Ann: Letter to shareholders re Arrow Proposal , page-13

Hope BOW's Board read this.

Lets face it, Arrow knew a $1.48 offer was only a nudge on the Queensland Nut Tree to see what fell to the ground. So far 40mil nuts changed hands in the last 3 days.

Hypothetically, if BOW were to sell today for $x.xx billion what happens to the $80-90m in the bank, does that get distributed to the 350m nut holders?

Recent advice tells me you can crunch numbers as much as you like on Transaction Trading Multiples of 3P @ .60 or .50c or work on 3P + 2C for other calculations. But the fact is, 'the fat lady singing' is in a constant octave of 2P.

12 or so months time we should have a 2P reserve of 1250 and that is where the real transaction trading mutiples will be fine tuned. I've included the chart again for easy reference. Do your own calc's and it looks nice, very nice indeed.

Have fun today and remember it's only money!