Ann: Appendix 3B , page-24

Mumstheword,

Respectfully you have no idea what you are talking about.

"It's a bonus! and it's worth zilch if it's not taken up."

If it has a value of "zilch", I wonder if McCrae will mind issuing me one million options? As you say they are not worth anything.

These options are worth a lot and do not deserve to be paid. It would be like a salesman asking for commission because he worked hard however did not reach his targets. Bonuses should be alligned to value they add to shareholders and shareholders if shareholders suffer than so do the employees.

I can tell you with no uncertainty that this options issue, like nearly every other CDU options issue, is NOT commercial and should not happen. How is this any different to the outrage in the media about the huge bonuses paid to investment bankers / traders etc when their companies were being bailed out by the government? There is no difference at all.

Nev, I have no problems offering incentives to employees however it is where they are set that is the issue.

I seriously can not see how anyone with business experience would support the issue of employee options only 4 weeks after the share price has shed over 50%. There simply should be no employee options issued however to make it ludicrous they have been issued at a strike price that would have been in the money by 100% only 5 or 6 weeks ago. Like McCrae's previous option issue this is simply not a consistent with good market practices.

The CDU directors have let shareholders down once again unfortunately.

That said I am still bullish on CDU for what I believe is in the ground - it does not however mean that I agree with all of management decisions.

I am the Iceman!