Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-4

Fair question. Both companies know what it will roughly cost and require to export compressed H2 from Hyenergy site to parts of Asia (in particular Singapore). This was detailed in the study. I don't expect PV1 to comment on this project until the Hyenergy project signs offtake agreements and partnerships to build the project. PRL when dealing with Off takers and partnerships from now will have the PV1 feasability study to present to companies. Compressed H2 is a great cost effective starting point for exporting H2. What will determine if PV1 are involved is where the H2 is going and how the end user plans to use it. PRL I see have recently stated they will build an ammonia facility, I think this is important for them to open up a European market. But it doesn't mean they can't do both! It doesn't have to be a matter of choosing one. The study also demonstrated a floating buoy system which could send the H2 to the fleet out at sea. PRL also plan to build a new marine port facility. This will allow for ammonia export as well. I see the floating buoy system as very complimentary if PRL have multiple off takers seeking compressed and ammonia.

I look at PRL business model as a H2 Hub, where they plan to get multiple partners who want to produce H2 on their land and use the facilities available. PV1 is an option that has been studied and available. whether that be near future or well done the line will depend on Asian off takers. If an Asian company wants pure H2, PV1 delivers it exactly how they want it.