Ann: Appendix 4C - quarterly, page-31

We are all suffering from a sense of reality that Greece will default , that the Aussie economy is not flash, that whatever government we have they really are not going to debate the things that need change and that the UK is not together on the Europe and the rest debate.

I keep reading that the market could face a correction of anywhere from 10% to 20% as the reality of low growth hits. It does become harder to hold in these scenarios - Who would buy WOW these days with Aldi's actually going to SA, Masters really not a place to rave about. Many solid companies are facing new challenges.

I think that we could see it fall further on no news much like last year. I cannot see it falling as far as it did last year but who knows.

I am not a seller but neither am I a buyer at the moment.