Ann: Appendix 3G, page-3

In my opinion every shareholder should also read and understand what is meant by paragraph 7 Change in Control and Change in Control Event.

"Notwithstanding any other terms contained in the Plan Rules, upon the occurrence of a Change in Control Event the Board may determine (in its discretion);

a) that the Options may vest and be exercised at any time from the date of such determination, and in any number until the date determined by the Board acting bona fide so as to permit the holder to participate in any change of control arising from a Change in Control Event provided that the Board will forthwith advise in writing each holder of such determination. ...

...

Bottom line - my interpretation - in the event of a takeover the board can decide that all options immediately vest and become a share such that the holders of the options get an extra share for each option and all the shares rank equally in the takeover offer - so say Sumi came back with an offer of $2.25 when the Foreign Investment Review Board returns the thresholds to what they were before COVID19 then the board could decide to deem all the options satisified.

I have seen the board of KDR (when they were taken over by Wesfarmers in a scheme of arrangement) use that deeming power to deem all its performance options way into the future satisfied.

This power should not be given to a board that is not trusted to not abuse it or the board can have an incentive to go to a takeover by scheme of arrangement in order to get themselves a quick payout. In my opinion.