Ann: OFF-MARKET TAKEOVER BID FOR XCD ENERGY LIMITED, page-100

Bill fair point from someone who 100% supports 88 even after failure after failure. Strange position from my perspective, but unfortunately you have entered the debate and commenting about whingers like me complaining about this deal etc etc. so welcome aboard. Glad you have decided not to leave for a while.

I am and will continue to be an advocate for accountability and transparency. This deal reeks of conflict and is a terrible deal in my opinion.

We are paying way to much. 1.67 shares for 1 XCD share. FFS this company only has a 4 mil MC. Reason for this is obvious to non holders and the market a Bill. Please spare me.

It’s like XCD just won the lottery. Why is that Bill oh that’s right our leaders own those worthless shares and you guessed it they all benefit. So I have every right to vent my frustration with this deal.

Key corporate points of concern as I see it.

1. 2 directors plus others such as senior manager I believe also a holder get a great deal for there shares as XCD is almost broke and in this climate good chance of folding. FO no chance. Similar to us.

2. Dilution to 88 from 7.5 billion to 8.3 billion shares

3. Has a valuation been done to value XCD. Importantly was is independent which is a must. Also how could our board be independent as 2/3 control the vote own shares.

4. what will be the change of control in 88 if any obviously the management and directors who hold XCD get free shares in 88.

5. Will 88 holders vote on this. Obviously 2/3 directors plus senior management can’t vote as they are conflicted.

6. If 88 can’t vote then that’s a huge disadvantage to holders. This should never be allowed to happen.

7. 88 consulted no holder only those mates in XCD to sign this dead all are conflicted. Again just wrong

So Bill these are just a few of the corporate issues I rightly have concerns, as do many holders. Won’t communicate too much more on here especially if we need to raise the $2400 from memory last year we spent to do an application to Take Overs Panel hopefully will be talking to the TOP director this week.

Then we can discuss the success of oil flowing in this XCD land. Plenty of O/G people see this as a waste of time and very unlikely to see success. Then over 8 billion shares with this dilution and no cash added which would have been a prudent focus to drill. Oh then when will consolidation happen as next CR will take us to 10 billion shares. What a complete utter mess. Have a good day.