Ann: Voluntary Suspension, page-53

quoted again: pending an announcement on a corporate transaction regarding a strategic partner and funding.

Unquoted:

A corporate transaction: It looks like only "one transaction". Possibility: The official selling of 51 per cent equity ownership in CAM IRON SA (a subsidiary owned by SDL) to Tidfore as per signed MOU in Jan 2018.

A strategic partner: It looks like only "one strategic partner". Possibility: Tidfore as per signed MOU in Jan 2018.

Funding: Possibility: funding for the development of iron ore mine project (around USD 1 billion): From Tidfore and associates as per signed MOU in Jan 2018.

If Tidfore and associates can provide the funding, SDL via CAM IRON SA will be granted the Mbalam iron ore permit.

Port and rail infrastructure (around USD 4.6 billion) may be financed by Chinese government as part of ONE BELT ONE ROAD (OBOR) arrangement (Fact: President Cameroon and delegates were in China from 2 Sep to 4 Sep 2018).

How about ANS? If there is a connection between ANS suspension and SDL, it is more likely that ANS will raise fund to buy more SDL shares as a strategic investment.

Any possible scenarios are more likely to advantage SDL and all parties involved in this giant project.