up she goes again, page-12

Hi joeborgo

I read your piece with interest.

I am relatively new to the NSL story and own just a few (nothing makes you more interested in a stock than owning some!).

Anyway, I am very interested in NSL, am doing considerable homework and hope to be flying to meet with the CEO in Sydney later this month.

The company's apparent proximity to cash flow, their 'baby steps' development of IO assets in India (with the potential to incrementally add assets over time quite quickly) and the use of that cash flow to consolidate small players in the Indian IO market are the main attractions for me.

The coal is a longer dated story which could perhaps add considerable value later when markets are prepared to look that far out.

For me, management is just about the most important consideration. Are you able to add some more flavour to your comments wrt to your concerns about Cedric and the board? Any relevant points you make I can discuss with him and would be happy to get back to you with his response.

Sometimes with opportunities like this, to make money it's about the timing of entry. And with NSL apparently so close to 'making money' I feel the stock has the potential for a major re-rating between now and June.

Happy to hear you thoughts.

Thanks in advance

TTG