Ann: Change of Directors' Interest Notices, page-3

Agree DSA. I was perplexed and disappointed that there was not more of a protest vote against the issue of Executive options this year, particularly to Richard. I voted my holding (which would sit in the top 40 shareholders) against this resolution. As a reminder, Richard sold 2.631 million shares back in January 24 as part of a capital raising at the time, with the aim of the sale being to "minimize dilution" by not having to issue new shares to an external investor. Richard received $2 million from the sale, equating to a value of $0.76 per share...around 14% higher than the current share price. Richard has now received an additional 2.6 million Executive options with a Black Scholes value of $439,500. These options can be exercised into shares on a no-cash basis (so no funds will received by PIQ). So in effect, Richard has received value in excess of his salary of circa $2.44 million with no effective reduction in his overall holdings in PIQ. But since January, the share price has moved from a high of $1.33 to below 60 cents (currently at 67 cents). The short position has increased 10 fold and it is likely, given the delays in commercialization efforts due to the Sonic termination and a pivot to a tele health strategy that we will need a dilutive capital raising at some point. There needs to be a major shakeup of skills on the PIQ board, but in particular Richard needs to be removed from commercialisation responsibilities and the Board needs to have a closer look as to how they agree to incentivize their executive team and what performance hurdles are used.