Ann: IHL SCHEME BOOKLET REGISTERED WITH ASIC, page-27

Hi All

Just wanted to clarify something that has been bugging me for a little while, and it relates to the USD per share starting price (when we hit the NASDAQ). There has been some commentary about it having to be USD4.00 per share or higher.

I asked the Company for clarification on this point given we are now below USD4.00 per share (0.061 x 100 x 0.6358 = USD3.88 per share). Does this mean we will have to change the ratio and if so, does the documentation allow for changes to the ratio?

The response was clear.

• Minimum listing for the NASDAQ is USD1.00 per share.
• Our ideal listing price once we hit the NASDAQ is between USD4.00 and USD8.00 per share.

So - whilst we look like coming in below our ideal listing range (unless something changes which it could), unless the share price falls to 1.5 cents per share there will be no need to change the ratio.

GLTAH - and bring on the NASDAQ.

Cheers

R