This message and any files transmitted with it are confidential and are intended solely for the use of those persons to whom the message is addressed. If you are not the named addressee you should not disseminate, distribute or copy this e-mail. Please notify the sender immediately by e-mail if you have received this e-mail by mistake destroy and delete this e-mail from your system.This email is also subject to copyright. No part of it should be reproduced, adapted or communicated without the written consent of the copyright owner. Any personal information in this email must be handled in accordance with the Privacy Act 1988 (Cth). Any unauthorised form of reproduction of this message or any files transmitted with it is strictly prohibited. E-mail transmission cannot be guaranteed to be secure or error-free as information could be intercepted, corrupted, lost, destroyed, arrive late or incomplete, or contain viruses. The sender gives no warranties in relation to these matters and does not accept liability for any errors or omissions in the contents of this message which arise as a result of e-mail transmission. If verification is required please request a hard-copy version. This message is provided for informational purposes and should not be construed as a solicitation or offer to buy or sell any securities or related financial instruments
back of the ferry 
Overexposed photo – need to redo it
Gerald Stack
Portfolio Manager
Magellan Asset Management
[magellan]
Phone: +61 2 8114 1888 Level 7, 1 Castlereagh Street
Direct: +61 2 8114 1822 Sydney NSW 2000
Fax: +61 2 8114 1800 Email: gerald.stack@magellangroup.com.au
Mobile: +61 431 492 660 Web: http://www.magellangroup.com.au
This message and any files transmitted with it are confidential and are intended solely for the use of those persons to whom the message is addressed. If you are not the named addressee you should not disseminate, distribute or copy this e-mail. Please notify the sender immediately by e-mail if you have received this e-mail by mistake destroy and delete this e-mail from your system.This email is also subject to copyright. No part of it should be reproduced, adapted or communicated without the written consent of the copyright owner. Any personal information in this email must be handled in accordance with the Privacy Act 1988 (Cth). Any unauthorised form of reproduction of this message or any files transmitted with it is strictly prohibited. E-mail transmission cannot be guaranteed to be secure or error-free as information could be intercepted, corrupted, lost, destroyed, arrive late or incomplete, or contain viruses. The sender gives no warranties in relation to these matters and does not accept liability for any errors or omissions in the contents of this message which arise as a result of e-mail transmission. If verification is required please request a hard-copy version. This message is provided for informational purposes and should not be construed as a solicitation or offer to buy or sell any securities or related financial instruments