NVX, page-147

Dear Koi

Firstly, I suspect that your and my views on the dangers of natural gas are in fairly close alignment. I could speculate further, that it is our view on the non-sustainability of the entire fossil fuel sector (including all the furphies of "clean coal", "natural gas" and "carbon capture power plants") , that attracted us to NVX and the investment opportunity in sustainable energy technology.

Secondly, I want to make clear that I am NOT saying that this is necessarily happening here on the NVX board, but elsewhere on HotCopper often the split-second one posts anything vaguely negative on a stock, one is often immediately accused of being a shorter, a troll, working for a competitor or else, that if one does not like this or that about a company, to just go away and sell one's shares.

I would like to ask you not to sell simply on account of the foreshadowed Liveris appointment. If NVX is indeed the great company that Eddy, you and I think it is, I think a far better approach is to hold onto one's shares and make one's concerns known to the Board and question their decisions. After all, it is SHAREHOLDERS who appoint the Board, not vice versa.

Obviously, I am not giving any financial advice, but just in case you only have this one single concern with your NVX investment, it might be worth being patient. Assuming that once people reach the twilight of their careers, they are often quite set in their ways, so I suspect their behavior and views will not change. It might only be a matter of time, before others around the board table recognize the folly of having a fossil fuel advocate on the Board of a renewable energy technology company.

On the other hand, once it becomes clear that this appointment reflects overall Board/company culture (after all, surely the Board was fully aware of Liveris' background and views when they announced his future appointment to the Board), I might be joining you in your exodus.

DYOT