Ann: Change of Director's Interest Notice - N, page-8

re: Ann: Change of Director's Interest No... I'm at a total blank Panda. Obviously, a large holder or holders have been exiting for some time IMO with perhaps NM holding her up in the mean time. I have also witnessed large buying from Directors from others only for the bsuiness plan to go pear shaped. I have also witnessed dilution soon after options expiry on others ( although we raised $2.5m). I am just grasping at straws here but environmental concerns are possible. Totally mushroomed on CAZ atm. No new sub holder. Another problem is our registry with only one Sub. holder (New Page Investments) with a measly 52.6% in the Top 20. Our shares are all over the place. We have two shareholder holding just under 5% - they could be the culprits - really have no idea. Believe it or not, nearly 2000 of the 3125 shareholders of CAZ only own 10,000 shares or less.