appendix 3b..., page-5

Eieio

As I am an engineer, you have to appreciate that I make a lousy accountant ... my thinking was simply ...

# Whoever or whatever group is exercising all these options must be pretty close to the management core.

# Assume they are extremely confident that by say 1 to 2 yrs from now that Cougar will be travelling well.

# Exercise some options now so that the CGT deduction 12 month clock starts ticking now .... they can claim CGT relief for any shares sold from the second half of next yr onwards.

# Hang on now and exercise the Options just prior to expiry in Dec 08 and the profit on any shres sold in the second half of next year is fully taxable.

Cheers
Dex