Ann: Appendix 4C - quarterly, page-50

Hi Lillard

As we saw in January, this stock has the potential for rapid price acceleration. Right now I feel fair value is at least 10 cents based on fundamental analysis and peer comparison (both domestically and even more so when you look internationally).

When you factor in NCF which the market has utterly missed, 20 cents is not a stretch.

Will this happen in 6 months? I hope so - I expect so (which is why I have been holding) - but I can't say for sure. In the short-term a stock will go up/down/sideways with seemingly no logic or connection to the announcements it releases.

I think in the next quarterly (a matter of weeks) we will finally have insight into how successful the business is executing its growth strategy and can re-evaluate whether to sell down at that point.

Best,
verce