Ann: Chairman's Address to Shareholders , page-3

I just had a read through the presentation and thought it was very solid.

Particularly pleasing was that Jamie reaffirmed revenue and profit guidance of $65 million and $16 million before tax. Given they have $8 million of tax credits left NPAT should be around $13.6 million which would be an increase of around 10% from the previous year.

Given the behavior of the share price the last couple of months I was expecting a downgrade to previous guidance although that of course could still happen.

The continued expansion into the Queensland market, entry into SA through the Olympic Dam mine and the potential of new site presences in SE Asia all bodes well for the future. As does the fact that all mines currently producing are getting deeper which increases the complexity of any water issues they may have. Whilst the loss of the FMG contract represented a significant short term setback to DSA the commentary on this entity's medium term future is very positive as they leverage of REL's national site presences.

The next few years are looking very exciting.