Ann: Cabinda Phosphate Fertilizer Project Funding Update, page-41

Grade Controller is an individual who came across MNB about two years ago and viewed it as a long term investment and has gradually increased his shareholding. He has no close relationship with anyone in the company and had not met any of the management til his recent visit to Cabinda. The visit was planned to reassure himself that he had made a good investment and this proved to be the case. There is seldom a straight line between any share purchase price and the decision to exit. He is very happy with his investment and awaits progress and better times.