Ann: Frieda River first stage arbitration outcome, page-3

HIG being squeezed by the short and curlies by GRAM.

HIG better to exit FRIEDA asap and move on with RAMU growth.

Dilution 2.2% on FRIEDA ownership best option on FRIEDA to preserve cash and dilute risk.

Death by a thousand cuts when you deal with certain parties.

If you dont get things right up front they come back to bite you.

HIG has a massive opportunity with RAMU and should focus all effort, cash-flow and leverage into RAMU.

FRIEDA is in one of the most sensitive environmental regions on the planet and may never get off the ground in our lifetimes.

GLTAH