Ann: Update - Consolidation/Split - AVX, page-7

I have been a holder for over a decade and went to my first AGM on Thursday.

North Pratt - A potential customer is currently running metallurgical tests which may result in a sale for 600,00t otherwise the coal market is obviously in a mess. The board is considering all options going forward with this asset !.

ATC is currently available as salvage therapy only and at quite a few thousand a pop is not selling. It is a lot of money for most people and without govt/insurance subsidies it may struggle to gain much traction under this program. Looks like the best way forward is phase 3 and with this comes subsidies hence making it more affordable.

TALI - I went along with an open mind and a bit of a ho hum attitude. Whilst this is not my field of expertise I have come out feeling a little more optimistic for our company's future. Two new directors are some of the people behind this and look to be of good calibre. We are well advanced here with the commercialisation and the expectations are we should see revenue streams commencing in 2017. Assuming all goes to plan of course.

So in summary I am feeling a bit more confident. Please be aware I never wrote anything down at the meeting so I am purely going on memory here. Please do your own homework before arriving at any conclusions.