the way forward is clear, page-2

Reading under Corporate: “J.P. Morgan and Highbury Partnership are supporting the Company during this review.“

IMO, the JV is getting serious now:

- Partners Matthew Roberts and Alan Young together have approximately 40 years of experience gained in investment banking, funds management and management consulting. Together they have raised over $60 billion of equity capital and advised on over $100 billion of M&A transactions, including some of the largest and most complex transactions ever completed in the Australian market. http://www.highburypartnership.com/partners/

- Both partners held previously senior positions at JP Morgan. After Matthew Roberts founded Highbury Partnership in April 2013, Alan Young joined in September 2013, bringing along experience from the energy and natural resources sector. His clients included BHP, PetroChina and Royal Dutch Shell (acquisition of Bow Energy).

- Matthew is a senior banker with 18 years experience in investment banking and management consulting. He was one of J.P. Morgan’s most senior and respected bankers in Australia, serving as Head of Australian Equities, Head of Equity Capital & Derivative Markets, and as a senior M&A/Coverage banker. Matthew was a member of both J.P. Morgan Australia’s Executive Management Committee and J.P. Morgan’s Global Equities Management Committee.

- Alan is a leading strategic and financial adviser with 23 years’ experience as an investment banker and funds manager. He has previously been a senior investment banker with J.P. Morgan, Deutsche Bank and Southpac Corporate Finance, and has worked in investment management with Prostar Capital (private equity) and ANZ Funds Management. At J.P. Morgan Alan was Managing Director & Head of Natural Resources & Infrastructure.

They advised Buru already in August 2013 for the $117.5mm capital raising in addition to being Sole Underwriter of A$18 million equity placement in 2011.

Interesting clients (besides many others):

- Arrow Energy (a PetroChina/Shell JV) - A$535 million takeover of Bow Energy (2012)
Hastings Diversified Utilities Fund - A$2.7 billion defence against competing takeover proposals and sale to APA Group (2012)
- Arrow Energy (a PetroChina/Shell JV) - A$535 million takeover of Bow Energy (2012)
- Eastern Star Gas - A$924 million takeover defence and sale to Santos (2011)
- BHP Billiton - US$42 billion hostile (but unsuccessful) takeover bid for PotashCorp (2010)
- Pangaea Resources - A$660 million sale of coal seam gas assets in Queensland to Origin Energy (2009)
- BG Group - A$5.6 billion on-market takeover of Queensland Gas Company, by far the largest on-market takeover in Australian history (2008)
- Sinosteel - A$1.2 billion hostile takeover of Midwest Corp, the first successful foreign hostile takeover by any Chinese company (2008)
- PETRONAS - US$2.5 billion acquisition of 40% of GLNG from Santos (2008)

About time, that the games begin. Surely the SP can't be pushed much lower. LOL