Ann: Update - Notification of buy-back - LSX, page-5

This is a Company that has grossly underperformed for a decade and is currently a cashbox trading at a discount of 30% to its NTA .We shareholders are currently paying an underperforming Manager about 2% pa to manage our cash! THe share buyback provided an opporrtunity to close the NTA discount to a more realistic 10% and in the process give disgruntled shareholders the opportunity to exit on reasonable terms. WE CAN ONLY SPECULATE ON WHY THEY CHOSE NOT TO DO THIS BUT A CYNIC MIGHT BE FORGIVEN FOR SUSPECTING THAT LION MANAGEMENT WAS MORE INTERESTED IN RETAINING AS MUCH AS POSSIBLE OF THE ASSET BASE THAT SUPPORTS THEIR ABSURD FEE ARRANGEMENT RATHER THAN LOOKING AFTER SHAREHOLDERS. The people in charge of LSX are all about keeping their gravy train going for as long as possible and that pathetic example of a buyback was just more of their smoke and mirrors .