Metal Bank : Appendix 3B Cor

7 July 2017‌‌‌‌‌‌

The Manager‌

Company Announcements ASX Limited

Dear Sir,

Appendix 3B - Correction and Appendix 3Y late lodgement

Please note that the Appendix 3B lodged on 28 November 2016 on behalf of Metal Bank Limited (the Company) contained an error in relation to the date of expiry of performance rights issued pursuant to the Metal Bank Performance Rights Plan. The expiry date of these rights is 30 September 2017, which has been corrected in the attached Appendix 3B.‌

An Appendix 3Y for Tony Schreck is also attached including the performance rights issued to him on 27 November 2016 following approval at the Annual General Meeting held on 24 November 2016. In relation to the late lodgement of this Appendix 3Y, please note the following:

• The late lodgement was due to an oversight by the Company Secretary.

• The Company has a Continuous Disclosure Policy which documents the procedures adopted by the Company to ensure compliance with its continuous disclosure obligations under the Listing Rules, including its obligations under Listing Rule 3.19A, the administration of which is the primary responsibility of the Company Secretary.

• Disclosure by directors of changes to notifiable interests under Listing Rule 3.19A is a standing item at each Board meeting.

• An additional standing item will be added to the agenda of Board meetings regarding notification to ASX of change of directors' notifiable interests, to ensure that all such disclosures or other notice of change of directors' interests are followed up with lodgement of an Appendix 3X, 3Y or 3Z, as required, and that the Secretary provides confirmation to the Chair that this has been done on the next business day following the meeting or other notice.

Yours faithfully,

Sue-Ann Higgins Company Secretary

Metal Bank Limited ABN 51 127 297 170

Suite 2508, Level 25, 31 Market St, SYDNEY NSW 2000

Mail: GPO Box 128, Queen Victoria Building, NSW 1230 Australia

T: [phone] F: [phone] E: [e-mail] W: www.metalbank.com.au

Appendix 3B‌

Rule 2.7, 3.10.3, 3.10.4, 3.10.5

New issue announcement, application for quotation of additional securities‌ and agreement

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

Introduced 01/07/96 Origin: Appendix 5 Amended 01/07/98, 01/09/99, 01/07/00, 30/09/01, 11/03/02, 01/01/03, 24/10/05, 01/08/12

Name of entity

Metal Bank Limited

ABN

51 127 297 170

We (the entity) give ASX the following information.

Part 1 - All issues

You must complete the relevant sections (attach sheets if there is not enough space).

1	+Class of +securities issued or to be issued	Performance Rights
2	Number of +securities issued or to be issued (if known) or maximum number which may be issued	3,402,667 performance rights
3	Principal terms of the +securities (eg, if options, exercise price and expiry date; if partly paid +securities, the amount outstanding and due dates for payment; if +convertible securities, the conversion price and dates for conversion)	Performance rights expiring 30 September 2017 issued under the Metal Bank Performance Rights Plan. The Rights entitle the holder to one share in the Company for each Right granted, subject to satisfaction of vesting conditions including that the employees remain employed by the Company for the duration of the Performance Period ending 31 August 2017.

+ See chapter 19 for defined terms.

01/08/2012 Appendix 3B Page 1

4	Do the +securities rank equally in all respects from the date of allotment with an existing +class of quoted +securities? If the additional securities do not rank equally, please state: the date from which they do the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment	Shares issued upon vesting of Performance Rights will rank equally with existing ordinary shares
5	Issue price or consideration	No consideration is payable for the Rights or upon issue of shares upon satisfaction of vesting conditions associated with the Rights.
6	Purpose of the issue (If issued as consideration for the acquisition of assets, clearly identify those assets)	Issue of performance rights to employees and consultants under the Metal Bank Performance Rights Plan approved by shareholders at the Annual General Meeting of the Company held on 12 November 2015.
6a	Is the entity an +eligible entity that has obtained security holder approval under rule 7.1A? If Yes, complete sections 6b - 6h in relation to the +securities the subject of this Appendix 3B, and comply with section 6i	Yes
6b	The date the security holder resolution under rule 7.1A was passed	24 November 2016
6c	Number of +securities issued without security holder approval under rule 7.1	1,736,000 performance rights issued to employees and consultants of the Company

6d	Number of +securities issued with security holder approval under rule 7.1A	nil
6e	Number of +securities issued with security holder approval under rule 7.3, or another specific security holder approval (specify date of meeting)	1,666,667 performance rights issued to Tony Schreck, a director of the Company approved pursuant to Listing Rule 10.14 at the Annual General Meeting held on 24 November 2016
6f	Number of securities issued under an exception in rule 7.2	3,402,667 performance rights
6g	If securities issued under rule 7.1A, was issue price at least 75% of 15 day VWAP as calculated under rule 7.1A.3? Include the issue date and both values. Include the source of the VWAP calculation.	N/A
6h	If securities were issued under rule 7.1A for non-cash consideration, state date on which valuation of consideration was released to ASX Market Announcements	N/A
6i	Calculate the entity's remaining issue capacity under rule 7.1 and rule 7.1A - complete Annexure 1 and release to ASX Market Announcements	Capacity under rule 7.1 - 88,931,164 Capacity under rule 7.1A - 59,287,443
7	+Issue dates Note: The issue date may be prescribed by ASX (refer to the definition of issue date in rule 19.12). For example, the issue date for a pro rata entitlement issue must comply with the applicable timetable in Appendix 7A. Cross referece: item 33 of Appendix 3B.	1 September 2016 for 1,736,000 performance rights 27 November 2016 for 1,666,667 performance rights

+ See chapter 19 for defined terms.

01/08/2012 Appendix 3B Page 3