Ann: EdenCrete - US Update-EDE.AX, page-69

Hi Espin,

I also agree that GS's clarification was very helpful, perhaps even essential (thanks to you again for prompting this!). For example I talked to two very well versed investors earlier this week who were to say the very least "confused". After today, they are now relieved and more positive than ever.

I see a siginificant recovery in the SP after June 30th unless we receive positive news beforehand (which is not completely out of the question!).

I am a little bit surprised about the severity of the recent sell off, however, I believe that three things came to together all at the same time which was unfortunate i.e. the recent placement, the traditional EOFY sell off and the current overall global stock market sell off due to the Brexit uncertainties etc. BTW I do not believe for a minute that the UK will leave the EU. BTW if I was GS I would have waited until after June 30th so that should the new major investors want to sell some of their holdings, they would be doing so at a time when the SP was not under the traditional EOFY selling pressure.

Regarding my personal expectations, these remain unchanged, in fact they are actually higher now given GS's clarification today and events that have taken place over the last few weeks.

Regarding an update, as far as I am informed there is absolutely no cause for concern at all on any front on the contrary, all systems are go! I believe that we will be receiving fairly shortly news regarding the GDOT (Class B specs/orders), news of when the GDOT will be laying the 60 yard slab on the I-20 for their Class A application field test, and further news of commercial orders. There is a chance that GS will wait until the quarterly (due out at the very latest at the end of July) and bring the market up to date in one fell swoop. Should he decide to do this I believe he will put out the quarterly a bit earlier than usual.

At this point in time I must stress that I believe that due to the fact that Colorado is not completely up and running at full capacity a fair amount of EdenCrete may be being produced for various tests and for the GDOT's field test on the I-20. However, the supply situation is obviously improving with every day that passes. I believe that just a bit more patience is required before a veritable flood of orders come rolling in (patience that obviously most investors have currently run out of).

Hope this all helps a bit?

Best regards!