Ann: Presentation (Euroz), page-55

Dragon,

The issue with EAR is not the quality of the asset or potential, which is a reason to buy this stock, it is rather the persistent and repeated inability of this Board and Management to do what they say they are going to do when they say they will do it.

I remain eager and hopeful of a positive surprise, however the management of the AGM for which the papers have not been forthcoming is another example of a team that cannot manage a project and deliver to their own milestones and timelines.

A good management team cannot make a poor asset good, but a poor one can discount a good one. The first principle of good leadership is doing what you say when you said come hell of high water without excuses. There are no externalities preventing their delivery, its all with them.

Again, hoping to be positively surprised, but it is now the 26th of March.