Ann: Half Yearly Report and Accounts, page-37

Again fair enough inductor,

I agree that the stupidity of Geoff Wards comments to me, re- licensing agreements and partnership arrangements could be ‘overruled’ by the rest of the intelligent management team.

When, I don’t know.. As everyone I had spoken to in management told me that the opportunities with many massive household names is immense. But if that is the case,, where are they..

Geoff also told me that a lot of the names who were interested had a 3 or 4 year plan for hydrogen. Not a now plan.

Again during my conversation with ward, he said that if the options werent taken up then he would go to the corporates, or borrow the $$..

Either way it effects dilution.. and that will effect sp. I do hear your optimism about... say.. a patent being approved. If its associated with a sale I agree sp will appreciate.. but alone, it will spike and return to similar lows..

A patent doesn’t provide potential income.. a feed study, or a min royalty may.

All in my opinion.