Ann: Corporate Update, page-38

I only know about WInter Gardens. As I was not a shareholder only a Con Note holder I never researched IGS 's past so cannot comment on your questions. I was hoping that Julian Strauss, who by the way died last year, would deliver a windfall.

You ask am I happy to exchange debt for shares? Not given a choice. We all had to agree in order to get IGS on the road. Hopefully I can exit at a profit. Yes shareholders take a big hit just like CTR. Most companies in the OKAP stable were destroyed thanks to Landau. My IGS Con Note came via OKAP not Sage.

Cheers