CFE A NEW YEAR AHEAD, page-17

Cheers Investc

I do want to just put a few things on the HC record.

I purchased my first parcel of cfe for approx 40cents back in 2010. So I’m not sure what you consider long termer but I feel I qualify.

300 million to 20 million agree is not great but companies like Atlas went from 3billion to 80 million and if it were not for creditors taking shares for debt they would have gone under.

Anyone in iron ore lost massive value in that period

Fortescue 33 billion to 6 billion
BHP 244 billion to 99 billion
Mount Gibson 2.5 billion to 218 million

I think we need to be careful when judging ceo’s On these times.

So in short I have always tried to separate my emotions of losing share value to my feelings towards management. “Nothings Personal” I always like to say. That said TS has made mistakes and decisions I haven’t been happy with.

I think the key to any successful investment is to be ahead and TS love him or hate him had the foresight to go green.

All the best
GLTAH