Ann: Endocoal Strategy Update , page-11

Mljet

- 4th largest tenement holding in Bowen Basin

- 3 pronged approach:
> Export Thermal via Orion Downs tenement
> PCI via Rookwood
> Coking via Talwood and new tenement in JV with Carabella next to Mabbin Creek

- Corporate support via Hidili and Stemcor
- Offshore insto support via Republic iand Indus

June - ML to be lodged shortly for Orion Downs?

Dec - BFS for Orion Downs & PFS for Rockwood and a coking coal resource at Talwood- Pretoria Hill

Personal price target: +$1.20 by 31 Dec 2011.