Ann: Appendix 4C - quarterly, page-68

Thanks for that jlo2012, appreciated by all.

As you know current shareholders have a problem not with the company model but company structure.

It just so happens that company model is at a stage where it is starting to deliver increasing value at a time where company structure is transforming.

That increased value will not benefit the existing structure but the evolving structure.

There will be a transfer of wealth from existing shareholders to owners of the performance shares over next qtr plus.

His reply while valid will convince the market to value ISX fully diluted (maybe +40 class 1&2 vested).

I invested on management guidance of 30% Q on Q, giving supposed clarity of company structure over short medium term knowing full well the abnormal weighting of perfs existed.

His comments above about clarity are somewhat problematic. (not saying what I really think)

ISX is great model with great management and long term potentially an avenue of wealth creation for current holders.

Unfortunately the next 6 mths rather than being a period of outperformance of wealth accumulation for holders owning a model nearing profitability on sustained q on q revenues, the very stage in a companys life cycle where capital appreciation is greatest, this wealth will be transferred to the performance shares.

Bummer