Ann: Change of Director's Interest Notice , page-2

I like to see that - a great show of confidence by Stephen Roach.......purchase of 97K of stock in an on market trade....says everything!

He knows that in a few years API will be back into good dividend territory again. API is on the way to becoming a tight Company(financially and operationally)again after several years of woes including poor management,loose inventory control, working capital issues and one off events. No reason I can't see a return eventually (in a few years)to consistent dividends in the order of 6 cents a share (12 cents annually) last seen at these levels in 2006. Although there are plenty of head winds this industry is still full of growth potential driven by our ageing population.

At around 30 cents a share purchased now and again perhaps returning a 12 cent per share annual dividend will look pretty good.

Stephen Roach has confidence in the direction of the Company....he should know!