Ann: Notice of Annual General Meeting/Proxy Form, page-5

"After taking advice from expert remuneration consultants, the Board has concluded that the remuneration for Mr Alfonso, Mr Carroll and Mr Allen (including the proposed grant of EIP Interests) are reasonable and appropriate having regard to the circumstances of the Company and Mr Alfonso’s, Mr Carroll’s and Mr Allen’s duties and responsibilities".

The circumstances of the company are illustrated using the graph below, leading me to the following conclusions:

1. The remuneration consultants are not experts, but complete amateurs.
2. If the Board has concluded that the advise provided by the remuneration consultants is sound, then the Board are delusional.
3. The Board believes all shareholders are complete imbeciles.

I believe the Board should be required to individually address shareholders at the AGM and provide a 10 minute presentation on how the graph below warrants an increase in director remuneration and incentives. It would be an act of shame to even attempt to justify rewarding directors based on the performance over the last 12 months.

Hang your heads in shame.