Ann: Operations and Corporate Update , page-20

CCU has always had a problem with the Pb recovery.

I remember at the 2011? AGM, I asked how the scoping of Pb recovery was going to Ian Lawrence after his presentation.

I remember he was terse, something like, "you don't have to worry about that, ok!". I also remember the look in the eye of the Board, they were taken-a-back by it.

The Pb recovery was supposed to represent 20% of CCU's profit but when they found more Ag, they changed their company line to 'pure silver play'.

The Pb recovery was right up Ian Lawrence's ally being a metallurgist. I, along with so many others thought, they will eventually get Pb recovery right.

How wrong I was and so many others. IMO, if Lawrence could not get the Pb recovery right, then no one will.

Lawrence's sell down indicate something: lack of confidence.