CROSBY - 2006 Business Highlights

September 10,2010

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2006 Business Highlights

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2006 Business Highlights

January
Crosby's investment company, IB Daiwa, announced the successful discovery of a well-formed and commercially exploitable gas reservoir at the Kami prospect.

March
Techpacific issued US$75 million five-year zero-coupon convertible exchangeable bonds, which were sold to Goldman Sachs International. These bonds can be converted or exchanged to Techpacific shares or Crosby shares.

Techpacific invested US$42.5 million in three oil and gas prospects in Louisiana USA – Big Mouth Bayou, North West Kaplan and Endeavor.

July
Crosby, via its wholly owned subsidiary Buttermere, launched a takeover bid for Marathon Resources (ASX: MTN) valuing the company at A$33.4 million (A$0.68 per share) on a fully diluted basis.

August
Crosby's investment company, IB Daiwa and its subsidiaries and partners, entered into a Joint Venture Agreement with ExxonMobil Corporation to participate in the drilling and potential development of the Endeavor prospect.

September
Techpacific's investment company, Upstream Asia renamed as Upstream Marketing and Communications Inc., was listed on the London Stock Exchange's Alternative Investment Market (AIM: UPS).

October
Crosby, via its wholly owned subsidiary Eskdale, launched a takeover bid for Orchard Petroleum (ASX: OPL) valuing the company at A$147.26 million (A$0.68 per share) on a fully diluted basis.

November
Crosby's revised offer for Orchard Petroleum of A$0.81 per share was unanimously recommended by the Board of Orchard Petroleum. This offer values the company at approx. A$177 million.

December
Crosby Asset Management launched its first hedge fund, the Crosby Active Opportunities Fund ("CAOF").

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