sep q oz's guessing comp, page-32

FML'ers

The guessing game is a bit of fun, but regardless of the production outcome for the quarter, we are faced with a difficult situation in regards to what is happening both to FML SP, and the SM as a whole. I am just concerned that despite a good production number, it may have little impact on the SP, in which case I, like many others, will be disappointed. A strong production number will not be the panacea to fix the SP. Market recognition (slowly emerging) is required but the market as a whole needs to be in a healthy state for the numbers to mean much. If general market confidence is low, as it currently is, we won't see an impact on SP.

Many factors need to combine to provide an environment in which FML SP will rise or lead to a re-rating; both internal and external, local and internationl. That is why FML is an LT investment.

Don't mean to dampen enthusiasm, but I don't want to raise my hopes to a false level either, just to have them dashed.

GL to all