Hidden jewel, page-17

Neither the State nor Federal Government will fund this one, nor will the Future Fund. Tax relief from the ATO for agriculture R&D might be the best probability of any government assistance. Funding will have to come from offshore or private sector domestically.

Fonterra in NZ is an industry segment in its own right where as COZ is an unknown company with good intentions in but one state of Australia. Even larger aqua-farming ventures in Australia like Tassals or Huon Salmon had to go to the private sector to get funding.

I suggest Asia will be a tough market for funding this type of activity given the large presence of prawn farming in South East Asia (e.g. Philippines, Vietnam) but then Malaysia, Singapore or even Indonesia might take a look at it but then they might be more interested in a pure investment position than a funding with an off-take attachment. Maybe something similar to the Malaysian investment in King Salmon in New Zealand. Maybe Gina or Twiggy could be interested and those are thoughts not to be underestimated.

As Lash indicated, Project Sea Dragon funding will needed to be staged or the project staged with pre-arranged funding, either way works.

COZ needs to make itself appealing and viable as a wholesale investment proposition and currently it is focused more on production and getting other matters in line including finding the right home for the historical carbon business.