Ann: Notice of General Meeting/Proxy Form , page-4

I have no problems with the director's options.

They have various conditions attached to them which quite cleverly align their redemption with shareholders interests, as the market price has to be well above the strike price before they can be cashed in.

They are not boring old plain vanilla options.

The point on paying wages by share options also saves money now in 2011 as this allows TRH to pay some pretty effective people lower wages in cash is also valid

The options also will not vest for quite a long time as well so they have both share price and time constraints attached.

As to issuing 21 881 250 shares instead of 17mn - I say good as we'll raise even more cash which shows how much demand there is for TRH's shares at 56c.

Personally I will vote yes to all resolutions if I can do so from outside Australia.

I will have to do my EV calculations again at some point to take into account the extra cash of $ 2 733 500 represented by the extra 4 881 250 shares.

Even then we will only have about 67mn shares in issue and by the end of July an extra $12.25mn in cash with drilling about to start on a huge potash target in August.

To raise all that cash in the current market while still keeping the register tight is a work of financial alchemy imo.

To me this makes TRH even more attractive.

EB