LTD A 31 Jan 04 O $487M 198.96 02 May 0.59% 1.15% 11.59% 3.48% -2.86% 6.94% 4.37% (5.23%) Malcolm Fairbaim Dec 13 14 April - Dec 11 BAY RESOURCES PARTNERS OFFSHORE FUND 31 Jul 98 M $2748M 10.422.97 30 Apr 1.60% 1.40% 22.23% 9.24% -6.89% 16.04% 16.11% (39.02%) Thomas Claugus Feb 14 14 May 08 Feb 09 B