Ann: Prospectus, page-3

Hi All

The prospectus is well put together.  In a lot of ways SHE has been at the forefront of the transition of many companies from the materials to the technology sector.  But unlike many 'shells' used for this purpose SHE/POW retains a valuable existing project with IMO a company making project.  The amount of shares on offer is quite similar to many other 'shells' at relisting but in my opinion POW has comparative advantages of:

1) a project in an early commercialisation stage

2) in a sector with enormous potential (renewable energy)

3) an existing project in the materials sector with company making potential

4) access to significant government funding here and abroad

The following from the prospectus argues the case for investment well:

"... CSIRO analysis of wave power in Australia found that the wave energy resource across the 25m isobath in Australia (Geraldton to Tasmania) is 1300 TWh/y, approximately five times Australia’s energy requirements. Scenarios developed by the CSIRO see wave power contributing between 1% and 11% of Australia’s electricity needs. Potential candidates for modularised wave power deployment are remote islands, non-grid connected coastal industry and cities and military bases where there are good wave resources and a reliance on diesel electricity generation. Applications where electricity is supplied directly to a business or consumer for their self-consumption (Behind The Meter) could include aquaculture, coastal industry and ports with potential co-benefits for these sectors of additional wave attenuation adding to the business case by mitigating storm surge and shore erosion and protecting coastal infrastructure. Potential initial niche markets include: (a) Island communities and non-grid connected cities displacing high cost diesel in micro grids. (b) Military deployments needing rapid deployment for community rebuilding (e.g. disaster relief) typically replacing diesel generation."

At 2.5c with a free attaching option POW is a compelling argument compared with other shells going through back door listings.

All IMO.

Best wishes to all holders.

Regards,

Chilloutman