Ann: Appendix 4C Commentary, page-72

With a 5d VWAP of >18c, and a TSR target of +30%, the 30/6/17 required hammer price is 23.4c+. Previously, they had missed the 31/12/16 target, whilst the 31/12/17 target is +40% (ie: >25.2c).

Currently, having already lost 3.4M shares with AR and MK each down 1M, KJ's forfeited and Nathan Lehman's 1M lost, they are each about to lose another 500,000 shares (opportunity wise) again. No wonder, they will try and peddle a rebranded, reinvented, relaunched incentive performance scheme going forward. The previous one was declared redundant, this one is just about extinct, and the next one will depend on whether Sydney, Hawthorn and Fremantle can all make the Eight!!!!