Ann: Appendix 3B , page-7

Dollars,

I wish I shared your sentiment. It would at least make my nights go by without the tossing and turning.

Unfortunately like you, I thought I would be clever and pick up those bargin GWR shares as the price came down. I spent a fair amount of cash at $1.20....that price is one million miles away now.

Take a reality check dollars. Have a look at what is occuring in the resources space. Actual producers with cash in the bank are priced for destruction. We all know that this will turn around, and those types of companies will weather the storm. But GWR is not in the league.

GWR reminds me of what has occured to Russia. Take the largest land mass in the world, with natural resources under every rock you look under. But due to the greed of a fortunate few, all the wealth has been sucked out.

It now shows up in the ownership of English football teams, and estates dotted along the coastline of Monte Carlo.....but the poor Russian citizen, still awaiting his share, will never ever see the cash.

GWR may well have had the goods locked in the soil of its tenemants....but run the company like it has been, giving out all the value she once contained.....and now the share price very accurately reflects where the value is.

FAS and its inner cirlce, Con and his mates included, have robbed the shareholders of GWR blind. And although this has been a hugely expensive lesson for me...I am almost glad to take the loss, knowing these guys stand to lose far more.

Kiril.

I hold.