Ann: Noosa Conference Presentation, page-28

As a holder, I will admit I have moved from ultra bullish to somewhat cautious. You look at the capex blowouts over the last 6-12 months and it makes you wonder what our capex figure is going to be.

Nothing to do with our technology, nothing to do with the projects earning capacity, it’s just what it might cost and whether we can pull sufficient funds together. $1bn is probably manageable, but in excess of that I won’t be so confident (unless we can get our market cap up).

Please get NAIF on board and my concerns will ease.