Composition of the Board

Philosophy

The Constitution of Salinas provides that the number of directors shall not be less than three or more than ten. There is no requirement for Directors to own or acquire shares in the Company.

The size and qualifications of the Board is reviewed annually and structured so that the Board is ‘fit for purpose’ to properly perform its responsibilities and functions.

The Company currently has the following Board Members:

Procedures and Guidelines

• The membership of the Board, its activities and composition is subject to annual review.

• The criteria for determining the identification and appointment of a suitable candidate for the Board shall include quality of the individual, background of experience and achievement, compatibility with other Board members, credibility with the Company’s scope of activities, intellectual ability to contribute to Boards duties and physical ability to undertake Board’s duties and responsibilities.

• Directors are initially appointed by the full Board subject to election by shareholders at the next annual general meeting. Under the Company’s Constitution the tenure of directors (other than Managing Director, and only one Managing Director where the position is jointly held) is subject to reappointment by share holders not later than the third anniversary following his last appointment.

• Subject to the requirements of the Corporations Act 2001, the Board does not subscribe to the principle of retirement age and there is no maximum period of service as a director.

A Managing Director may be appointed for any period and on any terms the Board think fit and, subject to the terms of any agreement entered into, the Board may revoke any appointment.