whats changed?, page-42

A reminder from the chairman's address to shareholders:

Noble Resources is a significant player in the Iron Ore Industry and Blackstone and the D. E. Shaw Group
are sophisticated investors in the resources sector. The fact that they are investing in Sundance
demonstrates that they believe in the strong potential our company offers as we push forward in
developing this world-class iron ore project.

I would also like to take this opportunity to thank our shareholders for their ongoing support. The past
year has brought its challenges. But it has also delivered us much success and I am very confident that
this success will gain momentum as we move into the New Year.