Ann: Update on legal proceedings against Bayan Resources, page-5

Bayan brought the JV with White to an unexpected end. Just two weeks ahead of the commissioning phase. They deliberatley ignored binding JV agreements. IMO this was a very perfidious action hitting White Energy at the most vulnarable point in time. You have to figure it out for yourself if you feel comfortable with this kind of co-shareholder representing more than 50 % of KRL. I am still convinced that KRLs low rank coal assets could be perfectly leveraged with Whites BCB technology. May be the looming trial at Singapore accelerates a solution out of court in this particular case. If not I have no doubt that White directors are going to put the final nail in Bayans coffin at the High Court of Singapore.