Announcement PDF ClearVue Technologies Ltd | 2026 Annual Report 1 Contents Company Information About ClearVue Technologies Strategic Pillars and Revenue Model Drivers for Growth Product Overview FY26 Highlights Licence Partners & Strategic Partners Project Highlights Chair’s Letter to Shareholders CEO’s Letter to Shareholders Directors’ Report Auditor’s Independence Declaration Consolidated Statement of Profit or Loss and Other Comprehensive Income Consolidated statement of Financial Position Consolidated Statement of Changes in Equity Consolidated Statement of Cash Flow Notes to the Consolidated Financial Statements Consolidated Entity Disclosure Statement Director’s Declaration Independent Auditor’s Report ASX Additional Information 3 4 5 6 7 8 9 10 11 12 13 37 38 39 40 41 42 69 70 71 75 ClearVue Technologies Ltd | 2026 Annual Report 2 ClearVue Technologies Ltd | 2026 Annual Report 3 Company Information DIRECTORS Ms Theresa Smits, Chair (appointed 8 July 2025, appointed to the Chair 12 August 2025) Mr Douglas Hunt, Managing Director and Chief Executive Officer (appointed 12 August 2025) Mr Michael Pixley, Non-Executive Director (appointed 8 July 2025) Mr Liang Ji, Non-Executive Director (appointed 12 November 2025) Mr Andrew Lau, Non-Executive Director (appointed 23 March 2026) Prof. Rebecca Yang, Non-Executive Director (appointed 16 July 2026) Mr Victor Rosenberg, Non-Executive Chairperson, Non-Executive Director (resigned as Chairperson 12 August 2025, resigned from the board 29 November 2025) Mr Jamie Lyford, Executive Director (resigned 8 July 2025) Mr Charles Mowrey, Non-Executive Director (resigned 14 July 2025) Mr Gerd Hoenicke, Non-Executive Director (resigned 4 August 2025) COMPANY SECRETARY Mr Harry Miller REGISTERED OFFICE Suite 9 / 567 Newcastle Street West Perth WA 6005 PRINCIPAL BANKERS National Australia Bank Limited Level 12, 100 St Georges Terrace Perth WA 6000 AUDITORS Grant Thornton Audit Pty Ltd Level 43, Central Park 152-158 St Georges Terrace Perth WA 6000 SOLICITORS Steinepreis Paganin 16 Milligan Street Perth WA 6000 SHARE REGISTRY Automic Group Level 2, 267 St Georges Terrace Perth WA 6000 STOCK EXCHANGE LISTING Shares are listed on the Australian Securities Exchange (ASX code: CPV) Shares are listed on the Over-the-Counter Exchange (OTCQB code: CVUEF) CLEARVUE TECHNOLOGIES LIMITED AND ITS CONTROLLED ENTITIES ABN 45 071 397 487 ClearVue Technologies Ltd | 2026 Annual Report 4 ClearVue Technologies Ltd | 2026 Annual Report 5 ClearVue Technologies Ltd | 2026 Annual Report 6 ClearVue Technologies Ltd | 2026 Annual Report 7 ClearVue Technologies Ltd | 2026 Annual Report 8 ClearVue Technologies Ltd | 2026 Annual Report 9 ClearVue Technologies Ltd | 2026 Annual Report 10 ClearVue Technologies Ltd | 2026 Annual Report 11 Chair’s Letter to Shareholders Dear Shareholders, This has been a year of substantial change and progress for ClearVue Technologies. As both Chair and a long-standing shareholder, I am very conscious that our share price remains below where we would all like it to be. While we are encouraged by the progress made across the business, ultimately that progress must translate into commercial growth and sustainable long- term value for our shareholders. Over the past year, the Board and management have focused on positioning ClearVue for its next stage of growth. We have added significant capability to the Board and leadership team, advanced the certification and independent validation of our technology, broadened our product offering and expanded our international market presence and partner network. The opportunity before us is significant. As cities become increasingly vertical, building façades represent an enormous and largely untapped opportunity for distributed renewable energy generation. We are particularly encouraged by the opportunities emerging in Hong Kong and Singapore. The scale and density of these markets, together with their increasing focus on building performance, energy efficiency and decarbonisation, align strongly with ClearVue’s technology. We believe the commercial opportunity across the region is significant. I would particularly like to recognise the commitment of our Managing Director and Chief Executive Officer, Douglas Hunt, and our Chief Operating Officer, Tao Zhang. Both have spent significant periods away from their families developing strategic relationships with government, industry and commercial partners across Asia. Building a global business requires trust, presence and strong relationships, and on behalf of the Board, I thank Doug, Tao and their families for the commitment and sacrifices this has required. Our priority in the year ahead is clear: execution. We must convert our growing pipeline into commercial outcomes, demonstrate repeatable market adoption and build a business capable of delivering sustainable returns for shareholders. I thank the entire ClearVue team and my fellow directors for their dedication and commitment throughout the year. Most importantly, I thank our shareholders. Many of you have supported ClearVue through periods that have tested your patience and confidence. We do not take that support for granted. We enter the year ahead with internationally validated technology and a broader product platform. Alongside this, we have expanding global relationships and significant commercial opportunities. The Board remains firmly focused on translating these into tangible commercial outcomes and long-term shareholder value. On behalf of the Board, thank you for your continued support. Warm regards, Theresa Smits Chair ClearVue Technologies Ltd | 2026 Annual Report 12 CEO’s Letter to Shareholders Dear Shareholders, 2026 has been a year of significant transition for ClearVue, best characterised by two words: restructure and rebuild. Over the past 12 months, we have focused on laying the foundations required for commercialisation — strengthening our capabilities across certification, product design, project management, proposal development and delivery. ClearVue today is a very different company from the one it was 12 months ago, and that change is evident across all areas of our business. Our project portfolio has continued to grow. The Canva headquarters in Sydney represents an important flagship project for ClearVue technology. Canva is one of the world’s most innovative technology companies, and we are proud to have ClearVue BIPV products incorporated into its new headquarters. Other significant projects include the redevelopment of the Rio Business Centre in Cyprus and the R&D Greenhouse at Qatar University. Collectively, these projects demonstrate the breadth of applications for ClearVue’s technology and its growing international reach. We have also strengthened our Board with the appointments of Liang Ji, Andrew Lau and Prof. Rebecca Yang. Together, they bring extensive technical and commercial expertise, industry experience and international networks across markets important to ClearVue’s future. Their willingness to join the Board is, I believe, a strong endorsement of the Company’s technology, strategy and future direction. Research and development have remained a key focus throughout the year, alongside the achievement of significant certifications across our product range. These certifications provide independent validation of product performance and, importantly, enable deployment across specific markets and applications. Of particular significance has been our industry-first development enabling ClearVue Gen3 Vision Glass to incorporate soft-coat solar-control Low-E coatings. This allows architects and façade engineers to combine thermal performance, solar control and renewable energy generation within the glazing system. The broader R&D and certification achievements delivered during the year continue to strengthen the technological differentiation of our product suite. They also demonstrate the depth of expertise within our team and our ability to engineer and certify solutions that provide tangible benefits to our customers. This capability is fundamental to building a scalable and commercially relevant technology platform. ClearVue technology was also featured prominently during the Victorian Parliament’s Inquiry into Construction Innovation, reflecting growing recognition of the role innovative technologies can play in the future of Australia’s built environment. This recognition further reinforces the relevance of building-integrated photovoltaics as the industry looks for practical pathways to improve building performance and reduce energy consumption. The achievements of FY2026 have established stronger foundations for the next stage of ClearVue’s development. Our focus is now firmly on converting those foundations — our technology, certifications, partnerships and growing project pipeline — into commercial outcomes. We believe the strategy being executed positions ClearVue to play an important role in the transformation of the built environment, turning traditionally passive building surfaces into active, energy-generating assets. I would like to thank our shareholders for their continued support, our Board for its guidance, and our employees, partners and collaborators for their commitment throughout a year of substantial change and progress. Warm regards, Doug Hunt Managing Director and Chief Executive Officer ClearVue Technologies Ltd | 2026 Annual Report 13 DIRECTORS’ REPORT The directors are pleased to present the audited consolidated financial report of ClearVue Technologies Limited ABN 45 071 397 487 (“the Company”) and its controlled entities (“the Group”) for the year ended 30 June 2026. The name of the directors in office at any time during or since the end of the year are: • Ms Theresa Smits, Chair (appointed 8 July 2025, appointed to the chair 12 August 2025) • Mr Douglas Hunt, Managing Director and Chief Executive Officer (appointed 12 August 2025) • Mr Michael Pixley, Non-Executive Director (appointed 8 July 2025) • Mr Liang Ji, Non-Executive Director (appointed 12 November 2025) • Mr Andrew Lau, Non-Executive Director (appointed 23 March 2026) • Prof. Rebecca Yang, Non-Executive Director (appointed 16 July 2026) • Mr Victor Rosenberg, Non-Executive Chairperson, Non-Executive Director (resigned as Chairperson 12 August 2025, resigned from the board 29 November 2025) • Mr Jamie Lyford, Executive Director (resigned 8 July 2025) • Mr Charles Mowrey, Non-Executive Director (resigned 14 July 2025) • Mr Gerd Hoenicke, Non-Executive Director (resigned 4 August 2025) The qualifications, experience and special responsibilities of each director are as follows: ClearVue Technologies Ltd | 2026 Annual Report 14 DIRECTORS’ REPORT ClearVue Technologies Ltd | 2026 Annual Report 15 DIRECTORS’ REPORT ClearVue Technologies Ltd | 2026 Annual Report 16 DIRECTORS’ REPORT - REMUNERATION REPORT KEY MANAGEMENT PERSONNEL The KMP of the Company during or since the end of the financial year were as follows: REMUNERATION POLICY The Company’s remuneration policy for its KMP has been developed by the Board taking into account the size of the Company, the size of the management team, the nature of the stage of development of the Company’s current operations, and market conditions and comparable salary levels for companies of a similar size and operating in similar sectors. In addition to considering the above general factors, the Board has also placed emphasis on the following specific issues in determining the remuneration policy for KMP: • Sales contract awards; • Technology development milestones; and • The performance of the Company’s shares as quoted on the Australian Securities Exchange. PERIOD OF EMPLOYMENT DIRECTORS Ms Theresa Smits, Non-Executive Chair Appointed 8 July 20251 Mr Douglas Hunt, Executive Director and Chief Executive Officer Appointed 12 August 2025 Mr Michael Pixley, Non-Executive Director Appointed 8 July 2025 Mr Liang Ji, Non-Executive Director Appointed 12 November 2025 Mr Andrew Lau, Non-Executive Director Appointed 23 March 2026 Mr Victor Rosenberg, Non-Executive Chair Appointed 13 November 1995 to 29 November 20251 Mr Jamie Lyford, Executive Director Appointed 10 February 2023 to 8 July 2025 Mr Charles Mowrey, Executive Director Appointed 1 May 2023 to 14 July 2025 Mr Gerd Hoenicke, Non-Executive Director Appointed 1 May 2023 to 4 August 2025 KEY MANAGEMENT PERSONNEL Mr Doug Hunt, Chief Executive Officer Appointed 1 July 20232 Mr Martin Deil, Chief Executive Officer Appointed 1 June 2023 to 8 July 2025 Mr Geoff Edwards, Chief Financial Officer Appointed 1 April 2023 to present Ms Serjana Sadeq, Chief Strategy Officer Appointed 13 August 2025 Mr Tao Zhang, Chief Operating Officer Appointed 1 August 2025 Mr Earl Harper, Chief Commercial Officer Appointed 1 June 2022 to 4 July 2025 Mr Clifton Smyth, Chief Business Development Officer Appointed 9 November 2022 to present 1 On the 12 August 2025, Victor Rosenberg resigned from the chair and Theresa Smits was appointed to the chair 2 On the 8 July 2025, Doug Hunt was promoted from Chief Operating Officer to Chief Executive Officer REMUNERATION REPORT (AUDITED) This report, which forms part of the Directors’ report, outlines the remuneration arrangements in place for the key management personnel (“KMP”) of ClearVue Technologies Limited for the financial year ended 30 June 2026. The information provided in this remuneration report has been prepared in accordance with the requirements of the Corporations Act 2001 and its Regulations and have been audited as required by Section 308(3C) of the Corporations Act 2001. ClearVue Technologies Ltd | 2026 Annual Report 17 DIRECTORS’ REPORT - REMUNERATION REPORT REMUNERATION COMMITTEE Due to the current size of the Company, the Board did not implement a Remuneration Committee during the year, as such the Board of Directors of the Company is responsible for determining and reviewing compensation arrangements for the Directors and the executive team. REMUNERATION STRUCTURE In accordance with best practice corporate governance, the structure of Non-Executive Director and executive remuneration is separate and distinct. NON-EXECUTIVE DIRECTOR REMUNERATION The Board seeks to set aggregate remuneration at a level that provides the Company with the ability to attract and retain Directors of the highest calibre, whilst incurring a cost that is acceptable to shareholders. The ASX Listing Rules specify that the aggregate remuneration of Non-Executive Directors shall be determined from time to time by a general meeting. The Constitution states that the Company may pay to the Non-Executive Directors a maximum total amount of director’s fees, determined by the Company in general meeting, or until so determined, as the Directors resolve. Fees for the Non-Executive Directors are presently set at $350,000 per annum including superannuation. These fees cover main board activities only. Non-Executive Directors may receive additional remuneration for other services provided to the Company. The Non-Executive salary remuneration became effective from the date of appointment of the Company to the Official List of the Australian Securities Exchange. EXECUTIVE REMUNERATION The Company’s remuneration policy is to provide a fixed remuneration component and a short- and long-term performance- based component. The Board believes that this remuneration policy is appropriate given the considerations discussed in the section above and is appropriate in aligning executives’ objectives with shareholder and business objectives. FIXED REMUNERATION Fixed remuneration consists of base salaries, as well as employer contributions to superannuation funds and other non-cash benefits. Fixed remuneration is reviewed annually by the Board. The process consists of a review of company individual performance, relevant comparative remuneration externally and internally and, where appropriate, external advice on policies and practices. PERFORMANCE BASED REMUNERATION – SHORT TERM INCENTIVE The Board has not implemented a system where Executives are entitled to annual cash bonuses. The Company may provide performance bonuses to Executives as determined by the Board from time to time. COMPANY PERFORMANCE SHARES AND RIGHTS The Board has previously chosen to issue Performance Shares and Rights (where appropriate) to some executives as a key component of the incentive portion of their remuneration, in order to attract and retain the services of the executives and to provide an incentive linked to the performance of the Company. PERFORMANCE BASED REMUNERATION – LONG TERM INCENTIVE In the future the Board may grant Options to executives and key consultants to provide incentive-based remuneration, with exercise prices at and/or above market share price (at the time of agreement). As such, Incentive Options granted to executives will generally only be of benefit if the executives perform to the level whereby the value of the Company increases sufficiently to warrant exercising the Incentive Options granted. It is considered the performance of the executives and the performance and value of the Company are closely related. Vesting conditions associated with certain other performance rights and options have been set to align with selected strategic objectives of the Group that are considered relevant to the role of the individual to whom they are granted. Should these objectives be achieved, they are expected to have a positive impact on the performance of the Group and result in increased value for shareholders. The Company prohibits executives entering into arrangements to limit their exposure to Performance Shares or Incentive Options granted as part of their remuneration package. ClearVue Technologies Ltd | 2026 Annual Report 18 DIRECTORS’ REPORT - REMUNERATION REPORT Long-Term Incentive Plans The Company has implemented an Employee Incentive Plan, a Loan Funded Share Plan, the Director and Employee, the ClearVue Officer, Employee and Adviser Share Plan and the Incentive Option Plan. Employee Incentive Plan Under the Employee Incentive Plan, the Company may grant options to subscribe for Shares entitling the holder to be issued Shares on terms and conditions set by the Board at its discretion. The material terms of the Employee Incentive Plan are as follows: a. The purpose of the Plan is to: - assist in the reward, retention and motivation of eligible persons; - to align the interests of eligible persons more closely with the interests of shareholders, by providing an opportunity for eligible persons to receive an equity interest in the form of Awards; and - to provide eligible persons with the opportunity to share in any future growth in value of the Company. b. The following persons can participate in the Plan if the Board makes them an offer to do so: - a director; - a full-time or part-time employee; - a contractor; or - a casual employee of the Company or an associated body corporate and includes a person who may become an eligible person within (a) above subject to accepting an offer of engagement for that role. c. Plan Options issued under the Plan are subject to the terms and conditions set out in the Rules, which include: - Vesting Conditions – which are time-based criteria, requirements or conditions (as specified in the offer and determined by the Board) which must be met prior to Awards vesting in a participant, which the Board may throughout the course of the period between the grant of an Award and its vesting, waive or accelerate as the Board considers reasonably appropriate; - Performance Conditions – which are conditions relating to the performance of the Group and its related bodies corporate (and the manner in which those conditions will be tested) as specified in an offer and determined by the Board; and - Exercise Conditions – which are criteria, requirements or conditions, as determined by the Board or under the Plan, which must be met (notwithstanding the satisfaction of any Vesting Conditions and/or Performance Conditions) prior to a Participant being entitled to exercise vested Awards in accordance with clauses 8 and 9 of the plan. Clause 8 prohibits the disposal of any incentive plan 12 months from the date the Plan Shares were issued to the holder, unless there is prior written approval of the Directors, or pursuant to an IPO or Takeover. Subject to the approval of the Directors, the employee may request that Plan Shares be allotted to a Related Entity of the employee under Clause 9. d. In accordance with ASIC Class Order 14/1000, the total Awards that may be issued under the Plan will not exceed 5% of the total number of Shares on issue. In calculating this limit, Awards issued to participants under the Plan other than in reliance upon this Class Order are discounted. e. The Board has the unfettered and absolute discretion to administer the Plan. f. Awards issued under the Plan are not transferable and will not be quoted on the ASX. The Rules otherwise contain terms and conditions considered standard for long-term incentive plan rules of this nature. There were no options issued under the Employee Incentive Plan during the year (2025:1,150,000). ClearVue Technologies Ltd | 2026 Annual Report 19 DIRECTORS’ REPORT - REMUNERATION REPORT Loan Funded Share Plan Under the Loan Funded Share Plan, the Company may grant Shares to a participant and may provide a loan to facilitate the acquisition of the Plan Shares. The terms of the loan and price of the Shares is determined by the Board. The material terms of the Loan Funded Share Plan are as follows: a. The purpose of the Plan is to: - assist in the reward, retention and motivation of eligible persons; - to align the interests of eligible persons more closely with the interests of shareholders, by providing an opportunity for eligible persons to increase their ownership interest in the Company; and - to provide eligible persons with the opportunity to share in any future growth in value of the Company. b. The following persons can participate in the Plan if the Board makes them an offer to do so: - a director; - a full-time or part-time employee; - any other person who the Board determines is eligible to participate in the Plan. c. Loans offered under the Plan to facilitate the acquisition of Plan Shares will be interest free and end on 10 years from the Share Grant Date, or earlier in accordance with the Plan Rules. d. The total Shares that may be issued under the Plan in the previous five years, excluding any offers made in accordance with s708 of the Corporations Act, will not exceed 10% of the total number of Shares on issue. e. The Board has the unfettered and absolute discretion to administer the Plan. f. Shares issued under the Plan are not transferable. The Rules otherwise contain terms and conditions considered standard for loan funded share plan rules of this nature. There were no Shares issued under the Loan Funded Share Plan during the financial year. During the year ended 30 June 2017, shares were issued under the Loan Funded Share Plan to then members of the Board. The following loans outstanding at 30 June 2026 and at the date of this report. Such loans are to be settled on or before 19 September 2027. HOLDER POSITION NO. OF SHARES LOAN AMOUNT Mr Victor Rosenberg Former Non -Executive Chairman 1,000,000 $150,000 Mr Jamie Lyford Former Executive Director 1,950,000 $292,000 Mr Ian Rosenberg Former Non-Executive Director 125,000 $18,750 The remuneration report details the remuneration arrangements for KMP who are defined as those persons having authority and responsibility for planning, directing and controlling the major activities of the Company, directly or indirectly, including any Director (whether executive or otherwise) of the Company. ClearVue Officer, Employee and Adviser Share Plan The Company has also adopted a share plan called the ‘ClearVue Officer, Employee and Adviser Share Plan’ (OEASP) pursuant to which the Company may issue shares in the Company to participants. The difference between the OEASP and the Loan Funded Share Plan is that participants in the OEASP can be issued Shares at no cost and without loans being made by the Company. The OEASP was approved by Shareholders on 13 April 2017 (and is referenced at page 141 of the IPO Prospectus). A summary of the rules of the OEASP is set out below: a. (Eligibility): The Company may issue Shares to full-time or part-time officers, employees and advisers of the Company or any associated body corporate, or any other person who the Board determines is eligible to participate in the OEASP. b. (Consideration): No subscription price is payable for Shares issued under the OEASP. Shares issued under the OEASP vest on issue but cannot be transferred for 12 months. The Board may waive the transfer restrictions, including in circumstances where a takeover offer is made for the Company. Share issued under the OEASP carry with them the same rights to vote and receive dividends or capital distributions as other ordinary shares of the Company which are on issue. ClearVue Technologies Ltd | 2026 Annual Report 20 DIRECTORS’ REPORT - REMUNERATION REPORT The remuneration report details the remuneration arrangements for KMP who are defined as those persons having authority and responsibility for planning, directing and controlling the major activities of the Company, directly or indirectly, including any Director (whether executive or otherwise) of the Company. No shares were issued to key management personnel or directors under this plan for the year. Director and Employee Fee Plan The Company has adopted a Director and Employee Fee Plan (Fee Plan) to enable the Company to issue Shares to eligible participants in lieu of accrued cash remuneration. Eligible participants are full or part-time employees, officers, consultants, contractors and directors of the Company or any related entity or any nominee of such parties. Under the Fee Plan, eligible participants can elect to be paid some or all of the cash remuneration accrued to them by the issue of Shares. Any issues of Shares then made are at the discretion of the Board. The Fee Plan was approved by shareholders on 2 November 2020. There were no shares issued under the Fee Plan during the year. Employee Securities Incentive Plan The Company has adopted an Employee Securities Incentive Plan (ESIP) to enable the Company to issue Options, Performance Rights, Shares and/or Loan Funded Shares to eligible participants. Eligible participants are any Director or a person who is a full-time or part-time employee of the Company or its Related Bodies Corporate who is declared by the Board in its sole and absolute discretion to be eligible and any other person providing services to the Group and who is declared by the Board in its sole and absolute discretion to be eligible. The material terms of the Employee Incentive Plan are as follows: a. The purpose of the Plan is to: - assist in the reward, retention and motivation of eligible persons; - to align the interests of eligible persons more closely with the interests of shareholders, by providing an opportunity for eligible persons to receive an equity interest in the form of Awards; - to provide eligible persons with the opportunity to share in any future growth in value of the Company. b. Terms of Options and Performance Rights Each Option and/or Performance Right (Convertible Security) represents a right to acquire one or more Shares (for example, under an option or performance right), subject to the terms and conditions of the Plan. Prior to a Convertible Security being exercised a Participant does not have any interest (legal, equitable or otherwise) in any Share the subject of the Convertible Security by virtue of holding the Convertible Security. A Participant may not sell, assign, transfer, grant a security interest over or otherwise deal with a Convertible Security that has been granted to them unless otherwise determined by the Board. A Participant must not enter into any arrangement for the purpose of hedging their economic exposure to a Convertible Security that has been granted to them. c. Share Awards The Board may from time to time make an invitation to an Eligible Participant to acquire Share Awards under the Plan. The Board will determine in its sole and absolute discretion the acquisition price (if any) for each Share Award which may be nil. The Share Awards may be subject to performance hurdles and/or vesting conditions as determined by the Board. Where Share Awards granted to a Participant are subject to performance hurdles and/or vesting conditions, the Participant’s Share Awards will be subject to certain restrictions until the applicable performance hurdles and/or vesting conditions (if any) have been satisfied, waived by the Board or are deemed to have been satisfied under these Rules. Following the issue of a vesting notification to the Participant, the Share Awards held by the Participant will no longer be subject to any restrictions and may be transferred or sold by the Participant, subject to compliance with applicable laws, the Company’s Securities Trading Policy and the terms of the Plan. ClearVue Technologies Ltd | 2026 Annual Report 21 DIRECTORS’ REPORT - REMUNERATION REPORT The conversion of the performance rights is dependent on the following: i) Class A Performance Rights - In the event that the aggregate of the value of the ClearVue Orders and the ClearVue Payment is equal to or greater than $2,000,000 within a period of 24 months commencing on the date of issue of the Performance Rights (Issue Date) (Class A Milestone 1), each Class A Performance Right will vest and be convertible into one Share; or - In the event that Class A Milestone 1 is not satisfied but the aggregate of the value of the ClearVue Orders and the ClearVue Payments is equal to or greater than $7,000,000 within a period of 36 months from the Issue Date (