To quote, from the included ReadMe file: Hello World for PSP firmware 5.03
The days of TIFF based exploits aren't long gone, at least not yet
Here's the third TIFF exploit for the PSP, enjoy.
Just copy the files to the memory stick root, disconnect USB and go to photo menu. Don't dismiss the exploit even if it doesn't work on the first time, it's *very* unstable. You might get it working on the first time, but you might as well have to try it 20 times!
The h.bin is loaded to 0x08800000, and the text address of paf.prx is passed in $a0 to the binary code. You can then trick out function imports, like for example sceDisplayWaitVblankStart: