Ann: Notice of General Meeting/Proxy Form, page-5

I wish I could get a loan to buy shares where there was zero interest, if the shares go down I don't have to make up the difference - but any upside I get to take



(non-recourse): the Loan is secured against the Shares but Mr Paul Ostergaard is not personally liable for the Loan. In other words, in the event the Shares are sold to repay the Loan but the sale proceeds are insufficient to cover the amount of the Loan which is outstanding the Company cannot recover the remaining amount from Mr Paul Ostergaard. Conversely, where the sale proceeds are greater than the amount of the Loan the Company will not receive any additional repayment as Mr Paul Ostergaard is entitled to the surplus proceeds;