Ann: Change of Director's Interest Notice, page-26

Bogart. Sure, that's correct but are a number of things that go into options pricing. Early in the timeframe (2 yrs in this instance), yes the Options will track the fully paid shares on a pretty linear basis and go up pound for pound as you say. Early in the timeframe, time is your friend. But later in the timeframe, as the exercise date creeps closer, time becomes your enemy. This is called Time Decay. If the shares go to say 1.5 cents, the options could make an even greater percentage gain. However, if the shares only reach 2 cents and no higher, the options are going to expire worthless, aren't they? If you buy the Options now for .2 cents, the share price will have to be higher than 2.2 cents for them to be worth exercising, won't they? So, at anything under 2 cents, the shares will have been a decent investment from their present price but the options will be duds. Time Decay will become pretty savage in the second year. The shares live on forever. Buying the options requires judgement and luck with timing.