why such a discount?, page-8

DUI AUI have always traded at such a discount.

On 7 September 2010 the Company said,

"A larger asset base and greater liquidity are expected to reduce the extent to which the shares in
the combined entity trade at a discount to net asset backing, especially for Choiseul
shareholders."

They were wrong and in fact the discount seems to be increasing. The discount to NTA is greater now than it ever was for either CHO or MLT.

The Company needs to explain why they were wrong, what is happening and what they intend to do about it.