Retail Block List, page-71

Thanks for your support.

The general idea is that we start building support now in anticipation of an opportunistic TO offer in the future. The block list is designed to support the decisions of management and to hopefully help conclude a better outcome if an opportunistic offer does come along at some stage. According to the company presentations retail holders hold 35% of the share base, so if we are well organised we have a chance of exercising some influence in partnership with management and any steadfast institutional shareholder base.

The idea is that eventually when we are faced with an opportunistic offer I will put this into a lawyers hands and people can contact them to give information about their holding and give a non-binding indication that they intend to direct votes in favour of the managment’s recommendations (as long as this course of action is legal). The information will remain anonymous and subject to legal advice I might post the total holding on the website.

Also the corporations laws allows a member of the compamy to obtain a copy of the share register for a prescribed fee so the possibility of a letter drop to members is also not out of the question to access more retail holders.

Although the corporations law allows anyone to obtain the list of shareholders it also prohibits people from using that information to send information to members of the company without the permission of the company or without a reason allowed under the corporations law. I expect that any letter drop would not be conducted without the approval of management or not before any legal advice to ensure that this action is in compliance with the corporations act and regulations. Esh

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