Developing phosphate interests in the Georgina Basin, Queensland, Australia

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Message: Open letter to Mr. Gutnick

Mr Gutnick,

Many of us on this board are long term shareholders in Legend, and have been very supportive of your efforts to reposition this company time and time again to take advantage of the fertilizer markets, and to try and establish an equity partner to share in the costs of building a fertilizer plant.

The lack of communication by the company, and the non existant support of the share price by the insiders is very troubling.

With the share price trading in the 40's and 50's, I don't think it right for you to vote, and approve a million dollar salary for yourself in the coming year.

Why don't you set a high bar, and set your salary aside until the share price is trading at over 1 dollar. That would earn you quite a lot of respect in my eyes, and those of my fellow shareholders.

Also, please consider hiring an active investor relations person that will communicate to shareholders and the press on a regular basis. It would go a long way towards building additional supporters and long term investors in the company.

Thank you for your consideration.

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