Ann: FBR CEO Presentation, page-11

I'm no longer a shareholder but if anyone else would like to send investor relations this draft....

Dear FBR Investor Relations,

As a long-term shareholder, I feel compelled to provide direct and urgent feedback regarding the May 2025 CEO Update Presentation.

Given the company’s ongoing financial performance — persistent cash burn, failed joint ventures, abandoned memoranda of understanding, and historically excessive board remuneration — the recent CEO transition represented a critical opportunity to demonstrate that FBR understood the need for improved discipline, professionalism, and investor accountability.

Instead, the CEO’s first formal communication has only deepened concerns:

• The presentation consisted of hastily written dot points, riddled with spelling errors and lacking any strategic clarity.

• No financial transparency, progress metrics, or substantive growth plans were offered — only vague statements and repetition.

• The complete absence of professional polish or serious investor engagement suggests a disregard for FBR’s credibility at a time when it can least afford it.

This presentation would have been disappointing even for an early-stage startup. For an ASX-listed company with FBR’s history, it is alarming.

You are asking investors to maintain confidence in leadership that:

• Continues to erode shareholder value

• Fails to deliver or retain any of its strategic partnerships

• Now demonstrates an apparent inability to execute even basic communication to market

If this is the level of care applied to public investor updates, it raises very real questions about the operational standards being applied internally.

I strongly encourage the Board and management to immediately reassess the quality, strategy, and professionalism of all future investor communications.
FBR's continued existence — and the trust of its remaining shareholders — depends on it.

I expect significantly improved standards in future updates.

Regards,