Ann: Change of Director's Interest Notice PB, page-79

Tigers, I am very displeased with that announcement saying "at this time" all directors were intending to take up their allotment. I believe that wording was there because PB was never going to take his full allotment. Coupled with the decision a couple of years ago that no shareholders were to be responded to and the failure to advise full details of the Traditional Owners process, in particular that the last agreement was by passing around the document for signing rather than calling a meeting to complete the process - that time taken saw a fall off in SP when knowledge of how it was being done would likely have prevented. Also, the big allocation to secure enough votes to get Rex through (even though he did not last long). I just no longer believe the board, as a whole, has the integrity I would like. I have not yet formed an opinion of the new Chairman although I am disappointed he has not taken up any shares.

You may also note that I have changed my position to "not held" - first time in about 13 years.