Ann: Scheme Booklet registered with ASIC, page-11

In the end the experts are relying on the QMP method to reach their conclusion and recommendation.

The QMP method they use is completely inappropriate.

1. It does not take into effect the Price of Gold - it does use Gold Index post merger but see point 4 below.
2. It is impacted by SLR purchasing RED shares poer scheme announcement
3. SLR and RED are in dfifferent life-cycles
4. share prices locked in ratio due to the scheme post scheme announcement - they use post merger share price movements! - unbelievable logic.

And they ignore the share movement of SLR immediately on scheme announcement - so are cherry picking the data to reach a very dubious method of valuaiton.