Ann: Change of Director's Interest Notice x 3, page-35

re: Ann: Change of Director's Interest No... Ok lets try it this way.

300 mill shares on issue after placement.

65 mill options at .05 = $3.25 mill to exercise.

42 mill options at .20 = $$8.4 mill to exercise.

Options will only be exercised if the F/P are trading higher than the exercise price.

Therefore the company will only get the option money above .05 and .20 respectively.

If they do trade above .20 and the oppies are converted they would have 11.5 mill plus the 3 mill in the bank - total $14.5 mill.

Shares would then be 400 mill approx X lets say .20 for the exercise = $80 mill.

This does seem a touch high but you never know. Certainly the .05 oppies are a huge chance to be exercised with quite a bit of time till expiry.

As for the .20 there would need to be a significant rerate soon to get them in the money. Again you never know.

Good luck to all.