Dear Mr Chairman, page-19

Hello Hoyland

"I guess no response means that I am not very popular." I think it highlights the arrogance and disdain that BLT treats its shareholders. Clearly the Chairman is a person completely unsuitable to lead BLT through its next phase of development. He needs to resign.

I completely endorse your sentiments for a change in Directors. PF has shown that, whilst he is technically capable, he lacks the necessary commercial expertese,

- Witness the massive destruction of shareholder wealth due mainly to the last two placements at 40% or more to market.

- There appears to be little control of expenditure, witness the million $ or so spent on travel and entertainment, the employment of 18 staff when most of the work is carried out by other parties and the 2.7 million prepayment made for Tribertina which does not seem to be generating any wealth for shareholders.

- A failure to understand that different countries do things differently to Australia. Witness the withdrawal from China because he failed to understand the business culture there; and recent IPO debacle in the USA.

- A failure to express himself clearly and succinctly and an apparent failure to "sell" the project to investors.. Witness his public presentations.

In my view the BOD of BLT needs to be restructured if shareholders are to get a return on their investment.
- PF moved to Technical Director
- A commercially competetant CEO hired, preferably an American.
- The Business Development Manager and several Vice President positions dispenced with.
- The current Chairman be let go and the position of Managing Director be replaced by that of Executive Chairman.