Ann: Appendix 4C and Board Update, page-8

This was an incredibly poor announcement.

Three new directors (all independent) have resigned. Particularly Belinda, who has extensive ASIC experience has resigned due to "disagreements with the way the Company engages with the Board".

No one knows the specifics, but if your independent directors resign at a time like this, then this is ultimately terrible news for shareholders.

Now, onto the 4C.

Cash receipts are up, but the number is still very low for a company that promised so much. It's cash burn per quarter is accelerating. At this rate, the "gap" between MC & (Cash & TD) will be closed in no time.

Why are they still saying "Cash & other income" - they are not fooling anyone! It's almost like they choose not to listen to shareholders & learn from mistakes of the passed.

Also, can you perhaps inform the market which earnings for that quarter came from GSW & which came from their two acquisitions???

I also am amused at their excuse for such significant cash losses this quarter was "technology staff growth & R&D platform enhancements".

Very sad 4C