general meeting, page-19

Hi LB,

A mass exodus would be of concern, but I wouldn't be too concerned at the moment, given that 95% of the top twenty are staying put,despite many sitting on substantial profits already. Presumably, they realise the big dollars are yet to come. Also, before the correction, there was evidence (very large buys) that more were coming on board and I wouldn't be surprised to soon see a notice of a new substantial shareholder. We wait, we see.

Peter