Ann: Macquarie Bank Australia Conference Presentation, page-21

G...thks for the response.

Gecko is going through additional expansion as was Bass Metals, so the same operational state with limited production...IMERYS has NEVER been one to openly disseminate any information on their operations.

Capacity and actual production cannot be reported as the same activity. Bass may have increased capacity, but production is not there for several months.

MadaGraphite (Etablissements GALLOIS S.A.) may have increased capacity, but after reviewing public information on BOL's, not quite hitting the 100,000 MT total output as they report...they do move a bit of product to refractories.

AMG - GK may have increased production in China and GR, but the Chinese capacity and production is included in China's total production report.

The former AMG-GK Lynx graphite mine in Zimbabwe had production suspended due to labor and wage disputes...the mine was put on care and maintenance in September 2017, so not confirmed if the graphite mine has reopened or if new investors have been secured.

Agreed on the CIF pricing to China by Syrah, hence their Achilles heal as the Chinese are formidable and can manipulate domestic pricing as well as production... I have seen them to this for many years.

Start ups, at this point, are not part of any competitive calculation until they are producing.