Ann: Appendix 3B , page-15

Tonkin, you've obviously a smart investor. I heard you on YMYC and you have clearly taken on the point re SA risk that the younger broker made. There seems to be an epidemic of self delusion (or is it cynical ramping) on HC. IMO what will get GDO through is just plain old performance. Ounces produced x margin per ounce. We will have bought when others were fearful and will reap the rewards, IMO. The traders will have long gone in search of a more volatile stock.