Ann: Annual General Meeting - Presentation, page-21

Slentik,

Going along to the meeting was a good decision - gaining information!

Couple of thoughts:

• ATP is run more like a private company than a public company in the sense that they don't really engage with retail shareholders - they just announce the minimum and get on with business.
• Building up cash reserves is a private company trait in that they can't go to market to raise capital when things get tough (and traditional banks will not lend to Indonesian Pearl growers.....) so they need to keep some reserves around for the inevitable down turn.
• In relation to investment in China- pearls provide another physical asset with some value. I am told gold is becoming more regulated so the investors are looking for something small that will store value if things get really bad.
• Expansion does take time so a gradual increase in production (and maybe some geographical diversification) over time will be valuable.

Best BSP

NFA, DYOR, GLTAH