Ann: Notice of Annual General Meeting/Proxy Form, page-42

Hi H,

We had a long discussion with other holders over the weekend and the conclusion was a carbon copy of your points stated.

All will be/ have voted No, we don't see any significant long-term problems by doing so and are not too concerned if there will be (if any at all) short-term instability.

The reasons for our decision are like I mentioned, almost a carbon copy of your points so no need to list them again, I will add another point which was the complete mishandling of the Nickel IPO which cost us a nice sum of $$, same there, feedback was not taken onboard and they decided to proceed.

The possibility of negative short-term effects of a No vote was discussed at length, conclusion = EPANKO is significantly advanced, US patent is granted,
$$ in the bank, ROW will build up their own supply chains Ex China, EGR is very well positioned.

Unlike some, we are happy with what has been achieved and are aware that most of the delays are outside of management's reach, but trying to issue very low-hanging performance shares, after being told for so long now, has just gone too far.

The board has time to reconsider.

All IMO