Ann: Presentation - Mining Indaba 2014 , page-39

Hi Hotazel, too many variable and assumptions. Also, then there is the implied value of the other 50% of the assets.

The reason why I think a T.O (100 asset acqusition) is most likely is if I were the Chinese the last thing I need is the uncertainty of where the other half (of that multi-decade asset will belong to). They have seen what 45% owbership of Simandou South is like. (No Say).

The most sensible thing for them is take lock-stock-barrel, delist Sundance (distribute the money as per the cash proceeds for the assets) and continue employing some key staff memebers.

I tkink the moment (either the Chinese or the non-Chinese camp) commits to a 100% asset bid (or a bid for the majority of the asset), it forces the hand of the other to do likewise.

In other words, a 100% asset equity acquisition (IMO) is already among the options tendered by the bidders and they will exercise that option at the right time.

So far, the SDL board has NOT said no to a 100% asset sale.

When SDL neither owns the asset or the infrastructure (it's a T.O).