Dear Hansa investor, please find the minutes of our May 30th, 2007 meeting by clicking below. Thank you to all the investors who attended and participated and I hope to see you all next year.

Hansa Mortgage Investment Corporation
Minutes of the 14th Annual General Meeting for the year ending August 2006
May 30, 2007

Location: The Old Country Inn, Unionville, Ontario

In Attendance:

Alec Adams (Recording)
Peter Alexander
Richard Baker (Chair)
Simon Irving
Ron Miller
Mike Mallett
Richard Mallett
Arnold Molder (President)
Christopher Molder
Gary Prowse

Proxies Appointing Arnold Molder:

Betty Alexander
Dave Danks
Bryan Drew
Colleen Drew
Corry Erdman
Peter Erdman
John Flower
Marjorie Flower
Donalda Langrell
Margaret Mallet
Michelle Read

Chairman Richard Baker called the meeting to order at 7.32 p.m.

Minutes of the last meeting:

A motion to approve the minutes, proposed by Mike Mallett and seconded by Peter Alexander, was approved unanimously.

Review of Financial Statements and President’s Report:

Arnold Molder reported that the Company had gained one and lost 2 shareholders in the last year. That redemptions of $109,000 had been more than matched by new capital and reinvested dividends totaling $161,000.

Return in the last year was 10.3% and the average over the 14 years that the Company had been in operation had been 10.67%.

Mortgages being held had increased from 1.2 to 1.37 million.

In response to a question, Arnold Molder explained that the apparent drop in Professional Fees from $2,588 in 2005 to $1,980 last year, resulted from unusual one-time costs last year, when the accountant had charged $500 for researching MICs and authorizing the new Declaration forms required by Concentra.

Two Power of Sale situations during the year had been satisfactorily resolved and there are currently no outstanding legal actions

In clarifying the basis for the payment of Management Fees, Arnold Molder advised that Management Fees are paid only with respect to money invested and not with respect to cash on hand.

A motion to approve the financial statements, proposed by Richard Mallett and seconded by Peter Alexander was approved unanimously.

In response to a question from Simon Irving, asking why mortgage #150 could be for $140,000, when the Management Contract limit for first mortgages was $125,000, Arnold Molder explained that this mortgage was to cover a short term circumstance and had been approved by the Investment Advisory Committee.

A motion to re-appoint the auditors, Wong, Kwok and Company, proposed by Simon Irving and seconded by Mike Mallett, was approved unanimously.

A motion to re-appoint the Investment Advisory Committee, with members Mike Mallett, Peter Alexander and Gary Prowse, was approved unanimously.

In response to a question from Simon Irving with respect to the requirement under MIC regulations that all income must be paid out in the form of dividends within 90 days of the fiscal year end, Arnold Molder explained that due to the fact that we were highly invested, and consequently short of cash for the payment of dividends, dividends had been paid in trust to Copyc Corporation in stages and reinvested in Hansa, within the 90 day period as required.

In response to a question from Alec Adams, concerning the discussion at last year’s AGM regarding how the Company would be managed in the event that Arnold Molder were not able to continue his management role, Arnold Molder said that he had met with other Mortgage Center franchisees who had expressed interest in MICs, and found that rather than wanting to learn how to manage a MIC by participating in Hansa, they were only interested in founding independent MICs. As they were likely to have problems finding the necessary expertise, it is improbable that another Mortgage Centre MIC would be of help to Hansa. However, Arnold Molder said that the situation had changed now that his son Christopher had joined him in the Company and that Christopher would be able to manage it in the future. Consequently, he has decided to seek out new investors and capital and to grow the Company.

Discussing some management issues, Arnold Molder said that the calculation of dividends will henceforth be carried out monthly.

That the Investment Advisory Committee should meet on a regular basis, perhaps 3 or 4 times a year, to review the mortgage portfolio.

That a BLOG will be established to allow shareholders to access current information with respect to management activity and the status of the portfolio.

Following discussion of the fact that this years AGM is late, and taking into account the desire of shareholders to avoid having to drive to meetings under winter conditions, there was a consensus view that AGMs should be held early in May.

A motion to appoint Arnold Molder as President and Director, proposed by Peter Alexander and seconded by Richard Mallett was approved unanimously.

A motion to present Gary Watson with a $250 gift certificate, in appreciation for his generosity in developing management and dividend allocation software for the Company, proposed by Alec Adams and seconded by Richard mallet, was approved unanimously.

There being no other business, a motion to adjourn, proposed by Gary Prowse and seconded by Ron Miller, was passed unanimously at 9.08 p.m.