Ann: Brief Update , page-43

What on earth has gotten into you all? I am not giving any of you financial advice, but I highly recommend that some of you calm down.

I have already detailed reasons why CF JV dissolution isnt a huge issue.

Some are quite obviously panicking. Others are adding to the panic. More are coming out of the woodwork to lament without good reason...all because of an announcement that had to be made due to a third party decision? If not the case, why werent the opinions aired earlier. The fact of the matter is that a large proportion of you are taking cheap shots.

Of course I would have preferred approval, and of course I would have preferred higher stock prices.

I have to say, there is a lot of misinformation being posted up here..comments to the effect of "share price is ALL that matters...and falling short of 300MT". Just briefly, management cant control share prices. They should be focussed on development of business activities. Value will come, in time, and is one of the founding principles in granting performance options which are all out of the money at the moment. If anything this gives them all the more reason to build success. Secondly in terms of tonnage. 300MT is a target for project stage-gates, and it does not fulfil a requirement. If the tonnage falls short it doesnt mean the project will not pass the stage-gate. i.e ORD doesnt need 300MT to progress.

Lastly, we are on the precipice of some very encouraging announcements. Of all times to sell, why now? I could go on, but I'm not. Do your research, think strategically, and talk to your directors.