Ann: Investor Roadshow Presentation, page-103

"the banks did one after another earlier this year"

The banks haven't seen any stress yet so maybe not capitulation for them. Glencore is a classic sign of what you are talking about and US shale won't be far behind, although it is much more fragmented so the debt squeeze will need a few rounds of hedge expiries to work through. And then we have the recent announcement by Shell, pulling out of the Artic after spending US$7 billion. After the Glencore shake up the magnifying glasses will be out across commodity company spread sheets. I'm thinking a good sign of the bottom will be when Vale starts hitting the skids and the iron ore sector starts getting shaken out a bit.

Agree with nord the oil shake out could be a good opportunity for DLS to do some bottom fishing. Pity they spent so hard in the good times as taking on more debt now for acquisitions would be difficult I suspect. They did say a little while back, before the poo hit the fan, that they were looking for opportunities outside of the CB. I'd think mopping up as many opportunities in the CB at the moment would be the way to go. Maybe we should nominate nordesmic as the new CEO and go on the acquisition trail.

Eshmun