During the 18 August 2004 Q&A WebCast, I believe that you suggested that the Tupy announcements of six new CGI programs would be made “before the end of 2006”, rather than “2004”as was originally presented at the SinterCast Annual Shareholder meeting on 20 April 2004. Can you please clarify this.

Shareholder, name withheld

We would like to thank this shareholder for the good observation. We have reviewed the transcript from the 18 August 2004 Q&A WebCast and have confirmed that I erroneously said “2006” instead of “2004”. The full response given during the Q&A WebCast is reproduced as follows:

“I have every confidence in the Tupy presentation from our 20 April AGM and their announcement of six new CGI programs.

Over the past few months, we have received several questions about the Tupy presentation, asking for more details about the programs and the production start dates, but we simply don’t yet have permission from the OEMs to disclose the programs. From my side, I want to thank Tupy again for taking the time and effort to participate in our AGM and for sharing their insight into their CGI future with us. The important thing is that Tupy is actively involved in six different CGI production programs, and that at least one of these will require a new System 2000 installation at their commercial vehicle foundry in Maua near Sao Paolo.

I know that Tupy is constantly in dialogue with the OEMs to announce the programs but, as we have all learned, the timing of these announcements is decided by the Customer, not the supplier. If Tupy and SinterCast want to be respected and valued supplies we have to work together with the OEMs and accept that the Customer is always right.

The Tupy programs are there and the announcements and the production will come. While we are striving to realise as many of the announcements as we can within 2004, it is important to realise that this entire discussion is about the timing of the information and not about the business potential. All of these programs remain in the production queue, whether we succeed to disclose them during 2004 or not. That is the most important thing for SinterCast.”

In the last paragraph of this reproduced quote, we have made the necessary correction to refer to “2004”. We thank this shareholder for the observation and apologise for the confusion.