Ann: Investor Presentation, page-10

Noair, IMO that's somewhat irrelevant as HSBC's holding is in their capacity as global custodian for instos. Actually 7 of the top 8 holders are similar custodians so wouldn't read anything into this.

On a separate front, I'm intrigued by slide 20 under BH advantages ... "Fast track possible due to Magnolia LNG FEED, prior EPC detailed engineering, and active environmental and construction permits" and slide 28 (indicate BH project timing) which states "Perform necessary engineering and environmental studies & seek initial regulatory approvals to achieve FID" ... "in 2016".

As most of the permits are in place (slide 23), and JG speaks next week at the Export Conference, it is prospective tollers and supply which could mean BH surprising on the upside (i.e. earlier than expected).

So in other words, after MLNG FID mid year, NYSE listing, third project, BH FID could be as early as 1/2Q16, quite remarkable for a project acquired barely 18 months previously for a song. And you can bet what JG is aiming for!

And to those who asked earlier, each of the above are catalysts in their own right for driving the share price higher as both MLNG and BH both get derisked. And with the partners we have (incl. Clough CH-IV), construction risk whilst it will always exist, it itself being mitigated.