weel chart, page-9

OTAW Your suggestions appear to not be correct.

SGL has the right to manage the work programs and jointly selects the position of the work program. In regard to gas processing AGL manages that program; but (ex-Camden which is under an existing standing gas sales contract - a positive agreement/asset) SGL has the right to deal with its share of produced gas.

Considering the greater Sydney area is one of the nations most under-supplied gas markets with one of the fastest demand-growth profiles SGL is far from "along for the raod".

The developments over the past 12 months are commendable. The programs currently being undertaken offer substantial value enhancement; including the possibility of triggering contract bonus.

SGL seems more appropriately to be "flying under the radar" and in my view offers significant value re-rating.