Ann: Appendix 3Y Change of Director's Interest Notice, page-16

SBM is a great value at the moment, SP should be much higher than $3.00.

I am disappointed that the director sold 4M shares that he recently received as a performance bonus. That is $12M bonus, which in my opinion is excessive. He might end up being best paid CEO in Australia for the year, that is ahead of NCM, BHP, RIO, CBA... directors.

Great performance that company achieved over past 3 years was mostly as a result of strong gold price, reduced Australian dollar, reduced labour costs due to Western Australia downturn, i.e. good fortune.

In my opinion for the next few years gold price will stay high (it is over $1300.00), Australian dollar will be low and labour costs will be low.

On back of tail winds SP will increase well above $3.00.

Company has diversification/growth options overseas (Papua New Guinea) and Australia.

One thing that I would like to change is director.