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Here it is.

Independent Auditor’s Review Report
To the Members of Global Nickel Investments NL (Continued)
Basis for Qualified Conclusion
Payments made to Directors
During our 30 June 2010 audit, it was brought to our attention that the Directors had prepaid directors’ fees totalling
$403,340 of which $357,452 directly related to additional cash payments. As at 31 December 2010, the balance of
this prepayment is $275,402 and it comprises of amounts detailed in Note 6. This amount is currently recorded in
Other Assets.
The details surrounding these payments are disclosed in Note 6 of the financial report and cover directors fees paid
in advance, amounts paid to enable the Directors to take up their entitlement in the non-renounceable pro rata offer
of partly paid shares pursuant to the prospectus dated 23 April 2010 and overpayment of directors fees due to the
Company not withholding and remitting PAYG withholding tax. It appears that in all three circumstances, that the
Directors have obtained a benefit from the Company.