Ann: Change of Director's Interest Notice, page-17

Clearly.

Mine was a general comment rather than specific to NEA on the question of issueing options as an incentive at all v buying on market, (but unfortunately I didn't make that clear and as a result find myself in this mire).

It is generally my preference that executives and directors are compensated in cash for performance bonuses rather than hiving off bits of the company on a regular basis.

Skin in the game should be encouraged with incentives early, but the practice of casually and continually 'printing more money' by issuing options does not necessarily enhance shareholder value. But it often transfers wealth from owners to managers.

However, for the most part, this is the corporate environment that we inhabit.

The end