Ann: Annual Report to shareholders, page-5

The statement made by GF is in reference to a large scale commercial plant. Did you read it?

And who say's a demonstration plant can't be economic?

In case you weren't aware, they are planning to upgrade lignite to higher value

• Char and syngas production
• Formic acid production
• Dimethyl Ether production
• Hydrogen production
• Electricity production

Each of these products carry a dollar value.

At some stage ECT will release revenue projections for the entire project, and we will all have a better understanding of the economics.

Cheer$