shareholder's frustrations, page-24

Tony,
Its a great opportunity to voice our concerns directly to management. There are two key frustrations;

a) Capital placements to Sophisticated Investors - its indeed irksome for 'loyal shareholders' to watch sophisticated investors being given the exclusive opportunity to participate in capital placements particularly where there are attaching options provided as an incentive. I believe that Neuren set the bar for excellence in respect of the interests of all shareholders with its Renounceable Rights Issue [15 June 2011]. In that instance NEU gave eligible shareholders the opportunity to acquire new shares at the same price as the shares issued in its earlier placement to sophisticated and professional investors.

Interestingly, the NEU share price at the time of the capital raising had been steadily declining. Of course, another connection of interest is Doug Wilson who is both Chairman of PYC and director of NEU. I understand that such an arrangement requires the support of the sophisticated investors. I also understand that NEU continued shopping around until they found sophisticated investors who wouldn't stand in the way of a similar offer being made to the retail shareholder base. I stand ready to be corrected if I have misconstrued what took place.

b) Keeping the market informed - what a thorny issue its proven to be re: providing guidance. Not sure that I have any suggestions but only stress the importance of keeping shareholders in the loop.

Wayne.