Ann: Chairman's letter with SPP and NOM, page-71

Hi Whisky

I respect your opinion but believe that everyone has a different yardstick when measuring the performance of their investments. I have no doubts that traders who have picked their trades have done quite well on FAR as have the shorters.

Those are shorter term players and if I’m holding a stock I typically go by comparisons from year to year. As the price is lower now than pre-discovery (by quite a large margin), I’d say it’s a loss. Discovery was a major catalyst for FAR. I’m not necessarily expecting prices to be 14-15 cents as per discovery (there was a downturn) but 4 cents? I’d classify that as a disaster where shareholder value has been eroded for most shareholders. This is just my opinion however.

I have a longer yardstick that I use which is 7 years and whether the value has doubled. For a small percentage of my holding that is in the black but I certainly haven’t doubled that in value. 7 years is coming up for the rest (where does the time fly – has it been 5+ years already?) and currently I’m down close to 50% on my investment. Not a good place to be but I've Come back from worse. There are still some value creating events (over the next year) on the table like:

PE
Soloo
GB


So I’m hopeful to still do ok on my 7 year timeline. My personal yardstick says management has eroded shareholder value. I’d say many with shorter timelines will say the same and we’ve been hearing it daily. I fully respect that your expectations are different.

How many holders can say if they sold today they would make money? Not many would be my guess. Great time to buy, haven't seen the price this low in years - just doesn't help me much.

A failure on PE and we’ll really be hearing the wailing and gnashing of teeth. I’d probably go take a break from HC if it happens as it would be depressing.

Maybe, I should take a break now. Really don't want to think about it too much. Shame it'll take another 2 months to get the PE answer.