Ann: Appendix 3Y x 2, page-9

It's about accountability and Directors across all companies need to be held accountable, especially as most are out to look after themselves not shareholders even though their rhetoric will always state otherwise and they will always say what they know shareholders want to hear. Whether they deserve what they have issued themselves now and in the past is subjective. You think they deserve this amount , I think they need to meet many more milestones before they start issuing themselves with so many shares. Plus as I said I would like more transparency on what KPI's were achieved as well. I think they are also working towards another capital raising which means some further dilution, be it hopefully only minor. Have to remember as well that issuing themselves shares is also dilution.

From a technical perspective the stock is getting close to breaking out (above 10c) and will run to 13.5 - 14c initially on the breakout. Yes that's a good thing for the few that bought in below 10c yet many are still sitting on investments bought between 11c and 20c. Price action is telling us something is going on behind the scenes here so I'm expecting an announcement soon, yet it is interesting that SMURF and the boys have set themselves up with their shares just before we get the anticipated breakout / announcement. They are insiders so they know exactly what is going on, I have to read the charts and price patterns to try and work it out. E.