Well I sold outthis morning, taking a bit of a haircut on the...

Well I sold outthis morning, taking a bit of a haircut on the way.

As this issue withcertification continues to drag and Nachu does not appear to have progressed atall while dilution continues, it is exposing this management team. Extremely disappointing.

I was very bullishon MNS and hope they can be a success – I really do. When I started researchingMNS they were in the right industry at the right time, partly in the rightplace (USA) with the backdrop of the decarbonisation megatrend to likely last decades.The two main risks I identified when I first invested were:

Geography. Business in Africa is never easy. I did not invest in MNSfor Nachu but hoped it would lead to upside. Does not seem to be the case andfrom the BFS, looks like a few timelines are at high risk of being missed.

Management. An extremely poor track record of execution and poorly written announcements with little detail. Frank is aterrible public speaker, but management competency is key – not publicspeaking. However, he has constantly referenced things that didn’t happen (eg cornerstoneinvestor), timelines that were never met during the IM3NY build, or things thatwouldn’t materialise (eg in a ********* interview mid 2022 he said in H2 2022the company would see first cashflows from IM3NY).

Unfortunately, the managementof this company is what I believe has cost me. They cannot execute. The companies handling of thecertification process, originally saying this would be done last year and onlytake a few weeks indicates to me they didn’t actually know what certificationentailed. Add the time it is taking, the fact management are not evenacknowledging shareholders concerns with a generic email, and that they have nevergiven any production information on the factory that’s fully operational. I cannot believe I have never read howmany cells have been produced. I always thought that it was going to be announced,but nothing. That’s like a mining company not disclosing how much ore its minedor processed. crazy.

It all just leaves me with too many concerns. Better to loose some than more. I have made peace with my decision and will keep my eyeson MNS, but while this management team are in charge, they will need todemonstrate that they can execute a few milestones on time before I look to re-enter.

Good luck with your investments all.

Nimingarra