Capital Structure

Classes of Shares and Options Total
Shares  
Ordinary Shares 316,104,241
Performance Shares  
Performance Shares 2011 15,055,452
Total performance shares on issue 15,055,452
Options  
$3.65 options (expiring 7 October 2013) 2,000,000
$3.50 options (expiring 31 March 2014 - ESOP) 731,667
$3.50 options (expiring 31 March 2014 - ESOP) 1,105,000
$3.65 options (expiring 31 October 2013) 750,000
Total Options 4,586,667
Note: These are non-listed securities i.e. not listed on the ASX & cannot be traded on Market. They can, however, be exercised and traded as ordinary shares.  
Convertible Notes  
Notes with $250,000 face value, 7.90% coupon, with new strike price of $3.22 per share, maturing 12/10/2012 100
Total notes on issue 100
Total potential additional shares to be issued if all notes converted 7,763,975
Total fully diluted shares on issue if all performance shares issued and options exercised* 335,746,360
Total fully diluted shares on issue if all performance shares issued, all options exercised and all notes converted* 343,510,335
*Note: 15,055,452 2011 Performance Shares may convert into a maximum of 12,388,222 Ordinary Shares. Refer to Section 3 of White Energy's Bidder Statement issued on 7 June 2010 for further details relating to the 2011 Performance Shares.