Ann: Change of Director Interest Notice JOHN WELBORN, page-9

Hard to say kkp. I think RSG is getting slammed for the same reason they went up so hard in recent times. They are more heavily exposed to the gold price as they now have a strategy of stockpiling gold bullion rather than following the traditional approach of converting that gold to cash. This strategy was put in place last year and discussed by Mr Welborn on one of his recent open briefing calls. Basically, makes the company more of a gold speculator and a lot of financial analysts and investors don't like this because whilst shareholders invest in mining companies for gold production they want to see the forecast earnings. Can't comment if the strategy is right or wrong, but it does seem to have polarized some analysts and investors.