POSCO & PLS, page-6

I have faith that the BOD will do what’s in the interests of all shareholders. Not just large shareholders from one company. There is a point that the success of the industry is dependent on a stable supply chain and if PLS play the same game that the converters did in the past, we are just perpetuating the boom bust scenario. Price discovery is required and that is the process the industry is going through now, with PLS at the forefront, a market leader. So yes this is what the spod market suffered and now the converters will go through the same process due to the garden hose supplying a fire hydrant. The best will survive and size matters. That is where POSCO comes into it. Large well resourced company, with hopefully next gen process. Network of customers, outside of China, footprint across the battery material supply chain and hopefully they recognise how important it is to have a relationship with a large, stable supplier of raw material, so both parties get a fair and equitable share of profits.