Ann: Notice of Annual General Meeting/Proxy Form, page-2

Resolution 5: Thoughts?

Allowing executive the right to introduce 140M shares under incentives plans… over three years.

Sounds like they are confident in ARU getting up otherwise there is limited reason for them to introduce such a generous gift.

Logic says that no one would exchange their salary for shares in a company that will be worthless. Hence, confidence from executive looks high. Actions speak louder than words…

Gavin Lockyer this year (from the annual report), basically had no payrise at all… un-heard of in this game. Let’s see how he is rewarded after this resolution gets up.

The upside is management know what is happening behind the scenes… they are looking suspiciously confident.

Do they deserve it?

Well, for us retail investors who are never rewarded for our introduction of capital (and who have been overly diluted). The SP is the ultimate answer (the only measurement of success) to that question… so for now. I have to say a definite ‘no’.

I reserve my right to change my mind going forward.