Ann: Appendix 4C and Board Update, page-42

There are so many misleading or incorrect statements in this (just a few are outlined below)

1) $1M in revenue: Where is the breakdown from interest on TD, revenue from their two acquisitions & organic revenue from GSW? All we can go by is cash receipts, which equates to half this number. Yet, this is not broken down into organic or acquisition revenue. My best guess is that based on projected cash receipts, GSW receives at most 1.5M Operating Revenue per year (once again, not broken down into organic or acquisition driven).

2) $74.4M in the bank not $78M. This cash burn is accelerating quickly. Soon GSW won't be able to rely on TD interest revenue to prop up its total revenue. The cash burn this quarter was almost $6M, terribly alarming for a company this small!

3) CA: "90% probability that the company would only be fined (circa $1M) and that the Webb class action would fail" -- This is complete utter non-sense! This is so far off the mark both in terms of describing the likelihood of outcome & ultimate penalty to GSW. These two events will have huge fiscal impacts on GSW (hence why GSW trades far below cash backing).

4) 3 Independent Directors leaving simultaneously is horrendous, particularly Belinda, who only joined a few months ago, & whose experience @ ASIC would have served wonders. Further, their departures came due to disagreements with management's approach to the Board (ala Bane & McD). Add in the fact that this comes at the time their 4C is released makes this only worse.

5) Anyone who thinks Board's role is single-tasked (particularly when it comes to corporate governance) are terribly misinformed & mistaken. This is not a strategic rotation - 3 out of 4 independent Board Members have left. The only other joined GSW just three weeks ago! The other two members?? Joel & Bane!! Clearly there was a clash in terms how to move this company forward & sadly, GSW lost 3 important figures to steer the ship.

6) Mr. Fricklas has chosen not to put his reputation on the line - hence his stepping down from the board! Please recall that Fricklas & Bane have a prior working relationship, which makes his decision even more concerning for the perception of GSW.