1 for 1 at 8c, page-67

The following paragraph from GXY's 20/5/13 Update says it all really:

"The Company currently has loans ($117 million) with three Chinese banks - China Construction Bank, Industrial
and Commercial Bank of China, and Shanghai Pudong Development Bank – all with short term tenor. In addition
Galaxy has existing convertible bonds on issue for $62 million which are subject to investor put options in
November 2013 where the holder of the convertible bond has a right to require the Company to repay the face
value of the convertible bond. The Company is working on various options to term out its debt maturity profile and
restructure the convertible bonds. Longer tenor financing will give the Company time to further establish its
business, and better match the liabilities to the cash flow profile."

Regards

SP