Gazmetall Holding (Cyprus) Limited (21.0%)*

Following an internal transfer from Epion Holdings Ltd ("Epion") to Gazmetall Holding (Cyprus) Ltd ("Gazmetall"), Gazmetall now holds 21.0% of the Company's issued shares. Gazmetall is a subsidiary of the Metalloinvest Group, one of Russia's largest iron ore producers. Metalloinvest Group owns several integrated steel operations and one of the largest and fastest growing mining and metallurgical holdings in Russia.

Teck Resources (6.8%)*

Teck Resources ("Teck") is a diversified mining and metals company, headquartered in Vancouver, Canada. Since 2006, Teck has invested a total of US$40 million in equity and exploration expenditure. Teck is a world leader in the production of zinc and metallurgical coal, a significant producer of copper, gold and specialty metals. They also have interests in several oil sands development assets.


Anglo American plc (11.1%)*

Anglo American plc ("Anglo") Anglo American plc ("Anglo") invested US$25 million in 2006. On November 5, 2008 Anglo invested an additional US$10.5 million to increase its stake to 11.1% in Nautilus. Anglo is one of the world's largest mining and natural resource groups with a market capitalisation of around £25 billion as at June, 2009. It is a global leader in platinum group metals, gold and diamonds, with significant interests in coal, base and ferrous metals, industrial minerals and paper and packaging. Nautilus and Anglo have signed a Heads of Agreement under which Anglo may assist Nautilus in its development of Solwara and other projects by seconding personnel with specialist skills to the project at Anglo's cost.

* Shareholdings as of June 30, 2009.

Major Shareholder Agreements

All three major shareholders have agreed that if a takeover bid is made for Nautilus and recommended by the Board, that they will accept the bid or make a higher counter offer.

Teck and Anglo have signed non-compete agreements in various jurisdictions in the South Pacific in seafloor production for periods of approximately four years from agreement date.