Ann: Investor Conference Presentation, page-50

I had an opportunity to watch the Crux interview this morning and I am perplexed at the degree of criticism. Firstly the guy who did the interview for Crux was no different from how I have seen to do many other interviews. He is not arrogant by nature and needs to probe the people he interviews. If you dont like his style so be it but he is consistent. As for our new CEO I thought he was articulate, intelligent and gave us useful information as to how the projects are progressing. He was very optimistic about the IOCG targets. I took great comfort from his enthusiasm and optimism.

I was being very watchful during the interview for any major slip ups and believe he only made one bad call when he was asked for information on the profitability of the Alpha project. He missed an opportunity to say look we have potential revenues of $100m pa with a potential margin of 50%. He is a switched on guy so I can only think he misread the interviewers question.

As a side note rocketing oil prices can only help with bitumen pricing going forward.

I think we can cut our new CEO some slack and have faith in his geological skills to find that big IOCG deposit we all hope and pray is there on our tenements. With practise he will refine his presentation and interview skills.

Chrs W2