Ann: Response to Media Speculation, page-29

The valuation ranges given by BDO and SRK were between 22 and 59 with a preferred value of 37. In the interest of being conservative they elected to provide the 22 - 37 range so as to cover all eventualities. "It is our view that it is appropriate to narrow the valuation range around the lower end of values and conclude that the control valve of each Armour Energy share could reasonably be estimated within the range of 0.22 and 0.37". (BDO analysis 2.1) Correct me (please) if I'm wrong but our recommended valuation, ie the preferred, is 37. It is certainly greater than 0.22. I can't see the directors taking anything less than this seriously and I'm believing the 37 might get things interesting.