sapex has too much potential, page-5

(e) Top 20 Holders
Ordinary & Escrow Shares

1 Barbed Wire holdings Pty Ltd 10,000,000 11.05
2 Budside Pty Ltd 5,000,000 5.52
3 A J Andrejewskis & K A Andrejewskis 3,000,000 3.31
4 B Marheine Bulk haulage Pty Ltd 3,000,000 3.31
5 Whittingham Securities Pty Ltd 3,000,000 3.31
6 D Battersby , A Battersby & E Battersby Super Fund A/C> 2,500,000 2.76
7 Seistend Pty Ltd 2,500,000 2.76
8 Sydney Fund Managers Limited 2,500,000 2.76
9 Walleroo Pty Ltd 1,700,000 1.88
10 Citicorp Nominees Pty Limited 1,519,250 1.68
11 B & M Jackson Pty Ltd 1,500,000 1.66
12 Mr Christopher Paul MacCarthy 1,250,000 1.38
13 Shebandowan Investments Pty Ltd 1,250,000 1.38
14 Mauncrest Pty Ltd 1,000,000 1.10
15 Veruse Pty Ltd 958,805 1.06
16 Kathbe Pty Ltd 950,000 1.05
17 hSBC Custody Nominees (Australia) Limited 832,000 0.92
18 Dr Donald Stewart Anson 750,000 0.83
19 Wu Investments Pty Ltd 700,000 0.77
20 Brazil Farming Pty Ltd 600,000 0.66
Top 20 Subtotal 44,510,055 49.15