Ann: Substantial Holder Notice , page-4

I believe this increase in holding is from TZN drawing down on the $50 million loan facility provided by NFC. They received 10 million shares at 62 cents according to announcement on 7/3/11. Of note is that NFC can only hold up to 19.9 percent of TZN shares.

"Under the A$50 million subscription agreement, Terramin has the right, but not the obligation, to issue
shares to NFC at a 30% premium to 15 day vwap at the time of subscription subject to NFC?s agreement and
any shareholders? approval if required. This agreement also provides that NFC?s maximum shareholding is
capped at 19.9%."

So this should prevent NFC taking us over by stealth for the moment.