Ann: Update - XEPT Transaction, page-4

Hi tbo,

I appreciate the points you’re making and certainly share your frustration as I mentioned previously.

To answer your last question first, yes I’ve had business dealings with Chinese, though I suspect not as extensively as you from what you have stated. I have been there, though never to live. Regardless, I think I understand your feelings toward business culture as it relates to this.

As far as the speculating goes, obviously that’s an inherent part of the market (no such thing as a sure thing!)

Regarding this paragraph:

“you talk of what keeps you here is that mnd and anq haven't walked away from the deal, well really mate what choice do they have. lets pretend your running a business called anq with an apparent world class tech that what appears to be a situation that no one is knocking your door down for, you have only one single customer/partner on the line, that my friend in the single reason they haven't walked away, because they have no choice.”

Not sure if you’ve misread my post here, or that it’s just a typo, but my statement was that MND and XEPT haven’t walked away, not ANQ. I totally agree with you that ANQ really have no choice, so there’s no way they should/would walk away from this (unless something better was to come along of course).

Monos ($1.42B market cap with numerous projects throughout Aust and internationally) and XEPT (~30 years in enviro tech & waste management throughout China & South East Asia) however, both have a multitude of other options in which to invest their time and capital. Yet they’re both still here.

FWIW I have asked colleagues (e.g. stockbroker, investment advisor, commercial person) to review my analysis and see if they can generate a case as to why Monos didn’t put a bullet in this years ago (long before the XEPT deal), but no precise, definitive logic as yet. If it does materialise (either for good or bad), I’ll adjust my position accordingly and share as appropriate.

In the meantime, I’ll continue to hold on the premise that the two giants in the room are still here to close out the (a) deal..

P.S. Again, I agree we haven’t been given the level of information that shareholders could have to be better informed.