nuenco management statement, page-5

Hi Mark.

Not one shareholder who has held NEO over the years has made any money.

On 17/01/08, a total of 34,199,712 shares were placed at 6c through a rights issue, then a total of 239,334,490 shares were placed at 2.5c.

Before that a placement was made at 14c per share.

Within this context, in very late 2006, there was a 11:1 consolidation - based on yesterday's closing price of 1.1c, that equates to an equiv pre consolidation of $0.0001c.

It was mooted by NEO that a corresponding placement with the consolidation would be at 26c. Again under duress, the placement was 13c with a free option to sophs (?).

Post consolidation in early 2007, you had nearly 90m shares on issue - already, you have now have 480m shares on issue.

Your 10m incentive options at 3.3c looks a little nasty under this scenario IMO

Then you have the Waller factor which the market has not forgotten.

Just my opinion.

I wish you luck in your new role,