Ann: Appendix 3B, page-31

Given the really short timeline that CJ had to work with after the change in direction going to the non-SI investors would not have worked. It is hardly like the retailer investors will willing to back MUS and the SI’s not - the SP said neither had much confidence in CJ or MUS.

CJ obviously explored doing a CR given the dummy spit “research” report put out by Hartleys just before the CN was announced, but there was no chance of MUS raising the $5 million they needed at anything other than giveaway prices and may be not at any price. As much as you and I would have been willing to chip in, we were very much in the minority.

The cost of the CN has been more than paid back in the massive ramp up in production. While I have not always agreed with CJs decisions, the CN was the right way to go - I just wish I could have got the same deal