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<table style="display: table;" border="0" width="100%" cellspacing="0" cellpadding="10" id="content_LETTER.BLOCK7"><tbody><tr><td class="MainText" style="color:#000000;font-family:Arial,Helvetica,Sans-serif;font-size:8pt;text-align: left;" rowspan="1" colspan="1" align="left"><br><br><p style="margin-top: 0px; margin-bottom: 0px; font-size: 14pt;"><span style="font-size: 14pt;">Things are heating up in more ways than one, with the trends I wrote about in The Great Disruption getting stronger each year. I think 2015 could be a particularly crucial one with the gathering forces ready to break through the dam of denial. </span></p><p style="margin-top: 0px; margin-bottom: 0px; font-size: 14pt;"><span style="font-size: 14pt;"> </span></p><p style="margin-top: 0px; margin-bottom: 0px; font-size: 14pt;"><span style="font-size: 14pt;">I look forward as always to your reactions.</span></p><p style="margin-top: 0px; margin-bottom: 0px;"><span style="font-family: Times; font-size: 10pt;" size="3" face="Times"> </span></p></td></tr></tbody></table>
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<div><span style="font-size: 14pt;">Kind regards<br><br></span></div>
<br><div style="font-size: 14pt;"><span> <span style="font-family: Arial, Helvetica, sans-serif;">Paul Gilding</span> </span></div></td></tr></tbody></table><table border="0" width="100%" cellspacing="0" cellpadding="10">
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<div>The Cockatoo Chronicles. No 39</div>
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<p style="margin-top: 0px; margin-bottom: 0px; font-size: 24pt;"> </p>
<p style="margin-top: 0px; margin-bottom: 0px; font-size: 22pt;"><strong> </strong></p>
<p style="font-size: 22pt; margin-top: 0px; margin-bottom: 0px;"><a shape="rect"></strong></span><span><strong>The Year the Dam of Denial Breaks - Ready for the Flood?</a> </p>
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<p style="margin-top: 0px; margin-bottom: 0px; font-size: 14pt;"><span>This is the year the "dam of denial" will break and the momentum for climate action will become an unstoppable flood. It will be messy, confusing and endlessly debated but with historical hindsight, 2015 will be the year. The year the world turned, primarily because the market woke up to the economic threat posed by climate change and the economic opportunity in the inevitable decline of fossil fuels. That shift will in turn unlock government policy and public opinion because the previous resistance to action argued on economic grounds, will reverse to favour action on economic grounds.</span></p>
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<div style="font-size: 8pt; text-align: center;" align="center"><span style="font-size: 14pt;"> </span><span style="text-decoration: underline; font-size: 18pt;"><a class="false" style="color: blue; text-decoration: underline;" track="on" shape="rect" href="http://r20.rs6.net/tn.jsp?f=0013cEYbvHLHvaBgjWYw2O1WIewTZbh81gdxmXRW_UMHGIfIiNprZFKZM_35NsOvz4U4h2oyzz3p4r23ljcU3gOxItVTWO3nyzkv-Ye6B5djo05eHwsuqWHI7WOzuUqyGN5Po0681-mX_TeCmxeFte7LIXE3OvMDjxoLYFWl2a1d4N4ZEL4Tt3-hmNfeCJaSFW5YkqCLniNJs94iu86LoHs50qaoClO8RuzXEdFoG0hA0y2pq64ZI99vk9BZP1tkOsWEZBumzI1SvM=&c=8cThQE-vwGEd15GklTJRyfbF-FGNU_-jkdO7YlDIYlkliiT1aC2NaQ==&ch=mYwcTvcLoTS7JOV9oAq-5NhEqvB423a3zA64ZJK7XIwQWchKlzpKTw==" linktype="1" target="_blank">Click here to read the full column</a></span><br></div>
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