Ann: Quarterly Activities Report, page-12

Hey Orion, if you agree not to shoot the messenger, I can point you in the direction to find some answers re the share price.

I notice you are focussing on the asset growth & income growth, all good, but that is only part of the picture. Now look closely at the Costs and ownership of the capital structure, and the things will become more apparent ...... It is not yet obvious how or when we will become a profitable business (net profit) as we do not have a full handle on costs yet. Also it will take some time for all the new shares on market to wash thru, the CR did cause dilution - it is important to include the unlisted securities when doing your capitalisation sums.....

Have a good look at the quarterly financials. Look at each line item. You may conclude that without the financial grant and the Cap Raisings we would have incurred a substantial loss. Mind you it was a big expenditure quarter, but add to that the fact that the Company underestimated their costs. The Market does not like this.

On the positive side, I think this is the start of a big year for us. I get the impression that Kincora has been very well renovated. This should underpin things for us. But this does not mean the SP will skyrocket. Just yet.

GLTH