Voting NO at upcoming AGM, page-38

I think people are forgetting the human element. In my opinion, this ought to be front of mind.

If a No vote was to prevail in relation to the Performance Rights it's more likely than not that the leadership team will have been demotivated. In small companies, if you have the right people in key roles the leverage that accrues to the company is amplified to the upside. It's wise to keep those people engaged and motivate them as best you can.

The Performance Rights that we are voting on are weighted toward Simon Noon. It's in our interests for him to attain those Performance Rights because it will make him a large shareholder who will be supremely motivated to continue adding value to the company. Further, it motivates him to do everything he can to have that value reflected in the share price. The Performance Rights will more tightly align his interests to yours. This is clearly in your interest.

One further point, it's a well-known fact that in companies where senior management has a material shareholding the dilution that occurs in those companies is well below average.

Future proves the past - I would not want to be sitting here in mid-December and BML has met all its milestones significantly enhancing the value of the company and thinking, that I had participated in demotivating the one person who is responsible for materially increasing the wealth of all shareholders.

V