Ann: Sept 2011 Quarterly Activities Report and A, page-6

re: Ann: Sept 2011 Quarterly Activities Repo... I agree that at 1.3 (today 1.2)cents this share is undervalued, and that an ann. of a major investor will generate the capex to develop the coal.

Sure FSE could truck the coal, to where? the Transnet line is only 7 or 8 km from Smitspan, but therein lies the rub, the TFR line is the critical one to get coal out of the Waterberg and down to wherever, Mpumalanga power stationds, the coastal ports etc.

My point was that RES have been actively pushing TFR to develop and improve the capacity of this line.

Regards, and have a great AGM