Ann: OPEN BRIEFING. SYDNEY GAS. CEO ON GROWTH STR, page-6

re: Ann: OPEN BRIEFING. SYDNEY GAS. CEO ON GR... sgl/csg has had a lot of public image problems and have not been very progressive as a company. qgc and sgl is not a bad comparison; but it also reflects the different geographies and markets they are working in (i.e qld and nsw govts have pretty different approaches).

sgl has gone through a pretty significant reforming period and people have been waiting for a long time for the company to start getting some runs on the board. I think that you will find many of the longer term investors are cautiously optimistic, even about the new board. Once they start getting some runs on the board I think people will surge into sgl.

SF