dear prow,, page-2

FACT

The Bowen Expert did not incorporate in his valuation value for:
i. value due to the presence of nearby mines and projects that have the same coal seams as Bowen occurring in their tenements
ii. any potential ownership or location synergies
iii. control premium
iv. corporate value
v. value of any Joint Venture commercial mechanisms that have value such as call or put options on assets, loans, funding commitments by Bhushan and projects that Bowen is “free-carried” in
vi. the current market demand for coal assets (Indian and Chinese buyers are paying significant premiums to strategically secure future supply)
taking into account the outlook for coal prices and the impact that may have on the value of the assets (the coal price has recently recovered strongly and the coal market appear to be at the cusp of another bull run)