reporting of revenue, page-10

Me Too,

I was referring to the 23 notes that have attaching options from recent Cap Raise. Refer 3B released to the ASX on 6/12. The 3B is a formality. I am aware of the other notes on issue.

When BMcN refers to total market cap, he is adding up every single piece of paper that currently makes up the capital structure of ESN.

He was not suggesting that all the convertibles will be converted or options exercised. "Fully diluted" is all paper out there.

You have to assume that some may convert their convertibles to equity prior to Feb 2015 but not all. You also can assume that some options will be exercised before Feb 2015 maturity but not all.

If it was me, and given the price move I would exercise a few options to get my capital back and then strap myself in for the ESN journey. That is a safe and derisked investment.

Don't take it personally. BMcN appears to do a lot of his own research and at this point I can't fault his numbers.

Have a good w/e.