PRL GLOBAL LTD — AGM Information 2010

Nov 21, 2010

CHAIRMAN’S ADDRESS

The Annual Report for the Company for the year ended 30 June 2010, was for the first time presented on a Consolidated basis for the operations of the company and its principal subsidiary Phosphate Resources Limited (PRL).

The reported Statement of Consolidated Income (Profit and Loss) reflects a Net Profit attributable to members of AUD $ 5.97 M.

This Profit is not representative of the profits achieved by the Company and its subsidiary for the year due to the required consolidation adjustments. I have sought to provide an understanding of the approximate breakdown of these profits in the following categories:

• Share of Pre Acquisition Profit in PRL $ 1,748,000 Actual profit interest

• Share of Post Acquisition Profit in PRL $ 1,556,000 Actual profit interest

• Share of Post Acquisition Foreign Exchange Gain plus Grant

• $ 1,026,000

• Gain on Consolidation of PRL $ 942,000 Accounting entry reflecting theoretical gain

• Write Up of China Investment $ 707,000 As a result of consolidation the carrying value of investment has been rationalised with a write down in PRL and write-up in CIR

Total Profit reflected $ 5,979,000

CONSOLIDATION

On the 1[st] April, 2010, the Company made a further acquisition of 3 % of shares in PRL, under the creep provisions of the Corporations Act, 2001. This acquisition took the holding of the Company to 44.73% of PRL and together with the representation of 3 Board members on the Board of PRL, defines controlling interest in the subsidiary, which requires reporting to be made on a consolidated basis, and for the year in question profits are equity accounted for 9 months and consolidated for 3 months.

PHOSPHATE RESOURCES LTD

Our controlled subsidiary, Phosphate Resources Ltd has had a difficult period, despite recording good profit in the financial year, with a number of adverse factors impacting on the company.

It is regretted that the Minister for the Environment has rejected the final PRL application for new mining leases on Christmas Island. After a protracted endeavour to seek the new mining leases, including a successful appeal against the former Government, it seems likely that the Department of the Environment will continue to press its blinkered view that no additional areas should be allocated to mining on Christmas Island. PRL, of course, retains its existing mining lease, which expires in 2019 The impact of this decision is detrimental to the Company, its subsidiary and employees, and also the economy of Christmas Island.

In addition both the incoming Federal Government and Federal Opposition have expressed an intent to move either the holding of immigrants or the processing of immigrants off-shore. This may result in the winding down of the immigration centre on Christmas Island and remove some of the current ancilliary services income derived by PRL on the island operations.

Finally, the recent strength in the Australian Dollar has the capacity to significantly affect the profitability of the mining operations on Christmas Island, and of course all Australian exporters.

XI FENG INTERNATIONAL

Our Singaporean subsidiary, Xi Feng International Pte Ltd has received some 18.1% of a group of small operating mines at Hua Li in Guizhou

province China in settlement of its previously fully written down investment in the Pingbar facility in China.

The mines are operating but were only break even last year and remain marginal because extensive floods have limited demand for fertilizer products and depressed sales and prices achievable.

However, in April 2010 a sale of a further share of 22.6 % of these mines was effected by a third party at 7 million RMB. As a consequence, in consultation with our Auditors, our investment was written back to a book value of 5.6 million RMB based on that sales evidence.

The mines are in the process of consolidation with another party at the direction of the Chinese government which involves a drilling programme to delineate the combined resources. A long term licence will not issue until this process is completed and the operator advises this is unlikely to occur before May 2011.

The investment clearly faces ongoing difficulties and uncertainties and we are actively pursuing a sale at the current written back value.

THE FUTURE

The joint direction of the Boards of PRL and CIR is now to consider alternative opportunities for the companies, both through diversification of existing activities and extension of value into current industry sectors.

The Board of PRL is currently considering a number of opportunities within the wider phosphate industry and business opportunities in current regions of operation.

The Board of CIR are supportive of the activities of PRL in this regard, with the clear intent to increase value to shareholders through profits and capital growth for both the short term and long term of the Company.

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Welcome Annual General Meeting

22[nd] November 2010

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AGM Agenda

• AGM Open

• Chairman’s Address

• Financial Report

• Resolutions

• General Business

• Q ues ti ons

• Close

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Chairman’s Address

• 2010 CIR P ro fit

• Consolidation of PRL with CIR

• Subsidiaries

• Ph osp h ate esources m te R Li i d

• o Xi Feng International Pte Ltd

• F u u t re

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CI Resources Profit

P fit D l d • ro ec are o Total Profit After Tax declared	$ 5.9 M
o Share of Pre-Acquisition Profit in PRL o Share of Post-Acquisition Profit in PRL Sh f PtAiiti Fi Eh i	$ 1.7 M $ 1.5 M $10 M
o are o os-cquson oregn xcange gan o Gain on Consolidation of PRL o Gain on Write-up China Investment	. $ 0.9 M $ 0.7 M

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Consolidation

• O n 1[st] A pr il 2010 CIR acqu re i d a ur f th er 3% i n eres t t i n PRL

• Total shareholding 44.73%

• Deemed Control and required Consolidation

• Implications

• Accounting requires consolidation of entities

• 3 Board members on PRL

• Boards working together for benefit and value to shareholders

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Phosphate Resources Ltd

• C urren owners t hi p – 44 . 73%

• Current Issues

o Mining Lease

o Minister rejected application for new Lease

o Immigration Policy

o Move to shift processing of off-shore immigrants offshore

o Ancillary Services

o Provided to Christmas Island reduced

o Strengthening AUD

o Reduces profitability of export

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Xi Feng International PLHua Li, Guizhou,China

• PRL di rec owners t hi p 59 . 3 %

• CIR ownership 18.1% through 100 % of Xi Feng

• Write-up in accounts of CIR to equate to write down in PRL based upon sale in April to third party.

• China mines in process of consolidation

• Intent to sell interest at current value in accounts

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Future

• CIR an d PRL wor ki ng co ll a b ora ti ve y l

• Looking for opportunities for long term growth

• Diversification of existing activities

o Wh o esa e agreemen l l t t o s r di t ib u e p t h osp h a e - t V a e l • Investment into business opportunities

• Current regional relationships

• o Agri-business opportunities

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Resolutions

1 . Di rec ors an t d K ey M anagemen t P ersonne l R emunera ti on

1. Re-election of Director – Mr David Somerville 3. Re-election of Director – Mr Phua Siak Yeong

2. Confirm Appointment of Director – Prof. Anthony Brennan

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General Business

• G enera l B us ness i

• Questions

• Close

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