Photo Rights Theft?

Opinions Please

I want to post a statement by a well known company below, it's in relation to the competition that they're running... Now, whilst I'd say it's not a direct "Rights Grab" I'd suggest that they're doing their best to "seem nice" but at the same time, sliding the mat out from under you and your potential to earn anything form that image, from their global use of it...

"YOUR RIGHTS: You will retain all rights to any photograph you submit -- including ownership if applicable -- other than those rights licensed in the next sentence. By entering the contest, you hereby grant to The Nature Conservancy (i) a nonexclusive, worldwide, irrevocable, royalty-free license to reproduce, distribute, publicly display and publicly perform the photographs you submit to The Nature Conservancy, and (ii) the right to use your name, city, state and country of residence in promotions and other publications"