Ann: Clarifying Announcement - Investor Presentation, page-32

Hi Ron

It is a good point. There can be a clash between Otto's continuous disclosure obligations under disallowed listing rules and its obligations to keep secret information that Macquarie provides that is commercial in confidence.

Mostly this can be overcome by Otto just disclosing those parts of the debt covenants that, once disclosed, are likely to affect its share price and not going any further into confidential information. Otto determined today to reveal certain information about the 'review event' but not go further by mentioning how it is calculated or its timing. It is possible that in going further it could have been revealing some confidential information Macquarie does not want disclosed, but that seems unlikely to me. In any case, Otto could go to Macquarie and work out the limits of disclosure to determine a form of words that would satisfy both parties. No evidence exists that Otto has done this.