Ann: Update on Corporate Review and Management Changes, page-351

After some reflections and reviewing from new information, I change my sentiment from hold to buy.

Concerning the old BoD with WW and KJ everything was written - a disastrous management performance based on unethical and egoistic decisions. An insult to all BoD who do a good and correct job.

Regarding the new BoD, I am optimistic. But we should have learned from the behavior of the old BoD that you should not close the critical "eye".

Performance options: I will vote with no, at least for the 70Mt and the creation of the DFS.

In addition, I expect that new BoD receives a fixed salary.
The remuneration based on daily rates is unacceptable for me - at least in the medium term.

K.