Exemptions

Mark Stewart, Todd Stewart and any person from time to time appointed as a trustee of the Masthead Trust in addition to, or in substitution for, Mark Stewart or Todd Stewart or both of them, are exempted from rule 6(1) of the Code in relation to any increase in their voting control as a result of a restructure of the Stewart family’s affairs and the issue of shares in SeaDragon Limited under a convertible loan note agreement.