Ann: Letter to Shareholders-OBJ.AX, page-57

My view as to why this was performance has been applied is as follows.

Original performance milestone 1 cannot be met. Coty is was about to test and then consumer testing to follow as per sept update. Milestone 1 was royalty recieved ftom this. With 1 year to go and only 4 royalty periods left given all the work to go. No chance. But a license very possible.

Milestone 3 20m highly unlikely.

Milestone 2. Could be wave 2.

So this resolution is to make up for missing out in work done but delayed.

So question is will it take to 2018. And will a third licence being coty only deliver us to 10c given wand and wave2 which is in negotiation now.

My calcs have us shooting past 10c on wave2. But like all things we need some confirmation as to what it complements to make solid forecasts.