Ann: Request for Meeting, page-6

I support the appointment of an additional fund manager. After the AGM several shareholders including myself were told by Boubouras (the chief investment officer of Contango Asset Management) that they had mandates to invest in small caps from several companies of whom CTN was only one. He said purchases and sales of shares would be combined where there were holdings in the same company. In effect this means that any purchase or sale of shares held by CTN would be part of larger transactions involving other clients. This makes me uneasy as with small caps large transactions can move the market and it will not just be CTN transactions, but the combined holdings of several mandates. It is hard enough for a small cap manager alone to avoid moving the market, let alone if several holdings are combined. It would really preclude investing in very small cap companies and mean holdings were in mid-cap companies and that disposing of less successful trades (where the market cap sinks) could be difficult without moving the market.