Ann: Appendix 3B, page-9

The only reason I can think of is because it involved the purchase of RWL Water and these discussions, in hindsight, I suspect have been happening for a lot longer than any of us suspect, and RWL Water highlighted this partial ownership and a valuation was determined around the time of the capital raising (65c) which all parties agreed on, and the minority owner has benefited from some capital appreciation in the value of EMC shares since then and the agreed number of shares os to the minority owner was also contingent of the merger of Emefcy and RWL Water taking place. So, all above board with the minority owner of the RWL Water controlled Argentinian entity gaining a bonus 30% whiost he waited fir the merger to occur. Hopefully this also demonstrated that holding, rather than selling, will lead to his $5m becoming $15m over the next couple of years. Maybe his shares where some of the reload seller at 84c that was active for most of yesterday?,

Kind regards, SEAH.