Ann: Notice of Annual General Meeting/Proxy Form, page-6

Having some mixed feelings regarding the potential for further dilution.

- totally understand if the incentive plan is required to retain skilled staff, particularly in light of the huge rises in base salaries for Ray and Malcolm (refer page 24 of annual report). Note that the decision would also be made pre-acquisition

- the number of shares on issue (if you factor in further dilution) is getting bigger year on year. Maybe a share consolidation should be considered (e.g. to reduce price volatility on low volumes)?

- the Equity Incentive Plan would be linked to the creation of shareholder value albeit it is a very vague statement. I hope the milestones would be challenging.

- somewhat disappointed that specified vesting conditions would not be taken into account by the Board in respect to the Equity Incentive Plan (e.g. escrowed period) (refer page 16 of AGM notice). However, I do recognise that some employees may wish to monetise their shares and etc.

What do everyone think?