share price, page-11

Ron's getting old at 77 or thereabouts. However he's still single and smart.

Having been in since India Equities days, I feel comfortable with holding and buying more.

The company has a very diversified portfolio which must take a lot of supervision. i see some
profit-taking and rstionalisation taking place at some point. i think the discount is due to
the market's expectations for faster returns. But solid returns can only come from growing
investments for eventual sale or listing.

So we have to grow and have patience and look forward to capital growth. Dividends are not
so important from this type of investment.

One more thought - the NZ economy is on a roll, but being small, will one day become less
attractive than Australia. In the longer term, from an NZ point of view, I see MVT as a good
strategic overseas investment.