Ann: Full Year Results 2015, page-18

CPDLC,

In my more than 20 years experience as an institutional investor for a big insurance company an pension fund in the Netherlands, I have experienced on many occasions the value of explaining why things happen. I understood that the impairment was forced on to the company by the accounting policies. They tried to explain it in note 13 (I believe it was somewhere on the pages 35 to 41). Some was clear to me, others no so clear. I repeat my experience: there can not be enough explanation. I would also advise the company to indeed step up the investor relations department with 1 experienced professional in this field. If I were this professional I would not only explain the outcome of the framework calculation more in depth, I would also take the opportunity to explain that the impairment loss of today is the next day profit, because depreciation and amortization will decrease substantially. The future of the mine has not changed. That would be the message.