Ann: Quarterly Activities Report and Appendix 4C, page-209

G'day all

The Offtake agreement is turning into an ugly joke, that appears to be a unsolvable agreement.

(1) Angola government decree, if a fertilizer is made in Angolathe Government decree did NOT single out Cabinda, the decree said Angola,
all farmers large or small must buy Minbos fertilizer, if it is the Fertilize the farm needs, at or below imported fertilize price.

(2) Minbos has employed a Strategy and Marketing Manager, Mr Rod Newbold employed about 16 months ago, would it be reasonable to assume Mr Newbold would have made contact with all individual large Farmers in Angola to talk about a yearly contract amount of fertilizer and he would have had talks with Carrinho NO Offtake contracts Signed.