**on to review china's belinga deal, page-6

If you look at the recent substantial announcement from Deustche Bank, they have loaned about 100 million shares to its London office for short selling in order to hold down the sp for its Australian office to keep on accumulating the shares, presumably for the new funding/offtake partners given its role of financial advisor for project finance.

Given SDL management's intention to finalise the funding arrangement by June 2010 and it took four months for Deutsche Bank to acquire 5% stake from the market, we should see some increase in sp in the near future.