Page 22 of April 30th presentation to Agribusiness...

Page 22 of April 30th presentation to Agribusiness Conference.

There are three potential outcomes that could create shareholder value from these resources

1. The company or individual projects are acquired by their natural owner – a global fertiliser producer or a consortium of fertiliser producers or agri-business investment companies
2. The formation of joint ventures at the project level with fertiliser producers and agri-business investment companies and the subsequent development of one or both projects
3. The development of one of the projects, with acceptable capital costs, return metrics and risks, such that it can be funded by existing shareholders

Sounds reasonable to me.