Ann: September 2016 Quarterly Activity Report and Appendix 5B-CXX.AX, page-32

Hi Dentie,

I agree with you that Dusfrene did not deliver on his role so far.

However, that was priced on the share price long time ago and the company has changed leadership since then. He came in March 2015 and offtakes were expected for year end 2015. That did not happen and share price did go down that time. Then Davey resigned for our surprise at the end of 2015, and the share price kept going down by the end of 2015, until the release of the definite feasibility study in April 2016.

So Dusfrene plus Davey did under perform in their roles in my view, and we only started to see a real appreciation on the share price when Middlemas became the Chairman.

So I see a new Cradle with a leadership team that has delivered in the past now in charge. Not sure either about Dusfrene's role within the company and if he is still at the forehead of the offtakes. But my point is that you either believe that Middlemas can deliver this or not, as he has been responsible for all the real appreciation in the share price over the past months.