Ann: 2013 Annual Report , page-2

IMO still scant on pipeline projects. Mentions the latest "project" but also states that ..."If
we have success with either or both projects we will be providing a more comprehensive analysis detailing the
path(s) to market". Does that mean that if there is no success then we won't be informed?. That's why - no news is bad news!!!!.

Also regarding incentives - "Achievement of each objective is expected to create immediate value for shareholders, or secure a material step towards value that will crystallise in a future period. Achievement of the business objectives has significantly increased shareholder wealth over the 5 years ending 30 June 2013..... Total return over the 5 years was $2.97 per share, tax-free,..... Comparison of the achievement of objectives and shareholder returns for an individual year is not meaningful, because the value may crystallise in a future year".

So basically as I read it and please correct me if I have misread - incentives (no matter when an employee commences) are measured on current operations notwithstanding they did not contribute to it??. Am a little confused and whilst understanding that a benefit may be derived at a later date then the incentive should be paid at that time???. Maybe a remuneration firm could have been consulted to review this because as I see it new management will benefit from the Eli royalties due early next year - but appear not to have contributed to it. Rest of the report as expected and positive so hopefully all good in the future. And yes shareholder value has been increased. Am happy to be corrected if I have misread/misunderstood these issues.