Ann: Presentation - RIU Sydney Conference May 2016-BLK.AX, page-22

Thank you for sharing the Enterprise Valuation (EV) chart….it provides a nice summary across the OZ Goldies.

But I'm a little unsure what the dollar value inside each bar represents!?!

My understanding (somebody please correct me if I'm wrong) is that it represents EV \ # of oz of annual production?

So if we take RRL for example, it is valued at $4641 per oz.

But this is where I'm stumped --> Gold is currently just over $1700 AUD. So the market is saying ' this company is valued at $4641 per oz'?

If so, that’s nuts…..that’s ridiculously over-valued right?

Is the $4641 valuation due to them carrying loads of debt which is pushing up the EV?

Your thoughts people?