the European Union and the United States, according to the U.S. Energy Information Administration, with its price and volumes quoted and tracked by energy industry sources, such as Platts, Bloomberg and OPIS, and governments; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | we have built large scale refineries that have delivered positive margins from their refining operations; |
|--------|--------|-----------------------------------------------------------------------------------------------------------|

|   | · | we have in place a long-term, large scale offtake agreement with one of the largest obligated parties under RFS2; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------|

|   | · | we already have a presence in emerging markets such as India and Malaysia and we believe we are well poised for later entry into these large diesels markets; |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | we have proven risk management systems and operating procedures; and |
|--------|--------|----------------------------------------------------------------------|

|   | · | our management team has biofuels industry experience and has navigated the business through challenging operating environments. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------|

----

----

|                              |   | For the fiscal year ended June 30, |   |
|-----------------------------------|--------|------------------------------------------------------------------|--------|
|                              |   | 2011A$'000                                                       |   |   | 2010A$'000 |   |   | 2009A$'000 |   |
| Biodiesel refineries              |   |                                                             | 2,981  |   |   |   | 2,250 |   |   |   | 18,701 |   |
| Land & buildings              |   |                                                             | -      |   |   |   | 12 |   |   |   | 815 |   |
| IT systems & office equipment |   |                                                             | 182    |   |   |   | 171 |   |   |   | 341 |   |
| Vehicles & sundry equipment   |   |                                                             | -      |   |   |   | 23 |   |   |   | 65 |   |

----

----

----

----

| Typical biodiesel yields |   |
|--------------------------|--------|
| Plant species            |   | Tonnesper acre |   |
| Palm oil                 |   |   | 1.40 |   |
| Jatropha                 |   |   | 1.29 |   |
| Castor bean              |   |   | 0.74 |   |
| Coconut                  |   |   | 0.65 |   |
| Tung oil                 |   |   | 0.63 |   |
| Sesame                   |   |   | 0.47 |   |
| Sunflowers               |   |   | 0.31 |   |
| Groundnuts               |   |   | 0.30 |   |
| Rapeseed                 |   |   | 0.30 |   |
| Safflower                |   |   | 0.29 |   |
| Linseed                  |   |   | 0.26 |   |
| Mustard seed             |   |   | 0.21 |   |
| Soybean                  |   |   | 0.12 |   |
| Cotton                   |   |   | 0.06 |   |

----

----

| Descriptive Information Captured in MAT Database               |
|----------------------------------------------------------------|
| ·  Average number of branches per plant         |   | ·  Percentage of plant flowering |
|                                                           |   |   |
| ·  Average number of fruits per plant           |   | ·  Percentage of plants fruiting |
|                                                           |   |   |
| ·  Average plant height                         |   | ·  Pruning completion |
|                                                           |   |   |
| ·  Average stem girth (circumference)           |   | ·  Slope of the Land |
|                                                           |   |   |
| ·  Farmer attitude in taking care of plantation |   | ·  Soil type in the field |
|                                                           |   |   |
| ·  Flowering and fruiting status                |   | ·  Type of land |
|                                                           |   |   |
| ·  Month of pruning                             |   | ·  Water logging in the field |
|                                                           |   |   |
| ·  Mortality                                    |   |   |

----

|   | · | Quality of Land:   planting Jatropha on high-quality agricultural land decidedly improves yield; however, our policy is to plant Jatropha on marginal land; determination of soil conditions is important in selecting acreage and predicting plant growth rates and seed yields. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Genetic Stock :  our research and development program, like other Jatropha research and development programs around the world, is focused on the development of high yielding varieties; to date, we have cultivated using wild seeds but have sought to use the highest yielding genetic stock available in the industry. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Inputs :  the use of irrigation and fertilizer unquestionably improves the yield performance of Jatropha. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------|

|   | · | Agronomy Practice :  the development and consistent implementation of best agronomic practices can drive increases in yield; through our ability to deliver extension services and monitor the performance of a large number of highly distributed farmers, we are uniquely capable to influence agronomic practices. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Grade of Farmer:   the more agronomic skill the farmer has, the higher the yield. |
|--------|--------|---------------------------------------------------------------------------------------------|

|   | · | Plant Architecture:   primarily driven through pruning practices, the more branches a Jatropha tree has the higher its fruit yield. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Weeding:   the keeping of weeds and other pests away from the Jatropha plant results in higher yield. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------|

|   | · | Planting Practices:   planting the Jatropha saplings at the correct time and in the correct fashion results in stronger plants and earlier and higher yield. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Year FollowingPlanting                |   | Year 1 |   |   | Year 2 |   |   | Year 3 |   |   | Year 4 |   |   | Year 5 |   |   | Year 6 |   |   | Year 7andOnward |   |
|--------------------------------------------|--------|-------------|--------|--------|-------------|--------|--------|-------------|--------|--------|-------------|--------|--------|-------------|--------|--------|-------------|--------|--------|----------------------|--------|
|                                       |   |        |   |   |        |   |   |        |   |   |        |   |   |        |   |   |        |   |   |                 |   |
| Seed yield as percent of yield at maturity |   |        | 0.0    | %      |        |   | 0.0    | %           |   |   | 13.5        | %      |   |        | 33.3   | %      |        |   | 50.0   | %                    |   |   | 80.1 | % |   |   | 100 | % |

| Yield Per Acre atMaturity(Tonnes per year) |   | Total Jatropha OilPer Acre over 30Years(in barrels) |   |   | Total Crude JatrophaOilEstimate over 30Years(in millions of barrels) |   |   | Total Crude Jatropha OilEstimate over 30 Years(in millions of gallons) |   |
|--------------------------------------------|--------|-----------------------------------------------------|--------|--------|----------------------------------------------------------------------|--------|--------|------------------------------------------------------------------------|--------|
| 0.48                                       |   |                                                | 88.87  |   |                                                                 |   | 17.27  |                                                                   |   |   | 725.33 |   |
| 0.54                                       |   |                                                | 99.98  |   |                                                                 |   | 19.43  |                                                                   |   |   | 815.99 |   |
| 0.62                                       |   |                                                | 114.79 |   |                                                                 |   | 22.31  |                                                                   |   |   | 936.88 |   |
| 0.68                                       |   |                                                | 125.90 |   |                                                                 |   | 24.47  |                                                                   |   |   | 1,027.55 |   |
| 0.74                                       |   |                                                | 137.01 |   |                                                                 |   | 26.62  |                                                                   |   |   | 1,118.21 |   |

----

| (1) | The estimates of total Jatropha oil per acre are determined by the predicted life of the Jatropha tree, the yield at maturity and the ramp up to maturity. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | The estimates of total crude Jatropha oil are equal to total Jatropha oil per acre over 30 years multiplied by the current existing productive acreage of 194,323 acres. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                   |   | 5-Year Scenarios |    |
|--------------------------------------------------------|--------|-----------------------|---------|
| New productive acreage added per year for next 5 years |   |                  | 30,000  |   |   |   | 40,000 |   |   |   | 50,000 |   |   |   | 60,000 |   |   |   | 70,000 |   |
| Total New Productive Acreage                           |   |                  | 150,000 |   |   |   | 200,000 |   |   |   | 250,000 |   |   |   | 300,000 |   |   |   | 350,000 |   |
| Cumulative Productive Acreage                          |   |                  | 344,323 |   |   |   | 394,323 |   |   |   | 444,323 |   |   |   | 494,323 |   |   |   | 544,323 |   |
| Crude Jatropha Oil 30-Year Production Estimate         |   |                  |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Barrels (millions)                                     |   |                  | 39.53   |   |   |   | 45.27 |   |   |   | 51.00 |   |   |   | 56.74 |   |   |   | 62.48 |   |
| Gallons (millions)                                     |   |                  | 1660.07 |   |   |   | 1901.13 |   |   |   | 2142.19 |   |   |   | 2383.26 |   |   |   | 2,624.32 |   |

----

|   | · | No subsidy or other government financial support; |
|--------|--------|---------------------------------------------------|

|   | · | A forecast of the cost of Jatropha seeds which is based on our contract farming agreement which stipulates a range of prices to pay for Jatropha seeds, depending on the market price of Jatropha seeds; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Actual logistics and oil extraction costs, including transportation, handling, warehousing and oil extraction but excluding anticipated costs relating to the solvent extraction process to achieve the 32% oil extraction rate; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | An estimate of costs to transport biodiesel from Malaysia to the U.S. at prevailing tanker rates; |
|--------|--------|---------------------------------------------------------------------------------------------------|

|   | · | Sale price of by-products including 18 Indian rupees, or INR, per kilogram for Jatropha seedcake and historic refining by-product sales; and |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | An achieved oil extraction rate of 33%, |
|--------|--------|-----------------------------------------|

----

| Annual Seed YieldPer Acre at Maturity(in tonnes) |   | Annual Seed CakeYieldPer Acre atMaturity(in tonnes) |   |   | Annual Jatropha SeedCakeProduced from ExistingProductive Acres(in tonnes) |   |    | Jatropha Seed CakeProducedover 30 Year Crop Life fromExisting Productive Acres(in tonnes) |   |
|--------------------------------------------------|--------|-----------------------------------------------------|--------|--------|---------------------------------------------------------------------------|--------|---------|-------------------------------------------------------------------------------------------|--------|
| 1.45                                             |   |                                                | 0.97   |   |                                                                      |   | 189,377 |                                                                                      |   |   | 4,738,202 |   |
| 1.64                                             |   |                                                | 1.10   |   |                                                                      |   | 213,049 |                                                                                      |   |   | 5,330,478 |   |
| 1.87                                             |   |                                                | 1.25   |   |                                                                      |   | 244,611 |                                                                                      |   |   | 6,120,178 |   |
| 2.06                                             |   |                                                | 1.38   |   |                                                                      |   | 268,284 |                                                                                      |   |   | 6,712,453 |   |
| 2.24                                             |   |                                                | 1.50   |   |                                                                      |   | 291,956 |                                                                                      |   |   | 7,304,729 |   |

----

|                                           |   | RevenueRealized(in INR perKg) |   |   | Contribution fromBy-products(in US$ per barrel) |   |   | Annual Contributionfrom Seed Cake ofExisting ProductiveAcreage at Maturityand Median YieldScenario(in US$) |   |
|------------------------------------------------|--------|-----------------------------------------|--------|--------|---------------------------------------------------------------------|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| Current Realization                            |   |                                    | 18     |   |                                                                |   | 48.65  |                                                                                                                                                    |   |   | 87,445,350 |   |
| Realization based on bio-fertilizer market low |   |                                    | 62     |   |                                                                |   | 167.57 |                                                                                                                                                    |   |   | 301,200,650 |   |
| Realization base on market average             |   |                                    | 122    |   |                                                                |   | 329.73 |                                                                                                                                                    |   |   | 592,685,150 |   |

----

----

----

|                 |   | For the fiscal year ended June 30, |   |
|----------------------|--------|------------------------------------------------------------------|--------|
|                 |   | 2009                                                             |   |   | 2010 |   |   | 2011 |   |
| Production           |   |                                                             | 37,626 |   |   |   | 14,150.6 |   |   |   | 12,149 |   |
| Capacity Utilization |   |                                                             | 38     | % |   |   | 14 | % |   |   | 3.5 | % |

----

----

| Indian Operations:               |   |                       |    |   |                  |   |    |                  |   |
|----------------------------------|--------|----------------------------|---------|--------|-----------------------|--------|---------|-----------------------|--------|
| Description                      |   | Fiscal Year June 2009      |    |   | Fiscal Year June 2010 |   |    | Fiscal Year June 2011 |   |
|                             |   | Indian rupees, in millions |    |
| Agricultural Income              |   |                       | 296,868 |   |                  |   | 27,538  |                  |   |   | 36,250 |   |
| Wind Mill electricity generation |   |                       | 18,114  |   |                  |   | 21,473  |                  |   |   | 23,345 |   |
| Crude Jatropha Oil               |   |                       | — |   |                  |   | 5,006   |                  |   |   | 1,305 |   |
| Others                           |   |                       | — |   |                  |   | — |                  |   |   | 3,801 |   |
| Total                            |   |                       | 314,982 |   |                  |   | 54,017  |                  |   |   | 64,701 |   |

| Malaysian Operations: |   |                                 |        |   |                                 |   |       |                           |   |
|----------------------------|--------|--------------------------------------|-------------|--------|--------------------------------------|--------|------------|--------------------------------|--------|
| Description                |   | Fiscal Year June 2009 |        |   | Fiscal Year June 2010 |   |       | Fiscal YearJune 2011 |   |
|                       |   | Malaysian ringgits                   |        |
| Biofuels                   |   |                                 | 108,738,699 |   |                                 |   | 39,288,051 |                           |   |   | 40,717,910 |   |
| Pure Glycerin              |   |                                 | 2,603,501   |   |                                 |   | 196,556    |                           |   |   | - |   |
| Crude Glycerin             |   |                                 | 2,113,408   |   |                                 |   | 815,584    |                           |   |   | 369,158 |   |
| PFAD                       |   |                                 | 2,633,486   |   |                                 |   | 1,035,293  |                           |   |   | 693,904 |   |
| Crude Jatropha Oil         |   |                                 | -           |   |                                 |   | -          |                           |   |   | 146,082 |   |
| Total                      |   |                                 | 116,089,093 |   |                                 |   | 41,335,484 |                           |   |   | 41,927,054 |   |

----

|   | · | Scale.   Considerable refining capacity to attract long term significant offtake agreements. |
|--------|--------|--------------------------------------------------------------------------------------------------------|

|   | · | Pricing.   A producer’s ability to set pricing of products and the ability to use economies of scale to secure competitive cost advantages to be able to price biofuels below prevailing oil prices. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Technology.   A producer’s ability to produce biodiesel and by-products efficiently and to utilize low cost raw materials. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Sustainability.   Bearing in mind social responsibility towards the environment, a producer’s ability to produce biodiesel from a feedstock that is not a crop (such as corn) but rather a weed (such as Jatropha). |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Access to Second Generation Feedstock.   A producer’s access to commercial scale quantities of second generation biodiesel to attract long term offtake agreements. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Access to Working Capital & Commodities Risk Management.   A producer’s ability to take advantage of positive spreads depends on having access to working capital. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Connectivity to Existing Infrastructure.   The distribution of product relies on the ability to fit within the existing infrastructure. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Waste water.   In-house waste treatment plants within our facilities meet the Malaysian standard for discharge. To conserve water resources, we also recycle waste water generated during our production process, which decreases our consumption of water and reduces the discharge of waste water into the environment. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Exhaust fumes.   We generate exhaust fumes during our production process. Exhaust fumes are treated to comply with Malaysian air quality standards. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Noise.   We generate noise through the operation of our heating, ventilation and pumping systems. The equipment in the plant is ergonomically designed and sound proofed to operate well below the regulatory standards for noise of 80 decibels. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | C. | Organizational Structure. |
|--------|----|---------------------------|

----

|   | D. | Property, Plant and Equipment. |
|--------|----|--------------------------------|

| Biodiesel Facility |   | Site area(Acres) |   |   | Total Capacity (1) (milliongallonsper year) |   |   | Capacity Utilization (2)(percentage) |   | Commissioning Date |
|-------------------------|--------|-----------------------|--------|--------|-----------------------------------------------------------------|--------|--------|------------------------------------------------|--------|-------------------------|
| Plant I and II          |   |                  | 13.0   |   |                                                            |   | 30     |                                           |   |                    | 3.5 | % | February 2008 and June 10 |

|   | (1) | Nominal operating capacity. |
|--------|-----|-----------------------------|

|   | (2) | For Plant I, percentage is based on nameplate capacity and the cumulative production during the period from the plant opening in January 2008 to June 2011. The total tonnage produced during this period was 70,638 tonnes and the nameplate capacity is 258,333 tonnes for the entire period. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | A. | Operating Results. |
|--------|----|--------------------|

----

----

----

| Year 1                   |
|-------------------------------|
|                          |   | Jan |   | Feb |   | Mar |   | Apr |   | May |   | June |   | July |   | Aug |   | Sept |   | Oct |   | Nov |   | Dec |
|                          |   | Procure seeds |   | Grow saplings in Mission’snurseries |   | Delivery/sale of saplingsto contract farmers |   | Provide agronomysupport to contractfarmers and initiatebank loan process |
| Business operational activity |   | Seeds are purchased from the general market (note that these seeds have traditionally been collected by local farmers from Jatropha plants growing in the wild). Mission field staff sign a 30 year Contract Farming Agreement with prospective contract farmers. |   | Seeds are sown in nurseries. These seeds germinate and grow rapidly into saplings over a period of around three months. During this time in the nursery, local labor is employed to tend to the growing saplings and water and fertilizer is applied. |   | Around mid-July the rain starts in India (locally called the monsoons). Saplings are then uprooted and transported to our contract farmers to be re-planted in the required wet conditions. Thus Mission is selling its biological assets to the contract farmers, which we term “on-sold”. A Delivery Cum Demand Note (“DCDN”) is signed by the contract farmer accepting the delivery of the saplings. It is the farmer’s responsibility to plant and tend to the saplings in his own fields. |   | Mission staff provide agronomy advice to contract farmers on matters such as;   ·  Pruning   ·  Weeding   ·  Fertilizer      application Mission staff starts communications with farmers and banks to initiate the bank loan process. |

----

| Year 1                                  |
|----------------------------------------------|
|                                         |   | Jan |   | Feb |   | Mar |   | Apr |   | May |   | June |   | July |   | Aug |   | Sept |   | Oct |   | Nov |   | Dec |
|                                         |   | Procure seeds |   | Grow saplings in Mission’snurseries |   | Delivery/sale of saplingsto contract farmers |   | Provide agronomysupport to contractfarmers and initiatebank loan process |
| Biological asset and other income assessment |   | Not applicable as the definition of a biological asset is not met. |   | The saplings take around three months to grow to a stage where they are robust enough to be uprooted and transported to contract farmers. When the sapling is deemed robust enough to survive uprooting and transportation to contract farmers, the recognition and measurement criteria of a biological asset are deemed to be met, and hence Mission recognizes a biological asset, with the associated contra journal entry crediting other income. |   | Due to the fact that Mission has uprooted and transferred ownership and responsibility of the saplings to the contract farmers, the biological assets are derecognized upon delivery to the contract farmer. |   | Not applicable as Mission does not have the biological asset under its control. |
|                                         |   |   |   |   |   |   |   |   |
|                                    |   |    |   | Due to the relatively short growth period of the biological asset until uprooting and distribution to farmers (around three months) and the fact that the material growth in value occurs within one reporting period, Mission recognizes the value of the biological asset once, i.e. the fair value does not increase systematically over a number of reporting periods, and hence multiple tranches of fair value revenue are booked to account. |   |    |   |    |

| Year 1                    |
|--------------------------------|
|                           |   | Jan |   | Feb |   | Mar |   | Apr |   | May |   | June |   | July |   | Aug |   | Sept |   | Oct |   | Nov |   | Dec |
|                           |   | Procure seeds |   | Grow saplings in Mission’snurseries |   | Delivery/sale of saplingsto contract farmers |   | Provide agronomysupport to contractfarmers and initiatebank loan process |
| Revenue recognition assessment |   | Not applicable as no biological asset or sales made. |   | The contra entry related to the recognition of the biological asset is recognized in other income when the biological asset is recognized. |   | Mission does not recognize revenue when the saplings are delivered to the farmer. This is because other income from the change in fair value of the biological asset has already been recognized and the further recognition of revenue when the sapling is delivered to the contract farmer would result in revenue being recognized twice in regard to the same sapling, which would not be showing the true and fair position of the financial transactions associated with the growing and ultimate sale of the saplings. Hence we derecognize the biological asset and recognize a receivable on delivery of the sapling to the contract farmer. |   | Not applicable. |
|                           |   |   |   |   |   |   |   |   |
| Receivables                    |   | Not applicable during this period as no deliveries of saplings has occurred to the contract farmers. |   | Not applicable during this period as no deliveries of saplings has occurred to the contract farmers. |   | A receivable is recognized at the point in time when the saplings are delivered to the contract farmer. The DCDN signed by the farmer confirms acceptance by the farmer for the saplings delivered, the price per sapling, and that the amount is due and payable to the company on companies demand. |   | Receivable remains in existence until paid in cash or offset through the future buy back of seeds from the farmer. Please refer to the discussion below on the business activities from year 2 – 30 for information on the recoverability of the receivable. |

----

| Year 1   |
|---------------|
|          |   | Jan |   | Feb |   | Mar |   | Apr |   | May |   | June |   | July |   | Aug |   | Sept |   | Oct |   | Nov |   | Dec |
|          |   | Procure seeds |   | Grow saplings in Mission’s nurseries |   | Delivery/sale of saplingsto contract farmers |   | Provide agronomysupport to contractfarmers and initiatebank loan process |
| Cost of sales |   | Not applicable because seeds purchased are recognized in inventory and held on balance sheet until distributed to the nurseries for growing saplings or to the crushing unit for oil extraction. |   | Costs incurred in growing the saplings include;   •  cost of seeds issued to the     nursery; and   •  water, labor and fertilizer. All such costs are expensed to the profit and loss and shown as cost of sales. There are no elements of cost of sale expenses held on balance sheet to be expensed at a later point in time. |   | Costs incurred in transporting the saplings to the contract farmers are expensed to the profit and loss as cost of sales. |   | Not applicable. |

| Event                                                                                                               |   | Years 2 – 5                                                                                                                                                                                                                                                                                                               |   | Years 6 – 30                                                                                                                                                                                                                                                                                                              |
|---------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Business operational activities                                                                                     |   | Continued monitoring, agronomy support and assisting farmers to get bank loans.                                                                                                                                                                                                                                                           |   | Continued monitoring, agronomy support, assisting farmers to get bank loans and purchase seeds. Seeds will be crushed to produce Jatropha crude oil and Jatropha seedcake.                                                                                                                                                                |
|                                                                                                                |   |                                                                                                                                                                                                                                                                                                                                      |   |                                                                                                                                                                                                                                                                                                                                      |
| Condition of sapling/tree                                                                                           |   | Sapling grows steadily into a fruit/seed producing tree. Minimal seeds produced during these initial years.                                                                                                                                                                                                                          |   | Mature tree delivers fruit/seeds.                                                                                                                                                                                                                                                                                                         |
|                                                                                                                |   |                                                                                                                                                                                                                                                                                                                                      |   |                                                                                                                                                                                                                                                                                                                                      |
| Mission purchases seeds from the farmer.                                                                            |   | Mission buys whatever seeds are delivered to our warehouses, but volume expected to be low.                                                                                                                                                                                                                                               |   | Mission buys seeds from farmers.                                                                                                                                                                                                                                                                                                          |
|                                                                                                                |   |                                                                                                                                                                                                                                                                                                                                      |   |                                                                                                                                                                                                                                                                                                                                      |
| Mission can offset the purchase value payable to the contract farmers against any outstanding receivables (if any). |   | If the receivable is still outstanding, Mission has the right to offset any amounts payable for the purchase of seeds against any outstanding receivable. If a portion of the saplings/trees owned and managed were to die, Mission can still recover the full value of the receivable through the offset against purchase of seeds. |   | If the receivable is still outstanding, Mission has the right to offset any amounts payable for the purchase of seeds against any outstanding receivable. If a portion of the saplings/trees owned and managed were to die, Mission can still recover the full value of the receivable through the offset against purchase of seeds. |

----

| Event                                                                                                               |   | Years 2 – 5                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   | Years 6 – 30                                                                                                                                                                                                      |
|---------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Mission assists the contract farmer in applying for the bank loans and will act as a collection agent for the bank. |   | If no bank loan has been applied for or granted the Mission team assist the contract farmer in arranging bank finance. A portion of the proceeds of the bank loan to the contract farmer is utilized to pay Mission for the outstanding receivable. Under this bank loan process, the lending bank is paid directly by us with the proceeds from our purchase of the farmer’s seeds and the remaining proceeds are paid to the farmer. Mission has no obligation to pay the banks that made loans to its contract farmers if those contract farmers default on their loans. When Mission buys seeds from the farmer, the value of the seeds procured will be recognized as inventory, along with a corresponding payable to the bank (to the value owing by the farmer to the bank) with any remaining value recognized as a payable to the farmer. Mission will then pay the bank and the farmer the value of the payable outstanding. For example, Mission buys $300 worth of seeds from the farmer, which is recognized as inventory. Assuming the farmer owes the bank $100, a payable of $100 will be recognized to the bank, with the remaining $200 recognized as a payable to the farmer. |   | Bank loan activities may continue for a number of years.                                                                                                                                                                          |
|                                                                                                                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |                                                                                                                                                                                                                              |
| Impairment of receivables                                                                                           |   | Mission assesses the recoverability of the receivable based on an estimate of mortality of the saplings, as mortalities will affect seed yield, and hence reduce Mission’s ability to recover the receivable.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | The Board assesses the recoverability of the receivable based on an estimate of mortality of the saplings, as mortalities will affect seed yield, and hence reduce Mission’s, ability to recover the receivable.            |
|                                                                                                                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |                                                                                                                                                                                                                              |
| Revenue recognition                                                                                                 |   | Nil.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   | The Jatropha crude oil can be sold directly to the market and revenue is recognized when the oil is sold. The seedcake produced can also be sold directly to the market and revenue is recognized when the seedcake is sold. |

|   | · | increasing quantities of Jatropha oil and seed cake from our plantation operations; |
|--------|--------|-------------------------------------------------------------------------------------|

|   | · | meeting certain EPA requirements for palm-based and Jatropha-based biodiesel under the RFS2 in the United States, resulting in an ability to commence sales under the Valero agreement; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | execution of new offtake agreements; |
|--------|--------|--------------------------------------|

|   | · | improvement in the underlying economics for the immediate cash payment and delivery market for biodiesel production (i.e. a positive spread between feedstock oil and mineral oil); |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | our ability to generate revenue from immediate cash payment and delivery market contracts that utilize our existing refinery capacity prior to maturation of our Jatropha cultivations; and |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | increasing global mandates and subsidies for biodiesel. |
|--------|--------|---------------------------------------------------------|

----

|   | · | forecast future production and sales levels; |
|--------|--------|----------------------------------------------|

|   | · | sales forecasts are based on current contracted volumes in accordance with the Valero off-take agreement and an assumption that these volumes will be rolled forward, plus an estimate of sales volumes resulting directly from biodiesel mandates in Malaysia; and |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | forecast future commodity prices. |
|--------|--------|-----------------------------------|

----

|   | · | palm oil and Jatropha are approved as a feedstock source for biodiesel to be produced for the United States; |
|--------|--------|--------------------------------------------------------------------------------------------------------------|

|   | · | we are able to produce palm-based biodiesel complying with the Renewable Energy Directive at a price that would be profitable to us; or |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------|

|   | · | further sales contracts are secured in markets outside of the United States and Europe. |
|--------|--------|-----------------------------------------------------------------------------------------|

----

|   | · | actual recovery of receivables to date; and |
|--------|--------|---------------------------------------------|

|   | · | anticipated timing of future receipts, based on anticipated loan disbursal rates from the banks to the farmers that enable the farmer to repay the receivable to Mission NewEnergy; estimates of expected yields of oil seeds from the Jatropha Curcas saplings; and estimated mortality of Jatropha Curcas saplings. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                |   | As of and for the year ended |   |
|-----------------------------------------------------|--------|------------------------------------------------------------|--------|
|                                                |   | June 30, 2011A$ in millions            |   |   | June 30, 2010A$ in millions |   |   | June 30, 2009A$ in millions |   |
| Gross carrying value of the sapling sale receivable |   |                                                       | 20.9   |   |   |   | 23.4 |   |   |   | 24.9 |   |
| Provision for impairment                            |   |                                                       | (17.6  | ) |   |   | (18.6 | ) |   |   | (8.9 | ) |
| Discount on non-current portion of receivable       |   |                                                       | (2.6   | ) |   |   | (2.8 | ) |   |   | (3.2 | ) |
| Net carrying value of receivables                   |   |                                                       | 0.7    |   |   |   | 2.0 |   |   |   | 12.8 |   |
| Current                                             |   |                                                       | 0.7    |   |   |   | 2.0 |   |   |   | 1.3 |   |
| Non-current                                         |   |                                                       | -      |   |   |   | — |   |   |   | 11.5 |   |
| Total Carrying value                                |   |                                                       | 0.7    |   |   |   | 2.0 |   |   |   | 12.8 |   |

|           |   | As of and for the year ended |   |
|----------------|--------|------------------------------------------------------------|--------|
|           |   | June 30, 2011A$ in millions            |   |   | June 30, 2010A$ in millions |   |   | June 30, 2009A$ in millions |   |
| Cash collected |   |                                                       | 0.7    |   |   |   | 1.9 |   |   |   | 0.6 |   |

|     |   | Fiscal 2010                                         |   | Fiscal 2011                                         |
|----------|--------|-----------------------------------------------------|--------|-----------------------------------------------------|
| Plant I  |   | – Plant fully commissioned twelve months |   | – Plant fully commissioned twelve months |
|     |   | – Plant operated three months            |   | – Plant operated three months            |
|     |   | – Yearly capacity utilization of 13%     |   | – Yearly capacity utilization of 12%     |
| Plant II |   | – Not commissioned                       |   | – In the process of being handed over    |
|     |   | – No capacity utilization                |   | – No capacity utilization                |

----

----

|   | • | Employee benefits expenses.   Employee benefit expenses increased A$2.2 million (42%) from A$5.3 million in fiscal 2010 to A$7.5 million in fiscal 2011 principally due to an increase in non-cash expenses related to equity based payments to employees. |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Impairment of trade receivables.   Impairment of trade receivables decreased A$7.2 million (79%) from A$9.2 million in fiscal 2010 to A$1.9 million in fiscal 2011. The reduction reflects the lower value of sales of Jatropha saplings in fiscal 2011 financial year. The impairment is driven by amendments to the USA renewable fuel standard, which requires Jatropha-based biodiesel to be approved, and thus the Board was unable to provide sufficient audit evidence at June 30, 2010 and June 30, 2011 to substantiate the recoverability of these receivables. Thus the Board has taken the decision to fully provide for the non-current receivables at June 30, 2010 and June 30, 2011. |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Depreciation and amortization.   Depreciation and amortization decreased approximately A$1.6 million (73.0%) from A$2.2 million in fiscal 2010 year to A$0.6 million in fiscal 2011, primarily due to the impairment of the Group's refinery assets in 2010. |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Finance costs.   Finance costs of A$5.3 million for the 2011 fiscal year are in line with the 2010 fiscal year. |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------|

----

|     |   | Fiscal 2009                                         |   | Fiscal 2010                                         |
|----------|--------|-----------------------------------------------------|--------|-----------------------------------------------------|
| Plant I  |   | – Plant fully commissioned twelve months |   | – Plant fully commissioned twelve months |
|     |   | – Plant operated seven months            |   | – Plant operated three months            |
|     |   | – Yearly capacity utilization of 32%     |   | – Yearly capacity utilization of 13%     |
|     |   |                                                |   |                                                |
| Plant II |   | – Not commissioned                       |   | – Not commissioned                       |
|     |   | – No capacity utilization                |   | – No capacity utilization                |

----

|   | • | Employee benefits expenses.   Employee benefit expenses increased A$200,000 (4%) from A$5.1 million in fiscal 2009 to A$5.3 million in fiscal 2010 principally due to an increase in non-cash expenses related to equity based payments to employees. |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Impairment of trade receivables.   Impairment of trade receivables increased A$0.9 million (10%) from A$8.3 million in fiscal 2009 to A$9.2 million in fiscal 2010 due to revised assessments of receivables recoverability undertaken by Mission NewEnergy in December 2009 and June 2010. Given amendments to the USA renewable fuel standard, which requires Jatropha-based biodiesel to be approved, the Board was unable to provide sufficient audit evidence at 30 June 2010 to substantiate the recoverability of these receivables and thus the Board has taken the decision to fully provide for these receivables at 30 June 2010. |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Depreciation and amortization.   Depreciation and amortization decreased approximately A$350,000 (16.5%) from A$2.5 million in fiscal 2009 year to A$2.1 million in fiscal 2010 due to changes in foreign currency exchange rates in relation to the Indian Rupee and Malaysian Ringgit compared to the Australian Dollar, our reporting currency. |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Finance costs.   Finance costs decreased A$3.2 million (38%) from A$8.4 million in fiscal 2009 to A$5.2 million in fiscal 2010 principally due to the discounting of non-current receivables in fiscal 2009 that did not occur in fiscal 2010, as well as a reduction in interest payments on working capital facilities to zero in fiscal 2010. |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | B. | Liquidity and Capital Resources. |
|--------|----|----------------------------------|

----

|                                                             |   | Year ended June 30 |    |
|------------------------------------------------------------------|--------|-----------------------------------|---------|
|                                                             |   | 2011                              |    |   | 2010 |   |   | 2009 |   |
|                                                             |   | (audited)                         |    |
|                                                             |   |                              |    |   |   |   |   |   |   |
| Net cash provided by (used in) operating activities              |   |                              | (15,089 | ) |   |   | (6,902 | ) |   |   | (10,891 | ) |
| Net cash provided by (used in) investing activities              |   |                              | (4,094  | ) |   |   | (6,405 | ) |   |   | (14,396 | ) |
| Net cash provided by (used in) financing activities              |   |                              | 19,640  |   |   |   | 14,937 |   |   |   | 12,385 |   |
| Effect of exchange rate changes on cash held in foreign currency |   |                              | (1,851  | ) |   |   | (722 | ) |   |   | 4,416 |   |
| Net movement in cash and cash equivalents                        |   |                              | (1,394  | ) |   |   | 908 |   |   |   | (8,486 | ) |
| Cash and cash equivalents at the beginning of the year           |   |                              | 17,155  |   |   |   | 16,247 |   |   |   | 24,733 |   |
| Cash and cash equivalents at the end of the year                 |   |                              | 15,761  |   |   |   | 17,155 |   |   |   | 16,247 |   |

----

----

|   | C. | Research and Development, Patents and Licenses, etc. |
|--------|----|------------------------------------------------------|

|   | • | The Energy Resource Institute in India concerning the genetic improvement of Jatropha; |
|--------|---------|----------------------------------------------------------------------------------------|

|   | • | Center for Excellence, Tamilnadu Agriculture University in India concerning the development of planting material and efficient agronomic practices; and |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Forest College & Research Institute in India concerning the development of Jatropha hybrids. |
|--------|---------|--------------------------------------------------------------------------------------------------|

----

|   | D. | Trend Information. |
|--------|----|--------------------|

|   | E. | Off-Balance Sheet Arrangements. |
|--------|----|---------------------------------|

|   | F. | Tabular Disclosure of Contractual Obligations. |
|--------|----|------------------------------------------------|

|                          |   | Payments due by period |
|-------------------------------|--------|---------------------------------------|
|                     |   | TotalA$’000                     |   | less than1 year |   | 1 – 3years |   | 3 – 5years |   | more than5 years |
| Operating lease obligations   |   |                                  | 3,412 |   |   |   | 218 |   |   |   | 484 |   |   |   | 483 |   |   |   | 2,227 |   |
| Secured loans                 |   |                                  | 2,558 |   |   |   | 494 |   |   |   | 989 |   |   |   | 868 |   |   |   | 207 |   |
| Convertible notes             |   |                                  | 60,812 |   |   |   | 15,000 |   |   |   | 45,812 |   |   |   | — |   |   |   | — |   |
| Interest on convertible notes |   |                                  | 6,097 |   |   |   | 2,432 |   |   |   | 3,665 |   |   |   | — |   |   |   | — |   |
| Capital commitments           |   |                                  | 5,290 |   |   |   | 5,290 |   |   |   | — |   |   |   | — |   |   |   | — |   |
| Total                         |   |                                  | 78,169 |   |   |   | 23,434 |   |   |   | 50,950 |   |   |   | 1,351 |   |   |   | 2,434 |   |

|   | A. | Directors and Senior Management. |
|--------|----|----------------------------------|

| Name                                                                     |   | Age  |   | Position                                                                                                 |
|--------------------------------------------------------------------------|--------|------|--------|----------------------------------------------------------------------------------------------------------|
| Dario Amara                                                              |   | 56   |   | Chairman                                                                                                 |
| Nathan Mahalingam                                                        |   | 54   |   | Chief Executive Officer and Director                                                                     |
| Guy Burnett                                                              |   | 43   |   | Chief Financial Officer, Director and Company Secretary                                                  |
| Datuk Zain Yusuf                                                         |   | 72   |   | Director                                                                                                 |
| Admiral (Ret) Tan Sri Dato’ Seri Mohd Anwar bin Haji Mohd Nor |   | 61   |   | Director                                                                                                 |
| Arun Bhatnagar                                                           |   | 67   |   | Director                                                                                                 |
| Peter Torre                                                              |   | 39   |   | Director                                                                                                 |
| James Garton                                                             |   | 35   |   | Head of Corporate Finance/Mergers and Acquisitions                                                       |
| Samsudeen GannyKalaiselvan Somasundaram                                  |   | 5260 |   | Vice President of Refining (joined on July 1, 2011)Vice President of Refining (resigned on July 1, 2011) |
| Nadason Sinnasami                                                        |   | 65   |   | Chief Operating Officer Feedstock Operations                                                             |

----

----

----

|   | B. | Compensation. |
|--------|----|---------------|

|                                                          |   | Short Term |   | Share Based |   | Post employment |          |                              |   | Proportion ofremunerationperformancerelated |          | Value ofoptionsandperformanceshares as aproportion ofremuneration |
|--------------------------------------------------------------------|--------|-----------------|--------|------------------|--------|----------------------|---------------|-----------------------------------|--------|--------------------------------------------------|---------------|---------------------------------------------------------------------------------------|
|                                                          |   | Salary          |   | Other            |   | Non-cashBenefits     |          | Options andperformanceshares |   | SuperannuationContribution (1)              |          | Total                                                                                 |   |   |   |   |
|                                                          |   | A$’000    |   | A$’000     |   | A$’000         |          | A$’000                      |   | A$’000                                     |          | A$’000                                                                          |   | % |   | % |
| Dario Amara                                                        |   |            | 100    |             |   |                 | —       |                              |   |                                             | —       |                                                                                  |   |   | — |   |   |   | 9 |   |   |   | 109 |   |   |   | — |   |   |   | — |   |
| Nathan Mahalingam                                                  |   |            | 340    |             |   |                 | —       |                              |   |                                             | —       |                                                                                  |   |   | 1,324 |   |   |   | 4 |   |   |   | 1,668 |   |   |   | 79% |   |   |   | — |   |
| Guy Burnett                                                        |   |            | 257    |             |   |                 | —       |                              |   |                                             | —       |                                                                                  |   |   | 1,347 |   |   |   | 23 |   |   |   | 1,627 |   |   |   | 83% |   |   |   | 83% |   |
| Datuk Zain Yusuf                                                   |   |            | 75     |             |   |                 | —       |                              |   |                                             | —       |                                                                                  |   |   | — |   |   |   | 1 |   |   |   | 76 |   |   |   | — |   |   |   | — |   |
| Admiral (Ret) Tan Sri Dato’ Sri Mohd Anwar bin Haji Mohd Nor |   |            | 50     |             |   |                 | —       |                              |   |                                             | —       |                                                                                  |   |   | — |   |   |   | 1 |   |   |   | 51 |   |   |   | — |   |   |   | — |   |
| Arun Bhatnagar                                                     |   |            | 50     |             |   |                 | —       |                              |   |                                             | 15            |                                                                                  |   |   | — |   |   |   | — |   |   |   | 65 |   |   |   | — |   |   |   | — |   |
| James Garton                                                       |   |            | 311    |             |   |                 | —       |                              |   |                                             | —       |                                                                                  |   |   | 572 |   |   |   | 23 |   |   |   | 906 |   |   |   | 63% |   |   |   | 63% |   |
| Kalaiselvan Somasundaram                                           |   |            | 76     |             |   |                 |  — |                              |   |                                             |  — |                                                                                  |   |   | 2 |   |   |   |  9 |   |   |   | 87 |   |   |   | — |   |   |   | — |   |
| Mr. Peter Torre                                                    |   |            | 38     |             |   |                 |          |                              |   |                                             |          |                                                                                  |   |   |   |   |   |   | 3 |   |   |   | 41 |   |   |   |   |   |   |   |   |   |
| Mr. Sinnasami Nadason (Group Plantation Advisor)                   |   |            | 62     |             |   |                 | —       |                              |   |                                             | —       |                                                                                  |   |   | — |   |   |   | — |   |   |   | 62 |   |   |   |   |   |   |   |   |   |
|                                                          |   |            | 1,359  |             |   |                 | —       |                              |   |                                             | 15            |                                                                                  |   |   | 3,245 |   |   |   | 73 |   |   |   | 4,692 |   |   |   |   |   |   |   |   |   |

----

|                                                          |   | Short Term |   | Share Based |   | Post employment |          |                              |   | Proportion ofremunerationperformancerelated |          | Value ofoptionsandperformanceshares as aproportion ofremuneration |
|--------------------------------------------------------------------|--------|-----------------|--------|------------------|--------|----------------------|---------------|-----------------------------------|--------|--------------------------------------------------|---------------|---------------------------------------------------------------------------------------|
|                                                          |   | Salary          |   | Other            |   | Non-cashBenefits     |          | Options andperformanceshares |   | SuperannuationContribution (1)              |          | Total                                                                                 |   |   |   |   |
|                                                          |   | A$’000    |   | A$’000     |   | A$’000         |          | A$’000                      |   | A$’000                                     |          | A$’000                                                                          |   | % |   | % |
| Dario Amara                                                        |   |            | 100    |             |   |                 | —       |                              |   |                                             | —       |                                                                                  |   |   | — |   |   |   | 9 |   |   |   | 109 |   |   |   | — |   |   |   | — |   |
| Nathan Mahalingam                                                  |   |            | 344    |             |   |                 | —       |                              |   |                                             | —       |                                                                                  |   |   | — |   |   |   | 4 |   |   |   | 348 |   |   |   | — |   |   |   | — |   |
| Guy Burnett                                                        |   |            | 240    |             |   |                 | —       |                              |   |                                             | —       |                                                                                  |   |   | 403 |   |   |   | 22 |   |   |   | 665 |   |   |   | 61 | %   |   |   | 61 | %   |
| Datuk Zain Yusuf                                                   |   |            | 75     |             |   |                 | —       |                              |   |                                             | —       |                                                                                  |   |   | — |   |   |   | 1 |   |   |   | 76 |   |   |   | — |   |   |   | — |   |
| Admiral (Ret) Tan Sri Dato’ Sri Mohd Anwar bin Haji Mohd Nor |   |            | 50     |             |   |                 | —       |                              |   |                                             | —       |                                                                                  |   |   | — |   |   |   | 1 |   |   |   | 51 |   |   |   | — |   |   |   | — |   |
| Arun Bhatnagar                                                     |   |            | 50     |             |   |                 | —       |                              |   |                                             | 10            |                                                                                  |   |   | — |   |   |   | — |   |   |   | 60 |   |   |   | — |   |   |   | — |   |
| James Garton                                                       |   |            | 240    |             |   |                 | —       |                              |   |                                             | —       |                                                                                  |   |   | 803 |   |   |   | 22 |   |   |   | 1,065 |   |   |   | 75 | %   |   |   | 75 | %   |
| Kalaiselvan Somasundaram                                           |   |            | 87     |             |   |                 |  — |                              |   |                                             |  — |                                                                                  |   |   | 14 |   |   |   |  — |   |   |   | 101 |   |   |   | 14 | %   |   |   | 14 | %   |
|                                                          |   |            | 1,186  |             |   |                 | —       |                              |   |                                             | 10            |                                                                                  |   |   | 1,220 |   |   |   | 59 |   |   |   | 2,475 |   |   |   |   |   |   |   |   |   |

| (1) | Superannuation is a mandatory retirement plan for employees in Australia. |
|-----|---------------------------------------------------------------------------|

----

| TrancheNumber |   | Date of Issue |   | Number ofPerformance Rights (1) |       | Vesting Date |
|---------------|--------|-------------------------|--------|------------------------------------------------|------------|-------------------|
| 1             |   | June 2009               |   |                                           | 559,999    |              |   | December 31, 2009 |
| 1             |   | June 2009               |   |                                           | 559,999    |              |   | June 30, 2010 |
| 1             |   | June 2009               |   |                                           | 560,002    |              |   | December 31, 2010 |
| 2             |   | March 2010              |   |                                           | 5,000,00   |              |   | July 1, 2010 |
| 2             |   | March 2010              |   |                                           | 5,000,00   |              |   | January 1, 2011 |
| 2             |   | March 2010              |   |                                           | 5,000,00   |              |   | July 1, 2011 |
| 3             |   | October 2010            |   |                                           | 206,668    |              |   | December 31, 2010 |
| 3             |   | October 2010            |   |                                           | 206,668    |              |   | June 30, 2011 |
| 3             |   | October 2010            |   |                                           | 206,668    |              |   | December 31, 2011 |
| Total         |   |               |   |                                           | 17,300,004 |              |   |    |

|   | (1) | Prior to giving effect to the 50-1 share consolidation that was effected on April 4, 2011. |
|--------|-----|--------------------------------------------------------------------------------------------|

| TrancheNumber |   | Number ofPerformanceRights (1) |      | Vesting Date |   | Group Performance Criteria |
|---------------|--------|--------------------------------|-----------|--------------|--------|----------------------------|
| 1             |   |                           | 840,000   |         |   |                       | June 30, 2010 |   |   | Positive group operating cash flow |
| 1             |   |                           | 840,000   |         |   |                       | June 30, 2011 |   |   | Earnings per share of A$0.06 |
| 1             |   |                           | 840,000   |         |   |                       | June 30, 2012 |   |   | Earnings per share of A$0.15 |
| 3             |   |                           | 310,000   |         |   |                       | June 30, 2011 |   |   | Earnings per share of A$0.06 |
| 3             |   |                           | 310,000   |         |   |                       | June 30, 2012 |   |   | Earnings per share of A$0.15 |
| 3             |   |                           | 310,000   |         |   |                       | June 30, 2013 |   |   | Earnings per share of A$0.15 |
| Total         |   |                           | 3,450,000 |         |   |                       |    |   |   |    |

|   | (1) | Prior to giving effect to the 50-1 share consolidation that was effected on April 4, 2011. |
|--------|-----|--------------------------------------------------------------------------------------------|

----

----

|   | C. | Board Practices. |
|--------|----|------------------|

|   | · | chart the direction, strategies and financial objectives for Mission and monitor the implementation of those policies, strategies and financial objectives; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | keep updated about the Group’s business and financial status; |
|--------|--------|---------------------------------------------------------------------|

|   | · | provide oversight and monitor compliance with regulatory requirements, ethical standards, risk management, internal compliance and control, code of conduct, legal compliance and external commitments; |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | appoint, evaluate the performance of, determine the remuneration of, plan for the succession of and, where appropriate, remove the Managing Director/Group Chief Executive Officer, the Company Secretary and the Finance Director/Chief Financial Officer; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | exercise due care and diligence and sound business judgment in the performance of those functions and responsibilities; and |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------|

|   | · | ensure that the Board continues to have the mix of skills and experience necessary to conduct Mission's activities, and that appropriate directors are selected and appointed as required. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | · | the accuracy of the accounts and that they represent a true and fair view, in all material respects, of Missions financial condition and operational results, and have been prepared in accordance with applicable accounting standards; and |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | that the representations are based on a system of risk management and internal compliance and control relating to financial reporting which implements the policies adopted by the Board, and that those systems are operating efficiently and effectively in all material respects. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | the Audit and Risk Management Committee; and |
|--------|--------|----------------------------------------------|

|   | · | the Remuneration and Nomination Committee. |
|--------|--------|--------------------------------------------|

----

|   | · | Mission's financial reporting, internal control structure and risk management systems’; |
|--------|--------|-----------------------------------------------------------------------------------------------|

|   | · | the internal and external audit functions; and |
|--------|--------|------------------------------------------------|

|   | · | Mission's compliance with legal and regulatory requirements in relation to the above. |
|--------|--------|---------------------------------------------------------------------------------------|

|   | · | ensure the establishment and maintenance of a formal and transparent procedure for the selection and appointment of new directors to the Board; and |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | establish transparent and coherent remuneration policies and practices, which will enable Mission to attract, retain and motivate executives and Directors who will create value for shareholders and to fairly and responsibly reward executives. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|          |   | Balance1/7/2009 |      |   | Expired |   |   | New issue |   |   | Balance1/7/2010 |   |   | Balance afterconsolidation at50:11 |      |   | Lapsed |   |   | Balance30/6/2011 |   |   | Vested  |   |
|---------------|--------|-----------------|-----------|--------|---------|--------|--------|----------------|--------|--------|-----------------|--------|--------|----------------------------------------------|-----------|--------|--------|--------|--------|------------------|--------|--------|---------|--------|
| Directors     |   |            |      |   |    |   |   |           |   |   |            |   |   |                                         |      |   |   |   |   |             |   |   |    |   |
|          |   |            |      |   |    |   |   |           |   |   |            |   |   |                                         |      |   |   |   |   |             |   |   |    |   |
| Guy Burnett2  |   |            | -         |   |    |   | -      |           |   |   | 1,750,000       |   |   |                                         | 1,750,000 |   |   |   | 35,000 |             |   |   | (35,000 | )      |   |   | - |   |   |   | - |   |
|          |   |            |      |   |    |   |   |           |   |   |            |   |   |                                         |      |   |   |   |   |             |   |   |    |   |   |   |   |   |   |   |   |   |
| Executive     |   |            |      |   |    |   |   |           |   |   |            |   |   |                                         |      |   |   |   |   |             |   |   |    |   |   |   |   |   |   |   |   |   |
|          |   |            |      |   |    |   |   |           |   |   |            |   |   |                                         |      |   |   |   |   |             |   |   |    |   |   |   |   |   |   |   |   |   |
| James Garton3 |   |            | 1,750,000 |   |    |   | -      |           |   |   | -               |   |   |                                         | 1,750,000 |   |   |   | 35,000 |             |   |   | (35,000 | )      |   |   | - |   |   |   | - |   |
|  TOTAL   |   |            | 1,750,000 |   |    |   | -      |           |   |   | 1,750,000       |   |   |                                         | 3,500,00  |   |   |   | 70,000 |             |   |   | (70,000 | )      |   |   | - |   |   |   | - |   |

----

| 1 | Shareholders approved a share consolidation of 50:1 on March 23, 2011. |
|---|------------------------------------------------------------------------|

| 2 | Grant date was October 19, 2009, share price on grant date was $14.25, exercise price is $8.50, fair value at grant date was $7.97, volatility used was 125.35%, risk free rate used was 4.83%, the options expire on June 30, 2011. Prices adjusted to reflect the impact of the share consolidation. |
|---|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3 | Grant date was June 25, 2009, share price on grant date was $9.25, exercise price is $8.5, fair value at grant date was $4.84, volatility used was 138.77%, risk free rate used was 4.16%, the options expire on June 30, 2011. Prices adjusted to reflect the impact of the share consolidation. |
|---|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                     |   | Balance30/6/2009 |      |   | New issue |   |      | Exercised |   |   | Lapsed   |   |   | Balance30/6/2010 |     |   | New Issue |   |      | Exercised |   |   | Lapsedbeforeconsolidation |   |   | Balance beforeconsolidation ofPerformancerights |        |   | Balance afterconsolidation |   |    | Lapsed afterconsolidation |   |   | Balance30/06/2011 |   |   | Vested andunexercised at30/06/2011 |    |
|-------------------------------|--------|------------------|-----------|--------|----------------|--------|-----------|-----------|--------|--------|----------|--------|--------|------------------|----------|--------|----------------|--------|-----------|-----------|--------|--------|---------------------------|--------|--------|-----------------------------------------------------------|-------------|--------|---------------------------------|--------|---------|--------------------------------|--------|--------|-------------------|--------|--------|----------------------------------------------|---------|
| Director                      |   |             |      |   |           |   |      |      |   |   |     |   |   |             |     |   |           |   |      |      |   |   |                      |   |   |                                                      |        |   |                            |   |    |                           |   |   |              |   |   |                                         |    |
|                          |   |             |      |   |           |   |      |      |   |   |     |   |   |             |     |   |           |   |      |      |   |   |                      |   |   |                                                      |        |   |                            |   |    |                           |   |   |              |   |   |                                         |    |
| Nathan Mahalingam             |   |             | -         |   |           |   | -         |      |   |   | -        |   |   |             | -        |   |           |   | -         |      |   |   | 5,000,000                 | 4      |   |                                                      | (3,333,332  | )      |                            |   | -       |                           |   |   | 1,666,668         |   |   |                                         | 33,334  |   |   |   | - |   |   |   | 33,334 |   |   |   | - |   |
|                          |   |             |      |   |           |   |      |      |   |   |     |   |   |             |     |   |           |   |      |      |   |   |                      |   |   |                                                      |        |   |                            |   |    |                           |   |   |              |   |   |                                         |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Guy Burnett                   |   |             | -         |   |           |   | 1,500,000 | 5         |   |   | (200,000 | )      |   |             | (300,000 | )      |           |   | 1,000,000 |      |   |   | 5,000,000                 | 6      |   |                                                      | (3,733,332  | )      |                            |   |    |                           |   |   | 2,266,668         |   |   |                                         | 45,334  |   |   |   | (6,000 | ) |   |   | 39,334 |   |   |   | - |   |
|                          |   |             |      |   |           |   |      |      |   |   |     |   |   |             |     |   |           |   |      |      |   |   |                      |   |   |                                                      |        |   |                            |   |    |                           |   |   |              |   |   |                                         |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Executives                    |   |             |      |   |           |   |      |      |   |   |     |   |   |             |     |   |           |   |      |      |   |   |                      |   |   |                                                      |        |   |                            |   |    |                           |   |   |              |   |   |                                         |    |   |   |   |   |   |   |   |   |   |   |   | - |   |
|                          |   |             |      |   |           |   |      |      |   |   |     |   |   |             |     |   |           |   |      |      |   |   |                      |   |   |                                                      |        |   |                            |   |    |                           |   |   |              |   |   |                                         |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| James Garton                  |   |             | 1,500,000 | 7      |           |   | 5,000,000 | 8         |   |   | (200,000 | )      |   |             | (300,000 | )      |           |   | 6,000,000 |      |   |   |                      |   |   |                                                      | (3,733,332  | )      |                            |   | -       |                           |   |   | 2,266,668         |   |   |                                         | 45,334  |   |   |   | (6,000 | ) |   |   | 39,334 |   |   |   | - |   |
|                          |   |             |      |   |           |   |      |      |   |   |     |   |   |             |     |   |           |   |      |      |   |   |                      |   |   |                                                      |        |   |                            |   |    |                           |   |   |              |   |   |                                         |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Senior employees collectively |   |             | 1,200,000 | 9      |           |   | -         |      |   |   | (119,999 | )      |   |             | (293,334 | )      |           |   | 786,667   |      |   |   | 1,550,000                 | 10     |   |                                                      | (546,666    | )      |                            |   | (50,000 | )                              |   |   | 1,740,001         |   |   |                                         | 34,808  |   |   |   | (13,733 | ) |   |   | 21,075 |   |   |   | 3,333 |   |
|                          |   |             |      |   |           |   |      |      |   |   |     |   |   |             |     |   |           |   |      |      |   |   |                      |   |   |                                                      |        |   |                            |   |    |                           |   |   |              |   |   |                                         |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                         |   |             | 2,700,000 |   |           |   | 6,500,000 |      |   |   | (519,999 | )      |   |             | (893,334 | )      |           |   | 7,786,667 |      |   |   | 11,550,000                |   |   |                                                      | (11,346,662 | )      |                            |   | (50,000 | )                              |   |   | 7,940,005         |   |   |                                         | 158,810 |   |   |   | (25,733 | ) |   |   | 133,077 |   |   |   | 3,333 |   |

----

| 4 | Grant date was July 6, 2010, share price and fair value on grant date was $13.25.  The performance rights vest in equal tranches at July 1, 2010, December 31, 2010 and July 1, 2011 for service. |
|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5 | Grant date was October 19, 2009, share price on grant date was $14.25, fair value at grant date was $10.69. |
|---|-------------------------------------------------------------------------------------------------------------|

| 6 | Grant date was July 6, 2010, share price and fair value on grant date was $13.25.The performance rights vest in equal tranches at July 1, 2010, December 31, 2010 and July 1, 2011for service. |
|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7 | Grant date was June 25, 2009, share price on grant date was $9.25 and fair value at grant date was $6.94. 40% of the performance shares vest in equal tranches at December 31, 2009, June 30, 2010 and December 31, 2010 for service, and 60% of the performance shares vest in equal tranches on Positive Group cash generation from operations by June 30, 2010, EPS of A$3.00 by June 30, 2011, and EPS of A$7.5 by June 30, 2012. The rights associated with the company performance criteria at June 30, 2010 and June 30, 2011 were not met, and hence the rights lapsed. |
|---|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8 | Grant date was March 30, 2010, share price on grant date was $17.25, fair value at grant date was $12.94.The performance shares vest in equal tranches at July 1, 2010, December 31, 2010 and July 1, 2011 for service. |
|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9 | Grant date was June 25, 2009, share price on grant date was $9.25 and fair value at grant date was $6.94. 40% of the performance shares vest in equal tranches at December 31, 2009, June 30, 2010 and December 31, 2010 for service, and 60% of the performance shares vest in equal tranches on Positive Group cash generation from operations by June 30, 2010, EPS of A$3.00 by June 30, 2011, and EPS of A$7.5 by June 30, 2012. The rights associated with the company performance criteria at June 30, 2010 and June 30, 2011 were not met, and hence the rights lapsed. |
|---|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10 | Grant date was September 28, 2010, share price and fair value on grant date was $9.75. 40% of the performance shares vest in equal tranches at December 31, 2010, June 30, 2011 and December 31, 2011 for service, and 60% of the performance shares vest in equal tranches on achievement of a Group EPS of A$3.00 by June 30, 2011, EPS of A$7.50 by June 30, 2012 and EPS of A$7.50 by June 30, 2013. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | D. | Employees. |
|--------|----|------------|

|                                                     |   | USA    |   |   | Australia |   |   | Malaysia |   |   | India |   |
|----------------------------------------------------------|--------|--------|--------|--------|-----------|--------|--------|----------|--------|--------|-------|--------|
| Finance, legal and other administrative functions        |   |   | 1      |   |      |   | 2      |     |   |   | 14    |   |   |   | 24 |   |
| Engineering, operations, R&D and information systems |   |   | 0      |   |      |   | 0      |     |   |   | 51    |   |   |   | 374 |   |

| For the fiscal year ended June 30, |   | USA    |   |   | Australia |   |   | Malaysia |   |   | India |   |
|------------------------------------|--------|--------|--------|--------|-----------|--------|--------|----------|--------|--------|-------|--------|
| 2009                               |   |   | -      |   |      |   | 3      |     |   |   | 83    |   |   |   | 472 |   |
| 2010                               |   |   | -      |   |      |   | 3      |     |   |   | 57    |   |   |   | 367 |   |
| 2011                               |   |   | 1      |   |      |   | 2      |     |   |   | 65    |   |   |   | 398 |   |

|   | E. | Share Ownership. |
|--------|----|------------------|

|   | • | each person known by us through substantial shareholder notices filed with the Australian Securities Exchange and SEC to be the beneficial owner of more than 5% of our ordinary shares; |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | each of our directors; |
|--------|---------|------------------------|

|   | • | each of our named executive officers; and |
|--------|---------|-------------------------------------------|

----

|   | • | all of our current directors and executive officers as a group. |
|--------|---------|-----------------------------------------------------------------|

| Principle Shareholders (1)                                                                                    |   | Number ofShares |      |   | Percentage |   |
|-------------------------------------------------------------------------------------------------------------------------|--------|----------------------|-----------|--------|------------|--------|
| McDermott Industries Ltd (2)                                                                                            |   |                 | 2,000,000 |   |       |   | 20.76 | % |
| South Ferry #2 LP, its General Partners Abraham Wolfson and Aaron Wolfson, and its Portfolio Manager Morris Wolfson (3) |   |                 | 999,508   |   |       |   | 10.94 | % |
| Steven L. Way International LLC(5)                                                                                      |   |                 | 791,823   |   |       |   | 9.17 | % |
| Houston International Insurance Group(6)                                                                                |   |                 | 846,410   |   |       |   | 9.80 | % |
| Directors and Executive Officers:                                                                                       |   |                 |      |   |       |   |   |   |
| Nathan Mahalingam (4)                                                                                                   |   |                 | 612,956   |   |       |   | 7.1 | % |
| James Garton                                                                                                            |   |                 | 112,051   |   |       |   | 1.30 | % |
| Guy Burnett                                                                                                             |   |                 | 112,001   |   |       |   | 1.30 | % |
| Dario Amara                                                                                                             |   |                 | 2,000     |   |       |   | * |   |
| Kalaiselvan Somasundaram                                                                                                |   |                 | 2,400     |   |       |   | * |   |
| Datuk Zain Yusuf                                                                                                        |   |                 | —   |   |       |   | — |   |
| Arun Bhatnagar                                                                                                          |   |                 | —   |   |       |   | — |   |
| Admiral (Ret) Tan Sri Dato’ Sri Mohd Anwar bin Haji Mohd Nor                                                      |   |                 | —   |   |       |   | — |   |
| Peter Torre                                                                                                             |   |                 | —   |   |       |   | — |   |
| Nadason Sinnasami                                                                                                       |   |                 | —   |   |       |   | — |   |
| All directors and executive officers as a group (10 persons)                                                            |   |                 | 841,408   |   |       |   | 9.75 | % |

| * | Represents beneficial ownership of less than 1% of the outstanding ordinary shares of Mission NewEnergy. |
|---|----------------------------------------------------------------------------------------------------------|

| (1) | Unless otherwise indicated in the footnotes to the table below, the address for each of the persons listed in the table below is Mission NewEnergy Limited,  Unit 4, 97 Hector Street West, Osborne Park, Western Australia 6017, Australia. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | McDermott Industries Ltd holds all of their shares as trustee for Lee Swee Eng. Address is Trident Chambers, PO Box 146, Road Town, Tortola, British Virgin Islands. Includes 1,000,000 warrants exercisable within the next 60 days. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Address of c/o One State Street Plaza, 29 th Floor, New York, New York 1004. Includes 503,450 warrants exercisable within the next 60 days. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | Address of Unit 725, 7 th Floor Block A, Kelana Centre Point No 3, Jalan Ss 7/19 47301, Pataling Jaya Selangor, Singapore. Includes 492,957 shares held by Mission Equities Sdn Bhd., a company in which Nathan Mahalingam, Mission NewEnergy’s Chief Executive Officer, has a 34% pecuniary interest in and is considered a beneficial owner of the shares held by Mission Equities Sdn Bhd. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | Address of 7941 Katy Freeway, #529, Houston, Texas, 77024. Includes (i) 777,021 shares owned of record by Stephen L. Way International, LLC and (ii) 14,802 shares owned by Stephen L. Way, principal of this entity. Information is based on a Schedule 13G filed with the SEC on May 2, 2011. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (6) | Address of 800 Gessner, Suite 600, Houston, Texas, 77024. Includes 846,410 shares of common stock. Information is based on a Schedule 13G filed with the SEC on May 2, 2011. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | • | McDermott Industries Ltd became a substantial shareholder in fiscal 2010 and as at November 28, 2011 has a shareholding of 11.6% (excluding dilutive effect of warrants); |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | South Ferry #2 LP, its General Partners Abraham Wolfson and Aaron Wolfson, and its Portfolio Manager Morris Wolfson increased from 0% as at June 30, 2007 to 10.94% (excluding dilutive effect of warrants) as at November 28, 2011; |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Mission Equities Sdn Bhd decreased from 27.08% at June 30, 2007 to 5.7% as at November 28, 2011. |
|--------|---------|--------------------------------------------------------------------------------------------------|

|   | A. | Major Shareholders and Related Party Transactions. |
|--------|----|----------------------------------------------------|

|   | B. | Related Party Transactions. |
|--------|----|-----------------------------|

----

|   | C. | Interests of Experts and Counsel. |
|--------|----|-----------------------------------|

|   | A. | Consolidated Statements and Other Financial Information. |
|--------|----|----------------------------------------------------------|

----

|   | B. | Significant Changes. |
|--------|----|----------------------|

|   | A. | Offer and Listing Details. |
|--------|----|----------------------------|

|                                      |   | NASDAQ |   |   | ASX    |   |
|-------------------------------------------|--------|--------|--------|--------|--------|--------|
|                                      |   | High   |   |   | High   |   |   | High |   |   | Low |   |
|                                      |   | US$    |   |   | US$    |   |   | A$ |   |   | A$ |   |
| Fiscal year ended                         |   |   |   |   |   |   |   |   |   |   |   |   |
| June 30, 2012                             |   |   |   |   |   |   |   |   |   |   |   |   |
| First Quarter                             |   |   | 6.53   |   |   |   | 3.71 |   |   |   | 6.96 |   |   |   | 3.21 |   |
| Second Quarter (through December 7, 2011) |   |   | 4.16   |   |   |   | 2.58 |   |   |   | 4.13 |   |   |   | 3.00 |   |
| June 30, 2011                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| First Quarter                             |   |   | -      |   |   |   | - |   |   |   | 0.29 |   |   |   | 0.19 |   |
| Second Quarter                            |   |   | -      |   |   |   | - |   |   |   | 0.20 |   |   |   | 0.17 |   |
| Third Quarter                             |   |   | -      |   |   |   | - |   |   |   | 0.24 |   |   |   | 0.17 |   |
| Fourth Quarter                            |   |   | 8.15   |   |   |   | 5.46 |   |   |   | 8.50 |   |   |   | 4.90 |   |
| June 30, 2010                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| First Quarter                             |   |   | -      |   |   |   | - |   |   |   | 0.30 |   |   |   | 0.16 |   |
| Second Quarter                            |   |   | -      |   |   |   | - |   |   |   | 0.51 |   |   |   | 0.24 |   |
| Third Quarter                             |   |   | -      |   |   |   | - |   |   |   | 0.49 |   |   |   | 0.30 |   |
| Fourth Quarter                            |   |   | -      |   |   |   | - |   |   |   | 0.35 |   |   |   | 0.22 |   |
| June 30, 2009                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| First Quarter                             |   |   | -      |   |   |   | - |   |   |   | 0.81 |   |   |   | 0.50 |   |
| Second Quarter                            |   |   | -      |   |   |   | - |   |   |   | 0.71 |   |   |   | 0.205 |   |
| Third Quarter                             |   |   | -      |   |   |   | - |   |   |   | 0.33 |   |   |   | 0.195 |   |
| Fourth Quarter                            |   |   | -      |   |   |   | - |   |   |   | 0.35 |   |   |   | 0.16 |   |
| Month ended                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| June 2011                            |   |   | 6.71   |   |   |   | 5.46 |   |   |   | 7.18 |   |   |   | 4.90 |   |
| July 2011                                 |   |   | 6.53   |   |   |   | 5.80 |   |   |   | 6.96 |   |   |   | 4.66 |   |
| August 2011                               |   |   | 5.71   |   |   |   | 3.71 |   |   |   | 6.95 |   |   |   | 4.40 |   |
| September 2011                            |   |   | 4.45   |   |   |   | 3.76 |   |   |   | 4.75 |   |   |   | 3.21 |   |
| October 2011                              |   |   | 4.16   |   |   |   | 2.58 |   |   |   | 4.00 |   |   |   | 3.00 |   |
| November 2011                             |   |   | 3.95   |   |   |   | 3.01 |   |   |   | 4.13 |   |   |   | 3.10 |   |
| December 2011 (through December 7, 2011)  |   |   | 3.02   |   |   |   | 2.99 |   |   |   | 3.15 |   |   |   | 3.06 |   |
| Fiscal year ended June 30,                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 2011                                      |   |   | 8.15   |   |   |   | 5.46 |   |   |   | 8.50 |   |   |   | 0.17 |   |
| 2010                                      |   |   | -      |   |   |   | - |   |   |   | 0.51 |   |   |   | 0.16 |   |
| 2009                                      |   |   | -      |   |   |   | - |   |   |   | 0.81 |   |   |   | 0.16 |   |
| 2008                                      |   |   | -      |   |   |   | - |   |   |   | 1.58 |   |   |   | 0.57 |   |
| 2007                                      |   |   | -      |   |   |   | - |   |   |   | 1.78 |   |   |   | 0.95 |   |

----

|   | B. | Plan of Distribution. |
|--------|----|-----------------------|

|   | C. | Markets. |
|--------|----|----------|

|   | D. | Selling Shareholders. |
|--------|----|-----------------------|

|   | E. | Dilution. |
|--------|----|-----------|

|   | F. | Expenses of the Issue. |
|--------|----|------------------------|

|   | A. | Share Capital. |
|--------|----|----------------|

|   | B. | Memorandum and Articles of Association. |
|--------|----|-----------------------------------------|

----

----

----

|   | • | by a foreign person, as defined in the Foreign Acquisitions and Takeovers Act, or associated foreign persons which would result in such persons having an interest in 15% or more of the issued shares of, or control of 15% or more of the voting power in, an Australian company; and |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | by non-associated foreign persons which would result in such foreign person having an interest in 40% or more of the issued shares of, or control of 40% or more of the voting power in, an Australian company. |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | • | are the holder of the securities; |
|--------|---------|-----------------------------------|

|   | • | have power to exercise, or control the exercise of, a right to vote attached to the securities; or |
|--------|---------|----------------------------------------------------------------------------------------------------|

|   | • | have the power to dispose of, or control the exercise of a power to dispose of, the securities (including any indirect or direct power or control). |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | has entered or enters into an agreement with another person with respect to the securities; |
|--------|---------|---------------------------------------------------------------------------------------------|

|   | • | has given or gives another person an enforceable right, or has been or is given an enforceable right by another person, in relation to the securities; or |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | has granted or grants an option to, or has been or is granted an option by, another person with respect to the securities, and the other person would have a relevant interest in the securities if the agreement were performed, the right enforced or the option exercised, the other person is taken to already have a relevant interest in the securities. |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | when the acquisition results from the acceptance of an offer under a formal takeover bid; |
|--------|---------|-------------------------------------------------------------------------------------------|

|   | • | when the acquisition is conducted on market by or on behalf of the bidder under a takeover bid and the acquisition occurs during the bid period; |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | when shareholders of the company approve the takeover by resolution passed at general meeting; |
|--------|---------|------------------------------------------------------------------------------------------------|

|   | • | an acquisition by a person if, throughout the 6 months before the acquisition, that person, or any other person, has had voting power in the company of at least 19% and as a result of the acquisition, none of the relevant persons would have voting power in the company more than 3 percentage points higher than they had 6 months before the acquisition; |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | as a result of a rights issue; |
|--------|---------|--------------------------------|

|   | • | as a result of dividend reinvestment schemes; |
|--------|---------|-----------------------------------------------|

|   | • | as a result of underwriting arrangements; |
|--------|---------|-------------------------------------------|

|   | • | through operation of law; |
|--------|---------|---------------------------|

|   | • | an acquisition which arises through the acquisition of a relevant interest in another listed company; |
|--------|---------|-------------------------------------------------------------------------------------------------------|

|   | • | arising from an auction of forfeited shares; or |
|--------|---------|-------------------------------------------------|

|   | • | arising through a compromise, arrangement, liquidation or buy-back. |
|--------|---------|---------------------------------------------------------------------|

----

|   | C. | Material Contracts. |
|--------|----|---------------------|

|   | D. | Exchange Controls. |
|--------|----|--------------------|

|   | E. | Taxation. |
|--------|----|-----------|

----

|   | • | an individual who is a citizen or resident of the United States for U.S. federal income tax purposes; |
|--------|---------|-------------------------------------------------------------------------------------------------------|

|   | • | a corporation, or other entity treated as a corporation for U.S. federal income tax purposes, created or organized in or under the laws of the United States or any state thereof or the District of Columbia; |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | an estate the income of which is subject to U.S. federal income taxation regardless of its source; or |
|--------|---------|-------------------------------------------------------------------------------------------------------|

|   | • | a trust (i) the administration of which is subject to the primary supervision of a court in the United States and for which one or more U.S. persons have the authority to control all substantial decisions or (ii) that has an election in effect under applicable income tax regulations to be treated as a U.S. person. |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|   | • | the excess distribution or gain will be allocated ratably over the U.S. holder’s holding period for the ordinary shares; |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------|

|   | • | the amount allocated to the current taxable year, and any taxable year prior to the first taxable year in which we were a PFIC, will be treated as ordinary income; and |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | the amount allocated to each other year will be subject to income tax at the highest rate in effect for that year and the interest charge generally applicable to underpayments of tax will be imposed on the resulting tax attributable to each such year. |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

|   | F. | Dividends and Paying Agents. |
|--------|----|------------------------------|

|   | G. | Statement by Experts. |
|--------|----|-----------------------|

|   | H. | Documents on Display. |
|--------|----|-----------------------|

|   | I. | Subsidiary Information |
|--------|----|------------------------|

----

----

|   | A. | Debt Securities. |
|--------|----|------------------|

|   | B. | Warrants and Rights. |
|--------|----|----------------------|

|   | C. | Other Securities. |
|--------|----|-------------------|

|   | D. | American Depositary Shares. |
|--------|----|-----------------------------|

----

|   | E. | Use of Proceeds. |
|--------|----|------------------|

|   | A. | Disclosure Controls and Procedures. |
|--------|----|-------------------------------------|

|   | B. | Management’s Annual Report on Internal Control over Financial Reporting and Attestation Report of the Registered Public Accounting Firm. |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------|

|   | C. | Changes in Internal Control over Financial Reporting. |
|--------|----|-------------------------------------------------------|

----

|   | • | We are exempt from NASDAQ’s independence requirements for a majority of the Board. The ASX Listing Rules does not require us to have a majority of independent directors although ASX Corporate Governance Principles do recommend a majority of independent directors. During fiscal 2011, we did, however, have a majority of directors who were “independent” as defined in the Australian Securities Exchange Corporate Governance Principles, which definition differs from NASDAQ’s definition. Accordingly, because Australian law and generally accepted business practices in Australia regarding director independence differ to NASDAQ’s independence requirements, we claim this exemption. |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | We are exempt from the NASDAQ requirement that independent directors have regularly scheduled meetings at which only independent directors are present. Neither Australian law nor the ASX Listing Rules require executive sessions of the independent directors. Accordingly, we claim this exemption. |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | We are exempt from NASDAQ’s quorum requirements applicable to meetings of shareholders. Consistent with Australian law, our Constitution provides that five shareholders present shall constitute a quorum for a general meeting. NASDAQ requires that an issuer provide for a quorum as specified in its by-laws for any meeting of the holders of common stock, which quorum may not be less than 33 1/3% of the outstanding shares of an issuer’s voting common stock. Accordingly, because applicable Australian law and rules governing quorums at shareholder meetings differ to NASDAQ’s quorum requirements, we claim this exemption. |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | • | We are exempt from the NASDAQ requirement that issuers obtain shareholder approval prior to the issuance of securities in connection with certain acquisitions, private placements of securities the establishment or amendment of certain stock option, purchase or other compensation plans. Applicable Australian law and rules differ to the NASDAQ requirements, with the ASX Listing Rules providing generally for prior shareholder approval in numerous circumstances, including (i) issuance of equity securities exceeding 15% of our issued share capital in any 12 month period (but in determining the 15% limit, securities issued under an exception to the rule or with shareholder approval are not counted), (ii) issuance of equity securities to related parties (as defined in the ASX Listing Rules), and (iii) directors or their associates acquiring securities under an employee incentive plan. Generally accepted business practices in Australia also provide for plans involving the issue of shares to directors and employees being capped at no more than 5% of the total number of shares on issue. Our discretionary share option scheme applies this 5% cap. Due to differences between Australian law and rules and the NASDAQ shareholder approval requirements, we claim this exemption. |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| EXHIBITNUMBER |   | Description of Exhibit                                                                                                                                                                                                             |
|---------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|          |   |                                                                                                                                                                                                                                         |
| 1.1           |   | Constitution of Mission NewEnergy (incorporated by reference to Exhibit 3.1 of our registration statement on Form F-1 (File No. 333-170471), as amended, initially filed with the SEC on November 8, 2010).                                  |
|          |   |                                                                                                                                                                                                                                         |
| 4.1           |   | Convertible Note Deed Poll (incorporated by reference to Exhibit 10.1 of our registration statement on Form F-1 (File No. 333-170471), as amended, initially filed with the SEC on November 8, 2010).                                        |
|          |   |                                                                                                                                                                                                                                         |
| 4.2           |   | Employee Option Plan Rules (incorporated by reference to Exhibit 10.2 of our registration statement on Form F-1 (File No. 333-170471), as amended, initially filed with the SEC on November 8, 2010).                                        |
|          |   |                                                                                                                                                                                                                                         |
| 4.3           |   | Executive Performance Rights Plan (incorporated by reference to Exhibit 10.3 of our registration statement on Form F-1 (File No. 333-170471), as amended, initially filed with the SEC on November 8, 2010).                                 |
|          |   |                                                                                                                                                                                                                                         |
| 4.4           |   | EPCC contract with KNM Process Systems Sdn Bhd (incorporated by reference to Exhibit 10.4 of our registration statement on Form F-1 (File No. 333-170471), as amended, initially filed with the SEC on November 8, 2010).                    |
|          |   |                                                                                                                                                                                                                                         |
| 4.5           | #      | Product Supply Agreement with Valero Marketing and Supply Company (incorporated by reference to Exhibit 10.5 of our registration statement on Form F-1 (File No. 333-170471), as amended, initially filed with the SEC on November 8, 2010). |

----

| 4.6      |    | Form of Access, Indemnity and Insurance Deed for Directors and Ex-Directors (incorporated by reference to Exhibit 10.6 of our registration statement on Form F-1 (File No. 333-170471), as amended, initially filed with the SEC on November 8, 2010).               |
|----------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|     |    |                                                                                                                                                                                                                                                                 |
| 4.7      |    | Employment agreement (as renewed) with Nathan Mahalingam (incorporated by reference to Exhibit 10.7 of our registration statement on Form F-1 (File No. 333-170471), as amended, initially filed with the SEC on November 8, 2010).                                  |
|     |    |                                                                                                                                                                                                                                                                 |
| 4.8      |    | Employment agreement with Guy Burnett (incorporated by reference to Exhibit 10.8 of our registration statement on Form F-1 (File No. 333-170471), as amended, initially filed with the SEC on November 8, 2010).                                                     |
|     |    |                                                                                                                                                                                                                                                                 |
| 4.9      |    | Employment agreement with James Garton (incorporated by reference to Exhibit 10.9 of our registration statement on Form F-1 (File No. 333-170471), as amended, initially filed with the SEC on November 8, 2010).                                                    |
|     |    |                                                                                                                                                                                                                                                                 |
| 4.10     |    | Employment agreement of Kalaiselvan Somasundaram (incorporated by reference to Exhibit 10.10 of our registration statement on Form F-1 (File No. 333-170471), as amended, initially filed with the SEC on November 8, 2010).                                         |
|     |    |                                                                                                                                                                                                                                                                 |
| 4.11     |    | Employment agreement of Nadason Sinnasami (incorporated by reference to Exhibit 10.11 of our registration statement on Form F-1 (File No. 333-170471), as amended, initially filed with the SEC on November 8, 2010).                                                |
|     |    |                                                                                                                                                                                                                                                                 |
| 4.12     |    | Technology License Agreement with Crown Iron Works Company (incorporated by reference to Exhibit 10.12 of our registration statement on Form F-1 (File No. 333-170471), as amended, initially filed with the SEC on November 8, 2010).                               |
|     |    |                                                                                                                                                                                                                                                                 |
| 4.13     |    | Technology Transfer Agreement with Axens (incorporated by reference to Exhibit 10.13 of our registration statement on Form F-1 (File No. 333-170471), as amended, initially filed with the SEC on November 8, 2010).                                                 |
|     |    |                                                                                                                                                                                                                                                                 |
| 4.14     |    | Long Term Supply Contract with Cargill Palm Products Sdn Bhd (incorporated by reference to Exhibit 10.14 of our registration statement on Form F-1 (File No. 333-170471), as amended, initially filed with the SEC on November 8, 2010).                             |
|     |    |                                                                                                                                                                                                                                                                 |
| 4.15     |    | Agreement (as amended) with Trafigura Beheer B.V. Amsterdam (incorporated by reference to Exhibit 10.15 of our registration statement on Form F-1 (File No. 333-170471), as amended, initially filed with the SEC on November 8, 2010).                              |
|     |    |                                                                                                                                                                                                                                                                 |
| 4.14 *## |    | Long Term Supply contract, dated as of April 1, 2011, by and between Felda Marketing Services Sdn. Bhd. And Mission Biotechnologies Sdn. Bhd.                                                                                                                        |
|     |    |                                                                                                                                                                                                                                                                 |
| 4.17 *   |    | Employment Agreement of Samsudeen Ganny, dated as of June 21, 2011.                                                                                                                                                                                                  |
|     |    |                                                                                                                                                                                                                                                                 |
| 8.1      | *  | List of Subsidiaries.                                                                                                                                                                                                                                                |
|     |    |                                                                                                                                                                                                                                                                 |
| 12.1     | *       | Certification of Chief Executive Officer pursuant to Rule 13(a)-14(a) of the Securities Exchange Act of 1934, as amended.                                                                                                                                            |
|     |    |                                                                                                                                                                                                                                                                 |
| 12.2     | *       | Certification of Chief Financial Officer pursuant to Rule 13(a)-14(a) of the Securities Exchange Act of 1934, as amended.                                                                                                                                            |
|     |    |                                                                                                                                                                                                                                                                 |
| 13.1     | *       | Certification of Chief Executive Officer and Chief Financial Officer pursuant to Rule 13(a)-14 (b) of the Securities Exchange Act of 1934, as amended, and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, as amended. |
|     |    |                                                                                                                                                                                                                                                                 |

----

----

| # | Order for confidential treatment of portions of this document has been granted by the SEC pursuant to Rule 406 of the Securities Act. |
|---|---------------------------------------------------------------------------------------------------------------------------------------|

| ## | Confidential treatment being requested with respects to certain portions of this exhibit. |
|----|-------------------------------------------------------------------------------------------|

----

|                               |      |            |   | Mission NewEnergy Limited                                                  |
|------------------------------------|-----------|-----------------|--------|----------------------------------------------------------------------------|
|                               |      |            |   |                                                                       |
| Date:  December 28, 2011 | By:  | /s/ Guy Burnett |   |                                                                       |
|                               |      |            |   | Name:Guy BurnettTitle:  Chief Financial Officer and Company Secretary |

----

| 10 Kings Park RoadWest Perth WA 6005PO Box 570West Perth WA 6872T +61 8 9480 2000F +61 8 9322 7787E info.wa@au.gt.comW www.grantthornton.com.au |
|-------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|                                                           |   | Note   |   |   | 2011   |   |    | 2010   |   |   | 2009    |   |
|----------------------------------------------------------------|--------|--------|--------|--------|--------|--------|---------|--------|--------|--------|---------|--------|
|                                                           |   |   |   |   | $'000  |   |    | $'000  |   |   | $'000   |   |
| Sales revenue                                                  |   |   | 7      |   |   |   | 14,080  |   |   |   | 14,394  |   |   |   | 43,368 |   |
| Other income                                                   |   |   | 7      |   |   |   | 2,869   |   |   |   | 2,066   |   |   |   | 11,809 |   |
| Total revenue                                                  |   |   |   |   |   |   | 16,949  |   |   |   | 16,460  |   |   |   | 55,177 |   |
| Cost of sales                                                  |   |   | 8a     |   |   |   | (13,987 | )      |   |   | (15,021 | )      |   |   | (45,709 | ) |
| Employee benefits expense                                      |   |   | 8b     |   |   |   | (7,527  | )      |   |   | (5,307  | )      |   |   | (5,117 | ) |
| Net foreign exchange gains/(losses)                            |   |   |   |   |   |   | (1,769  | )      |   |   | 568     |   |   |   | 622 |   |
| Consultants’ expenses                                    |   |   |   |   |   |   | (328    | )      |   |   | (594    | )      |   |   | (518 | ) |
| Hedging cost                                                   |   |   |   |   |   |   | (3      | )      |   |   | (95     | )      |   |   | (67 | ) |
| Impairment of trade receivables                                |   |   | 13     |   |   |   | (1,930  | )      |   |   | (9,160  | )      |   |   | (8,334 | ) |
| Impairment of inventories and biological assets                |   |   |   |   |   |   | -       |   |   |   | (740    | )      |   |   | (2,947 | ) |
| Impairment of assets                                           |   |   | 5a     |   |   |   | (3,501  | )      |   |   | (73,089 | )      |   |   | - |   |
| Shareholder expenses                                           |   |   |   |   |   |   | (125    | )      |   |   | (121    | )      |   |   | (106 | ) |
| Travel expenses                                                |   |   | 8e     |   |   |   | (766    | )      |   |   | (886    | )      |   |   | (1,109 | ) |
| Research and development                                       |   |   |   |   |   |   | (168    | )      |   |   | (154    | )      |   |   | (367 | ) |
| Rental expenses                                                |   |   |   |   |   |   | (176    | )      |   |   | (271    | )      |   |   | (247 | ) |
| Other expenses from ordinary activities                        |   |   | 8c     |   |   |   | (2,490  | )      |   |   | (2,091  | )      |   |   | (3,729 | ) |
| Earnings before interest, tax, depreciation and amortisation   |   |   |   |   |   |   | (15,821 | )      |   |   | (90,501 | )      |   |   | (12,451 | ) |
| Depreciation and amortisation expenses                         |   |   |   |   |   |   | (562    | )      |   |   | (2,118  | )      |   |   | (2,469 | ) |
| Finance Cost - amortisation                                    |   |   | 8d     |   |   |   | (2,382  | )      |   |   | (2,293  | )      |   |   | (5,004 | ) |
| Finance costs                                                  |   |   |   |   |   |   | (2,906  | )      |   |   | (2,859  | )      |   |   | (3,397 | ) |
| Profit/(loss) before income tax                                |   |   |   |   |   |   | (21,671 | )      |   |   | (97,771 | )      |   |   | (23,321 | ) |
| Income tax (expense)/benefit                                   |   |   | 9      |   |   |   | 1       |   |   |   | (29     | )      |   |   | (434 | ) |
| Net (loss)/profit for the year                                 |   |   |   |   |   |   | (21,670 | )      |   |   | (97,800 | )      |   |   | (23,755 | ) |
| Profit/(Loss) attributable to minority equity interest         |   |   |   |   |   |   | -       |   |   |   | -       |   |   |   | 95 |   |
| Net (loss)/profit attributable to members of the parent entity |   |   |   |   |   |   | (21,670 | )      |   |   | (97,800 | )      |   |   | (23,660 | ) |
| Basic earnings/(loss) per share                                |   |   | 11     |   |   |   | (3.50   | )      |   |   | (20.76  | )      |   |   | (12.00 | ) |
| Diluted earnings/(loss) per share                              |   |   | 11     |   |   |   | (3.50   | )      |   |   | (20.76  | )      |   |   | (12.00 | ) |

----

|                                                         |   |   |   | 2011        |    |   | 2010        |   |    | 2009        |   |
|--------------------------------------------------------------|--------|--------|--------|-------------|---------|--------|-------------|--------|---------|-------------|--------|
|                                                         |   |   |   | $’000 |    |   | $’000 |   |    | $’000 |   |
| (Loss)/Profit for the period                                 |   |   |   |        | (21,670 | )      |        |   | (97,800 | )           |   |   | (23,660 | ) |
| Other comprehensive income                                   |   |   |   |        |    |   |        |   |    |        |   |   |   |   |
| Exchange differences on translating foreign operations       |   |   |   |        | (1,917  | )      |        |   | 286     |        |   |   | 9,806 |   |
| Gain on convertible note restructure                         |   |   |   |        | 3,207   |   |        |   | -       |        |   |   | - |   |
| Effective portion of change in fair value of cash flow hedge |   |   |   |        | 39      |   |        |   | -       |        |   |   | - |   |
| Other comprehensive income/(loss) for the period net of tax  |   |   |   |        | 1,329   |   |        |   | 286     |        |   |   | 9,806 |   |
| Total comprehensive (loss) for the period                    |   |   |   |        | (20,341 | )      |        |   | (97,514 | )           |   |   | (13,854 | ) |
| Attributable to owners of the parent                         |   |   |   |        | (20,341 | )      |        |   | (97,514 | )           |   |   | (13,854 | ) |

----

|                                   |   | Note   |   |   | 2011   |     |   | 2010   |   |
|----------------------------------------|--------|--------|--------|--------|--------|----------|--------|--------|--------|
|                                   |   |   |   |   | $'000  |     |   | $'000  |   |
| CURRENT ASSETS                         |   |   |   |   |   |     |   |   |   |
| Cash and cash equivalents              |   | 12     |   |   |   | 15,761   |   |   |   | 17,155 |   |
| Trade and other receivables            |   | 13     |   |   |   | 6,583    |   |   |   | 4,168 |   |
| Biological assets                      |   | 14     |   |   |   | 88       |   |   |   | 1,477 |   |
| Inventories                            |   | 15     |   |   |   | 6,242    |   |   |   | 1,671 |   |
| Other financial assets                 |   | 16     |   |   |   | 178      |   |   |   | 26 |   |
| Other assets                           |   | 20     |   |   |   | 354      |   |   |   | 457 |   |
| Current tax assets                     |   | 23     |   |   |   | 30       |   |   |   | 53 |   |
| Total current assets                   |   |   |   |   |   | 29,236   |   |   |   | 25,007 |   |
| NON-CURRENT ASSETS                     |   |   |   |   |   |     |   |   |   |   |   |
| Trade and other receivables            |   | 13     |   |   |   | -        |   |   |   | - |   |
| Other financial assets                 |   | 16     |   |   |   | -        |   |   |   | - |   |
| Property, plant and equipment          |   | 18     |   |   |   | 6,660    |   |   |   | 7,547 |   |
| Intangible assets                      |   | 19     |   |   |   | -        |   |   |   | 1,013 |   |
| Deferred tax assets                    |   | 23     |   |   |   | -        |   |   |   | - |   |
| Other Assets                           |   | 20     |   |   |   | 702      |   |   |   | 182 |   |
| Total non-current assets               |   |   |   |   |   | 7,362    |   |   |   | 8,742 |   |
| TOTAL ASSETS                           |   |   |   |   |   | 36,598   |   |   |   | 33,749 |   |
| CURRENT LIABILITIES                    |   |   |   |   |   |     |   |   |   |   |   |
| Trade and other payables               |   | 21     |   |   |   | 7,059    |   |   |   | 3,602 |   |
| Financial liabilities                  |   | 22     |   |   |   | 14,907   |   |   |   | 624 |   |
| Short-term provisions                  |   |   |   |   |   | 93       |   |   |   | 74 |   |
| Total current liabilities              |   |   |   |   |   | 22,059   |   |   |   | 4,300 |   |
| NON-CURRENT LIABILITIES                |   |   |   |   |   |     |   |   |   |   |   |
| Other payables                         |   |   |   |   |   | -        |   |   |   | 109 |   |
| Financial liabilities                  |   | 22     |   |   |   | 44,287   |   |   |   | 59,028 |   |
| Deferred tax liabilities               |   | 23     |   |   |   | -        |   |   |   | - |   |
| Total non-current liabilities          |   |   |   |   |   | 44,287   |   |   |   | 59,137 |   |
| TOTAL LIABILITIES                      |   |   |   |   |   | 66,346   |   |   |   | 63,437 |   |
| NET ASSETS (DEFICIT)/SURPLUS           |   |   |   |   |   | (29,748  | )      |   |   | (29,688 | ) |
|                                   |   |   |   |   |   |     |   |   |   |   |   |
| EQUITY                                 |   |   |   |   |   |     |   |   |   |   |   |
| Issued capital                         |   | 24     |   |   |   | 96,801   |   |   |   | 76,634 |   |
| Reserves                               |   |   |   |   |   | 9,171    |   |   |   | 10,931 |   |
| Retained earnings (Accumulated losses) |   |   |   |   |   | (135,720 | )      |   |   | (117,259 | ) |
| Minority Interests                     |   |   |   |   |   | -        |   |   |   | 6 |   |
| Total Equity (Deficiency)              |   |   |   |   |   | (29,748  | )      |   |   | (29,688 | ) |

----

|                                                     |   | OrdinaryShareCapital |   | RetainedEarnings(AccumulatedLosses) |   | Share BasedPaymentsReserve |   | ForeignCurrencyTranslationReserve |   | ConvertibleNotesReserve |   | Cash flowhedge reserve |   | MinorityInterests |   | Total  |   |
|---------------------------------------------------------------|--------|----------------------|--------|-------------------------------------|--------|---------------------------------|--------|-----------------------------------|--------|-------------------------|--------|----------------------------------|--------|-------------------|--------|--------|--------|
|                                                          |   | $'000                |   | $'000                               |   | $'000                           |   | $'000                             |   | $'000                   |   | $'000                            |   | $'000             |   | $'000  |   |
| Balance as at 30 June  2009                         |   |                 | 61,123 |                                |   | (19,475                         | )      |                              | 281    |                    |   | (42                              | )      |              | 9,146  |   |   | - |   |   | 6 |   |   | 51,039 |   |
| Profit/(Loss) attributable to members of parent entity        |   |                 | -      |                                |   | (97,800                         | )      |                              | -      |                    |   | -                                |   |              | -      |   |   | - |   |   | - |   |   | (97,800 | ) |
| Other comprehensive income                                    |   |                 | -      |                                |   | -                               |   |                              | -      |                    |   | 286                              |   |              | -      |   |   | - |   |   | - |   |   | 286 |   |
| Pro-rata expenses of 2009 options that lapsed during the year |   |                 | -      |                                |   | 16                              |   |                              | (16    | )                       |   | -                                |   |              | -      |   |   | - |   |   | - |   |   | - |   |
| Pro-rata expenses for options and performance rights          |   |                 | -      |                                |   | -                               |   |                              | 1,276  |                    |   | -                                |   |              | -      |   |   | - |   |   | - |   |   | 1,276 |   |
| Issue of New Shares                                           |   |                 | 15,511 |                                |   | -                               |   |                              | -      |                    |   | -                                |   |              | -      |   |   | - |   |   | - |   |   | 15,511 |   |
| Balance as at 30 June 2010                                    |   |                 | 76,634 |                                |   | (117,259                        | )      |                              | 1,541  |                    |   | 244                              |   |              | 9,146  |   |   | - |   |   | 6 |   |   | (29,688 | ) |
|                                                          |   |                 |   |                                |   |                            |   |                              |   |                    |   |                             |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Changes in Convertible note reserve due to restructure        |   |                 | -      |                                |   | 3,209                           |   |                              | -      |                    |   | -                                |   |              | (3,209 | )      |   | - |   |   | - |   |   | - |   |
| Profit/(Loss) attributable to members of parent entity        |   |                 | -      |                                |   | (21,670                         | )      |                              | -      |                    |   | -                                |   |              | -      |   |   | - |   |   | - |   |   | (21,670 | ) |

----

|                                                 |   | OrdinaryShareCapital |   | RetainedEarnings(AccumulatedLosses) |   | Share BasedPaymentsReserve |   | ForeignCurrencyTranslationReserve |   | ConvertibleNotesReserve |   | Cash flowhedge reserve |   | MinorityInterests |   | Total  |   |
|-----------------------------------------------------------|--------|----------------------|--------|-------------------------------------|--------|---------------------------------|--------|-----------------------------------|--------|-------------------------|--------|----------------------------------|--------|-------------------|--------|--------|--------|
|                                                      |   | $'000                |   | $'000                               |   | $'000                           |   | $'000                             |   | $'000                   |   | $'000                            |   | $'000             |   | $'000  |   |
| Other comprehensive income                                |   |                 | -      |                                |   | -                               |   |                              | -      |                    |   | (1,917                           | )      |              | -      |   |   | 39 |   |   | - |   |   | (1,878 | ) |
| Pro-rata expenses for options and performance rights      |   |                 | -      |                                |   | -                               |   |                              | 3,327  |                    |   | -                                |   |              | -      |   |   | - |   |   | - |   |   | 3,327 |   |
| Issue of New Shares                                       |   |                 | 20,167 |                                |   | -                               |   |                              | -      |                    |   | -                                |   |              | -      |   |   | - |   |   | - |   |   | 20,167 |   |
| Elimination of minority interest after purchase of shares |   |                 | -      |                                |   | -                               |   |                              | -      |                    |   | -                                |   |              | -      |   |   | - |   |   | (6 | ) |   | (6 | ) |
| Balance as at 30 June 2011                                |   |                 | 96,801 |                                |   | (135,720                        | )      |                              | 4,868  |                    |   | (1,673                           | )      |              | 5,937  |   |   | 39 |   |   | - |   |   | (29,748 | ) |

----

|                                                                     |   | Note   |   |   | 2011        |    |   | 2010        |   |    | 2009        |   |
|--------------------------------------------------------------------------|--------|--------|--------|--------|-------------|---------|--------|-------------|--------|---------|-------------|--------|
|                                                                     |   |   |   |   | $’000 |    |   | $’000 |   |    | $’000 |   |
| CASH FLOWS FROM OPERATING ACTIVITIES                                     |   |   |   |   |        |    |   |        |   |    |        |   |   |   |   |
| Receipts from customers                                                  |   |   |   |   |        | 10,128  |   |        |   | 17,126  |        |   |   | 53,362 |   |
| Payments to suppliers and employees                                      |   |   |   |   |        | (22,494 | )      |        |   | (21,331 | )           |   |   | (61,552 | ) |
| Interest received                                                        |   |   |   |   |        | 161     |   |        |   | 167     |        |   |   | 716 |   |
| Finance costs                                                            |   |   |   |   |        | (2,909  | )      |        |   | (2,859  | )           |   |   | (3,248 | ) |
| Income tax paid                                                          |   |   |   |   |        | 25      |   |        |   | (5      | )           |   |   | (169 | ) |
| Net cash (used in) operating activities                                  |   | 29     |   |   |        | (15,089 | )      |        |   | (6,902  | )           |   |   | (10,891 | ) |
|                                                                     |   |   |   |   |        |    |   |        |   |    |        |   |   |   |   |
| CASH FLOWS FROM INVESTING ACTIVITIES                                     |   |   |   |   |        |    |   |        |   |    |        |   |   |   |   |
| Purchase of property, plant and equipment                                |   |   |   |   |        | (3,957  | )      |        |   | (7,540  | )           |   |   | (14,099 | ) |
| Purchase of performance bond investments                                 |   |   |   |   |        | -       |   |        |   | 1,112   |        |   |   | (1,299 | ) |
| Receipt from investment in held to maturity investment and deposits      |   |   |   |   |        | (137    | )      |        |   | 23      |        |   |   | 1,002 |   |
| Net cash (used in) investing activities                                  |   |   |   |   |        | (4,094  | )      |        |   | (6,405  | )           |   |   | (14,396 | ) |
|                                                                     |   |   |   |   |        |    |   |        |   |    |        |   |   |   |   |
| CASH FLOWS FROM FINANCING ACTIVITIES                                     |   |   |   |   |        |    |   |        |   |    |        |   |   |   |   |
| Proceeds from share issue (net of costs)                                 |   |   |   |   |        | 20,167  |   |        |   | 15,511  |        |   |   | 16,172 |   |
| (Repayments)/proceeds from borrowings                                    |   |   |   |   |        | (527    | )      |        |   | (574    | )           |   |   | (3,787 | ) |
| Net cash provided by financing activities                                |   |   |   |   |        | 19,640  |   |        |   | 14,937  |        |   |   | 12,385 |   |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                     |   |   |   |   |        | 457     |   |        |   | 1,630   |        |   |   | (12,902 | ) |
| Cash and cash equivalents at beginning of the financial year             |   |   |   |   |        | 17,155  |   |        |   | 16,247  |        |   |   | 24,733 |   |
| Effects of exchange rate fluctuations of cash held in foreign currencies |   |   |   |   |        | (1,851  | )      |        |   | (722    | )           |   |   | 4,416 |   |
| CASH AND CASH EQUIVALENTS AT END OF FINANCIAL YEAR                       |   | 12     |   |   |        | 15,761  |   |        |   | 17,155  |        |   |   | 16,247 |   |

----

| 1. | Nature of operations and general information |
|----|----------------------------------------------|

|   | · | listed on the ASX (MBT) and Nasdaq (MNEL) with its operations in Malaysia and India; |
|--------|--------|--------------------------------------------------------------------------------------|

|   | · | that owns and operates a 100,000 tpa (approx. 30 million gallons p.a.) biodiesel plant at Kuantan in Malaysia producing biodiesel; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------|

|   | · | that is the only non-German biodiesel producer to be certified by AGQM, the German Biodiesel production process certification body; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------|

|   | · | that has recently commissioned a 250,000 tpa (approx. 75 million gallons p.a.) transesterification plant with KNM Process Systems Sdn Bhd as a turnkey contractor which is adjacent to the 100,000 tpa plant, and is in the process of finalising the transfer of the plant to Mission; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | that will initially use Crude Palm Oil (CPO) as the feedstock for its biodiesel plants in Malaysia; |
|--------|--------|-----------------------------------------------------------------------------------------------------|

|   | · | that is rapidly developing its upstream feedstock business in India, which is focusing on a drought-resistant perennial plant (Jatropha Curcas) that grows in marginal/poor soil. Jatropha is easy to establish, grows quickly, produces seeds for over 30 years and importantly is inedible; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | that will ultimately replace CPO with Jatropha Oil as its feedstock for its biodiesel plants; |
|--------|--------|-----------------------------------------------------------------------------------------------|

|   | · | that owns and operates two wind energy turbines of 1.65 MW each in India which sell electricity to a Western Indian utility under a 13 year power purchase agreement. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | Basis of preparation |
|----|----------------------|

----

|   | · | Refining operations - Malaysian Ringgit |
|--------|--------|-----------------------------------------|

|   | · | Feedstock operations – Indian Rupee |
|--------|--------|-------------------------------------------|

|   | · | USA operations - United States Dollar |
|--------|--------|---------------------------------------|

|   | · | Other – Australian Dollar. |
|--------|--------|----------------------------------|

| 3. | Statement of Significant Accounting Policies |
|----|----------------------------------------------|

| a. | Principles of Consolidation |
|----|-----------------------------|

----

| b. | Income Tax |
|----|------------|

| c. | Inventories |
|----|-------------|

| d. | Property, Plant and Equipment |
|----|-------------------------------|

----

| e. | Depreciation |
|----|--------------|

| Class of Fixed Asset       |   | Depreciation Rate |   |
|----------------------------|--------|-------------------|--------|
| Buildings                  |   | 5                 | %      |
| Leasehold improvements     |   | 10                | %      |
| Machinery and equipment    |   | 10                | %      |
| Biodiesel Plant            |   | 5                 | %      |
| Computer equipment         |   | 20% - 33          | %      |
| Motor Vehicles             |   | 20                | %      |
| Office equipment           |   | 10                | %      |
| Leased plant and equipment |   | 10                | %      |
| Windmills                  |   | 4.75              | %      |

| f. | Leases |
|----|--------|

----

| g. | Financial Instruments |
|----|-----------------------|

----

| h. | Impairment of non-financial Tangible and Intangible Assets |
|----|------------------------------------------------------------|

----

| i. | Intangibles |
|----|-------------|

| j. | Research and development |
|----|--------------------------|

| k. | Foreign Currency Transactions and Balances |
|----|--------------------------------------------|

----

|   | · | assets and liabilities are translated at year-end exchange rates prevailing at that reporting date; |
|--------|--------|-----------------------------------------------------------------------------------------------------|

|   | · | income and expenses are translated at average exchange rates for the period where this is not materially different from the rate at the date of the transaction; and |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | retained earnings are translated at the exchange rates prevailing at the date of the transaction. |
|--------|--------|---------------------------------------------------------------------------------------------------|

| l. | Employee Benefits |
|----|-------------------|

| m. | Payables |
|----|----------|

| n. | Provisions |
|----|------------|

| o. | Cash and Cash Equivalents |
|----|---------------------------|

| p. | Revenue |
|----|---------|

----

| q. | Borrowing Costs |
|----|-----------------|

| r. | Goods and Services Tax (GST) |
|----|------------------------------|

| s. | Government Grants |
|----|-------------------|

| t. | Rounding of Amounts |
|----|---------------------|

| u. | Non-current assets held for sale |
|----|----------------------------------|

| v. | Biological assets |
|----|-------------------|

----

| 4. | Standards, amendments and interpretations to existing standards that are not yet effective and have not been adopted early by the Group |
|----|-----------------------------------------------------------------------------------------------------------------------------------------|

| -   |  eliminate the ‘corridor method’, requiring entities to recognise all gains and losses arising in the reporting period |
|---------------|-----------------------------------------------------------------------------------------------------------------------------------------|

| -   | streamline the presentation of changes in plan assets and liabilities |
|---------------|-----------------------------------------------------------------------|

| -   | enhance the disclosure requirements, including information about the characteristics of defined benefit plans and the risks that entities are exposed to through participation in them. |
|---------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 5. | Critical Accounting Estimates and Judgments |
|----|---------------------------------------------|

| a. | Impairment of assets |
|----|----------------------|

----

|   | · | The Company sells Jatropha Curcas saplings to various contract farmers in India. The contracts are concluded after a detailed review of the suitability of the contract farmer and the proposed land to be used for contract farming, |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | The sales contract states that the balance owing is at call by the Company and that the Company has a 30 year agreement to buy back from the Contract Farmer the future harvest of oil seeds produced by the Jatropha trees. The Jatropha Curcas saplings have an estimated production life in excess of 30 years. Receivables are secured against these future contracted purchases of Jatropha Curcas seeds, |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Sales are made to a large number of geographically disbursed contract farmers, with each receivable being for a relatively low value (around A$250 per contract farmer, depending on the contract farming acreage), |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | The Company has in place memoranda of understanding with a number of leading financial institutions in India who have agreed to finance the contract farmers to fund their upfront investment into the Jatropha saplings. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | These financial institutions have formulated specific schemes of financing for Jatropha farming, |
|--------|--------|--------------------------------------------------------------------------------------------------|

|   | · | In addition, the National Bank for Agriculture and Rural Development (NABARD) of India (apex body for agricultural financing) has in place a standardised scheme of financing to farmers of Jatropha Curcas, |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Disbursement of these loans to the farmers will enable them to repay the amounts owed to the Company, |
|--------|--------|-------------------------------------------------------------------------------------------------------|

|   | · | The Company assists the farmers in their interaction with the financial institutions for availing of loan facilities. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------|

|   | · | In assessing the recoverability of sapling sales receivables, the following factors are taken into account; |
|--------|--------|-------------------------------------------------------------------------------------------------------------|

|   | o | actual recovery of receivables to date, |
|--------|---|-----------------------------------------|

|   | o | anticipated timing of future receipts, based on; |
|--------|---|--------------------------------------------------|

|   | o | anticipated loan disbursal rates from the banks to the farmers, to enable the farmer to repay the receivable to Mission, |
|--------|---|--------------------------------------------------------------------------------------------------------------------------|

|   | o | estimates of expected yields of oil seeds from the Jatropha Curcas saplings, and estimated mortality of Jatropha Curcas saplings. |
|--------|---|-----------------------------------------------------------------------------------------------------------------------------------|

----

----

|                       |   | June 2011 |   |   | June 2010 |   |   | June 2009 |   |
|----------------------------|--------|-----------|--------|--------|-----------|--------|--------|-----------|--------|
|                       |   | $000      |   |   | $000      |   |   | $000      |   |
| Impairment of refineries   |   |      | 2,046  |   |      |   | 71,252 |      |   |   | - |   |
| Impairment of windmills    |   |      | 262    |   |      |   | 1,837  |      |   |   | - |   |
| Impairment of other assets |   |      | 36     |   |      |   | -      |      |   |   | - |   |
| Impairment of Goodwill     |   |      | 1,157  |   |      |   | -      |      |   |   | - |   |
| Total                      |   |      | 3,501  |   |      |   | 73,089 |      |   |   | - |   |

| b. | Going Concern |
|----|---------------|

----

| c. | Biological Asset |
|----|------------------|

| 6. | Determination of fair value |
|----|-----------------------------|

----

| 7. | Sales revenue |
|----|---------------|

|                                      |   | 2011$’000 |   |   | 2010$’000 |   |   | 2009$’000 |   |
|-------------------------------------------|--------|-----------------|--------|--------|-----------------|--------|--------|-----------------|--------|
|                                      |   |            |   |   |            |   |   |            |   |
| Sales Revenue                             |   |            |   |   |            |   |   |            |   |
|                                      |   |            |   |   |            |   |   |            |   |
| - Sales of goods                          |   |            | 14,080 |   |            |   | 14,394 |            |   |   | 43,368 |   |
| Total revenue                             |   |            | 14,080 |   |            |   | 14,394 |            |   |   | 43,368 |   |
|                                      |   |            |   |   |            |   |   |            |   |   |   |   |
| Other Income                              |   |            |   |   |            |   |   |            |   |   |   |   |
| Change in fair value of biological assets |   |            | 790    |   |            |   | 1,656  |            |   |   | 9,441 |   |
| Dividend Received                         |   |            | -      |   |            |   | -      |            |   |   | 6 |   |
| Interest received                         |   |            | 115    |   |            |   | 204    |            |   |   | 387 |   |
| Profit on convertible note restructure    |   |            | 1,734  |   |            |   | -      |            |   |   | - |   |
| Sundry income                             |   |            | 230    |   |            |   | 206    |            |   |   | 1,975 |   |
| Other income                              |   |            | 2,869  |   |            |   | 2,066  |            |   |   | 11,809 |   |

| 8. | Expenses |
|----|----------|

|                                        |   | 2011$’000 |   |   | 2010$’000 |   |   | 2009$’000 |   |
|---------------------------------------------|--------|-----------------|--------|--------|-----------------|--------|--------|-----------------|--------|
| 8a Cost of sales                            |   |            | 13,351 |   |            |   | 13,561 |            |   |   | 44,104 |   |
| Cost of growing the biological asset        |   |            | 636    |   |            |   | 1,460  |            |   |   | 1,605 |   |
| Total                                       |   |            | 1,987  |   |            |   | 15,021 |            |   |   | 45,709 |   |
|                                        |   |            |   |   |            |   |   |            |   |   |   |   |
| 8b Wages and Salaries                       |   |            | 3,970  |   |            |   | 3,860  |            |   |   | 4,692 |   |
| Contributions to defined contribution plans |   |            | 233    |   |            |   | 170    |            |   |   | 232 |   |
| Equity settled share based payments expense |   |            | 3,324  |   |            |   | 1,277  |            |   |   | 193 |   |
|                                        |   |            | 7,527  |   |            |   | 5,307  |            |   |   | 5,117 |   |

----

|                                                   |   | 2011$’000 |   |   | 2010$’000 |   |   | 2009$’000 |   |
|--------------------------------------------------------|--------|-----------------|--------|--------|-----------------|--------|--------|-----------------|--------|
|                                                   |   |            |   |   |            |   |   |            |   |
| 8c Other expenses:                                     |   |            |   |   |            |   |   |            |   |
|                                                   |   |            |   |   |            |   |   |            |   |
| Audit fees                                             |   |            | 204    |   |            |   | 118    |            |   |   | 204 |   |
| Advertising                                            |   |            | 50     |   |            |   | 31     |            |   |   | 31 |   |
| Computer maintenance & consumables                 |   |            | 38     |   |            |   | 46     |            |   |   | 33 |   |
| Communication expenses                                 |   |            | 418    |   |            |   | 211    |            |   |   | 316 |   |
| Donations, ceremonies & exhibitions                |   |            | 2      |   |            |   | -      |            |   |   | 2 |   |
| Insurance costs                                        |   |            | 107    |   |            |   | 121    |            |   |   | 261 |   |
| Legal fees                                             |   |            | 319    |   |            |   | 123    |            |   |   | 51 |   |
| Asset maintenance                                      |   |            | 162    |   |            |   | 320    |            |   |   | 312 |   |
| Loss on disposal of asset                              |   |            | -      |   |            |   | -      |            |   |   | 2 |   |
| Other                                                  |   |            | 1,190  |   |            |   | 1,121  |            |   |   | 2,517 |   |
| Total                                                  |   |            | 2,490  |   |            |   | 2,091  |            |   |   | 3,729 |   |
|                                                   |   |            |   |   |            |   |   |            |   |   |   |   |
| 8d) Finance Costs                                      |   |            |   |   |            |   |   |            |   |   |   |   |
| Amortisation of liability portion of convertible notes |   |            | 2,003  |   |            |   | 1,889  |            |   |   | 1,750 |   |
| Amortisation of convertible note issue costs           |   |            | 379    |   |            |   | 404    |            |   |   | 404 |   |
| Discount on non-current receivables                    |   |            | -      |   |            |   | -      |            |   |   | 2,850 |   |
| Total                                                  |   |            | 2,382  |   |            |   | 2,293  |            |   |   | 5,004 |   |
|                                                   |   |            |   |   |            |   |   |            |   |   |   |   |
| 8e) Travel expenses                                    |   |            |   |   |            |   |   |            |   |   |   |   |
| Corporate travel                                       |   |            | 273    |   |            |   | 340    |            |   |   | 777 |   |
| Feedstock Logistics                                    |   |            | 493    |   |            |   | 546    |            |   |   | 332 |   |
|                                                   |   |            | 766    |   |            |   | 886    |            |   |   | 1,109 |   |

----

| 9. | Income tax |
|----|------------|

|   |                                                                                                                                       |   |   |   | 2011$’000 |    |   | 2010$’000 |   |    | 2009$’000 |   |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|-----------------|---------|--------|-----------------|--------|---------|-----------------|--------|
| a.     | The components of tax expense comprise                                                                                                     |   |   |   |            |    |   |            |   |    |            |   |
|   | Current tax                                                                                                                                |   |   |   |            | (1      | )      |            |   | 29      |            |   |   | 64 |   |
|   | Deferred tax                                                                                                                               |   | 23     |   |            | -       |   |            |   | -       |            |   |   | 370 |   |
|   | Over provision in respect of prior years                                                                                                   |   |   |   |            | -       |   |            |   | -       |            |   |   | - |   |
|   |                                                                                                                                       |   |   |   |            | (1      | )      |            |   | 29      |            |   |   | 434 |   |
| b.     | The prima facie tax on the profit  (loss) from ordinary activities before income tax is reconciled to the income tax as follows: |   |   |   |            |    |   |            |   |    |            |   |   |   |   |
|   | Accounting profit (loss) before tax                                                                                                        |   |   |   |            | (21,671 | )      |            |   | (97,771 | )               |   |   | (23,321 | ) |
|   | Prima facie tax (benefit)/expense on profit/ (loss) from ordinary activities before income tax at 30%                                      |   |   |   |            | (6,501  | )      |            |   | (29,331 | )               |   |   | (23,321 | ) |
|   | Adjusted for:                                                                                                                              |   |   |   |            |    |   |            |   |    |            |   |   |   |   |
|   | Tax effect of:                                                                                                                             |   |   |   |            |    |   |            |   |    |            |   |   |   |   |
|   | - overseas tax rate differential                                                                                                           |   |   |   |            | 140     |   |            |   | 7,218   |            |   |   | 379 |   |
|   | - Impairment non-assessable item                                                                                                           |   |   |   |            | 960     |   |            |   | 21,927  |            |   |   | - |   |
|   | - other non-assessable items                                                                                                               |   |   |   |            | 5,400   |   |            |   | 215     |            |   |   | 6,681 |   |
|   | - Deferred tax asset not recognised (tax losses)                                                                                           |   |   |   |            | -       |   |            |   | -       |            |   |   | 370 |   |
|   |                                                                                                                                       |   |   |   |            | (1      | )      |            |   | 29      |            |   |   | 434 |   |
|   | Add:                                                                                                                                       |   |   |   |            |    |   |            |   |    |            |   |   |   |   |
|   | Over provision for income tax in prior year                                                                                                |   |   |   |            |    |   |            |   | -       |            |   |   | - |   |
|   | Income tax attributable to entity                                                                                                          |   |   |   |            | (1      | )      |            |   | 29      |            |   |   | 434 |   |
|   |                                                                                                                                       |   |   |   |            |    |   |            |   |    |            |   |   |   |   |
|   | The applicable weighted average effective current tax rates are as follows:                                                                |   |   |   |            | -       | 11     |            |   | -       |            |   |   | - |   |

----

11 No effective tax rate calculated due to the loss position.

----

| 10. | Auditors’ Remuneration |
|-----|------------------------------|

|                                                             |   | 2011$’000 |   |   | 2010$’000 |   |   | 2009$’000 |   |
|------------------------------------------------------------------|--------|-----------------|--------|--------|-----------------|--------|--------|-----------------|--------|
| Audit services                                                   |   |            |   |   |            |   |   |            |   |
| Remuneration of the auditor of the parent entity for:            |   |            |   |   |            |   |   |            |   |
| -auditing or reviewing the annual and half-year financial report |   |            | 90     |   |            |   | 75     |            |   |   | 64 |   |
|                                                             |   |            |   |   |            |   |   |            |   |   |   |   |
| Remuneration of other auditors of subsidiaries for:              |   |            |   |   |            |   |   |            |   |   |   |   |
|                                                             |   |            |   |   |            |   |   |            |   |   |   |   |
| -auditing or reviewing the financial report of subsidiaries      |   |            | 47     |   |            |   | 61     |            |   |   | 83 |   |
|                                                             |   |            |   |   |            |   |   |            |   |   |   |   |
| Other services                                                   |   |            |   |   |            |   |   |            |   |   |   |   |
|                                                             |   |            |   |   |            |   |   |            |   |   |   |   |
| - reviewing of the USA SEC registration statement                |   |            | 115    |   |            |   | -      |            |   |   | - |   |
|                                                             |   |            |   |   |            |   |   |            |   |   |   |   |
| - review of tax and corporate returns of subsidiaries       |   |            | 6      |   |            |   | 1      |            |   |   | - |   |

| 11. | Earnings per share |
|-----|--------------------|

| a.     | Reconciliation of earnings to profit or loss                   |   |   |    |   |   |   |    |   |   |
|--------|----------------------------------------------------------------|--------|--------|---------|--------|--------|--------|---------|--------|--------|
|   | Earnings used in calculation of both ordinary and dilutive EPS |   |   | (21,670 | )      |   |   | (97,800 | )      |   |   | (23,660 | ) |

----

| b.     | Weighted average number of ordinary shares outstanding during the year used in calculating basic EPS    |   |   | 6,199,265 |   |   |   | 4,711,249 | 12     |   |   | 1,979,725 | 13     |
|--------|---------------------------------------------------------------------------------------------------------|--------|--------|-----------|--------|--------|--------|-----------|--------|--------|--------|-----------|--------|
|   | Effect of:                                                                                              |   |   |      |   |   |   |      |   |   |   |      |   |
|   | - Performance Rights and options                                                                        |   |   | -         |   |   |   | -         |   |   |   | -         |   |
|   | Weighted average number of ordinary shares outstanding during the year used in calculating dilutive EPS |   |   | 6,199,265 |   |   |   | 4,711,249 |   |   |   | 4,711,249 |   |

|                                   |   | 2011   |       |   |   | 2010   | 14        |   |   | 2009   | 15        |
|----------------------------------------|--------|--------|------------|--------|--------|--------|-----------|--------|--------|--------|-----------|
| Issued ordinary shares                 |   |   | 8,512,259  |   |   |   | 5,500,151 |   |   |   | 3,884,703 |   |
| Convertible notes                      |   |   | 935,579    |   |   |   | 935,579   |   |   |   | 935,579   |   |
| Employee and third party share options |   |   | 7,315      |   |   |   | 77,315    |   |   |   | 49,630    |   |
| Employee performance shares            |   |   | 133,077    |   |   |   | 155,733   |   |   |   | 54,000    |   |
| Share issue options (warrants)         |   |   | 2,995,009  |   |   |   | 2,995,009 |   |   |   | 2,000,000 |   |
| TOTAL                                  |   |   | 12,583,239 |   |   |   | 9,663,787 |   |   |   | 6,923,912 |   |

----

  

  

  

----

| 12. | Cash and cash equivalents |
|-----|---------------------------|

|                      |   | 2011$’000 |   |   | 2010$’000 |   |
|---------------------------|--------|-----------------|--------|--------|-----------------|--------|
| Cash at bank and in hand  |   |            | 9,712  |   |            |   | 13,428 |   |
| Short-term bank deposits  |   |            | 6,049  |   |            |   | 3,727 |   |
|                      |   |            | 15,761 |   |            |   | 17,155 |   |
| Reconciliation of cash    |   |            |   |   |            |   |   |   |
| Cash and cash equivalents |   |            | 15,761 |   |            |   | 17,155 |   |
|                      |   |            | 15,761 |   |            |   | 17,155 |   |

| 13. | Trade and Other Receivables |
|-----|-----------------------------|

|                       |   | 2011$’000 |    |   | 2010$’000 |   |
|----------------------------|--------|-----------------|---------|--------|-----------------|--------|
| CURRENT                    |   |            |    |   |            |   |
| Trade receivables          |   |            | 6,429   |   |            |   | 3,897 |   |
| Other receivables          |   |            | 305     |   |            |   | 571 |   |
| Less: Impairment provision |   |            | (151    | )      |            |   | (300 | ) |
| TOTAL                      |   |            | 6,583   |   |            |   | 4,168 |   |
| NON – CURRENT        |   |            |    |   |            |   |   |   |
| Trade receivables          |   |            | 20,191  |   |            |   | 21,518 |   |
| Less: Impairment provision |   |            | (17,594 | )      |            |   | (18,386 | ) |
| Less: Discount charge      |   |            | (2,597  | )      |            |   | (3,132 | ) |
| TOTAL                      |   |            | -       |   |            |   | - |   |

| Impairment provision                    |   |   |   |   |   |   |
|-----------------------------------------|--------|--------|--------|--------|--------|--------|
| Opening Balance:                        |   |   | 18,686 |   |   |   | 9,544 |   |
| Charge for the year                     |   |   | 1,930  |   |   |   | 9,160 |   |
| Foreign currency translation difference |   |   | (2,871 | )      |   |   | (18 | ) |
| Closing Balance                         |   |   | 17,745 |   |   |   | 18,686 |   |

----

| 14. | Biological Assets |
|-----|-------------------|

|                                                    |   | 2011$’000 |   |   | 2010$’000 |   |
|---------------------------------------------------------|--------|-----------------|--------|--------|-----------------|--------|
| Opening Balance                                         |   |            | 1,477  |   |            |   | 1,339 |   |
| Add: Increase in fair value due to new plantations      |   |            | 790    |   |            |   | 1,656 |   |
| Less: Sale of saplings transferred to trade receivables |   |            | (2,098 | )      |            |   | (434 | ) |
| Less: Impairment of biological asset                    |   |            | -      |   |            |   | (740 | ) |
| FX adjustments                                          |   |            | (81    | )      |            |   | (344 | ) |
| Closing Balance                                         |   |            | 88     |   |            |   | 1,477 |   |

----

| 15. | Inventories |
|-----|-------------|

|                           |   | 2011$’000 |   |   | 2010$’000 |   |
|--------------------------------|--------|-----------------|--------|--------|-----------------|--------|
| CURRENT                        |   |            |   |   |            |   |
| Raw Material and stores - cost |   |            | 530    |   |            |   | 417 |   |
| Finished goods – cost    |   |            | 1,079  |   |            |   | 1,122 |   |
| Work in progress – cost  |   |            | 4,633  |   |            |   | 132 |   |
|                           |   |            | 6,242  |   |            |   | 1,671 |   |

| 16. | Other Financial Assets |
|-----|------------------------|

| Current                           |   |   |   |   |   |   |
|-----------------------------------|--------|--------|--------|--------|--------|--------|
| Held to maturity financial assets |   |   | 1      |   |   |   | 26 |   |
| Performance bond                  |   |   | -      |   |   |   | - |   |
| Other financial assets            |   |   | 177    |   |   |   |   |   |
|                              |   |   | 178    |   |   |   | 26 |   |
| Non-Current                  |   |   |   |   |   |   |   |   |
| Other financial assets            |   |   | -      |   |   |   | - |   |
|                              |   |   | -      |   |   |   | - |   |

----

| 17. | Investments in subsidiaries |
|-----|-----------------------------|

| A | Controlled Entities Consolidated |
|---|----------------------------------|

|   |                                                   |   | Country of     |   | Percentage Owned (%) |   |
|--------|--------------------------------------------------------|--------|----------------|--------|----------------------|--------|
|   |                                                   |   | Incorporation  |   | 2011                 |   |   | 2010 |   |
|   | Parent Entity:                                         |   |           |   |                 |   |   |   |   |
|   | Mission NewEnergy Limited                              |   | Australia      |   |                 |   |   |   |   |
|   | Subsidiaries of Mission NewEnergy Limited:             |   |           |   |                 |   |   |   |   |
|   | Mission Biotechnologies Sdn Bhd                        |   | Malaysia       |   |                 | 100    |   |   |   | 100 |   |
|   | Mission Biofuels Sdn Bhd                               |   | Malaysia       |   |                 | 100    |   |   |   | 100 |   |
|   | Enviro Mission Sdn Bhd                                 |   | Malaysia       |   |                 | 100    |   |   |   | - |   |
|   | Mission Agro Energy Limited                            |   | Mauritius      |   |                 | 100    |   |   |   | 100 |   |
|   | Scarborough Beach Holdings, Inc.                       |   | USA            |   |                 | 100    |   |   |   | - |   |
|   | PJ Trading Pennsylvania, LLC                           |   | USA            |   |                 | 100    |   |   |   | - |   |
|   | PJ Trading, LLC                                        |   | USA            |   |                 | 100    |   |   |   | - |   |
|   | Indas Green Acquisition Corporation                    |   | Cayman Islands |   |                 | -      | 16 |   |   | 73.2 |   |
|   | Subsidiaries of Mission Agro Energy Limited            |   |           |   |                 |   |   |   |   |   |   |
|   | Mission Biofuels India Private Limited                 |   | India          |   |                 | 100    |   |   |   | 99.49 |   |
|   |                                                   |   |           |   |                 |   |   |   |   |   |   |
| b.     | Jointly controlled entities                            |   |           |   |                 |   |   |   |   |   |   |
|   | Subsidiaries of Mission Biofuels India Private Limited |   |           |   |                 |   |   |   |   |   |   |
|   | Mission Agro Diesel (India) Private Limited            |   | India          |   |                 | 51     |   |   |   | 51 |   |

----

----

| 18. | Property Plant and Equipment |
|-----|------------------------------|

|                                               |   | $’000     |   |   | $’000     |   |   | $’000                   |   |   | $’000  |   |   | $’000        |   |   | $’000             |   |   | $’000    |   |   | $’000 |   |
|---------------------------------------------------------|--------|-----------------|--------|--------|-----------------|--------|--------|-------------------------------|--------|--------|--------------|--------|--------|--------------------|--------|--------|-------------------------|--------|--------|----------------|--------|--------|-------------|--------|
| Cost at 1 July 2009                                     |   |            | 1,625  |   |            |   | 285    |                          |   |   | 806          |   |   |               | 223    |   |                    |   | 5,869  |           |   |   | 40,790      |   |   |   | 32,412 |   |   |   | 82,010 |   |
| Additions                                               |   |            | 12     |   |            |   | 85     |                          |   |   | 86           |   |   |               | 23     |   |                    |   | -      |           |   |   | 2,175       |   |   |   | 75 |   |   |   | 2,456 |   |
| Foreign Currency Translation                            |   |            | 7      |   |            |   | 4      |                          |   |   | (45          | )      |   |               | (29    | )      |                    |   | (73    | )              |   |   | 1,138       |   |   |   | (2,927 | ) |   |   | (1,925 | ) |
| Disposal                                                |   |            | (3     | )      |            |   | -      |                          |   |   | -            |   |   |               | -      |   |                    |   | (35    | )              |   |   | -           |   |   |   | - |   |   |   | (38 | ) |
| Cost at 30 June 2010                                    |   |            | 1,641  |   |            |   | 374    |                          |   |   | 847          |   |   |               | 217    |   |                    |   | 5,761  |           |   |   | 44,103      |   |   |   | 29,560 |   |   |   | 82,503 |   |
| Additions                                               |   |            | -      |   |            |   | 92     |                          |   |   | 90           |   |   |               | -      |   |                    |   | -      |           |   |   | 2,470       |   |   |   | 511 |   |   |   | 3,163 |   |
| Foreign Currency Translation                            |   |            | (250   | )      |            |   | (59    | )                             |   |   | (161         | )      |   |               | (30    | )      |                    |   | (985   | )              |   |   | (6,081      | )      |   |   | (4,472 | ) |   |   | (12,038 | ) |
| Disposal                                                |   |            | -      |   |            |   | (4     | )                             |   |   | -            |   |   |               | -      |   |                    |   | -      |           |   |   | -           |   |   |   | - |   |   |   | (4 | ) |
| Cost at 30 June 2011                                    |   |            | 1,391  |   |            |   | 403    |                          |   |   | 776          |   |   |               | 187    |   |                    |   | 4,776  |           |   |   | 40,492      |   |   |   | 25,599 |   |   |   | 73,624 |   |
| Accumulated Depreciation and Impairment                 |   | LandandBuilding |   |   | OfficeEquipment |   |   | ComputerEquipmentand software |   |   | MotorVehicle |   |   | Plant andEquipment |   |   | Asset UnderConstruction |   |   | BiodieselPlant |   |   | Total       |   |
|                                                    |   |            |   |   |            |   |   |                          |   |   |         |   |   |               |   |   |                    |   |   |           |   |   |        |   |   |   |   |   |   |   |   |   |
| Accumulated Depreciation and Impairment at 1 July 2009  |   |            | 49     |   |            |   | 115    |                          |   |   | 234          |   |   |               | 78     |   |                    |   | 413    |           |   |   | -           |   |   |   | 2,196 |   |   |   | 3,085 |   |
| Depreciation for the year                               |   |            | 36     |   |            |   | 28     |                          |   |   | 283          |   |   |               | 21     |   |                    |   | 292    |           |   |   | -           |   |   |   | 1,458 |   |   |   | 2,118 |   |
| Impairment                                              |   |            | -      |   |            |   | -      |                          |   |   | -            |   |   |               | -      |   |                    |   | 1,682  |           |   |   | 43,472      |   |   |   | 27,935 |   |   |   | 73,089 |   |
| Foreign Currency Translation                            |   |            | 11     |   |            |   | 0      |                          |   |   | 15           |   |   |               | 3      |   |                    |   | 4      |           |   |   | -           |   |   |   | (3,369 | ) |   |   | (3,336 | ) |
| Disposal                                                |   |            | -      |   |            |   | -      |                          |   |   | -            |   |   |               | -      |   |                    |   | -      |           |   |   | -           |   |   |   | - |   |   |   | - |   |
| Accumulated Depreciation and Impairment at 30 June 2010 |   |            | 96     |   |            |   | 143    |                          |   |   | 532          |   |   |               | 102    |   |                    |   | 2,391  |           |   |   | 43,472      |   |   |   | 28,220 |   |   |   | 74,956 |   |

----

| Accumulated Depreciation and Impairmentcontd.           |   | LandandBuilding |   |   | OfficeEquipment |   |   | ComputerEquipmentand software |   |   | MotorVehicle |   |   | Plant andEquipment |   |   | Asset UnderConstruction |   |   | BiodieselPlant |   |   | Total       |   |
|---------------------------------------------------------|--------|-----------------|--------|--------|-----------------|--------|--------|-------------------------------|--------|--------|--------------|--------|--------|--------------------|--------|--------|-------------------------|--------|--------|----------------|--------|--------|-------------|--------|
|                                                    |   | $’000     |   |   | $’000     |   |   | $’000                   |   |   | $’000  |   |   | $’000        |   |   | $’000             |   |   | $’000    |   |   | $’000 |   |
| Accumulated Depreciation and Impairment at 30 June 2010 |   |            | 96     |   |            |   | 143    |                          |   |   | 532          |   |   |               | 102    |   |                    |   | 2,391  |           |   |   | 43,472      |   |   |   | 28,220 |   |   |   | 74,956 |   |
| Depreciation for the year                               |   |            | 41     |   |            |   | 74     |                          |   |   | 131          |   |   |               | 41     |   |                    |   | 168    |           |   |   | -           |   |   |   | 107 |   |   |   | 562 |   |
| Impairment                                              |   |            | -      |   |            |   | -      |                          |   |   | 15           |   |   |               | -      |   |                    |   | 283    |           |   |   | 2,045       |   |   |   | - |   |   |   | 2,343 |   |
| Foreign Currency Translation                            |   |            | (17    | )      |            |   | (22    | )                             |   |   | (94          | )      |   |               | (17    | )      |                    |   | (431   | )              |   |   | (5,980      | )      |   |   | (4,334 | ) |   |   | (10,895 | ) |
| Disposal                                                |   |            | -      |   |            |   | (2     | )                             |   |   | -            |   |   |               | -      |   |                    |   | -      |           |   |   | -           |   |   |   | - |   |   |   | (2 | ) |
| Accumulated Depreciation and Impairment at 30 June 2011 |   |            | 120    |   |            |   | 193    |                          |   |   | 584          |   |   |               | 126    |   |                    |   | 2,411  |           |   |   | 39,537      |   |   |   | 23,993 |   |   |   | 66,964 |   |
|                                                    |   |            |   |   |            |   |   |                          |   |   |         |   |   |               |   |   |                    |   |   |           |   |   |        |   |   |   |   |   |   |   |   |   |
| Carrying Amounts                                        |   |            |   |   |            |   |   |                          |   |   |         |   |   |               |   |   |                    |   |   |           |   |   |        |   |   |   |   |   |   |   |   |   |
| At 30 June 2010                                         |   |            | 1,545  |   |            |   | 231    |                          |   |   | 315          |   |   |               | 115    |   |                    |   | 3,370  |           |   |   | 631         |   |   |   | 1,340 |   |   |   | 7,547 |   |
| At 30 June 2011                                         |   |            | 1,271  |   |            |   | 210    |                          |   |   | 192          |   |   |               | 61     |   |                    |   | 2,365  |           |   |   | 955         |   |   |   | 1,606 |   |   |   | 6,660 |   |

----

| 19. | Intangible Assets |
|-----|-------------------|

|                                 |   | 2011$’000 |   |   | 2010$’000 |   |
|--------------------------------------|--------|-----------------|--------|--------|-----------------|--------|
| Goodwill                             |   |            |   |   |            |   |
| Carrying amount at beginning of year |   |            | 1,013  |   |            |   | 1,013 |   |
| Additions                            |   |            | 144    |   |            |   | - |   |
| Impairment of Goodwill               |   |            | (1,157 | )      |            |   |   |   |
| FX Adjustments                       |   |            | -      |   |            |   | - |   |
| Carrying amount at end of year       |   |            | -      |   |            |   | 1,013 |   |

| 20. | Other Assets |
|-----|--------------|

| CURRENT           |   |   |   |   |   |   |
|-------------------|--------|--------|--------|--------|--------|--------|
| Prepayments       |   |   | 354    |   |   |   | 457 |   |
|              |   |   | 354    |   |   |   | 457 |   |
| Non-Current       |   |   |   |   |   |   |   |   |
| Security Deposits |   |   | 702    |   |   |   | 182 |   |
|              |   |   | 702    |   |   |   | 182 |   |

| 21. | Trade and Other Payables |
|-----|--------------------------|

| CURRENT                              |   |   |   |   |   |   |
|--------------------------------------|--------|--------|--------|--------|--------|--------|
| Unsecured liabilities:               |   |   |   |   |   |   |
| Trade payables                       |   |   | 6,335  |   |   |   | 2,536 |   |
| Interest accrued                     |   |   | 247    |   |   |   | 247 |   |
| Sundry payables and accrued expenses |   |   | 477    |   |   |   | 819 |   |
|                                 |   |   | 7,059  |   |   |   | 3,602 |   |

----

| 22. | Financial Liabilities |
|-----|-----------------------|

|                                                         |   | 2011$’000 |   |   | 2010$’000 |   |
|--------------------------------------------------------------|--------|-----------------|--------|--------|-----------------|--------|
|                                                         |   |            |   |   |            |   |
| CURRENT                                                      |   |            |   |   |            |   |
| Secured loans                                                |   |            | 494    |   |            |   | 624 |   |
| Convertible Notes                                            |   |            |   |   |            |   |   |   |
| - Nominal value (unsecured)                                  |   |            | 15,000 |   |            |   | - |   |
| - Equity portion of convertible note                         |   |            | (2,349 | )      |            |   | - |   |
| - Unamortised costs of issues                                |   |            | (90    | )      |            |   | - |   |
| - Amortisation of equity portion                             |   |            | 1,852  |   |            |   | - |   |
|                                                         |   |            | 14,907 |   |            |   | 624 |   |
| NON-CURRENT                                                  |   |            |   |   |            |   |   |   |
| Secured loans                                                |   |            | 2,064  |   |            |   | 3,038 |   |
| Convertible Notes (unsecured)                                |   |            |   |   |            |   |   |   |
|    - Nominal value (excluding equity portion) |   |            | 45,812 |   |            |   | 54,823 |   |
|    - Converted to equity                      |   |            | (3,683 | )      |            |   | (3,531 | ) |
|    - Amortisation of equity portion           |   |            | 94     |   |            |   | 5,467 |   |
|    - Unamortised costs of issues              |   |            | -      |   |            |   | (769 | ) |
|                                                         |   |            | 44,287 |   |            |   | 59,028 |   |

----

|                                                                                                                                               |   | Series 1 notes             |       |   | Series 2 notes               |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------|------------|--------|------------------------------|--------|
|                                                                                                                                               |   |                       |       |   |                         |   |
| Units – pre-consolidation                                                                                                                    |   |                       | 11,538,461 |   |                         |   | 35,240,384 |   |
|                                                                                                                                               |   |                       |       |   |                         |   |   |   |
| Units – post consolidation                                                                                                                   |   |                       | 230,770    | 17     |                         |   | 704,789 |   |
|                                                                                                                                               |   |                       |       |   |                         |   |   |   |
| Maturity date                                                                                                                                      |   | 16 May 2012                |       |   | 16 May 2014                  |   |
|                                                                                                                                               |   |                       |       |   |                         |   |   |   |
| Interest rate per annum                                                                                                                            |   |                       | 4          | %      |                         |   | 4 | % |
|                                                                                                                                               |   |                       |       |   |                         |   |   |   |
| Convertible into ordinary shares at the option of the Holder or the Company in the circumstances set out in the Terms and Conditions of the Notes. |   | 1 note for 1 ordinaryshare |       |   | 1 note for 4 ordinary shares |   |
|                                                                                                                                               |   |                       |       |   |                         |   |   |   |
| Conversion price                                                                                                                                   |   | $                          | 65         |   |                         | $      | 16.25 |   |

| 23. | Tax |
|-----|-----|

|                                 |   | 2011        |   |   | 2010        |   |
|--------------------------------------|--------|-------------|--------|--------|-------------|--------|
|                                 |   |        |   |   |        |   |
|                                 |   | $’000 |   |   | $’000 |   |
|                                 |   |        |   |   |        |   |
| Liabilities                          |   |        |   |   |        |   |
|                                 |   |        |   |   |        |   |
| CURRENT                              |   |        |   |   |        |   |
|                                 |   |        |   |   |        |   |
| Current Tax liability / (asset)      |   |        | (30    | )      |        |   | (53 | ) |
|                                 |   |        |   |   |        |   |   |   |
| NON-CURRENT                          |   |        |   |   |        |   |   |   |
|                                 |   |        |   |   |        |   |   |   |
| Deferred tax liability comprises:    |   |        |   |   |        |   |   |   |
|                                 |   |        |   |   |        |   |   |   |
| Unrealised FX gains                  |   |        | -      |   |        |   | - |   |
|                                 |   |        |   |   |        |   |   |   |
| Accruals                             |   |        | -      |   |        |   | - |   |
|                                 |   |        |   |   |        |   |   |   |
| Other                                |   |        | -      |   |        |   | - |   |
|                                 |   |        |   |   |        |   |   |   |
| Total                                |   |        | -      |   |        |   | - |   |
|                                 |   |        |   |   |        |   |   |   |
| Assets                               |   |        |   |   |        |   |   |   |
|                                 |   |        |   |   |        |   |   |   |
| Deferred tax assets comprise:        |   |        |   |   |        |   |   |   |
|                                 |   |        |   |   |        |   |   |   |
| Provisions                           |   |        | -      |   |        |   | - |   |
|                                 |   |        |   |   |        |   |   |   |
| Transaction costs included in equity |   |        | -      |   |        |   | - |   |
|                                 |   |        |   |   |        |   |   |   |
| Other                                |   |        | -      |   |        |   | - |   |
|                                 |   |        |   |   |        |   |   |   |
|                                 |   |        | -      |   |        |   | - |   |

----

  

----

|                                    | Reconciliations                                                                                     |   |   |   |   |   |   |
|-----------------------------------------|-----------------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|
|                                    |                                                                                                |   |   |   |   |   |   |
| i.                                      | Gross Movements                                                                                     |   |   |   |   |   |   |
|                                    |                                                                                                |   |   |   |   |   |   |
|                                    | The overall movement in the deferred tax account is as follows:                                     |   |   |   |   |   |   |
|                                    |                                                                                                |   |   |   |   |   |   |
|                                    | Opening balance                                                                                     |   |   | -      |   |   |   | (28 | ) |
|                                    |                                                                                                |   |   |   |   |   |   |   |   |
|                                    | (Charge)/credit to income statement                                                                 |   |   | -      |   |   |   | - |   |
|                                    |                                                                                                |   |   |   |   |   |   |   |   |
|                                    | Foreign currency translation difference                                                             |   |   | -      |   |   |   | 28 |   |
|                                    |                                                                                                |   |   |   |   |   |   |   |   |
|                                    | Closing balance                                                                                     |   |   | -      |   |   |   | - |   |
|                                    |                                                                                                |   |   |   |   |   |   |   |   |
| ii.                                     | Deferred Tax Liability                                                                              |   |   |   |   |   |   |   |   |
|                                    |                                                                                                |   |   |   |   |   |   |   |   |
|                                    | The movement in deferred tax liability for each temporary difference during the year is as follows: |   |   |   |   |   |   |   |   |
|                                    |                                                                                                |   |   |   |   |   |   |   |   |
|                                    | Tax allowances relating to unrealised FX gains:                                                     |   |   |   |   |   |   |   |   |
|                                    |                                                                                                |   |   |   |   |   |   |   |   |
|                                    | Opening balance                                                                                     |   |   | -      |   |   |   | - |   |
|                                    |                                                                                                |   |   |   |   |   |   |   |   |
|                                    | Charged to the income statement                                                                     |   |   | -      |   |   |   | - |   |
|                                    |                                                                                                |   |   |   |   |   |   |   |   |
|                                    | Closing balance                                                                                     |   |   | -      |   |   |   | - |   |
|                                    |                                                                                                |   |   |   |   |   |   |   |   |
|                                    | Tax allowances relating to accruals:                                                                |   |   |   |   |   |   |   |   |
|                                    |                                                                                                |   |   |   |   |   |   |   |   |
|                                    | Opening balance                                                                                     |   |   | -      |   |   |   | - |   |
|                                    |                                                                                                |   |   |   |   |   |   |   |   |
|                                    | Charged to the income statement                                                                     |   |   | -      |   |   |   | - |   |
|                                    |                                                                                                |   |   |   |   |   |   |   |   |
|                                    | Closing balance                                                                                     |   |   | -      |   |   |   | - |   |
|                                    |                                                                                                |   |   |   |   |   |   |   |   |
| Other                                   |                                                                                                |   |   |   |   |   |   |   |
|                                    |                                                                                                |   |   |   |   |   |   |   |   |
| Opening balance                         |                                                                                                |   | -      |   |   |   | (28    | ) |
|                                    |                                                                                                |   |   |   |   |   |   |   |   |
| Charge to the income statement          |                                                                                                |   | -      |   |   |   | -      |   |
|                                    |                                                                                                |   |   |   |   |   |   |   |   |
| Foreign currency translation difference |                                                                                                |   | -      |   |   |   | 28     |   |
|                                    |                                                                                                |   |   |   |   |   |   |   |   |
| Closing Balance                         |                                                                                                |   | -      |   |   |   | -      |   |

----

| iii.   | Deferred tax assets                                                                              |   |   |   |   |   |   |
|--------|--------------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|
|   |                                                                                             |   |   |   |   |   |   |
|   | The movement in deferred tax assets for each temporary difference during the year is as follows: |   |   |   |   |   |   |
|   |                                                                                             |   |   |   |   |   |   |
|   | Provisions:                                                                                      |   |   |   |   |   |   |
|   |                                                                                             |   |   |   |   |   |   |
|   | Opening balance                                                                                  |   |   | -      |   |   |   | - |   |
|   |                                                                                             |   |   |   |   |   |   |   |   |
|   | Charged to the income statement                                                                  |   |   | -      |   |   |   | - |   |
|   |                                                                                             |   |   |   |   |   |   |   |   |
|   | Closing balance                                                                                  |   |   | -      |   |   |   | - |   |
|   |                                                                                             |   |   |   |   |   |   |   |   |
|   | Transactions costs on equity issue:                                                              |   |   |   |   |   |   |   |   |
|   |                                                                                             |   |   |   |   |   |   |   |   |
|   | Opening balance                                                                                  |   |   | -      |   |   |   | - |   |
|   |                                                                                             |   |   |   |   |   |   |   |   |
|   | (Charged)/Credited directly to equity                                                            |   |   | -      |   |   |   | - |   |
|   |                                                                                             |   |   |   |   |   |   |   |   |
|   | Closing balance                                                                                  |   |   | -      |   |   |   | - |   |
|   |                                                                                             |   |   |   |   |   |   |   |   |
|   | Other                                                                                            |   |   |   |   |   |   |   |   |
|   |                                                                                             |   |   |   |   |   |   |   |   |
|   | Opening balance                                                                                  |   |   | -      |   |   |   | - |   |
|   |                                                                                             |   |   |   |   |   |   |   |   |
|   | Charged/(Credited) to the income statement                                                       |   |   | -      |   |   |   | - |   |
|   |                                                                                             |   |   |   |   |   |   |   |   |
|   | Closing balance                                                                                  |   |   | -      |   |   |   | - |   |

----

| 24. | Issued Capital |
|-----|----------------|

| Fully paid ordinary shares                                      |   | 2011        |        |   | 2010        |   |
|-----------------------------------------------------------------|--------|-------------|-------------|--------|-------------|--------|
|                                                            |   |        |        |   |        |   |
|                                                            |   | $’000 |        |   | $’000 |   |
|                                                            |   |        |        |   |        |   |   |   |
| Share Capital                                                   |   |        | 96,801      |   |        |   | 76,634 |   |
|                                                            |   |        |        |   |        |   |   |   |
| Ordinary shares                                                 |   | Number      |        |   | Number      |   |
|                                                            |   |        |        |   |        |   |   |   |
| At the beginning of reporting period                            |   |        | 275,007,568 |   |        |   | 194,235,155 |   |
|                                                            |   |        |        |   |        |   |   |   |
| Ordinary shares issued                                          |   |        |        |   |        |   |   |   |
|                                                            |   |        |        |   |        |   |   |   |
| -  November 2009                                      |   |        | -           |   |        |   | 50,000,000 |   |
|                                                            |   |        |        |   |        |   |   |   |
| -  February 2010                                      |   |        | -           |   |        |   | 30,000,000 |   |
|                                                            |   |        |        |   |        |   |   |   |
| Conversion of warrants in January 2010                          |   |        | -           |   |        |   | 252,414 |   |
|                                                            |   |        |        |   |        |   |   |   |
| Shares issued on performance right conversion during the year   |   |        | 11,346,662  |   |        |   | 519,999 |   |
|                                                            |   |        |        |   |        |   |   |   |
| Subtotal                                                        |   |        | 286,354,230 | 18     |        |   | 275,007,568 |   |
|                                                            |   |        |        |   |        |   |   |   |
| Share consolidation (50:1) – April 2011                   |   |        | 5,727,085   |   |        |   | - |   |
|                                                            |   |        |        |   |        |   |   |   |
| Rounding adjustments                                            |   |        | 94          |   |        |   | - |   |
|                                                            |   |        |        |   |        |   |   |   |
| Revised ordinary shares post share consolidation                |   |        | 5,727,179   |   |        |   | - |   |
|                                                            |   |        |        |   |        |   |   |   |
| Share issue pursuant to Nasdaq listing – April 2011       |   |        | 2,785,000   |   |        |   | - |   |
|                                                            |   |        |        |   |        |   |   |   |
| Shares issued from conversion of convertible notes 23 June 2011 |   |        | 80          |   |        |   | - |   |
|                                                            |   |        |        |   |        |   |   |   |
| At reporting date                                               |   |        | 8,512,259   |   |        |   | 275,007,568 |   |

----

  

----

|                               |   | 2011   |      |   | 2010 (adjusted to reflect the 50:1consolidation) |   |
|------------------------------------|--------|--------|-----------|--------|---------------------------------------------------------------------------|--------|
| Warrants – from share issues |   |   | 2,995,009 |   |                                                                      |   | 2,995,009 |   |
|                               |   |   |      |   |                                                                      |   |   |   |
| Employee and third party options   |   |   | 7,315     |   |                                                                      |   | 77,315 |   |
|                               |   |   |      |   |                                                                      |   |   |   |
| Employee performance rights        |   |   | 133,077   |   |                                                                      |   | 155,733 |   |
|                               |   |   |      |   |                                                                      |   |   |   |
| Total                              |   |   | 3,135,401 |   |                                                                      |   | 3,228,057 |   |

| a. | Options and Performance Shares |
|----|--------------------------------|

| b. | Capital Management |
|----|--------------------|

| (i) | comply with  the Conditions of the convertible notes; |
|-----|-----------------------------------------------------------------|

| (ii) | maintain its corporate existence; |
|------|-----------------------------------|

| (iii) | not amend its Constitution or alter the voting or other rights attached to Shares in a manner that is prejudicial to the interests of Noteholders; |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------|

| (iv) | not do or omit to do anything that would preclude the issue of a valid  Cleansing Notice on the date such notice is required to be issued under the Conditions; |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (v) | make disclosure of material information to the public as required by the Listing Rules, or the rules of any other stock exchange on which it is listed and the Corporations Act or any other applicable law; |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (vi) | not incur a total debt obligation (including any unconverted Convertible Notes outstanding at any given time) of higher than 2.5x  Group’s net worth (being paid up equity plus any retained earnings) without the prior consent of at least 75% of Noteholders (on the basis of one vote for every Convertible Note held unconverted). |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (vii) | not issue more than 25% of the Company's share capital in options or convertible notes, without the prior consent of at least 75% of Noteholders (on the basis of one vote for every Convertible Note held at such time unconverted). |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (viii) | maintain the capacity to issue sufficient Shares to enable the conversion of all of the outstanding Convertible Notes into Shares in accordance with the Conditions. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ix) | ensure that in the event of either material asset sales or consolidation or merger or other business combination transactions, that the Noteholders be given at least 5 Business Days notice prior to the event and that the obligation on the notes are assumed by the surviving entity or acquiring entity such that the value of the Notes are not diminished by the event.  In any case given such an event the Noteholders can require the surviving or acquiring company to redeemed the Outstanding Notes for their Face Value plus any accrued but unpaid interest. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 25. | Reserves |
|-----|----------|

| 1. | Share based payments reserve |
|----|------------------------------|

| 2. | Foreign currency translation reserve |
|----|--------------------------------------|

| 3. | Convertible Notes Reserve |
|----|---------------------------|

----

| 26. | Capital and Leasing Commitments |
|-----|---------------------------------|

|   |                            |   | 2011        |   |   | 2010        |   |
|--------|---------------------------------|--------|-------------|--------|--------|-------------|--------|
|   |                            |   | $’000 |   |   | $’000 |   |
| a.     | Operating Lease Commitments     |   |        |   |   |        |   |
|   | - not later than 12 months      |   |        | 218    |   |        |   | 186 |   |
|   | - between 12 months and 5 years |   |        | 967    |   |        |   | 927 |   |
|   | - greater than 5 years          |   |        | 2,227  |   |        |   | 2,786 |   |
|   |                            |   |        | 3,412  |   |        |   | 3,899 |   |

|                                              |   | 2011        |   |   | 2010        |   |
|---------------------------------------------------|--------|-------------|--------|--------|-------------|--------|
|                                              |   | $’000 |   |   | $’000 |   |
| Capital expenditure commitments contracted for: - |   |        |   |   |        |   |
| Acquisition and installation biodiesel plants19   |   |        | 5,228  |   |        |   | 6,349 |   |
| Other                                             |   |        | 62     |   |        |   | 1,436 |   |
|                                              |   |        | 5,290  |   |        |   | 7,785 |   |
|                                              |   |        |   |   |        |   |   |   |
| Payable:                                          |   |        |   |   |        |   |   |   |
| - not later than 12 months                        |   |        | 5,290  |   |        |   | 7,785 |   |
|                                              |   |        | 5,290  |   |        |   | 7,785 |   |

----

  

----

| 27. | Contingent Liabilities and Contingent Assets |
|-----|----------------------------------------------|

----

| 28. | Segment Reporting |
|-----|-------------------|

|                                                   |   | Biodiesel Refining(Malaysia) |   |   | Jatropha (India) |   |    | Power generation (India) |   |   | Corporate   |   |   | Consolidated(ContinuingOperations) |    |
|--------------------------------------------------------|--------|-----------------------------------|--------|--------|-----------------------|--------|---------|------------------------------------|--------|--------|-------------|--------|--------|------------------------------------|---------|
|                                                   |   |                              |   |   |                  |   |    |                               |   |   |        |   |   |                               |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                   |   | 2011                              |   |   | 2010                  |   |    | 2011                               |   |   | 2010        |   |   | 2011                               |    |   | 2010 |   |   | 2011 |   |   | 2010 |   |   | 2011 |   |   | 2010 |   |
|                                                   |   |                              |   |   |                  |   |    |                               |   |   |        |   |   |                               |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                   |   | $’000                       |   |   | $’000           |   |    | $’000                        |   |   | $’000 |   |   | $’000                        |    |   | $’000 |   |   | $’000 |   |   | $’000 |   |   | $’000 |   |   | $’000 |   |
|                                                   |   |                              |   |   |                  |   |    |                               |   |   |        |   |   |                               |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Primary Reporting — Business Segments            |   |                              |   |   |                  |   |    |                               |   |   |        |   |   |                               |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                   |   |                              |   |   |                  |   |    |                               |   |   |        |   |   |                               |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Revenue                                                |   |                              |   |   |                  |   |    |                               |   |   |        |   |   |                               |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                   |   |                              |   |   |                  |   |    |                               |   |   |        |   |   |                               |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Revenue                                                |   |                              | 13,468 | 20     |                  |   | 13,867  |                               |   |   | 89          | 21     |   |                               | -       |   |   |   | 523 | 22 |   |   | 527 |   |   |   | - |   |   |   | - |   |   |   | 14,080 |   |   |   | 14,394 |   |
|                                                   |   |                              |   |   |                  |   |    |                               |   |   |        |   |   |                               |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Other revenue                                          |   |                              | 192    |   |                  |   | 153     |                               |   |   | 864         |   |   |                               | 1,869   |   |   |   | - |   |   |   | - |   |   |   | 1,813 |   |   |   | 44 |   |   |   | 2,869 |   |   |   | 2,066 |   |
|                                                   |   |                              |   |   |                  |   |    |                               |   |   |        |   |   |                               |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total segment revenue                                  |   |                              | 13,660 |   |                  |   | 14,020  |                               |   |   | 953         |   |   |                               | 1,869   |   |   |   | 523 |   |   |   | 527 |   |   |   | 1,813 |   |   |   | 44 |   |   |   | 16,949 |   |   |   | 16,460 |   |
|                                                   |   |                              |   |   |                  |   |    |                               |   |   |        |   |   |                               |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Impairment                                             |   |                              | 2,046  |   |                  |   | 71,407  |                               |   |   | -           |   |   |                               | -       |   |   |   | 298 |   |   |   | 1,682 |   |   |   | 1,157 |   |   |   | - |   |   |   | 3,501 |   |   |   | 73,089 |   |
|                                                   |   |                              |   |   |                  |   |    |                               |   |   |        |   |   |                               |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Result                                                 |   |                              |   |   |                  |   |    |                               |   |   |        |   |   |                               |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                   |   |                              |   |   |                  |   |    |                               |   |   |        |   |   |                               |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Segment result before tax                              |   |                              | (6,198 | )      |                  |   | (76,126 | )                                  |   |   | (4,797      | )      |   |                               | (12,803 | ) |   |   | 36 |   |   |   | (1,910 | ) |   |   | (10,712 | ) |   |   | (6,932 | ) |   |   | (21,671 | ) |   |   | (97,771 | ) |
|                                                   |   |                              |   |   |                  |   |    |                               |   |   |        |   |   |                               |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Profit/loss from ordinary activities before income tax |   |                              |   |   |                  |   |    |                               |   |   |        |   |   |                               |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (21,671 | ) |   |   | (97,771 | ) |
|                                                   |   |                              |   |   |                  |   |    |                               |   |   |        |   |   |                               |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income tax expense                                     |   |                              |   |   |                  |   |    |                               |   |   |        |   |   |                               |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 1 |   |   |   | (29 | ) |
|                                                   |   |                              |   |   |                  |   |    |                               |   |   |        |   |   |                               |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net profit/(loss)                                      |   |                              |   |   |                  |   |    |                               |   |   |        |   |   |                               |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (21,670 | ) |   |   | (97,800 | ) |
|                                                   |   |                              |   |   |                  |   |    |                               |   |   |        |   |   |                               |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Segment assets                                         |   |                              | 10,528 |   |                  |   | 10,093  |                               |   |   | 1,955       |   |   |                               | 3,168   |   |   |   | 2,379 |   |   |   | 5,736 |   |   |   | 21,736 |   |   |   | 14,752 |   |   |   | 36,598 |   |   |   | 33,749 |   |
|                                                   |   |                              |   |   |                  |   |    |                               |   |   |        |   |   |                               |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Segment liabilities                                    |   |                              | 6,209  |   |                  |   | 2,816   |                               |   |   | 687         |   |   |                               | 931     |   |   |   | 2,278 |   |   |   | 3,280 |   |   |   | 57,172 |   |   |   | 56,410 |   |   |   | 66,346 |   |   |   | 63,437 |   |
|                                                   |   |                              |   |   |                  |   |    |                               |   |   |        |   |   |                               |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Acquisitions of property, plant and equipment          |   |                              | 2,702  |   |                  |   | 2,282   |                               |   |   | 135         |   |   |                               | 174     |   |   |   | - |   |   |   | - |   |   |   | 326 |   |   |   | - |   |   |   | 3,163 |   |   |   | 2,456 |   |
|                                                   |   |                              |   |   |                  |   |    |                               |   |   |        |   |   |                               |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Depreciation and amortisation                          |   |                              | 217    |   |                  |   | 1,691   |                               |   |   | 132         |   |   |                               | 91      |   |   |   | 166 |   |   |   | 292 |   |   |   | 47 |   |   |   | 44 |   |   |   | 562 |   |   |   | 2,118 |   |

----

  

  

  

----

----

| 29. | Cash Flow Information |
|-----|-----------------------|

| Reconciliation of Cash Flow from Operations with Profit                                       |   | 2011        |    |   | 2010        |   |
|-----------------------------------------------------------------------------------------------|--------|-------------|---------|--------|-------------|--------|
| (loss) after Income Tax                                                                       |   | $’000 |    |   | $’000 |   |
|                                                                                          |   |        |    |   |        |   |
| Profit / (Loss) after income tax                                                              |   |        | (21,670 | )      |        |   | (97,800 | ) |
|                                                                                          |   |        |    |   |        |   |   |   |
| Non cash flows in profit / (loss)                                                             |   |        |    |   |        |   |   |   |
|                                                                                          |   |        |    |   |        |   |   |   |
| Depreciation of plant and equipment                                                           |   |        | 562     |   |        |   | 2,118 |   |
|                                                                                          |   |        |    |   |        |   |   |   |
| Amortisation of Convertible Note Costs                                                        |   |        | 379     |   |        |   | 404 |   |
|                                                                                          |   |        |    |   |        |   |   |   |
| Gain on the restructure of Convertible Note                                                   |   |        | (1,734  | )      |        |   | - |   |
|                                                                                          |   |        |    |   |        |   |   |   |
| Amortisation of Equity portion of Convertible Note                                            |   |        | 2,003   |   |        |   | 1,889 |   |
|                                                                                          |   |        |    |   |        |   |   |   |
| Provision for employee benefits                                                               |   |        | 20      |   |        |   | 15 |   |
|                                                                                          |   |        |    |   |        |   |   |   |
| Impairment of Trade Receivables                                                               |   |        | 1,930   |   |        |   | 9,160 |   |
|                                                                                          |   |        |    |   |        |   |   |   |
| Discounting of long term receivables                                                          |   |        | -       |   |        |   | - |   |
|                                                                                          |   |        |    |   |        |   |   |   |
| Impairment of assets                                                                          |   |        | 3,501   |   |        |   | 73,829 |   |
|                                                                                          |   |        |    |   |        |   |   |   |
| Share based payment expense                                                                   |   |        | 3,324   |   |        |   | 1,276 |   |
|                                                                                          |   |        |    |   |        |   |   |   |
| Net cash provided by / (used in) operating activities before change in assets and liabilities |   |        | (11,685 | )      |        |   | (9,109 | ) |
|                                                                                          |   |        |    |   |        |   |   |   |
| Change in assets and liabilities                                                              |   |        |    |   |        |   |   |   |
|                                                                                          |   |        |    |   |        |   |   |   |
| - (Increase) decrease in receivables                                                          |   |        | (6,169  | )      |        |   | 505 |   |
|                                                                                          |   |        |    |   |        |   |   |   |
| - (Increase) decrease in inventories                                                          |   |        | (5,090  | )      |        |   | 2,442 |   |
|                                                                                          |   |        |    |   |        |   |   |   |
| - (Increase) decrease in biological assets                                                    |   |        | 1,389   |   |        |   | (912 | ) |
|                                                                                          |   |        |    |   |        |   |   |   |
| - (Increase) decrease in other assets                                                         |   |        | (524    | )      |        |   | 355 |   |
|                                                                                          |   |        |    |   |        |   |   |   |
| - (Increase) decrease in deferred tax and current tax                                         |   |        | 17      |   |        |   | (16 | ) |
|                                                                                          |   |        |    |   |        |   |   |   |
| - Increase (decrease) in creditors and accruals                                               |   |        | 5,378   |   |        |   | (166 | ) |
|                                                                                          |   |        |    |   |        |   |   |   |
| Foreign Currency Adjustments                                                                  |   |        | 1,595   |   |        |   | (1 | ) |
|                                                                                          |   |        |    |   |        |   |   |   |
|                                                                                          |   |        | (3,404  | )      |        |   | 2,207 |   |
|                                                                                          |   |        |    |   |        |   |   |   |
| Cash (used in) operations                                                                     |   |        | (15,089 | )      |        |   | (6,902 | ) |

----

|            |   | 2011        |   |   | 2010        |   |
|-----------------|--------|-------------|--------|--------|-------------|--------|
|            |   |        |   |   |        |   |
|            |   | $’000 |   |   | $’000 |   |
|            |   |        |   |   |        |   |
| Loan facilities |   |        | 2,558  |   |        |   | 3,663 |   |
|            |   |        |   |   |        |   |   |   |
| Amount utilised |   |        | (2,558 | )      |        |   | (3,663 | ) |
|            |   |        |   |   |        |   |   |   |
|            |   |        | -      |   |        |   | - |   |

----

| 30. | Interests and Remuneration of Key Management Personnel |
|-----|--------------------------------------------------------|

|                     |   | 2011   |   |   | 2010   |   |
|--------------------------|--------|--------|--------|--------|--------|--------|
|                     |   |   |   |   |   |   |
|                     |   | $000   |   |   | $000   |   |
|                     |   |   |   |   |   |   |
| Salaries                 |   |   | 1,457  |   |   |   | 1,293 |   |
|                     |   |   |   |   |   |   |   |   |
| Non-cash benefits        |   |   | 15     |   |   |   | 10 |   |
|                     |   |   |   |   |   |   |   |   |
| Post employment benefits |   |   | 73     |   |   |   | 59 |   |
|                     |   |   |   |   |   |   |   |   |
| Share based payments     |   |   | 3,245  |   |   |   | 1,220 |   |
|                     |   |   |   |   |   |   |   |   |
| Total                    |   |   | 4,790  |   |   |   | 2,582 |   |

----

|                                         |   | Balance1/7/2009 |      |   | Expired |   |     | New issue |   |   | Balance 1/7/2010 |   |   | Balance after consolidation at 50:123 |      |   | Lapsed |   |   | Balance30/6/2011 |   |   | Vested  |   |
|----------------------------------------------|--------|-----------------|-----------|--------|---------|--------|----------|----------------|--------|--------|------------------|--------|--------|-----------------------------------------------------------|-----------|--------|--------|--------|--------|------------------|--------|--------|---------|--------|
|                                         |   |            |      |   |    |   |     |           |   |   |             |   |   |                                                      |      |   |   |   |   |             |   |   |    |   |
| Director                                     |   |            |      |   |    |   |     |           |   |   |             |   |   |                                                      |      |   |   |   |   |             |   |   |    |   |
| Guy Burnett24                                |   |            | -         |   |    |   | -        |           |   |   | 1,750,000        |   |   |                                                      | 1,750,000 |   |   |   | 35,000 |             |   |   | (35,000 | )      |   |   | - |   |   |   | - |   |
| Executive                                    |   |            |      |   |    |   |     |           |   |   |             |   |   |                                                      |      |   |   |   |   |             |   |   |    |   |   |   |   |   |   |   |   |   |
| James Garton25                               |   |            | 1,750,000 |   |    |   | -        |           |   |   | -                |   |   |                                                      | 1,750,000 |   |   |   | 35,000 |             |   |   | (35,000 | )      |   |   | - |   |   |   | - |   |
| Third parties                                |   |            |      |   |    |   |     |           |   |   |             |   |   |                                                      |      |   |   |   |   |             |   |   |    |   |   |   |   |   |   |   |   |   |
| For services rendered in 2009 equity raising |   |            | 731,492   |   |    |   | (365,746 | )26            |   |   | -                |   |   |                                                      | 365,746   |   |   |   | 7,315  |             |   |   | -       |   |   |   | 7,315 |   |   |   | 7,315 |   |
| TOTAL                                        |   |            | 2,481,492 |   |    |   | (365,746 | )              |   |   | 1,750,000        |   |   |                                                      | 3,865,746 |   |   |   | 77,315 |             |   |   | (70,000 | )      |   |   | 7,315 |   |   |   | 7,315 |   |

----

  
| 23 | Shareholders approved a share consolidation of 50:1 on 23 March 2011. |
|----|-----------------------------------------------------------------------|

  
| 24 | Grant date was 19 October 2009, share price on grant date was $14.25, exercise price is $8.5, fair value at grant date was $7.97, volatility used was 125.35%, risk free rate used was 4.83%, the options expire on 30 June 2011. Prices adjusted to reflect the impact of the share consolidation. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

  
| 25 | Grant date was 25 June 2009, share price on grant date was $9.25, exercise price is $8.5, fair value at grant date was $4.84, volatility used was 138.77%, risk free rate used was 4.16%, the options expire on 30 June 2011. Prices adjusted to reflect the impact of the share consolidation. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

  
| 26 | Share price on grant date was $8, volatility and risk free rate used in valuation was 138.77% and 4.16% respectively, exercise price is $50/$60. Prices adjusted to reflect the impact of the share consolidation. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                     |   | Balance30/6/2009 |      |   | New issue |   |      | Exercised |   |   | Lapsed   |   |   | Balance30/6/2010 |     |   | New Issue |   |      | Exercised |   |   | Lapsedbeforeconsolidation |   |   | BalancebeforeconsolidationofPerformancerights |        |   | Balanceafterconsolidation |   |    | Lapsedafterconsolidation |   |   | Balance30/06/2011 |   |   | Vested andunexercisedat30/06/2011 |    |
|-------------------------------|--------|------------------|-----------|--------|----------------|--------|-----------|-----------|--------|--------|----------|--------|--------|------------------|----------|--------|----------------|--------|-----------|-----------|--------|--------|---------------------------|--------|--------|-----------------------------------------------|-------------|--------|---------------------------|--------|---------|--------------------------|--------|--------|-------------------|--------|--------|----------------------------------------|---------|
|                     |   |             |      |   |           |   |      |      |   |   |     |   |   |             |     |   |           |   |      |      |   |   |                      |   |   |                                          |        |   |                      |   |    |                     |   |   |              |   |   |                                   |    |
| Director                      |   |             |      |   |           |   |      |      |   |   |     |   |   |             |     |   |           |   |      |      |   |   |                      |   |   |                                          |        |   |                      |   |    |                     |   |   |              |   |   |                                   |    |
| Nathan Mahalingam             |   |             | -         |   |           |   | -         |      |   |   | -        |   |   |             | -        |   |           |   | -         |      |   |   | 5,000,000                 | 27     |   |                                          | (3,333,332  | )      |                      |   | -       |                     |   |   | 1,666,668         |   |   |                                   | 33,334  |   |   |   | - |   |   |   | 33,334 |   |   |   | - |   |
| Guy Burnett                   |   |             | -         |   |           |   | 1,500,000 | 28        |   |   | (200,000 | )      |   |             | (300,000 | )      |           |   | 1,000,000 |      |   |   | 5,000,000                 | 29     |   |                                          | (3,733,332  | )      |                      |   |    |                     |   |   | 2,266,668         |   |   |                                   | 45,334  |   |   |   | (6,000 | ) |   |   | 39,334 |   |   |   | - |   |
|                          |   |             |      |   |           |   |      |      |   |   |     |   |   |             |     |   |           |   |      |      |   |   |                      |   |   |                                          |        |   |                      |   |    |                     |   |   |              |   |   |                                   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Executives                    |   |             |      |   |           |   |      |      |   |   |     |   |   |             |     |   |           |   |      |      |   |   |                      |   |   |                                          |        |   |                      |   |    |                     |   |   |              |   |   |                                   |    |   |   |   |   |   |   |   |   |   |   |   | - |   |
| James Garton                  |   |             | 1,500,000 |   |           |   | 5,000,000 | 30        |   |   | (200,000 | )      |   |             | (300,000 | )      |           |   | 6,000,000 |      |   |   |                      |   |   |                                          | (3,733,332  | )      |                      |   | -       |                     |   |   | 2,266,668         |   |   |                                   | 45,334  |   |   |   | (6,000 | ) |   |   | 39,334 |   |   |   | - |   |
| Senior employees collectively |   |             | 1,200,000 | 31     |           |   | -         |      |   |   | (119,999 | )      |   |             | (293,334 | )      |           |   | 786,667   |      |   |   | 1,550,000                 | 32     |   |                                          | (546,666    | )      |                      |   | (50,000 | )                        |   |   | 1,740,001         |   |   |                                   | 34,808  |   |   |   | (13,733 | ) |   |   | 21,075 |   |   |   | 3,333 |   |
| Total                         |   |             | 2,700,000 |   |           |   | 6,500,000 |      |   |   | (519,999 | )      |   |             | (893,334 | )      |           |   | 7,786,667 |      |   |   | 11,550,000                |   |   |                                          | (11,346,662 | )      |                      |   | (50,000 | )                        |   |   | 7,940,005         |   |   |                                   | 158,810 |   |   |   | (25,733 | ) |   |   | 133,077 |   |   |   | 3,333 |   |

----

  

  

  

  

  

  

----

| 31. | Related Parties |
|-----|-----------------|

|                                                                                                                                                                   |   | 2011        |   |   | 2010        |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------|--------|--------|-------------|--------|
|                                                                                                                                                                   |   |        |   |   |        |   |
|                                                                                                                                                                   |   | $’000 |   |   | $’000 |   |
|                                                                                                                                                                   |   |        |   |   |        |   |
| Transactions between related parties are on a normal commercial terms and conditions no more favourable than those available to other parties unless otherwise stated. |   |        |   |   |        |   |
|                                                                                                                                                                   |   |        |   |   |        |   |
| Transactions with related parties:                                                                                                                                     |   |        |   |   |        |   |
|                                                                                                                                                                   |   |        |   |   |        |   |
| Other Related Parties                                                                                                                                                  |   |        |   |   |        |   |
|                                                                                                                                                                   |   |        |   |   |        |   |
| Management fee charged to Mission Biotechnologies Sdn Bhd, a 100% owned subsidiary company                                                                             |   |        | 656    |   |        |   | 668 |   |
|                                                                                                                                                                   |   |        |   |   |        |   |   |   |
| Management fee charged to Mission Biofuels Sdn Bhd, a 100% owned subsidiary company                                                                                    |   |        | 985    |   |        |   | 332 |   |
|                                                                                                                                                                   |   |        |   |   |        |   |   |   |
| Sale of Jatropha crude oil between Mission’s controlled subsidiaries                                                                                             |   |        | 10     |   |        |   | 121 |   |
|                                                                                                                                                                   |   |        |   |   |        |   |   |   |
| Increase in investment by Mission NewEnergy Ltd in Mission Biofuels India PL, via Mission Agro Energy Ltd                                                              |   |        | 2,713  |   |        |   | 1,826 |   |
|                                                                                                                                                                   |   |        |   |   |        |   |   |   |
| Increase in investment by Mission NewEnergy Ltd in Mission Biofuels SB                                                                                                 |   |        | 3,989  |   |        |   | - |   |
|                                                                                                                                                                   |   |        |   |   |        |   |   |   |
| Increase in investment by Mission NewEnergy Ltd in Mission biotechnologies SB                                                                                          |   |        | -      |   |        |   | 9,349 |   |

| Inter Company Loan Balances     |   |
|---------------------------------|--------|
|                            |   |
|                            |   |   |   | 2011 |   |   | 2010 |   |
|                            |   |   |   |   |   |   |   |   |
|                            |   |   |   | $’000 |   |   | $’000 |   |
|                            |   |   |   |   |   |   |   |   |
| Loan From                       |   | Loan To |   | Amount |   |   | Amount |   |
| Mission New Energy Ltd          |   | Mission Agro Energy Ltd |   |   | 551 |   |   |   | 486 |   |
|                            |   |   |   |   |   |   |   |   |   |   |
| Mission New Energy Ltd          |   | Mission Biotechnologies Sdn Bhd |   |   | 13,250 |   |   |   | 133 |   |
|                            |   |   |   |   |   |   |   |   |   |   |
| Mission New Energy Ltd          |   | Mission Biofuels Sdn Bhd |   |   | 261 |   |   |   | 516 |   |
|                            |   |   |   |   |   |   |   |   |   |   |
| Mission Biotechnologies Sdn Bhd |   | Mission Agro Energy Ltd |   |   | 100 |   |   |   | 100 |   |
|                            |   |   |   |   |   |   |   |   |   |   |
| Mission Biofuels Sdn Bhd        |   | Mission Biotechnologies Sdn Bhd |   |   | 36 |   |   |   | - |   |
|                            |   |   |   |   |   |   |   |   |   |   |
| Mission Biotechnologies Sdn Bhd |   | Mission Biofuels Sdn Bhd |   |   | - |   |   |   | 111 |   |
|                            |   |   |   |   |   |   |   |   |   |   |
| Mission Biotechnologies Sdn Bhd |   | Mission Biofuels (India) Pvt Ltd |   |   | 66 |   |   |   | 112 |   |

----

| 32. | Financial Instruments |
|-----|-----------------------|

|                                                            |   | Carryingamount$,000 |   |   | Fair Value$,000 |   |   | Level 1 |   |   | Level 2 |   |   | Level 3 |   |
|-----------------------------------------------------------------|--------|---------------------|--------|--------|----------------------|--------|--------|--------------|--------|--------|--------------|--------|--------|--------------|--------|
|                                                            |   |                |   |   |                 |   |   |         |   |   |         |   |   |         |   |
| Financial assets                                                |   |                |   |   |                 |   |   |         |   |   |         |   |   |         |   |
|                                                            |   |                |   |   |                 |   |   |         |   |   |         |   |   |         |   |
| Cash and cash equivalents                                       |   |                | 15,761 |   |                 |   | 15,761 |         |   |   | -            |   |   |         | 15,761 |   |   |   | - |   |
|                                                            |   |                |   |   |                 |   |   |         |   |   |         |   |   |         |   |   |   |   |   |   |
| Other Financial Assets                                          |   |                | 139    |   |                 |   | 139    |         |   |   | -            |   |   |         | 139    |   |   |   | - |   |
|                                                            |   |                |   |   |                 |   |   |         |   |   |         |   |   |         |   |   |   |   |   |   |
| Derivative assets - forward exchange contracts used for hedging |   |                | 39     |   |                 |   | 39     |         |   |   | 39           |   |   |         | -      |   |   |   | - |   |
|                                                            |   |                |   |   |                 |   |   |         |   |   |         |   |   |         |   |   |   |   |   |   |
| Receivables (Current)                                           |   |                | 6,583  |   |                 |   | 6,583  |         |   |   | -            |   |   |         | -      |   |   |   | 6,583 |   |
|                                                            |   |                |   |   |                 |   |   |         |   |   |         |   |   |         |   |   |   |   |   |   |
| Receivables (Non-current)                                       |   |                | -      |   |                 |   | -      |         |   |   | -            |   |   |         | -      |   |   |   | - |   |
|                                                            |   |                |   |   |                 |   |   |         |   |   |         |   |   |         |   |   |   |   |   |   |
| Financial liabilities                                           |   |                |   |   |                 |   |   |         |   |   |         |   |   |         |   |   |   |   |   |   |
|                                                            |   |                |   |   |                 |   |   |         |   |   |         |   |   |         |   |   |   |   |   |   |
| Trade and other payables                                        |   |                | 7,059  |   |                 |   | 7,059  |         |   |   |         |   |   |         | -      |   |   |   | 6,802 |   |
|                                                            |   |                |   |   |                 |   |   |         |   |   |         |   |   |         |   |   |   |   |   |   |
| Current loans                                                   |   |                | 14,907 |   |                 |   | 14,971 |         |   |   | -            |   |   |         | 14,991 |   |   |   | - |   |
|                                                            |   |                |   |   |                 |   |   |         |   |   |         |   |   |         |   |   |   |   |   |   |
| Non-current loans                                               |   |                | 44,287 |   |                 |   | 44,845 |         |   |   | -            |   |   |         | 48,845 |   |   |   | - |   |

----

| · | Effect on post tax profit – A$ Nil million lower/higher (2010: A$ Nil million lower/higher) |
|--------|---------------------------------------------------------------------------------------------------|

| · | Equity would have been – A$ Nil lower/higher (2010: A$ Nil million lower/higher) |
|--------|----------------------------------------------------------------------------------------|

| · | The fair value of convertible notes – A$ 344 thousand  higher/A$ 341 thousand  lower (2010: A$ 0.28 million lower/higher |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

|                           |   |   |   |   |   |   |   | Weighted Average Interest Rate |   |
|--------------------------------|--------|--------|--------|--------|--------|--------|--------|--------------------------------|--------|
|                           |   | 2011   |   |   | 2010   |   |   | 2011                           |   |   | 2010 |   |
|                           |   | $'000  |   |   | $'000  |   |   | %                              |   |   | % |   |
| Financial Assets:              |   |   |   |   |   |   |   |                           |   |   |   |   |
| Cash and cash equivalents      |   |   | 15,761 |   |   |   | 17,155 |                           |   |   | 2.9 | % |   |   | 0.1 | % |
| Other financial assets         |   |   | 178    |   |   |   | 26     |                           |   |   | - |   |   |   | - |   |
| Loans and Receivables          |   |   | 6,583  |   |   |   | 4,168  |                           |   |   | - |   |   |   | - |   |
|                           |   |   | 22,522 |   |   |   | 21,349 |                           |   |   |   |   |   |   |   |   |
| Financial Liabilities:         |   |   |   |   |   |   |   |                           |   |   |   |   |   |   |   |   |
|                           |   |   |   |   |   |   |   |                           |   |   |   |   |   |   |   |   |
| Current debt                   |   |   |   |   |   |   |   |                           |   |   |   |   |   |   |   |   |
| Floating Interest Rate         |   |   | 494    |   |   |   | 624    |                           |   |   | 15.13 | % |   |   | 13.56 | % |
| Fixed Interest Rate            |   |   | 14,413 |   |   |   | -      |                           |   |   | 4 | % |   |   | 4 | % |
| Non Interest Bearing           |   |   | 7,059  |   |   |   | 3,602  |                           |   |   | - |   |   |   | - |   |
| Total Current Debt             |   |   | 21,966 |   |   |   | 4,226  |                           |   |   |   |   |   |   |   |   |
|                           |   |   |   |   |   |   |   |                           |   |   |   |   |   |   |   |   |
| Non-current debt (1 to 5 Year) |   |   |   |   |   |   |   |                           |   |   |   |   |   |   |   |   |
|                           |   |   |   |   |   |   |   |                           |   |   |   |   |   |   |   |   |
| Floating Interest Rate         |   |   | 2,064  |   |   |   | 3,039  |                           |   |   | 15.80 | % |   |   | 13.99 | % |
| Fixed Interest Rate            |   |   | 42,223 |   |   |   | 55,989 |                           |   |   | 4 | % |   |   | 4 | % |
| Non Interest Bearing           |   |   | -      |   |   |   | 109    |                           |   |   |   |   |   |   |   |   |
| Total Non Current Debt         |   |   | 44,287 |   |   |   | 59,137 |                           |   |   |   |   |   |   |   |   |

----

| 33. | Parent entity information |
|-----|---------------------------|

|                                                                                                             |   | 2011        |     |   | 2010        |   |
|------------------------------------------------------------------------------------------------------------------|--------|-------------|----------|--------|-------------|--------|
|                                                                                                             |   |        |     |   |        |   |
| Information relating to Mission NewEnergy Limited:                                                               |   | $’000 |     |   | $’000 |   |
|                                                                                                             |   |        |     |   |        |   |
| Current assets                                                                                                   |   |        | 21,233   |   |        |   | 13,445 |   |
|                                                                                                             |   |        |     |   |        |   |   |   |
| Total assets                                                                                                     |   |        | 22,010   |   |        |   | 33,740 |   |
|                                                                                                             |   |        |     |   |        |   |   |   |
| Current liabilities                                                                                              |   |        | (14,948  | )      |        |   | (422 | ) |
|                                                                                                             |   |        |     |   |        |   |   |   |
| Total liabilities                                                                                                |   |        | (57,172  | )      |        |   | (56,410 | ) |
|                                                                                                             |   |        |     |   |        |   |   |   |
| Net asset (deficit)/surplus                                                                                      |   |        | (35,162  | )      |        |   | (22,670 | ) |
|                                                                                                             |   |        |     |   |        |   |   |   |
| Issued capital                                                                                                   |   |        | 96,697   |   |        |   | 76,530 |   |
|                                                                                                             |   |        |     |   |        |   |   |   |
| Retained loss                                                                                                    |   |        | (142,665 | )      |        |   | (109,888 | ) |
|                                                                                                             |   |        |     |   |        |   |   |   |
| Share based payments reserve                                                                                     |   |        | 4,866    |   |        |   | 1,542 |   |
|                                                                                                             |   |        |     |   |        |   |   |   |
| Convertible notes reserve                                                                                        |   |        | 5,940    |   |        |   | 9,146 |   |
|                                                                                                             |   |        |     |   |        |   |   |   |
| Total shareholders’ equity                                                                                 |   |        | (35,162  | )      |        |   | (22,670 | ) |
|                                                                                                             |   |        |     |   |        |   |   |   |
| (Loss)/profit of the parent entity                                                                               |   |        | (35,983  | )      |        |   | (88,636 | ) |
|                                                                                                             |   |        |     |   |        |   |   |   |
| Total comprehensive income of the parent entity                                                                  |   |        | (35,983  | )      |        |   | (88,636 | ) |
|                                                                                                             |   |        |     |   |        |   |   |   |
| Details of any guarantees entered into by the parent entity in relation to the debts of its subsidiaries 33      |   |        | 5,209    |   |        |   | 7,769 |   |
|                                                                                                             |   |        |     |   |        |   |   |   |
| Details of any contingent liabilities of the parent entity34                                                     |   |        | -        |   |        |   | - |   |
|                                                                                                             |   |        |     |   |        |   |   |   |
| Details of any contractual commitments by the parent entity for the acquisition of property, plant or equipment. |   |        | -        |   |        |   | 969 | 35 |

----

  

  

  

----

| 34. | Impairment of loans and investments |
|-----|-------------------------------------|

|                                                                    |   | 2011        |   |   | 2010        |   |
|-------------------------------------------------------------------------|--------|-------------|--------|--------|-------------|--------|
|                                                                    |   |        |   |   |        |   |
|                                                                    |   | $’000 |   |   | $’000 |   |
|                                                                    |   |        |   |   |        |   |
| Non-Current asset held for sale                                         |   |        | 161    |   |        |   | 161 |   |
|                                                                    |   |        |   |   |        |   |   |   |
| Loans, receivables and advances to jointly controlled entity/subsidiary |   |        | 242    |   |        |   | 242 |   |
|                                                                    |   |        |   |   |        |   |   |   |
| Less: Cumulative Provision for impairment                               |   |        | (403   | )      |        |   | (403 | ) |
|                                                                    |   |        |   |   |        |   |   |   |
| Carrying value                                                          |   |        | -      |   |        |   | - |   |
|                                                                    |   |        |   |   |        |   |   |   |
| Provision in the consolidated income statements                         |   |        | -      |   |        |   | - |   |

| 35. | Non-current assets held for sale |
|-----|----------------------------------|

| 36. | Subsequent events |
|-----|-------------------|

----

| 37. | Prior period adjustment |
|-----|-------------------------|

|                                                    |   | 30 June 2010 aspreviously reported$’000 |     |   | Adjustment$’000 |   |   | Revised 30 June 2010$’000 |   |
|---------------------------------------------------------|--------|-----------------------------------------------|----------|--------|-----------------------|--------|--------|---------------------------------|--------|
|                                                    |   |                                          |     |   |                  |   |   |                            |   |
| Statement of comprehensive income                       |   |                                          |     |   |                  |   |   |                            |   |
|                                                    |   |                                          |     |   |                  |   |   |                            |   |
| Provision for doubtful debts                            |   |                                          | (4,839   | )      |                  |   | (4,321 | )                               |   |   | (9,160 | ) |
|                                                    |   |                                          |     |   |                  |   |   |                            |   |   |   |   |
| Net profit attributable to members of the parent entity |   |                                          | (93,479  | )      |                  |   | (4,321 | )                               |   |   | (97,800 | ) |
|                                                    |   |                                          |     |   |                  |   |   |                            |   |   |   |   |
| Statement of financial position                         |   |                                          |     |   |                  |   |   |                            |   |   |   |   |
|                                                    |   |                                          |     |   |                  |   |   |                            |   |   |   |   |
| Receivables – non current                         |   |                                          | 4,321    |   |                  |   | (4,321 | )                               |   |   | - |   |
|                                                    |   |                                          |     |   |                  |   |   |                            |   |   |   |   |
| Retained earnings                                       |   |                                          | (112,938 | )      |                  |   | (4,321 | )                               |   |   | (117,259 | ) |

----

| 38. | Company Details |
|-----|-----------------|

| Australia |   | Mission NewEnergy Limited                                                                               |   |                                                                                                    |
|-----------|--------|---------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------|
|      |   | Head Office                                                                                             |   |                                                                                                    |
|      |   | Unit  4, 97 Hector Street West, Osborne Park,  WA 6017, Australia                   |   |                                                                                                    |
|      |   |                                                                                                    |   |                                                                                                    |
| Malaysia  |   | Mission Biofuels Sdn Bhd                                                                                |   | Mission Biotechnologies Sdn Bhd                                                                         |
|      |   |                                                                                                    |   |                                                                                                    |
|      |   | Unit 621, Block A, Kelana centre point, No. 3, Jalan ss7/ 19, Kelanajaya, 47301 Petaling Jaya, Selangor |   | Unit 621, Block A, Kelana centre point, No. 3, Jalan ss7/ 19, Kelanajaya, 47301 Petaling Jaya, Selangor |
|      |   |                                                                                                    |   |                                                                                                    |
|      |   | Enviro Mission Sdn Bhd                                                                                  |   |                                                                                                    |
|      |   |                                                                                                    |   |                                                                                                    |
|      |   | Unit 621, Block A, Kelana centre point, No. 3, Jalan ss7/ 19, Kelanajaya, 47301 Petaling Jaya, Selangor |   |                                                                                                    |
|      |   |                                                                                                    |   |                                                                                                    |
| Mauritius |   | Mission Agro Energy Limited                                                                             |   |                                                                                                    |
|      |   |                                                                                                    |   |                                                                                                    |
|      |   | 9th Floor Ebene Tower                                                                                   |   |                                                                                                    |
|      |   |                                                                                                    |   |                                                                                                    |
|      |   | 52 Cybercity                                                                                            |   |                                                                                                    |
|      |   |                                                                                                    |   |                                                                                                    |
|      |   | Ebene                                                                                                   |   |                                                                                                    |
|      |   |                                                                                                    |   |                                                                                                    |
|      |   | Republic of Mauritius                                                                                   |   |                                                                                                    |
|      |   |                                                                                                    |   |                                                                                                    |
| India     |   | Mission Biofuels (India) Pvt Limited                                                                    |   | Mission Agro Diesel (India) Pvt Limited                                                                 |
|      |   |                                                                                                    |   |                                                                                                    |
|      |   | Shops nos. 1,2 and 3                                                                                    |   | 608 Powai Plaza,                                                                                        |
|      |   |                                                                                                    |   |                                                                                                    |
|      |   | Sun heights, Ground floor                                                                               |   | Hiranandani  Business Park                                                                    |
|      |   |                                                                                                    |   |                                                                                                    |
|      |   | Gandhingar bridge                                                                                       |   | Powai, Mumbai - 400076,                                                                                 |
|      |   |                                                                                                    |   |                                                                                                    |
|      |   | Adishankaracharyya Marg                                                                                 |   | India                                                                                                   |
|      |   |                                                                                                    |   |                                                                                                    |
|      |   | Powai, Mumbai                                                                                           |   |                                                                                                    |
|      |   |                                                                                                    |   |                                                                                                    |
|      |   | Maharashtra                                                                                             |   |                                                                                                    |
|      |   |                                                                                                    |   |                                                                                                    |
|      |   | India, 400 076                                                                                          |   |                                                                                                    |
|      |   |                                                                                                    |   |                                                                                                    |
| USA       |   | Scarborough Beach Holdings, Inc.                                                                        |   | PJ Trading, LLC                                                                                         |
|      |   |                                                                                                    |   |                                                                                                    |
|      |   | 300 E. Basse Road, Suite 1539, San Antonio, TX, USA 78209                                               |   | 300 E. Basse Road, Suite 1539, San Antonio, TX, USA 78209                                               |
|      |   |                                                                                                    |   |                                                                                                    |
|      |   | PJ Trading Pennsylvania, LLC                                                                            |   |                                                                                                    |
|      |   |                                                                                                    |   |                                                                                                    |
|      |   | 300 E. Basse Road, Suite 1539, San Antonio, TX, USA 78209                                               |   |                                                                                                    |

----