Ann: 2012 Annual Report , page-14

Hi TaneNui,

I think your were confusing what twin was saying about the Top 200 rather than the Top 20.

Have asked for the Top 200 a couple of times and noticed that the offloads from the Top 20 were being absorbed by the 21-200.

Of course some could say that this is the smart money getting out. After all while waiting there is money to be made elsewhere.

Have been commenting for some time about the trades happening (for I think a month or more) where there is a sell down followed by a small buy, to take the price back up. It certainly looks like someone leaving the building...........

As we saw with Transocean moving on, it certainly, if it is a large holder, takes some time for these to wash through.

It will be interesting to see if this recent and sustained activity has resulted in a shift when I next have a look.

I still think that the future couple of quarterlies could surprise the market, and any deals in between would be of interest.

Cheers

filby