Ann: FIRB Approval, page-18

Hi Karlene,

As you are aware I am a long-term investor in CuDeco and I buy CDU when I can and accumulate.

At the moment CDU are relatively cheap and I take the longer term view of buy and accumulate a valid option.

I have to ride the ups and downs and buy when I can when the CDU price dips significantly.

If my long term view is right then when cash flow begins I shall have accumulated a lot more shares in CDU that should be worth a lot more than they are now.

cheers,

Max