Ann: Appendix 3B, page-10

Well said CM. I would add that generally speaking there is never any point in converting your options to shares until about a week before they expire. The 'option' reserves the buy price for you. Let's take TONOB for example. The TONOB option allows you you to buy a TON share by paying 11c. No point in exercising until the TON market price is greater than 11c. Say TON went to 20c, well your TONOB is generally speaking going to be worth 20c minus the 11c plus a small premium (the value the market decides that 'reserved' right is worth), let's say modestly 1c. So in this example if TON is sitting at 20c, your TONOB is going to be worth 10c which you can sell on market if there is a buyer. But be aware the closer you get to the expiry date the harder it will be to offload TONOB as they will expire on their expiry date irrespective of their value. So with options you need to either sell them or exercise them by expiry date or you lose them. Hope that helps.