To management and directors of Noront

As a long time shareholders we have been concerned over the direction of the company and the shareprice for some time. Promotion across the world has done nothing for the value of the company and is starting to look more like some free vacations for management than true value adding advertisment of Noronts qualifications to bring the shareprice to a level that will stop the dilution of company participants ownership. Options are given for performance and are not a right given for poor performance. Performance can be measured in many ways but the one that shows investors the ability of the management is shareprice. A continuous decline without any support with news that is writen properly and in fact pushing the negative aspevts of the companies project seems to be done with an eye towards getting more of these lower priced shares for management than to raise the shareprice to get better and less dilutive placements at appropiate levels to provide the funds needed without dilution of the investment that many have made from retirement and proffesional accounts made up of clients funds and property risk. I feel that if an extra attempt to produce an acceptable level of productivity is not met then a grouping of shareholders concerned must take place to discuss the changing of the procedures and people who have not performed to shareholder satisfaction.

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