bart cummings sage advice, page-8

Ceoa1

Downgrading management on this site does not affect the price. If you think that it does then I suggest you look a little harder at how market factors affect pricing.

What affects the prices is the lack of cashflow;

In ability of shareholders to trust Alan due to his own actions like:

Excessive remuneration requests on a day that a deal with Sanofi is announced

Alan is not in the US so to compare his package to the US counterparts is misleading.

Alan agreed with his shareholders on a remuneration package prior to any announcement so he should stick to this until results are achieved.

There is also the fact that for 6 years the share price has traveled south because of his management style and lack of results.

The herald sun announcement was spot on.

Ask yourself why is the share price at this level if he is doing a great job.

What makes you think you know more about exec salaries then me. Have you been reading the fin review and noticed the bagging this has received. Also your mention of the US remuneration packages mentions nothing about how the US is a basket case at the moment and how many companies have fallen over run by so called top execs on ridiculous salaries.

Here is one for you. Lets agree to the package but put benchmarks in place for him to achieve; but if he does not achieve this he pays back 3/4 of the total package.

I think this is fair as this will really test to see if he has ability and see if he backs his ability. PS shareholders in a Germany company did this and you know what happened. Exec team all withdrew there requests.

That is how you manage execs, because at the end of the day it is investors money!!!!!!!! Alan

Alex