Ann: Appendix 3Y - David Maxwell, page-4

Maxwell's STI is from memory 100% of his salary. He needs COE to survive to year end to get his substantial bonus which is where my comments about debt covenants comes from. He stands to make hundreds of thousands if he can keep COE alive until the bonus is paid. The hurdles dont seem too difficult either, last year he got about 90% of his STI and we can all see from a graph of the shareprice how shareholders fared - draw your own conclusions from that.

Like I said above, I smell some panic with these purchases.