Ann: Appendix 3Y - Mary Harney, page-15

I agree 100%. Without any knowledge of Mary's financial position it's very hard to be critical of how much RAC stock she purchases with her money. RAC should be hiring staff based on how capable they are and whether they're the right fit for the job, not how deep their pockets are.

Also, please consider the timing of when Mary was hired... if she was brought into RAC earlier she would have been able to purchase more shares for the same investment (approx. $50k, so not a trivial amount) she has made currently, so I think looking at the absolute number of shares she owns is unfair.

Thirdly, I'll add that for a lot of listed companies I see the director's "skin in the game" largely comes from handouts (i.e. performance shares, options, etc.) rather than them spending their own cash... would we rather see RAC increase management's "skin in the game" by continuously diluting everyone else? I certainly would not.