Ann: Appendix 3B, page-52

Hi Folks

The final minutes of the close, where the auction sell side was adjusted several times to ensure the buy-up price at 16c was exceeded by exactly one share - to ensure another red day for FBR - just reinforces my view that smart money is accumulating capitulating funds from stretched retailers who cannot take the pain of the forced downturn. This is going up hard when the top end of town have gorged on the cheaply bought shares of the small holders.

Hold fast.