Ann: Presentation, page-25

Do we think that Molton knows what the loan covenants are and the extent of the breach?

YES or NO

Is the market fully informed to take up the rights issue?

I say NO it is not.

@davycrockett ... on the basis it wasn't a rhetorical question that $45M is equity ... represents what we have contributed to the business as shareholders (which over the years totals ~$150M less the accumulated losses of ~$105M). So what you have is a business that turns a dollar bill into 30 pennies (or so in US parlance) whilst taking a rich salary to do so.

Cautionary note ... be very very very careful with this slide and its implications ... Oil Price used is the forward price as at the 28 June 2019.