Extract from Maui Indigo fund's recent quarterly report:"Norfolk...

Extract from Maui Indigo fund's recent quarterly report:

"Norfolk has struggled this year against the forces of economic retrenchment in Australia. Major
cost restructuring has been completed this year inside the business. The order book and the cost restructures
will permit Norfolk to turn into the new financial year with excellent prospects. Thus the tasks remaining for
the business are to (a) collect the large outstanding WIP on major rail projects and reduce all debt, and (b)
deliver a result to the market that clears the operational challenges and costs of restructure experienced in
the last 12 months, so that (c) it can run its recently announced sale or merger process effectively. Norfolk
remains a highly coveted company in industrial Australia, but in our view is too small to remain listed on the
ASX on its own at a share price that properly reflects the underlying value of its business. As noted
previously, the Norfolk Board has announced recent interest from a number of parties, and the intention to
conclude a sale or merger process as soon as clarity around its year end result is determined. More detail is
provided on Norfolk, its current circumstances and publicly declared plans in the subsequent company
section. Subject to the outcome of Norfolk’s announced merger/sale process we would hope (but are not
certain) of having a clearer view of Norfolk’s value and will address revaluation in the March 2013 quarterly
report".