Ann: 2010 AGM Presentation , page-15

Hi all

I had the honour to attend today and meet a few of our fellow ESGer's. my knowledge of the coy is nowhere near the likes of most of you but I can give you my limited impressions. Please accept this as a humble contribution prior to the heavy-weights putting their opinions forth.

- I can't compare with last year's meeting but I would describe the tone from mang't as confident but perhaps not overly upbeat - I would say the land-owner issues has taken a bit of their time and energy

- David Casey came across as a very polished and professional operator who is very confident in the underlying prospects of the company.

- David Knox rang DC to explain Santo's reasons for voting against resolution 4. DC seemed to let Santos' name roll off his toungue fairly easily

- I recall DC saying their were new instituional investors on-board thru the capital raising

- the value of the company is not just the share price - it is certainly a function of the underlying metrics - DC looked confident on this point

- ESG not just looking at Gladstone - looking at persuing options in QLD domestic market

- Extra funds for expansion can come from other sources apart from equity

- existing 988 PJ enough to go to market with via Newcastle

- more commmercialisation options than have been previously announced (I recall my attention increased at this point)

- Appears very confident of upgrades in the new year

- Met with NSW Plannning Minister but still not sure about where concept approval is at

- Land acquisition at Newcastle was strategic to create leverage with NSW government - I think that this was to create another option

I apologise if this is only sketchy and I am sure that if I have mis-interpreted anything it will be subequently corrected.

Ascertained who was HM and Yaq - well played and asked on all fronts by these guys, also I think PP playing on the wing got into the action well and truly.

I walked away very happy with my investment here but I don't think this will be the 'quick kill' - I am happy to enjoy a long and profitable journey.

Thanks to the 2 Adelaide guys who were very welcoming to me!!

All the best