Ann: Appendix 3B - Employee Share Plan Issue, page-3

I look at them as options, except the shares have actually been issued to the employees, so we have all been diluted.

Somebody probably has a better understanding than I do, so take the below with a grain of salt.

1. They are Fully Paid Ordinary Shares that have been issued to the employees.

2. The employee owes the company 5 cents for each share they received via a limited recourse loan. Given that the market price is below 5 cents now, the employee would be mad to sell on market as they would not be able to repay the loan.

3. I am not sure when the loan is due. Given the name "limited recourse", I am assuming the only collateral is the shares themselves, but I do not recall for sure.

So if the share prices goes to 15 cents and the employee wants to cash out, they sell their shares on market and repay the loan.

If the share price stays below 5 cents, they are worthless to the employee, but the rest of us have been diluted.

Should we get to the point where GRB starts paying dividends, I assume the employee gets that since they are Fully Paid Ordinary Shares.