Ann: Responses to ASX Queries, page-25

There is no easy way out of this for directors who approved this loan. If the company went into receivership the dodgy unrecoverable loan of $14,000,000 will be a key factor in this event occurring. If these funds were available to Merlin right now the future would be looking very bright. If the Directors are found to have acted inappropriately (which ASX investigations have uncovered) then it certainly looks like they have failed dismally to perform duties as a director, leaving themselves open to law suits and persecution.

Interesting in all of these responses to ASX no one has signed off on any of the responses. Even after the last request 12. Please have an authorised officer of MED sign MED’s letter in response. A Merlin representative has still failed to do so.