b'\x03\x03 \x03\x03Independent Auditors ReportTo the Members of Equestrian Australia LimitedOpinionWsepaharvt e oaufanauhetfinancialr darepnorceto rian Aust A LiitminigtedSt tndCompany) erciseA dited tdi inacco wfi thE qtuehestAustralianraliaud(a heards,weex which professiiseson alt hejud gstematenemet anntdm financin proal fessiposiontional scepastat 2019,authedi t.s Wtaete almsoen:tof compr ofaintai ici sm30 t hJunrougehout thecomprIdentiehfeny asindveasseincomsse, the the ri skstates omf menatet orfi alcha mnisstgeast einm eenquit toyfanthedftihena ncistaalte rmepenortt o, fw cashhethe flrow duse f ortothe yfreaaurd t heorn er enrorde, d,de siangdnnoantde spe torf orthemfauinadincit proal scedtateumresen trsesp, inclonudsivinge t oatshoummse raisks,ry o f ansigdni obficantaintaccoauunditint gev poidelicincees, t anhatdisthe su diffirciecentort san ded apclaraproptionriate.to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting In oufrromaasccofrau ing financi ocollusi ompany acco withon theop inierrono, rt,hempadnymayinvalol vreeprt of thone ,Cforgery , is iintenntionrdaal nceomissis,misrepionrse senActt 20ation01s,, i nclor udtheing ov: err Corporat ide of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedu t areanapdpr fop of the mstances,s fi na t noaltfpoor sithetion pu a p ose 3 20n19ga)givriesngthaatr ue airr ivateiew in the ci rCcuompany bunci rs at o0fexJunpressie an opianniond o onf it sthe fina efncifecaltiv peenressform oanf thecefCoro mthepa yneaysrtinterhenna enl decond;t ranol.dEval uatetheappropriatenessofaccountingpoliciesusedandthereasonablenessof b) uncomplting esyingtimatwesit handA elatedalian di sclAosuccouresntin magdeSta tndheards dire ctors.ReducedDisclosure accorustrbyConcludReequir etmheents panrodpria theten Corporaessoft ionthesRdiegreulctatioorsns 20 01of. thegoingconcernbasisof on ap useaccountingand,basedontheauditevidenceobtained,whetheramaterialuncertainty Basiexs fistorsOrelpinatediont o events or conditions that may cast significant doubt on the Companys ability to continue as a going concern. If we conclude that a material uncertainty exists, we We coarenducted dit inataccotenrtdaionn ceinwouitrhauAusdittrorsalianAudoritt ingtotShetanda birequir edou rt oaudraw r ep relardsted.Odiusclr rosuespronessiinl ittiheesundefirna thonciseal stan onrepdaorrt dso ra, reiffursuchtherdedisclscrosuibedres intareheAiudnaidetorqsua Rtespe,to simbiodlitiiesfyfouor rt heo piAniudonit .o f OtheurFinanciconalcl usiReponortsaresec bationsed ofooun rt herep auortdi. tW eve idearence ind obeptenainedednt up ofttohe the C odamtpea onfy o iurn acco audirtorsdan cerep woritth.theaudietorver,ind deenncetsorre qconuiremenditiontssmoayfhe seC orpothe rCatioomnspa nyA ctto 2001se an the e thiascal aHowfutueprene evtcau cea to dcontinuerequigroiemenng conts ocernf the. Accounting Professional and Ethical Standards Boards APES 110 Code of Ethics for Professional Accountants (the Code) that are relevant to our audit of the financial Evaluate the overall presentation, structure and content of the financial report, including the report in Australia. We have also fulfilled our other ethical responsibilities in accordance with disclosures, and whether the financial report represents the underlying transactions and the Code.events in a manner that achieves fair presentation. We confirm that the independence declaration required by the Corporations Act 2001, which We communicate with the directors regarding, among other matters, the planned scope and has been given to the directors of the Company, would be in the same terms if given to the timing of the audit and significant audit findings, including any significant deficiencies in internal directors as at the time of this auditors report.control that we identify during our audit.We believe that the audit evidence we have obtained is sufficient and appropriate to provide a We also provide the directors with a statement that we have complied with relevant ethical basis for our opinion.requirementsregardingindependence,andtocommunicatewiththemallrelationshipsandothermattersthatmayreasonablybethoughttobearonourindependence,andwhereapplicable, related safeguards. WALKER WAYLAND AUDIT (WA) PTY LTD35 John Dorazio FCA Director Level 3, 1 Preston Street, COMO WA 6152 \x03 Dated this 3rd day of October 2019. 37 \x03 77'