Ann: TOV: North QLD Metals Limited 02 Panel Recei, page-2

re: Ann: TOV: North QLD Metals Limited 02 Pan... thought this was on the cards given NQM's silence concerning HSK's remuneration arrangements with its executives. CQT should ask the Panel to make NQM add a second column to profit projections in the event of a successful takeover by HSK - so the $15.4m forecast on 19 July becomes $12.32m after we give $3.08m away to 3 blokes I've never heard of.