Ann: RFX Notice of Annual General Meeting / Proxy Form, page-2

AGM time shortly and I've been looking at the resolutions trying to decide how to vote.

There are no comments on the AGM letter, the AGM notice, or the annual report. Should I infer that everybody is happy with everything?

I have reservations about:

• Additional placement capacity. Given that the company seems to have no interest in letting we retail holders be involved, I find I have little interest in allowing the company to place even more shares,
• Grant of performance rights. Mr Harris already has a half-million-dollar unconditional annual salary, and 20 million performance rights. Of the 10 million new rights proposed fully half will be granted if he just turns up for work. Another 2.5 million for "operational KPIs" that I can't find specified anywhere. And only 2.5 million tied in any direct way to the value of the company. The company's costs outweigh its income by 10:1 for crying out loud! I feel that Mr Harris' remuneration is completely out of alignment with the state of the company. Loading up the base salary and loyalty incentives speaks of a deep lack of faith in his ability to achieve commercial success.