Ann: Appendix 4E and Annual Report to Shareholders, page-7

Yes...maybe...but you know whats really interesting is that when things are going well and flying along no-one really gives a bugger about spending at the top. Would we be having this conversation if the SP was 8-10 cents immediately post merger?...I think not. I have always been of the opinion you have to spend some to gain some... and let's give the board some time (defined time period of course) to see if the spend and numbers at the top pay dividends - we might be happier in three months if the SP has gone to 4 or maybe 4.5 cents and then we would be less concerned. I have no issue with remuneration and numbers if they justify the outcome...but I have an issue with top heavy, small cap stocks over capitalising on under performing executives. I am not saying that is the case here, but we need time and SP to evaluate this company fairly, or better to say objectively. You can then look at the numbers ie revenue, sales, staff capitalisation in relation to incomings etc, then you can make a call, until then we have to hang in there