Ann: AGM Presentation, page-135

Hi Names Little,

The full quote is as actually as follows:

”Whilst your Company has made significant progress, and achieved significant returns for shareholders, the investment climate for Tanzania, and for graphite remains challenging. This is largely due to widespread dated misperception as to the Tanzanian Government being “open for business”. It is very clear to us, having built strong relationships with the Government of Tanzania, that they are enormously supportive of our Project, to the point of endorsing our work and the considerable contribution to the economy, and giving added assistance to our funding initiatives, the Government of Tanzania have confirmed that the statutory allotment of 16% will be distributed only as a net profit dividend from the Lindi Jumbo Project.”

No similar endorsement has been given to KNL as it is a significantly inferior project which in turn reflected by Mr Markets Market Cap valuation.

Diddums for you.

All in my very humble opinion of course.