Ann: India Project Proceeds to Next Stage, page-46

Sholtz, what do you think the likelihood of this is?

Is it dependent on securitising the loan book as they say? What's the probability of this?

I think certainty about the financing will help shareholders a lot.

Refer announcement 7 December:

"Proceeds from the loan to ECTF will be used to repay part of the wholesale loan from ECT, which in turn willbe used to fund operating expenses and capital works to support the Company’s commercialisationstrategy in Victoria and India.

Mr Blackburn added, “This type of lending structure may also be appropriate when it comes time to fundthe cash component of the AUD 3.5 million project bond for our India project, the timing for which will befollowing the signing of the Research Collaboration Agreement (RCA) and prior to the initial funding by ourproject partners, expected in coming months."