Ann: 2016 AGM Presentation, page-145

I guess we will have to agree to disagree, lots of different views in the marketplace or there wouldn't be anyone to trade with.

In terms of salary, at present I'm not that fussed because at least SDI is now making money revenue/profit wise that is no longer such an issue. If the senior Cheetham's salary does not decrease when he steps down as CEO probably at least to the $200k mark maybe even low 300s I might still think fine but more than this and I would be upset as he I imagine is staying on to provide institutional knowledge and to continue to contribute to R&D when he feels inspired which seems to be his main focus.

The point about not having shares as part of the salary package was not brought up by me. I was just stating that if they had been granted options as a component of their salary in the past 4 years the percent of the company held by the Cheetham family would probably be 10-15% higher than it is add on the DRP that was there previously and soon with the high salaries they would be able to rapidly compulsorily acquire the shares of the minority shareholders.

I am not sure whether they participated in the DRP or not and how many people actually did, have not analysed the company in that respect. They probably should haver just ceased the dividend given the previous debt levels around 2010-2012 but not sure what their motivations were for keeping it.

For me personally the TSR for my investment was about 90% for a holding time of less than a year. SDI has been a great company for me return wise.

I have however followed the company for much longer than this and not all shareholders would have the same feelings about management producing a positive TSR for them.

Communication from the company at points has just seemed like it was a joke. The release on 6th October 2015 was for an investor presentation held over 2 days.

There was literally 4 pages on the power point presentation. Slide 1 was the information/introductory slide. I thought there must have been some mistake when they lodged it with the ASX because of its lack of detail when I saw it pop up on my feed.

If that is the execution of their pitch to other shareholders, either they don't care about other shareholders or maybe they aren't that great at sales. There was nothing wrong with the slides themselves they actually looked quite dynamic but to have only 3 content slides for an investor presentation about what you should be pitching as a global dental supply company is for me just not that professional.

If it truly was an error it still has not been updated and is still a poor reflection on the company and now its PR firm.