Response to Option Questions The suggestion that the New Board will grant Options at current cheap prices does not reflect reality. Fancamp’s Management Circular (dated September 26, 2012) indicates that there are 109,655,620 common shares outstanding. Note 8(c) to the annual financial statements states that • the stock option plan provides for the granting of stock options totaling in aggregate up to 10% of the Company’s total number of shares issued and outstanding on a non-diluted basis • the number of options outstanding as at April 30, 2012 was 9,090,000. There is not much room to grant further stock options unless the issued capital of the Company is substantially increased.