Ann: Valentia Investment Update-EVM.AX, page-79

I have been on the phone with Mr Roger Davey this morning. Firstly, I can confirm Mr Davey is very confident that the funding will be forthcoming. (That is his own words)

I just like to say, when speaking to Mr Davey he was very apologetic to all shareholders and as always he came across as a very genuine and personal executive, so when he give his apology I believed him.

The reason for the delay is multi-faceted and complex to understand, thus I can’t go into the details of it all - except say that Valentia had to redirect its funding to bypass a certain authority to make it happen.

My understanding is the stream of funding has been simplified and is to come via Japan, same investor, same investment, same terms, etc.

When I asked Roger if we could expect the funding to take place within previous timeline communicated (end of Sept), he did state he was not in the position to confirm this, but that he would call me directly as soon as he knows.

We also briefly discussed the Tower development rights in India - I can confirm EVM is working on all fronts to finalise this too.

Based upon the feedback given, I am generally expecting good news soon + further positive ANN's, going forward.

In summary, I still have good faith in EVM and I am as confident as ever that the funding from Valentia will manifest.

I hope this feedback is useful.