john anderson, chairman interview, page-25

Hi Klem,

STO refer to their Bid baseline STO sp of $13.23 giving an ESG sp of $0.90

0.90/13.23 = 0.06803 the Bid Ratio

If the STO sp in the next month goes to say $16 then the ESG sp on market will be approx 0.6803 x $16 = $1.09 less a couple of cents

As we get closer to the scheme meeting the ESG Market price will become closer to the calculated price

It is better if the STO sp is high if you want to sell your ESG shares on market as you will get more $

If the SOA Votes YES then you will get STO shares for your ESG shares - 1 STO share for (1/0.06803) ESG shares or approx 1 STO share for 14.7 ESG Shares. You wont get any cash. If STO declares a dividend the ratio will be increased so you will get slightly more STO shares.

Cheers