Communication to Ithaca Re AIM IndexSent the below communication to Ithaca today as mentioned previously, put it as best I could, we shall see what I get back: FAO Les Thomas, Richard Smith or whoever it may concern I am a long term Ithaca Energy shareholder, currently holding about 150,000 shares through the UK Index. I have several years experience of investing within the UK AIM Index and I believe that I understand the characteristics of the AIM Index reasonably well. Consequently I do not think that Ithaca Energy should continue within the UK AIM index but should transfer over to the main UK index as soon as possible. My reasoning is as follows: 1. UK institutional Investors are very restricted as to where they can invest and many are prohibited from investing within the AIM index or at least will have a far harder time justifying an AIM investment to their committees - UK institutional investors are now very aware of Ithaca as a value opportunity but many are prevented from buying in due to the AIM listing. 2. AIM and oil do not mix well at all. Most oil companies within AIM are speculative drilling operations that will never show a profit. Investors in these operations often have unfortunate gambling issues. Consequently, AIM listed oil companies tend to be synonymous with reckless financial speculation - clearly this is not Ithaca Energy, however the negative association is not helpful. The AIM index contains many low quality companies as well as a few strong value opportunities for the knowledgeable stock picker. The AIM index is the correct location for listing small companies with a market capitalisation of less than £100M. Ithaca Energy's share price will no doubt increase in time despite the AIM listing due to the company's extraordinary value/growth metrics. The increase in the share price however, is undoubtedly being held back by the AIM listing. As a long term value/growth investor I am generally not impatient when it comes to increases in share price. In the case of Ithaca Energy however, the extreme nature of the company's current undervaluation creates the very real risk of the company being bought out. The takeover premium would be scant consolation to long term Ithaca Energy investors due to the very considerable upside potential in Ithaca Energy's share price when both the present undervaluation and the projected forward growth of the company are taken together. The share price increasing sooner rather than later would be the best antidote to a buy out, or would at least make it easier for the Ithaca Energy Board to resist a buyout attempt - clearly a cheap sale of the company is not in any of our interests. If you are intending to transfer Ithaca Energy's listing to the main UK Index and I certainly think that you should be, then it would be prudent to make shareholders aware of the timetable for doing so as soon as possible. I say this as I know that the AIM listing is an issue of some concern to shareholders, particularly for UK based shareholders who are most aware of the constraints of the UK AIM index and its unsuitability for Ithaca Energy.