agm - excellent confidence, page-23

The main things that I took out of the AGM include:

- Mbalam convention will happen around or leading up to DFS

- The Board are quite intent on owning and controlling the railway.

- Board members haven't had a window of opportunity to buy shares anday not get one until a deal is done.

- Deutsche Bank are no longer advising SDL and haven't been for some months.

- GJ was confident that the Cameroon Government would take up a 10% stake of the project (not Sdl)

- The new CEO left behind relinquished an attractive bonus package at his previous job to join SDL

- GJ stated that interest in the project was strong as was the global demand for iron ore. He was confident that he and RIO couldn't see supply catching up with demand until around 2018 if at all.

- GJ sated that if IO prices remain the same as today that it will be paid of in 12 months instead of 4 years

- GJ understood concerns in relation to consolidation and said that any consolidation would only happen during a major financial transaction being done.

- Any delays in the signing of the mbalam convention is not due nerves of the Cameroon Government but due to the amount of documentation that needs to be prepared and finalised.

- The DSO that Sdl has is very easy to access.

- There has been no drilling results as they have been focusing on defining indicated resources.

On top of the above, I came to the conclusion that the new CEO is the right man for the job and that the Australian Shareholders Association will never be satisfied after A member represeting them questioned and disagreed with just about every proposed resolution put forward.