agm write up, page-5

Hi Jeff and Mr McGee

I agree with all you said Jeff. I can't recall what was said, but at one stage PB gave me the impression that there might be a hold up with the Govt in Mongolia.

One other thing PB said- he initially made a comment in passing and was later questioned about it- LNC are now charging for consulting as they have many companies/governments requesting their advice on UCG for power generation.

Eastern Europe are comfortable with UCG because of previous and current operations there. Gas is also very expensive at $10 a unit and countries such as Poland and Ukraine don't like being energy dependent on Russia while they have plenty of deep coal. PB also mentioned that parts of Russia were energy deficient.

The Polish officials mentioned in slide 37 PB referred to as Government officials. As Jeff said, PB was very upbeat about Poland.

Someone also asked PB what LNC's relationship was with Velocys (the questioner was vague) and PB stated they had no relationship but they had dealt with them previously and probably would in future. My impression was that PB didn't want to say much at all about Velocys.

If I think of anything else, I'll post it.