Ann: Investor Update Feb 2011 , page-4

The intrinsic value of MCE rose strongly after the Q1 result, from around $7.00 to $9.60 (I use RM's valuation method and everyone using his method will get somewhat different IV based on required returns etc so these are just my numbers) as a result of increasing return on equity in addition to the increase in equity per share from the cash flow. The market did not seem to fully factor in the increase in ROE and I assume people were waiting to see if MCE could repeat that result, which they did. Especially impressive to see the Open Quotation Book rise from $282 mil. in Q1 to over $400 mil. in Q2. Indicates very strong interest in their products. I strongly suspect that the commissioning of the Hendersson plant will remove a significant bottleneck (as they are working 24h I think they mentioned in a recent report).