Ann: 2013 half year report announcement and prese, page-39

re: Ann: 2013 half year report announcement a... BB,

Agree the cash picture is disturbing.

However what you present is not a very complete picture. It would be useful in making an informed conclusion from this to note the considerable cash paid out as dividends over that period, the something near $400 mm as a capital return in 2011, and poorly timed/priced $200 mm share buy back.

Beyond this you go on to present a number of rather dubious assertions as solid facts. In particular:

1 Projected insolvency. I believe a more realistic projection is a low around $250mm in 2014 at the end of the high waste removal.

2 Copper stocks still growing. Actually there has been a very steady and significant fall in the past 6 weeks, along with the recent price recovery.

3 " China's growth will drop to 4-6% next year" that's been your stance for a while, but it at first looked unlikely, and now imho looks like pure fantasy.

OZL has some specific problems, however I believe you are way off beat with your global perspective.

EL