Ann: Change to Hedging Structure, page-56

All this talk of doom.

It's reasonable when today's price has been crushed. But right now I see this price as an inefficient market. Why? No real new news. All the news is 100% baked in to the price and maybe over baked. People see the hedging strategy change as a thumbs down... why? Dammed if they change the brush that they have been painted with, damned if they don't change the brush they are painted with. How long now have we been talking about the Troppo price. How long have we been talking about hedging... TWO MASSIVE HUGE FACTS THAT HAS BEEN DISCUSSED OVER N OVER..supported by announcements. Is there any new news? No.

Ask yourself has the market today overreacted?

Is there a growth runway? Yes.

Is there a clear business plan? Yes

Is there dissent by shareholders? Yes - this for me is opportunity

Are there new shareholders? Yes

Is the market capitlisation bigger today which means more attention? Yes

Is Troppo itself, not the price. a good asset? Yes

Do we have low AISC? Yes

Are we in favorable market conditions? Yes

Are we a proven dividend producer when others arent? Yes

$300 million debt v a $2 billion roughly market cap giving gearing of 15%, reasonable? Yes

Check out the price of RRLKOA ---- this is where I'm picking up my exposure today.