Ann: Appendix 3Y - John Conde, page-17

I know we are all speculators of sorts, but there is a lot of back & forth here on a relatively meaningless event.

WHC is a play on the coal price for all holders. Directors have very different motivations & requirements to those of us on here - and they often don't want, nor need to HODL - and the price (both company & coal) is at/near record highs.

But I will say, if the coal price remains where it is, for a prolonged period from here, this director will have sold at a price lower than he will see in the short term - but he may not care (again, motivations, buying a house/yacht, paying a tax bill, whatever). If the coal price descends a whole lot faster than future markets indicate, his timing will be fortuitous, but less a company related issue than simply a price issue.