meeting with ms, page-165

Cheers guys

Is there any point Macrae that you would see CVI as more than a trader for you?

Post Pensador merger MS expects to be replaced with an "Enterprise" CEO, if they:

1. Shored up the $1.1B in funds

2. Released full details about how the clawback will work

3. Signed off the offshore with details around discoveries in the 4 blocks

4. Received onshore licenses in partnership with multiple Angolan companies

5. Enacted the clawback combining into a merged company

6. New CEO was appointed (Eagan?, CEO search?)

7. Large iron ore field added to the portfolio

Are there any of the points above (if they come off) you would consider as a long term buy, or would you still look at it as a volume and volatility play?

Thanks for your thoughts.

Tim