Ann: Capital Management Policy & Operational Update, page-5

Hi Berserk,

I have also been frustrated in the past about not buying shares on market, but it was much earlier in the cycle and Nathan has purchased more along the way. I spoke to them at the time and it was a moving feast with commodity demand / rig availability and so on and keener then to maintain more flexibility.

What gives me more confidence is that they do know cycles, after their last sellout and I think they now have what they want.

It's time to reap the rewards as Nathan particularly has nothing to gain by a low share price and would also benefit by money coming back.

I would like to think its time to sit back and share in those returns now. When I look around the market at what else is going on I am comfortable with this holding.