Ann: Appendix 3B, page-7

Actually Holla, if the performance shares had been exercised it would have meant the company was earning decent revenue. From a company perspective its actually a major negative that they weren't don't you think? Its a bit like worrying that you might lose your pension if you win the $10M lotto.

Ariadne Capital of which Amit Pau happens to be the managing director sells 8,260,766 shares on 28 July @.012 -.014. NOR later puts out a revised 3Y explaining that even though Pau is the managing director of Ariadne Capital "he has not and never has held a board seat of Adriane Capital" and therefore technically there really was no change of directors interest in NOR.

Everist sells his last 1 million shares on 30 November @ .027 and picks up 1.25 million 'free' shares 2 weeks later.

As far as the free shares being a substitute for higher wages I think you will find that everyone in Nor is probably reasonably happy with their salary packages.

PO - $175,000 + super + bonus
Wilson - $160,000 + super
Horton - $200,000 + super + $15,000 car allowance +$100,000 bonus for meeting agreed targets, many of which are not revenue based.
Tot - $180,000 + super + $15,000 car allowance + $120,000 bonus as per Horton.

If terminated all of these guys are on a 6 month notice period or payment of 6 months base salary. That is incredibly generous in todays market. In the absence of revenue shareholders will pay for that.

The Directors get $39,420pa and the Chairman $52,560pa

I think rewarding directors and staff for demonstrable hard work in increasing shareholder value is an excellent idea, rewarding them for overseeing a significant decrease in shareholder value is quite the opposite.

All just my own opinion of course.