Ann: Corporate Update, page-24

I think it was a great announcement, although of course the devil will be in the (commercially sensitive) detail. I don't think we could have hoped for a better JV partner.

The JV with Worley provides us with a well respected partner, having deep financial pockets with a strong focus on environmental engineering including water resources and waste water management. It has an excellent reputation, operationally and ethically, and has a broad global presence with, as shown by its history, an apetite for growth by acquisition. I have a deep respect for its people especially middle and senior management who I think are pretty switched on.

And lets not forget Worley is an Australian company, so there should be less issues (ie legal, financial, language) in particular with technology transfer, IP protection, taxation (ie Witholding Tax on royalties, know-how), on-going university collaborations or apllication for further government funding etc, than if our partner was, for example, a foreign corporation.

Overall a fantastic result.

DYOR and GL all, SG.