Humpty Overview

• We purchased Humpty at $2.95 and sold at $3.29, as well as received a $0.07 per share dividend

• This represents a capital gain of approximately 14%, making up for losses incurred on our first stock pick

• I believe Humpty increased, because investors think that someone will step in with a higher bid, as well as Humpty’s continued growth -- represented by the first company dividend offering

Eldorado GoldEldorado Gold

(ELD - TSX) (ELD - TSX) www.eldoradogold.comwww.eldoradogold.com

Who Is Eldorado Gold?Eldorado Gold Corporation is an international gold mining company based in Vancouver, Canada, whose shares trade on the TSX Exchange under the symbol "ELD". The Company has superior gold assets in Brazil and Turkey, two countries with enormous geological potential. Net Earnings for the 3rd Qtr. 2002 amounted to a profit of $2.0 million compared to a loss of $1.0 million for the 3rd Qtr. 2001. Gold production in the 3rd Quarter 2002 (unaudited) was 28,469 ounces at a total cash cost of $189/oz. Total production forecast for 2002 is 105,000 ounces at a total cash cost of $185/oz. As of September 30, 2002 the Company's hedge position is 10,972 ounces hedged at an average price of $306 per ounce.

They recently issued an offering on the Amex

Eldorado Gold Corporation (ELD - TSX)

ROE

4.58%

ROA

3.68%

Beta

0.87

LTM Sales

$37.9M

Debt/Equity Ratio

0.198

Dividend Yield

0%

P/E Ratio

n/a

Market Capitalization

$404M

Avg. Daily

Volume

3,051,748

Current Price

(Jan 29)

$2.24

52-week high

$2.51

52-week low

$0.48

Why buy ELD???

“I love gold”

Other reasons for buying ELD?

• Net Income for the 3rd Qtr. 2002 amounted to a profit of $2.0 million compared to a loss of $1.0 million for the 3rd Qtr. 2001

• Tremendously reduced debt in fiscal year 2002

• Has superior gold assets in Brazil and Turkey

• Sao Bento mine which is planned to produce 105,000 ounces at a cash cost of US$185/oz (currently at $366) in 2003 and are systematically identifying opportunities to expand

• In Turkey, ELD continues to expand their asset base, with a resource of approximately 9.4 million ounces

More reasons for buying ELD?Current Economic Conditions

• We are in an economic slowdown however historically, gold has moved in the opposite direction of traditional indexes

• Chance of war with Iraq will increase the attractiveness of gold and gold stock

Even More reasons for buying ELD?

• Of the 7 analysts covering ELD, 6 recommend strong buy and 1 recommends buy

• Mackenzie Financial Corp. Chief Investment Strategist Fred Sturm’s 89.7-per-cent return for 2002 has him made a celebrity among gold investors - he says that ELD has strong short term potential

Why not buy ELD?

• One con of purchasing a gold stock is volatility• Gold stocks tend to fluctuate at higher levels than

any other stocks• Also, gold as a commodity is currently trading at 5

year highs, signaling that it could reverse• However, this could be a signal that it is climbing

back up to 1993 levels, like all other indexes and commodities have

Thank you!