Ann: Results of Institutional Offer, page-21

Hi Jake

David indicating MHL Expected in 6 months or earlier recent, example from authorities had Beach MHL transfer done within 4 months. Authorities have already seen Coopers system and process with Athena and have completed Audit processes so they know how cooper operates.

David is also considering down the track after MHL the possibility of adding another Absorber to the plant which will add another 25-30 Terra joules a day.

I will let you do the sums on this but if say we are running at an average of 55TJ (which is around what David expects to see) and our current contracts are around 48 this is potentially an additional 37 TJ for spot.

The cost of adding the Absorber is in the range of 40-50 million.

So I think there is a lot to like about this deal down the track in MHO.