Ann: Chairman's Address to Shareholders, page-11

Dear CNCV, as always do I appreciate your comments and I feel sympathies for your thoughts. If you allow me to make a few remarks though:

The retirement, once again, of Mr. Davis: I very much appreciate what he has done in the last 14 months. We can conclude that the company is on track again and ready for the future, although I sense a bit of conservatism in their way of communicating towards us. Better this way than to be too optimistic. As I recall Mr. Davis is already in his sixties and he has done what he was asked to do. MML is looking into the future now, perhaps this is a good moment for Mr. Davis to take a step back and do some other things in live. And perhaps it is a good thing for MML as well to get some new fresh blood in the company. I can only hope the will attract quality into the company.

The early " warning" of a slight lower production level in Q2 (december quarter) because of works in the mine. I have always learned that as soon as you see this coming it is a good thing to report about that. It is important though that the yearly production of 120 - 130.000 OZ is still in place;

About the moment where MML can make it big jump forward: perhaps we are waiting for that big jump, but the way I see it is that MML is making more smaller steps every quarter. There will be a time more people will suddenly see the whole puzzle and not only the pieces on a stand alone basis. Then you will have your big jump;

Finally the last remark of Mr. Teo about the hope for a higher POG. Although this is also not my style, the content is very much true. The real value of MML will come to surface much easier with POG's above $ 1.200,-.

All in all this AGM is not a story of only good news, it is once again a demonstration that MML is on the right track, there are delivering but are bringing it in pieces of the puzzle, not the whole puzzle in once. the current price of 47 cents is not because of the performance of MML, it is because the investment community on average (their are always exceptions of course) is not into gold at the moment. You can see this in the current POG and the very low valuation levels of (junior) gold miners. But the way I see it, this says nothing about the future in the coming years. I know one thing, and have said that several times: I find it very strange that a very sought after product (I don't call it commodity) as gold, which value is expressed in dollars, is losing value against that some dollar which are digitally printed by the FED on a scale which I thought would never happen.