Ann: Retail Entitlement Offer Booklet, page-2

Interesting......... Had a good read of this over the weekend and also a follow-up read tonight.

Here's some fun figures from this Booklet.

* Apparently SOP is mentioned 132 times in this Booklet.

* The 'Salt & SOP' financial figures are quoted first (Slide 12 of the Preso - Page 40 of the entire document), with 'Steady State' EBITDA shown as AUD$385m.

* The 'Salt First/Only' figures are shown on the following page (Slide 13 of the Preso - Page 41 of the entire document), with 'Steady State' EBITDA shown as AUD$286m.

* That's essentially a 25% reduction in EBITDA for the 'Salt First/Only' strategy, and no SOP........

* "Development of SOP operations is subject to a final decision and further funding for the SOP plant, which is conditional on existingproject financier approval."

What chance SOP currently? 50/50?

GLTAH.