Ann: Annual General Meeting Presentation, page-93

IMO dumping based on the following:

- Loan due payments
- Christmas expenses
- Economic factors I.e. consumer confIdence, pendIng house pricIng bubble, etc
- Negative sentiment following GM and AGM

SP was trading between 15-20c without the following:

- ML approval
- TO approval
- SMS guarantee
- $17m in the account
- Lower commodities prIcIng and demand
- HIgher AustralIan dollar
- HIgher unemployment

This is clear that the SP Is tradIng at an absolute dIscount. Today has been fantastIc wIth good volImes at bargaIn prIces