Ann: Scheme Booklet Registered by ASIC, page-31

Hi Billy, to me it's likely that the combined operation may have more chance of developing our assets but the problem is we will only represent 18% of the combined company, so others get 82% of our assets plus 82% of any upside.

So in return for giving away 82% of our project and the hoped for upside what do we get in return. Well basically 18% of DVP assets, so to me it's a case of whether that's a fair exchange. I had concerns over the value of their assets versus their market cap and they were reinforced by the Independent Expert report in my opinion. Independent Expert says it's not fair and when you look at the numbers it's unfair by quite a hefty amount. It's not just 1 or 2c a share.

The issue I have isn't what ESS was valued at, it's the low valn the IE placed on the sum of DVP assets, substantially below their market cap. So is the DVP market cap bloated or is the IE valn conservative. Maybe a bit of both.

Anyway good luck with whatever decision you come to.

All just in my humble opinion