Since the signing of the Participants Agreement in July 2005 which gave ECT the exclusive global rights to commercialise Coldry and the subsequent purchase of the Coldry Intellectual Property in June 2009, ECT has substantially advanced the commerciality and the ability to deliver Coldry to market on a commercial scale. ECT’s Business Manager Ashley Moore said “Coldry technology is the first of its kind - an economically attractive brown coal beneficiation technology with a net improvement in terms of end to end CO2 exposure. We have made great strides in Coldry’s further development, and are now ready to proceed to our first commercial project” Of significant note are major achievements such as:

• Securing the intellectual property of the technology in major markets
• Validated the characteristics of the Coldry BCE product via independent testing
• Produced commercial quantities of product at ECT’s Bacchus Marsh pilot plant
• Organised for the in-situ testing of the product in one of China’s leading black coal-fired power stations
• Built partnerships across engineering, construction, technology development, finance, marketing, and sales that will underpin the commercialisation of Coldry technology
• Demonstrably advanced ECT’s position along the technical, relationship and organisational experience curves that are critical to achieving commercialisation

ECT Chief Executive Kos Galtos stated “We have exponentially increased the value of the Coldry technology over the last three years, by building on our base IP through the development of strong partnerships with companies like Arup and MacDow. We now think it appropriate to provide shareholders with a consolidated view as to the position of the Coldry technology to ensure a clear understanding of the whole picture, and enable their better assessment of our future prospects.”