Ann: Industry Presentation & New Technical Data, page-92

Hi Captain,

firstly I've got to say thank you for all the research that you share.

With regards to Mr Grigor/Far East's commentary, it's obviously very positive and I hope we see more of it. However I believe that some of the numbers presented are wrong. They state if Anteotech provide 1 litre per vehicle at a cost of $300 per vehicle, multiplied by 3 million EV's would result in $900 million p.a. to supply AnteoX. They also state that the cost to make AnteoX would be circa $200 per litre and approximately $100 assumed as profit, resulting in $600 million p.a. operating margin. I believe based on those assumptions the operating margin should be $300 million p.a NOT $600 million p.a.

I prefer to refer to Anteotech's numbers present by Manuel where a recent case study indicated a 59% reduction in the cost of the EV company's anode from US $993 to $404 (AUD $1,476 to $600). I don't know if the supply of AnteoX would represent 50% of the cost of the anode (AUD $300). .....but when its use contribute to a saving of $589 per anode - maybe AnteoX is worth $300 per anode.

Possibly Anteotech can let us know how much the use of AnteoX in the case study effected the dollar cost per kilowatt hour/pkh.