Ann: Change to Hedging Structure, page-21

I don't think they are hedging any more than they had in terms of ounces hedged.

They are merely rejigging the hedges they had.

However, they are merely doing a bit of financial engineering to increase short term profits and dilute the profit from the longer term hedges as they were written at higher prices. If the management team had any financial nous, they would have hedged another 300,000 oz when the Aussie $ gold price hit $2,800. Why they didn't, god only knows.

A bit of good financial modelling of hedges, gold prices and decision making, could have turned the previous managements hedge decisions around. What is the CFO doing. Doing corporate deals and overpaying for assets.They just sat on there hands collecting there salaries and bonuses..

I think a good clean out of the top level is required, as the MD and board would be rubber stamping whats going on.

I understand the current management weren't responsible for the existing hedges, however, they are from the date of there appointment, responsible for the management of them and hedging of production. They have been appointed for some considerable time now and have had ample opportunity to remedy the situation.

They too, have let shareholders down in many of there decisions.

DYOR

GLTA