Scheme Consideration

For each ARC share you hold, you will receive shares and cash which have the following Implied Value:

  1. You will not receive this amount as cash. This is an indicative implied value based on an AWE Share price of $4.08 (being the 5 day VWAP of AWE Shares as at 30 June 2008, the latest practicable date prior to the date of this Scheme Booklet).
  2. You will not receive this amount as cash. This is an indicative implied value based on the mid-point of the Independent Expert's valuation of Buru Energy Shares.
  3. The actual value of the Scheme Consideration will be determined by the price at which New AWE Shares and Buru Energy Shares trade. New AWE Shares and Buru Energy Shares are likely to trade at prices that are different to the prices used in calculating the Implied Value. Further, the Buru Energy Shares have no trading history.

The Implied Value of the Scheme Consideration represents a material premium to the ARC Share price before the announcement of the Transaction.

  1. The value of the Scheme Consideration will fluctuate and will be determined by the price at which New AWE Shares and Buru Energy Shares trade. New AWE Shares and Buru Energy Shares are likely to trade at prices that are different to the prices used in calculating the Implied Value of the Scheme Consideration. Further, the Buru Energy Shares have no trading history. ARC Shareholders should note that the Scheme Consideration they receive and the calculation of the Implied Value of that Scheme Consideration is subject to the effect of rounding of fractions, monetary values and other amounts.
  2. Based on the mid-point of the Independent Expert's valuation of Buru Energy Shares. However, the market price of Buru Energy Shares may be greater or less than the Independent Expert's valuation.
  3. Based on an AWE Share price of $4.08 (being the 5 day VWAP of AWE Shares as at 30 June 2008). This date is for illustrative purposes only, being the latest practicable date prior to the date of this Scheme Booklet.
  4. The last Trading Day prior to press speculation in relation to the Transaction.