Ann: Director Appointment, page-5

Hi Folks,

Elroi.......I understand your frustration as what DOG has said regarding the new Director appointment appears somewhat critical, however, in my view and on many other occasions over the years I have found the analysis offered quite insightful, often highlighting truths which are not so popular with some shareholders...especially shareholders new to LNR who remain unaware of the complex history of this company.

I, like many, am scrambling to come to terms with LNR's current position.

Wish I could offer a more positive appraisal of this current situation.....................