Ann: Appendix 4C - quarterly, page-14

Hi vcxy,

A great summary. I agree, something seems to be seriously amiss with FGR. As you point out, things simply do not add up. FGR is the most frustrating stock on the asx. Everything looks and sounds great with FGR, including our new management team. The only thing - and most important thing - missing is sales.

Mike has come in with all guns blazing, but now he needs to earn his stripes and deliver. He certainly gives out good positive vibes and oozes confidence, but needs to get runs on the board.

As myself and many others have said, FGR needs to get WG off the front page as he has less than zero credibility.

We can’t be far off some of our 100+ potential customers signing a sales contract. And, hopefully Gerdau formally signing on.

But, I totally agree with you. If this “zero sales” situation continue for too much longer we seriously need to ask some questions, beginning with “please explain”.