Ann: Shareholder Update, page-14

This is the first step to be relist in ASX.

What we know is the project has no supportfrom WA government but company failed to explain the reason why would not gain thesupport. As such, despite we hold the project still, we don’t know what are theissues from government level so all we retail shareholders wouldn’t know whenwill be the time or if, the HyEnergy project has another chance to proceed withgov support. This is unclear and the company has the full responsibility to clarify.

We also know that there is lack of interestfrom global investors at this stage (being two years at least). This is due tointerest rate rise since 2 yrs ago (I stated this 2 yrs ago it would be hugeimpact on the industry I remember still many said this was “macro economy impactand not fundamentally change to the company”). Yes, it was. Interest rates hikecaused short of money flows in the economy and will have huge impact to growth stocks.Especially this project showed at a abundant of cheap money era probably wewould never see again for a long period. When investors have to start controlthe cost they will take off the uncertainties away from industry like hydrogenthis was so obvious unfortunately my original plan was holding this stock overthe industry down cycle. I did prepared 3-5yrs because we were the first moverand I was willing to pay the time cost. However still underestimated the risk happenedfrom the company and project itself.

If let me make it right at this point, relistback as miner exploration probably is the easiest option the company has. ConsideringDF’s experience in this industry it will make sense.

The next for us to pay attention is whatskind of project they will acquire and how big the project will be. We have lessthan 10m in account we need a big one with other partners and issue more shares– yes, dilute existing shareholders, AGAIN – to lift up the price. This is theonly way out for existing shareholders. Saying that, I don’t hold hope on thisand accept the worst happens.

Ironically, I agree one thing is thestatement. Time change, things change and people change. After 5 years therewill be new “smart guys” believe its time for hydrogen and if PRL still surviveby then, it has a good story to sell. Only difference is you, me and our CEO will be gone long time by then.

Trust me I lost more money on this company thanmost of you. Accept the situation and move on.