Ann: Update on Major Projects, page-18

Debating the quality of the progress since last year and whether or not it is "substantial" or not is a pretty pointless exercise guys.

I'm an engineer and I can tell you as a long term observer of how these people work that these projects will be completed ... Eventually. Management are very long on technical skill. Of course, we know they are also pathalogical liars when it comes to advising the market on project progress and I believe ASIC will eventually have to deal with them on that matter.

Judging by the pics I would say that we are 6 months away from commissioning pagbilao power plant. Commissioning will take two months so we are looking at first revenue Jan16 with risk these is a 3 month delay to this.

Looking at Sengkang and adjusting for the difficulties of the operating environment commissioning is probably a year away. After commissioning Jul16 probably for first production.

As is widely acknowleded...more capital is required for both projects and timelines are contingent on that also happening. More equity will also be needed as part of this. Could be another ewi covert or a normal raise...keep your power dry...

Also- remember these guys are strong on the engineering side of things...so they know exactly when these projects can be completed. Makes it all the more humorous to see how they get away with manipulating the markets expectations on cashflow timing for these projects.

The financing and Indonesian regulatory risk is a more difficult matter for them to manage. These are risks that the management should be given some leeway on.