Ann: Chairman's Address to Shareholders, page-64

Let the hedges play out as planned. We have a plan to get out of them methodically. Let the company focus on adding value by reducing aisc, increasing grades, exploration/reserve upgrades. Getting mcphillamys online. The current hedgea are terrible in hindsight and the board has done what it can. We dont need to be invested in a gold miner with a destroyed share price for the board then to go and *speculate* on future gold price by closing out hedges at near highs in metal price. If they get it wrong and audgold falls back to 2200 in 3 months they would be rightly slaughtered (figurative only). We need to stop the incessant focus on the hedges. Its a financial liability like any other and its being managed. The negative impact is more thab priced in.