Mergatroyd -

I recall that some time ago (4-6 months) you decide to "exit stage left" (in true Hanna-Barbera tradition) from this forum because of the "dishonest and incompetent" actions of management. Now I see, over the last few weeks that you are back.

I have taken a little time to review your posting history on the MEO forum and, in the beginning, you were open-minded about the company's prospects. That soon changed and by the beginning of 2008 you became disenchanted with the management (esp. BC whom you began to call "Corker") and the TN project. Since that time, you have been unrelenting in doing your best to inform MEO shareholders about the "dangers of investing in this company.

A mentor once told me that, in serious matters, to always ask the basic question that wise Romans posited (qui buno - who benefits) [I hope that my Latin spelling is correct]. I would like to ask you, and others, to apply that question to the discussion at hand.

Some questions might be -

1) Who benefits (and how) from a depressed share price?

2) Who benefits (and how) from holding back production from Morgan Highpoint?

3) Who benefits (and how) from drawing funds from joint partners and PP's to develop a project that has "no economic feasiliblity?'

4) Who benefits (and how) for "pumping" MEO's activities?

5) Who benefits ( and how) from "bashing" MEO's activities?

These are questions that I have attempted to answer over the last 6 months and I am very interested in hearing numerous viewpoints on these issues. I am very concerned that I may be incorrect in my anlaysis and, in order to make the wisest possible investment decision, I am seeking as much information (and speculation) as possible.

Some of these questions may appear simplistic to the more spohisticated members of the board but it has been my experience that actions that appear simple often hide complex motives.

- Panamax

- Panamax