Ann: India Project Update, page-166

Thanks for the opportunity to ask questions. I have a few in regards to the latest announcement to do with Latrobe Valley:

1. Whose idea was the new study and at whose expense? I ask because we had a study completed 1 year ago yet now are doing another one. I know it's for a larger plant but we have not acted on those original findings in a commercial sense, at least not to go to the next stage of a demo plant and yet we're now looking to go bigger?

2. Is there a market for coldly? I know it seems a silly question but we are well down the track, yet don't have a binding agreement with Energy Australia.

3. Have there been any issues with the tests in Latrobe Valley to share with us?

4. Who will be doing the feasibility study?

5. What are the plans after the new study is complete in March, positive or negative, and what are the timelines?

Another question to do with India is, what is happening with the people recruited to get things started once the agreement is in place and funds deposited? Are they patiently sitting on the sidelines just waiting for us to give the ok?

I'm still an optimistic, long term holder, but, with all due respect, disappointed in missed timeframes, the apparent stringing along in India, and more. Either we do or do not have a future in Australia and while I understand the focus on India we need to look for other revenue generating initiatives. Based on news releases there appear to be a number in our country but very little has eventuated.

I also appreciate the efforts of our Management and Board but the fact we are unable to close a deal is highly disappointing!