Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-16

Hi t1O’Brien. You’re quite right that the acquisition strategy hasn’t delivered shareholder value yet. But I still have faith that it will in time. In the meantime, the market is valuing those acquisitions at a considerable discount to the cost to us to acquire them. I know we have considerable debt too, but still, I’m not sure the market is accurately valuing the potential in all these acquired businesses. If the market is right, we paid way too much for them. I’m not yet convinced we did. I’m happy to wait a few years to learn the right answer.