MOD presenting in the UK, page-8

Hi Geoffsh,

Thanks for that information. I appreciate it.

As an MTR investor do you get a sense/ have an opinion whether MTR will sell its 30% of the JV to MOD and take shares in MOD in way of payment.

To me, it seems that what we are seeing on the corporate front (a) share consolidation (b) possible AIM listing (c) New Asian cornerstone investor is all getting MOD to the point where it is a tidy package to vend.

Tidying up the ownership structure of their Botswana venture would be a logic step in this process.

Cheers
John