orbis, page-6

Lizard

Thanks for a lucid unemotional assessment. Naturally I concur with your views.

I'm encouraged by a number of incremental moves made by the board in recent months. None of them are earth shattering but each is consistent with the turnaround agenda.

Regarding the capital, yes it is interesting. That's why I hold PXUPA. I'm encouraged by the appointment of Tony Clarke as a director in June.

He was involved with the restructuring at Centro which I believe was a bigger mess than PPX. Also, it's difficult to believe he'd accept his first non-executive directorship of a hopeless case.

Interesting times for everyone except PPX holders.

Cheers