GERNOT, page-26

My response!

Hi Gernot,

Appreciate your response.

You are correct, I am fully aware of the rules andrequirements around communicating to shareholders outside of ASX announcements.

Our strategy has changed several times and while I am OK with this to a degree ,I do not agree with what appears to be a change in strategy every time the wind changes.

Gernot I am a reasonable man and I don’t think youshould be blindsided, I have sent you a number of concerns and you haveanswered a couple at best. I feel that that all shareholders should email IR oryou direct with their questions and concerns, I do not expect you to answereveryone Individually ( I want you running my company) but you can generate a response to these questions in the webinar.

What concerns me is the presentation, Webinar androadshow – to be honest it stinks of a capital raise.

You may own 40 million shares and have a vestedInterest, you also take what I consider to be quite a large remuneration packagefor a micro-cap company those market cap has lost north of 80%

I wont keep you any longer from running Mogul inthe best Interest of Shareholders.