Ann: Investor Presentation- Update, page-2

Its difficult to understand the fall in the sp since the last cap raise. Other than a slight fall in the Ag price nothing major has changed to the information that a couple of big North American institutions relied upon to put a sizable chunk into USL at 27c. We are due to get some early drill results in December which we hope will be very encouraging. Interesting to compare USL with Dolly Varden of British Columbia, in which Eric Sprott has 10% of shares. The 2 companies have very similar profiles in resources to date yet Dolly Varden is capitalised at 4 times USL. Other than the low capitalisation USL has a lot more going for it imho. Very tight and successful management and a low cost jurisdiction. Again imho USL will run hard once the big investors in the Northern Hemisphere wake up to what if offers