Ann: General Meeting Resolutions, page-24

I have no objection in management and the BOD participating in a share participation scheme. However, this should be considered in light of the following:-

1/ Salary/Wages/Directors fees-these are paid for the parties doing there job and meeting there day to day KPI's - not for just turning up and turning on the computer.

2/ Short term incentive (1 year) - for delivering some additional outcomes in the year. They should be linked to the performance of the individual and the company. Weighted to the individual but inclusive of the performance of the company. The goals should objective and measurable and should be approved by shareholders annually. The maximum value should not exceed 5 times remuneration if successful.

3/ Long term incentive - Need to be a lined to shareholders so performance should be linked to share price. If management are effective and are delivering the share price should follow.

Where shares are included in an incentive, it should not be all or nothing. It should x shares at x price and x2 at original shares plus say 5 cents

In respect of BNL, failed to deliver much 2020/2021 year. 1 year to get first permit, way to long. Yes, the rules changed in January 2021. However, the permit application was submitted in July 2020, nearly 7 months prior to the rule change.

If the BOD wanted me to approve such a large allocation, I think, slit the proposed allocation into 2 tranches. Get half when the share price hits 40 cents and the balance at say 80 cents per share.