Ann: Response to ASX Query Letter, page-334

I don't think the performance rights themselves are in question, based on the evidence.

It's the disclosures that are borderline. What was material and what needed to be released to the market. I think they are ok, based on what I've read, but I can see an argument for more prompt transparency.

Having said that, I'd find it hard to believe that any company listed on the ASX couldn't do a better job with disclosures.

In Terms of the SP, It's hard to say at this point, if we see no further clarifications or summary from ASX/ASIC it will definitely open lower. There will be a lot of retailers scared by this process wanting out.

However, if we do see some clarifications, a satisfactory pass from ASX/ASIC coupled with positive announcements from the company I think we will see a strong open, followed by continued growth.

If ISX has it's suspension lifted, I would speculate that would be on the grounds of it being completely cleared. If it's found to be clear and operating well, why would you want to sell on any weakness? A smart investor would be buying anything at a discount based on the strong cashflow statements and trajectory of the business.

It's all about where we end up on the day of the suspension lifting.