Ann: Response to ASX Query, page-5

accounts for the 98m

"ASX also understands that the agreement to issue Tranche I Shares arose from, or was otherwise
connected with, a strategic cooperation agreement entered into by PDY and ZYPD on 14 June 2016
(the “Strategic Cooperation Agreement”) pursuant to which ZYPD indicated an intention, together with
other relevant investors acceptable to ZYPD, to subscribe for an additional 9.8 billion shares in PDY at
$0.01 per share (the “Tranche II Shares”) subject to certain conditions having been met. Is this correct?
If ASX’s understanding is not correct, please explain when and how PDY and ZYPD documented their​

agreement to the issue of Tranche II Shares."