PRL GLOBAL LTD — AGM Information 2011

Nov 27, 2011

==> picture [433 x 67] intentionally omitted <==

CI RESOURCES LIMITED ANNUAL GENERAL MEETING

28[th] NOVEMBER 2011 @ 9.00AM

Chairman’s Introduction and Welcome

David Somerville

Good morning Ladies and Gentlemen and welcome to the 2011 Annual General Meeting of CI Resources Limited.

My name is David Somerville and I am the Chairman of CI Resources Limited.

Before we commence with the formal business of this meeting, I would like to take this opportunity to introduce you to my fellow directors:

• Tony Brennan

• Adrian Gurgone

• Tee Lip Sin

• Phuar Kong Seng

• Tee Lip Jen

I would also like to introduce Ms Elizabeth Lee, our Company Secretary.

The Company Secretary has advised me that a quorum is present and I therefore declare the meeting open.

Chairman’s address and presentation

I am now pleased to present to you today, the Chairman’s Address to the shareholders of CI Resources Limited.

CI Resources Limited ABN 70 006 788 754 Postal address: PO Box 1346, Canning Bridge WA 6153 Telephone: +61 8 6310 5040

I would like to address the meeting in two components, firstly in respect to the results for the financial year for CI Resources, and secondly in respect to the current events pertaining to our subsidiary Phosphate Resources Limited.

Firstly, the financial year ended 30 June 2011.

CI Resources Limited

In its first year as a fully consolidated entity, the net profit after tax attributable to members was A$4.5m, which equates to an earnings per share of 6.2 cents. Dividends of 3 cents per share were paid during the year.

The Consolidated Entity at 30 June 2011 held Cash Balances of A$30.5m and had Net Assets of A$76.8m.

Phosphate Resources Limited

CI Resources is the controlling shareholder of Phosphate Resources Limited (“PRL”), and is represented on the Board of PRL by Mr Tee Lip Sin and Mr Phuar Kong Seng.

CI Resources now holds 1,728,580 shares of the 3,423,507 issued shares in Phosphate Resources Ltd amounting to 50.49% of the Company.

PRL has posted a post-tax profit of A$10.1m for the year ended 30 June 2011, and has paid two dividends during this time. These payments resulted in CI Resources receiving a total dividend of A$0.8m.

During the year PRL divested itself of its interests in China.

As previously reported, PRL has this year successfully undertaken a strategic redirection of its interests with the acquisition of CheekahKemayan Plantations Sdn Bhd (“CKP”). CKP owns a 4,000 acre palm oil plantation and palm oil mill in Malaysia. This represents a vertical integration for the PRL and diversifies its interests.

The first two months of operations for CKP recorded a profit of over A$1.0m. The outlook for palm oil remains robust and the Company is confident that the acquisition will lead to continued positive returns for the long term future.

CI Resources Limited ABN 70 006 788 754 Postal address: PO Box 1346, Canning Bridge WA 6153 Telephone: +61 8 6310 5040

During the financial year, the Board of PRL has continued to negotiate with the Federal Government over the clearing permits on Christmas Island. Progress has been slow, and environmental authorities are seeking to ensure that no further clearing permits are issued. However, the Board remains optimistic that progress will be made under the control of the new Minister for Regional Australia – Simon Crean. It continues to remain the goal of the Company to sustain the operational life of the mine until 2019, being the current life of the lease of PRL.

Xi Feng International Pte Ltd

CI Resources holds a 100% interest in Xi Feng, although its direct holdings into investments in China have now been divested. Xi Feng currently holds no active or passive investments.

– Current position Industrial Action of Christmas Island

As reported to shareholders by announcements on the ASX by CI Resources, the Union of Christmas Island Workers (UCIW) has commenced an Industrial Dispute on Christmas Island, which has seen the operations of phosphate mining on the Island ceased.

Despite extended efforts by the Board of PRL to reach resolution on this matter, the UCIW have maintained claims, which are grossly uncommercial and unsustainable.

The implications of these actions may have extended supply effects on the customers of PRL and the future profitability of the Company.

Unfortunately, this dispute has all the hallmarks of a long and protracted industrial dispute.

The Board of CI Resources is fully supportive of PRL’s position and agree that the claims of UCIW cannot be met. The Board of CI Resources also understands that a protracted dispute may lead to fundamental changes being made within the operation of the Company in order to preserve shareholder value.

The Board of CI Resources are requesting shareholders’ patience and understanding, whilst PRL faces its largest ever challenge – maintaining a viable operation on the Island amid uncommercial and unsustainable claims by the UCIW.

CI Resources Limited ABN 70 006 788 754 Postal address: PO Box 1346, Canning Bridge WA 6153 Telephone: +61 8 6310 5040

The Company will keep the shareholders and the market informed of further developments in this matter, when appropriate.

Future direction of the Company

Whilst the current circumstances surrounding the mining operations on Christmas Island are severe, the Board is pleased that the strategic redirection of the interests of the Company were enacted during the year by the acquisition of CKP by PRL.

The Board of CI Resources are confident that future opportunities for the Group will be into diversified activities to ensure a long term sustainable future beyond mining on Christmas Island, and that shareholder profitability and value will be sustained and improved in the long term of the Group.

In closing, I would like to thank my fellow Board members for their continued efforts and all shareholders for your support.

This concludes my Chairman’s Address.

CI Resources Limited ABN 70 006 788 754 Postal address: PO Box 1346, Canning Bridge WA 6153 Telephone: +61 8 6310 5040