Ann: AGM addresses by Chairman and Managing Director, page-24

Hey Kerry, SXY will definitely provide a far greater ROI then your 10% proposal so unfortunately I cannot accept.

If the SXY exec team actually go ahead and purchase additional stock on the open market ...I'd be all in.

The east coast gas shortage is only going to drive demand. If these guys are talking about tripling their output it becomes an absolute no-brainer, but I need to see them put their money where their mouth is.

I believe soon we'll see volume pickup which will breakout from this ridiculous band of 0.23-0.26 very quickly. This stock is so undervalued against their peers, but the micky mouse volumes on an average day ( sometimes less than my entire holdings in SXY ) will pickup soon when the "anal" lysts stop betting on just the energy sector and start to look at the real "gems in the rough" like SXY.

My last gem in the rough was a conpany called AAPL when it was $8 / share, but I missed the boat as they looked like a struggling computer company that had a great music product (iPod), but looked like MSFT would dominate the PC market, so I didn't get in then (regrets) but I got in at $60 before some of the splits.

Keep your eyes open. The is a cyclical market and within a 12-18 months those who are long will be rewarded.

Just my two cents as well the thoughts of a few mates.