agm, page-3

Uneventful AGM, but very interesting seeing the new expanded board. The question was put to Alistair re their pullout from the WEC partnership. Very diplomatically put the tie up going forward will be the Roo, not with WEC. It is easy to see they are very content to do business with the MD, Mark O'Keeffe. Extremely important IMO and a massive tick for the Roo as many many companies have tried to do business in Indonesia and failed. This was mentioned to me after the formalities.

I would have liked to ask Alister about the tax issues for Bayan with an Indonesian company paying income to an Australian company, who then pays tax to the Australian government, who then distributes income to their largest holdest, Bayan, who again pays tax to the Indonesian Government.

To me I cannot see Bayan paying tax on their coal assets (krl assets) both in Indonesia and Australia.

So what do they do. I am thinking they buy the current assets in KRL and move them back under Bayan Indo.

That then leaves an awful lot of cash sitting in the Roo's bank account.

After this, what would the Roo do. Not sure but what would you do with a few hundred million dollars. Buy Australian!You then have a big Aussie coal asset that can be owned by a foreign entity, through an Australian company, without the FIRB issues.

Does this make any sense to anyone else or am I a barking up the wrong tree.