pna the business, page-8

Another positive for PNA is that it WONT be effected by any RRT in Australia.

Since this fear seems likely to have been one of the factors behind the recent resources sell off it is another reason to think the pendulum has swing to oversold (even is it has further to swing).

All my other top 4 holdings would be hit pretty fully by a RRT.

I know things can always be changed by government, but in Laos it is my understanding that the tax rates are contractually fixed for the life of the permits.

EL