Ann: Credit Suisse Asian Investment Conference-SYR.AX, page-9

KOH, I'm sure the holders of some competitive graphic stocks would love to imagine that there will NOT be a spherical graphite plant in North America. While there has still not been a formal announcement, the proposal has a very attractive return, as per the Internal Economic Assessment. In addition the amount of time and focus in presentations, like the one to the Credit Suisse Conference, has to be a strong pointer to Syrah's plans.

In short, those competitive holders are very likely to be faced with a formidable, US-located, SYR spherical graphite plant. What will that do to their already-thin margins?

Cheers,

Prime1