Ann: Corporate Presentation, page-17

I dont believe anyone was questioning your ability to read. however, given that none of the operating parameters, costs, assumptions have been provided underpinning the "reserves" tabled I personally treat the numbers in the public domain with a huge level of caution. But more broadly 15% IRR (and we are not clear as to whether this is pre-tax etc) on a project that globally has not been successfully privately commercially scaled to the level suggested in the presentation does not leave huge margin for error. On top of which fertiliser manufacturers require low cost gas to ensure their margin not the east cost prices to which the LCK presentation allude (refer Yara Burrup in WA and current prevailing domestic prices of $4/GJ as a realistic yardstick). high margin LNG or domestic industrial contract gas this ain't.. therefore I am left with looking at a $150m company facing a $2.60-$4.25Bn funding hurdle with a huge amount of technical risk. They are going to have to give a helluva lot away to have any chance of this working. $150m looks expensive on that basis.