Ann: Corporate Presentation , page-39

Ric
It is a market though and themes do change.

Only a dividend is acceptable so far in 2013 but markets can change quickly.

Also a dividend is not the only payback for our investment. Capital appreciation is a payback as well.

A successful test of Ungani North or our other discoveries should have an impact in normal circumstances.

Also bigger resource/reserve figures from Ungani should help.

Possibly the biggest is if they prove up significant conventional gas flows from Ungani North,Yulleroo &/or Valhalla.

Good luck to all