Ann: Appendix 3E - Daily Share Buy-back Notice , page-15

re: Ann: Appendix 3E - Daily Share Buy-back N... I don't know why shareholders are selling but clearly some are. It makes no sense to me but I'm not selling so I don't understand it.

Those who sell enable those who wait to get a bit more for our shares when the market turns up. That's the benefit of patience.

AZZ has cash of 56 cents per share and the Petrohawk jv, which is difficult to value, but where 110 wells will be drilled at no cost to AZZ, appears to be worth about 20 cents per share. Increasing with success and news.

So the sellers are leaving behind about 36 cents when they leave to hand to the patient and, in so doing, the company gets stronger for their departure.

Don't loose your nerve because sellers have another agenda. And if you have to sell, that's OK. But those of us who wait will be substantially rewarded.

Cheers guys,