Ann: Quarterly Update and Appendix 4C, page-44

It just seems like deja vu to me, because first:

• I see the same kind of price action on ADO and RAC
• The same opposition on SP declining on ADO and RAC

With some major major financial upsides which management have put into place with $SE1. Both $ADO and $RAC had $0 income sub $25M. $ADO still no income, not sure about $RAC as I dont keep up with stuff happening there. Compared both those stocks when they were sub $25M between 6 - 12 months ago, now they are just about $200M or over.

According to me, I see their financials as being very positive and I have a strong feeling they will be self-sustaining in the next 12 months, strike feeling: the accounts seem to lean that way. Kudos to management for going this way, I do like a safer non-leveraged approach.

Happy to keep buying!