AUZ Chart, page-80

"Firstly, the issue of the 19.9% to SK will not be dilution for the 100000th time. You of all people should understand that dilution only occurs when shares are issued on open market, SK will not be putting a cent on to open market so therefore no dilution."

May I respectfully suggest that what the other poster was eluding to was that because SK are receiving 19% of new shares that we are effectively reducing our percentage of the over all shares by 19%.

That cannot be doubted

BUT what he does not say and it is important is that SK are paying the company for those shares and therefore were are all 19% better off financially by virtue of that payment.

In any event I am very happy to have SK as JV partner, you don't get a big international company to become a substantial shareholder by standing on a street corner with your hat in your hand.

I see big things for AUZ over the next 2-3 years

CB