Ann: Initial Director's Interest Notice - SD-D2O.AX, page-28

The question was, 'what is there as a comparison [to D2O]', to which I gave some answers. You quoted WBA. I offered up my view that it wasn't really a true comparison given the fundamental difference in the companies structure, operating model and objectives. Fine. Different views. All I am saying is that in terms of looking at a pure play on water, why use WBA when their performance is governed primarily on sales of agricultural produce where water is an input, not typically utilised as a salable commodity in and of itself (although obviously they have the ability to do that and sometimes do as a highest and best use of their capital at the time). I am not suggesting that the two companies have nothing in common. I am suggesting that in the broad sense they share a thematic in water. If you want to invest in the pure play that is D2O, all I am saying is that there are very limited means by which to do so. And WBA is not comparable.