Ann: Letter to Shareholders, 2023 AGM NOM & Proxy Form, page-2

Wow these performance rights vesting conditions are an absolute farce and open to subjective interpretation by the board.

I’ve been pretty happy with the way things have gone since CT took over but this feels like a lazy attempt to screw retail holder who either don’t care and don’t understand.

PR vesting conditions need to be clear and measurable and also aligned to events that create clear shareholder value. We have all bought in knowing a well will be drilled in L7 by June 24…we don’t expect LTI’s never mind 2!!!! What about some lead OSH indicators rather than lag??? And the whole decommissioning liability reduction sliding scale KPI is a joke IMO.

Open to others thoughts but I think if you agree with my sentiment we need to start getting the message back now!!!


Ps I’m all for PR’s as an alternative to cash but they need to be much clearer and concise and aligned to SH interest and not BAU (for example SP or MC reached a certain amount such as the ATSR one)