Ann: SDL Development Strategy Update , page-5

No friendly TO anyway and that's the way I for one want it.

If they want to do a TO let them do it on market .

That way they have to have the money.

In the mean time give the Chinese steel mills what they want a fixed price contract.

A steel mill can have 20mt p/a for ten years, 200mt's for $500million per financial quarter for the next 20 financial quarters.

That's only $50.00 per tonne.

$30.00 per tonne below the last IO price bottom.

Deal of the century to the steelmill.

And SDL gets project number one up and running with overs to sell.