Ann: Strategy & Outlook Forum, page-49

It is playing hell with my head as well. The timing of this presentation
occurring so quickly after the quarterly presentation is curious to say the least.

Maybe we need to apply Ockam's razor to the question and begin eliminating
possible subjects. For example, if the purpose of the presentation revolves primarily
around the Posco joint venture would they need 2 hours to address this issue?

The same would hold true related to subjects such as Plant 2, exploration in what had
been the border zone, timing of stage 2 on plant 1, the new bidding system for some of their
product, individually would not need 2 hours. Also, there are a lot of these areas that could produce
very positive press releases, so why not release them gradually rather than all at once.

The more I think about an Ockham's razor solution I come up with is that the company was very
much taken aback by two events. First, the cat getting let out of the bag by Posco before the
deal was finalized. Usually, in fact almost always, both companies announce together. The second
event that surprised them was the Citicorp downgrade to Sell. That is always very unsettling to
Management, especially when Management expects the opposite.

So my expectation is that in order to counter the Citicorp downgrade and to reestablish fuller confidence
in the marketplace, this will be a point by point deeper examination of many of the items listed here as
possibilities. Given 30 minutes for questions this would leave enough time to address 6 subjects for 15
minutes apiece. These folks want every listener to end the meeting wondering how in the world could
Citicorp downgrade them to Sell. After all, the stock had been declining since the quarterly report and before
the announcement for this presentation.

So the presentation might prove to be disappointing to some here because it does not contain a grand slam home run.
On the other hand, a whole lot of doubles and singles would not be so bad to digest if your still thinking long term.