Ann: Appendix 3B, page-48

Hi 96, I didn't make any comment on the ratio of buy depth to sell depth on options, so doesn't contradict anything I said. We were discussing scenarios on why people may have converted options early and one was for the greater liquidity that the shares have, a large holder would have difficulty selling half a million options in one hit as insufficient buy depth, think there was a total buy depth of about 200k at the time.. Not so difficult to sell that many shares in one hit.

Hope that clears up your error, I don't know how to explain it any simpler for you

Another scenario was they are getting ready for any spike in SP that may occur, whether it be finance dropping, enthusiasm about expecting finance, perhaps enthusiasm about those dividends that got a mention yesterday or whatever else may cause a spike. When the time comes to sell it will be easier to sell a large quantity of shares compared to a large quantity of options.

Also mentioned there are various possibilities around options conversion, these just some possibilities.

So nothing contradictory to some of my possible scenarios, but you do appear to be confused on what was discussed, but thanks for checking and I hope I have cleared up your confusion

All in my very humble opinion as always