Ann: INVESTOR PRESENTATION , page-19

GRUNTER

Yes I think you are right
The point I was making was that we were offered the shares on equal terms with the institutions.
Any shortfall by mums and dads could be taken up by institutions if they wanted.

This didn't happen this time. On the positive side I believe that any of the institutions involved in the latest placement cannot vote on TRANCHE 2.Therefore we mum and dad investors hold the majority vote.

Voting Exclusion Statement:
The Company will disregard any votes cast on Resolution 1 by:
• a person who participated in the issue; or
• an associate of those persons.
However, the Company need not disregard a vote on this Resolution if:
• it is cast by a person as proxy for a person who is entitled to vote, in accordance with the directions on
the proxy form; or
• it is cast by the person chairing the meeting as proxy for a person who is entitled to vote, in accordance
with a direction on the proxy form to vote as the proxy decides