Draft Shareholder Letter, page-2

Hi Cherry

In terms of progress, I’m in discussions with the company now about access to the register. I expect to have it prior to the end of the week

With respect to the letter itself and shareholder campaign strategy more generally, I’m currently collecting the facts and research I need (snippets of which were posted over the weekend), but still deciding on the best overall strategic approach

I’m happy to take advice and guidance from the group on this. I’m not inclined to simply rally numbers to vote against the remuneration report. I want to do something more assertive and impactful. I want to take the initiative rather than simply reacting

In any case, I expect to have the bare bones of the campaign strategy and perhaps even a draft letter prepared by the end of the week, certainly no later than this weekend.

The final product will be very polished, evidence-based and compelling. I will demonstrate why our position will benefit the interests of shareholders and the company at large

We will be tilling very fertile ground I believe, as the share price is now at a multi-year low and there’s a tremendous amount of frustration and desire for change among retail holders

Having said that, I don’t discount the possibility of nudging sentiment of larger/insto holders. I may correspond separately to them to frame the narrative in terms of principles and language they are familiar with

Finally, I want to deal appropriately with the azure executive. I’ll invest the necessary time to ensure correspondence is factual, fair and reasonable

In summary - things are now moving but will take a small amount of time before preparations are finalized. I remain very receptive to advice and guidance and will keep everyone updated along the way

I’ll share an email with the group tomorrow to streamline communications