Developing phosphate interests in the Georgina Basin, Queensland, Australia

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Message: To increase shareholder value...? response from Craig Michael

Catstevens,

Thank you for taking the time to post your note, it was quite interesting, and I would like to add an observation.

The letter you received from Craig Michael did present a true picture of the milestones that Legend has accomplished, and these are all required steps to launching a company.

The problem is that the company has not really been launched yet. All the steps to launch are in place, and we are waiting at the Altar for the Groom to arrive.

It can take a long time to negotiate and close an 800M deal, but in the mean time, the Gutnicks are taking big salaries and looking to float additional shares.

I am still a believer that the assets in the ground will be sold, one way or the other, and that there is still a nice profit to be made.

I too have communicated my concerns to the company and received notes similar to the one that you received.

The question is how long does it pay to leave our money tied up here, and when will the payback come about?

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