Ann: IPL Investor Day Presentation, page-2

This is the most thorough and diligent slide set I have ever seen. They have made clear every aspect of the business case for WALA.

I have two minor concers with WALA: they are leasing the site from Cornerstone and I wish they owned the freehold; and they are not connected to the CO2 pipe that comes from Donaldsonville LA not too far away to divert the prodigious amounts of CO2 created in Ammonia production to oil well stimulation. These things can be changed over time.

Planned distribution of Ammonia has altered a little with the closure of the Donora PA AN plant in April, with 50kt more going to merchant sales through Trammo.

I am comnvinced IPL have big plans to expand into fertiliser production at WALA. For example, they could ship Phosphate rock across from Florida and make diammonium phosphate, they already do this at Phosphate Hill Qld, so have the skills. The price of Urea (AN+CO2) is very weak so that looks unlikely. Nirtic Acid production is almost certain, as is Ammonia Nitrate production.

Incidentally, two Nicric Acid units were moved from the idled Maitland ON plant to LOMO a few years ago, so they are entirely across this opportunity. IPL now has two idled AN plants at Donora and Maitland. They have kept Maitland on care and maintainance, so coud restart on sufficient demand.

I am a happy shareholder and expect to see a $4.40 SP ahead of WALA commissioning in 3Q2016.