Ann: Target's Statement, page-19

Well done NWE, Euroz Harleys & Corrs Chambers - there are some very compelling arguments to Reject the offer -

1. I love the chart regarding the share price difference since the start of this underhanded bid
2. All love the pie graph showing shareholders if you sell your shares the difference between owing the potential resouces as a NWE shareholder and the percentage of the gas we will own as a Minres shareholders - glaringly obvious loss to ourselves should we accept this offer.

It is a no-brainer - Reject the offer.

Both the chart and the pie graph show you "As plain as the nose on your face" - we are at the great disadvantage in accepting - not that we ever were.

Me, you and our Board - will take the risk v. reward pathway... besides I can see the front gate ... the pathway to home is just up ahead. See you all there.