standstill arrangements, page-7

Oz,

With silly season on us the 60days (plus option to extend with 30days- circa 15 Feb)provides them with some scope to get things in place for the new year. Don't expect anything this year but that's ok.

I'm sure, having been given this window of opportunity, management will be hard at work to get refinancing in place. Also I think that there must be some interest from some players wanting to entertain refinancing otherwise the request for standstill would have fallen over at the first hurdle (Noteholders).

Nickel price improvement during next 45 day will be essential.