status, page-31

I though it would be a good idea to update the 2009 forecast using the figures quoted in todays announcement as to what the industry is expecting i.e. $57.22 to $68.67:

Price of Fines (FOB)....$51.78.....$57.22.....$68.67

Cost of Production.......33.75......33.75......33.75

Marginal Contribution....18.03......23.47......34.92

2009 Forecast Production 10Mt

EBITDA...................180.3M....234.7M.....349.2M

ADY's Share 60%(US$).....108.2M....140.8M.....209.5M

The above figures are in US$ and assume ADY achieves it forecast output of 10MT in 2009 at a cost of production of US$33.75 derived from its forecast in ADY's September Presentation.

I expect more accurate and up-to-date forecasts will be provided in the demerger documents.

Regards

SP