Ann: Appendix 3B Employee Options , page-3

I must say ... I wouldn't say that I was overly enthused by it. Moreso the longer-dated ones not have a step-up.

Having said that, if the company doesn't perform well by materially increasing income over the coming few years then the SP will be well south of 4 cents. Note it would be unlikely that they would get exercised if SP too close to 4 cents anyway.

So on balance I can accept it. I also note it is to the COO in India, rather than lining the pockets of the Australian management. So positive from that perspective.

MJS