Ann: Appendix 4C - quarterly, page-67

Well I have to say that I was quite impressed earlier this evening. Within a couple of hours of sending the above email I had a detailed response from CEO John Karantzis. The fact that he found time on a Saturday evening to respond to me quickly and in detail was a big tick in my mind.

He was happy for me to provide a summary of our email conversation.

Please note that at no time did he suggest that any performance shares would vest or provide any material information not already known to the market. Our conversation was purely hypothetical if the situation of performance shares vesting was to occur.

He is the major beneficiary of any performance shares vesting and made it clear that neither he, nor any board members or other senior management who are beneficiaries, to his knowledge, have any intention to sell shares.

He made the point of saying that isignthis Ltd (BVI) holds approx 44% of the current register. He and the other original vendors have control of this company. The shares owned by isignthis Ltd were previously subject to escrow and have been free from this for 18months. None of those shares have been sold since exiting escrow 18 months ago. He highlights this as example of the fact that they have theoretically had ample opportunity to sell down in the past and have not done so as they are committed to the future growth of the company.

He did acknowledge that if performance shares did vest it would cause a tax event and some small parcels may be sold to offset the cost of that tax event.

He made it clear that they have resisted hyping or over touting the Company for short term gains and want to be seen as conservative and understated in how they keep the market informed. They have no interest in a "quick buck" and want to build a viable long term business.

He was of the view that an escrow period was not appropriate or necessary for the above reasons and said that, in fairness, the performance shares have been public knowledge since the prospectus was issued.

Quoting him directly I think this sums things up well, "Given the hard work the management team has put in to bring a concept to the stage it is now, the management team is in no way inclined to diminish value of the Company in any way."

Despite a reluctance for any voluntary escrow period, I have come away impressed and have a greater confidence in ISX.