Ann: Daily share buy-back notice - Appendix 3E , page-4

re: Ann: Daily share buy-back notice - Append... Yes, I agree guys.

Not only is the buyback going up in price, it is going up in volumes. Shares are being bought more aggressively than ever before. Perhaps prior to the Mayoko disposal and with the bill for the Marampa rail and port owing, CFE had to be a little careful with their cash. But now, CFE's intent is clear.

I draw the conclusion that:

- CFE knows that it is very underpriced at these levels
- further asset disposals in the coming weeks/months? necessitate a more aggressive approach - CFE are buying heavily now at these cheap levels rather than later.

CFE's behaviour in the buyback is giving the market a huge hint. Actions speak louder than words.

Yaq