newsletter, page-3

re: newsletter & agm Did anyone notice in the shareholder update that Virotec has signed a two-year MOU with Marubeni Corporation? Marubeni is a huge Japanese corporation and one that has the potential to lift Virotec's presence in Japan. They are also focused on the environment and mining. Sounds like Marubeni are also looking at the Philippines.

Virotec also listed a series of new strategic alliance partners and, more importantly, some good initial contracts in water, sewage, tanneries, ASS and other areas. Sounds good to me as they are really delivering on their strategic plan. 2003 should be a sterling year with many new commercial developments and business opportunities.

By the way, I too was at the AGM in November and thought the presentations by Brian Sheeran (now on their new web site) and Dr Lee Fergusson were top notch. A very focused and solid delivery.