Ann: Appendix 4C - quarterly, page-26

I think the vesting of some of the performance shares is pretty much a certainty. Let me know if you think I'm off with it.

It's a certainty IMO that 100m performance shares will be vested at $5m annual run rate over 6 month period.

The second 100m performance shares vesting at $7.5m annual run rate over 6 month period are very likely to be vested if this growth continues.

The third 100m at $10m annual run rate over 6 months looks out of reach but who knows, this result came in above my expectation.

The performance shares and the fact that a lot of them will be issued may be holding SP back a bit but if this growth keeps going then long term it won't matter and to be fair management probably deserve them.

They have approx $1.5m locked in already for 2H 2018. They could have a reduction next quarter (not that I think it will happen) to $1m and they would still hit the $2.5m needed for annual run rate of $5m to get first lot of performance shares.