Ann: Appendix 3B, page-11

Yes, these options are part of the remuneration package BUT just look how much we are paying these guys. Look at the Annual Report to see how much the Board and senior management got paid last year. Then look at the share price and see if investors got a fair deal or not. Carl has been with the company for three years, has not done one deal of significance (Peter did Calimmune and others) yet draws a salary of $252,000 topped up to $339,000 with options etc.. Is this value for money? How many other business development people can work in company for three years and draw out of the company more than they put in? I am very sure that he works hard, as do others, but surely performance needs to be the cornerstone of his salary?