Ann: Baker Young Updated Research Report, page-14

The Baker Young report 16c valuation doesn't factor in the large potential upside from the special stones component.

First Parcel of Rubies sent to the US containing Special Stones – The parcel of rubies and
corundum that has been sent to the US totalled 6,221cts, which included seven special
stones, weighing a total of ~95cts, including two rare 24ct high quality rubies. Large special
stones can attract significant prices in excess of US$100,000 per carat once cut and
polished. Recent sales of large special stones between 8-30cts (cut & polished) have sold for
between $5 - $30 million in the retail market. The special stones component represents very
large potential upside to our valuation model on MUS.