Ann: Appendix 4E, Financial Statements and Annual Report, page-7

Straight upfront I certainly don't want to introduce any rumor of take over! I made a phone call to AN about 12month ago, in that conversation I had expressed the hope that ultimately the business would grow and retain a strong team, decent and clean balance sheet, be self sufficient and profitable at base idle and then look for opportunities to win business from its competitors, AN asked me to clarify my thoughts around the word "self sufficient". Basically I noted that for a business to compliment my existing business, should I be looking at purchasing growth or purchasing to de-risk from competition then that business would need to be instant asset positive, not a detractor. The conversation was about the "end game", how dose this play out for maximum return on invested capital. And yes I understand that any t/o would require contractual approval from GM but again I'm not wishing to even introduce t/o speculation at this stage. Just say I'm happy with how the last 12 months have played out from a business development point of view. Of course an SP starting with a 3 would be nice also.