Ann: Response to ASX Query, page-10

This was always controlled by JBL look at what they said they would do with the allocation process. Public money shuffled back into private companies that were never ever going to be profitable. This was never a LIC but by being one gave the ability to report unaudited “NTA”on NTA” on a monthly basis keeping the share price up and attracting option holders to exercise the free options at a 100% discount to share price . This gave money to pay dividend and ploughing further into private realm .