Ann: Appendix 3B, page-18

Hi Rz,

Thanks for the correction. I do agree the BOD are extremely well remunerated, which is why Nursery has reservations and Lodiac called them "lifestyle companies and directors". Its questionable whether TAS and CNJ occupy very much of their time, although the Edencrete related work would undoubtedy be a full time job. The one thing I keep coming back to though is that both the Solomons have a huge investment in Eden, and its a very big incentive to make it work this time. That does give me more confidence, along with the fact that the company updates haven't really been over the top, really quite reasonable and informative. Yes, there are some very enthusiastic supporters on the EDE threads, but I genuinely doubt how much influence they really could have on the share price.

At the end of the day I guess its something most people will find tolerable if Edencrete really does deliver in 12-18 months time. Even Nursery.

I have to say I don't think the BOD expected it would take so long to get the Colorado plant running or that all the potential customers would want to run their own trials rather than use Edencrete "off the shelf". Without the Korean interest I would have serious doubts about the time-table for the Georgia expansion. The time is ticking by on the deadline for that. For TAS, there is also the possibility that CNJ just might add some decent extra value. Its natural that with the delays in Edencrete operations and sales that the SP will decline. If it gets low enough I may be tempted to buy a few more to reduce the effect of dilution.

Overall though, I still think the evidence is strong that eventually Edencrete will be a winner, particularly now that they have demonstrated an unsolicited international suitor.