Ann: UPDATE ON REFINANCING PLAN - TERM SHEET SIGNED, page-19

Finer details are helpful to understand the preferential share scheme that can potentially be very dilutional to all of us = PDF Page 7 "- The CRPS to convert into fully paid ordinary shares in Straits: o at the election of the holder at any time during the term; or o mandatory conversion at the expiration of the term. • CRPS are redeemable by Straits within the first 4 years of the term. "

If it is not redeemed, then yes it will be very dilutional.