Off- market transfer of ISX, page-15

I would not offer $1.07 because ISX's revenue has decreased since the ASX suspension and profitability would also have fallen. Because there is so much that is unknown, it would be difficult to calculate a SP at the moment. A fund had ISX valued at 5c and I think they devalued it again after that. That would probably be my starting point, until more is known. When ASIC makes a decision on the performance shares that will probably help.