Ann: Update of Senior Secured Notes, page-10

Every offer can now be treated on the same level playing field by shareholders, the company , bidders and the debt holders.

BR has had heaps of time to go through the maths. Right now the parties are armed with the very best financial and legal advice you could expect. If QIN was a basket case this torture would have been over ages ago.

In terms of recent comment on reasons for lack of awareness of the option by BR,
BR and everyone else ,obviously did not factor in a;
dramatic first time in this country overseas shorters report,
released on the grand public launch ,during a grand prix ,driver and all ,
followed by TWO non disclosures!!!!

There is a limit to risk modelling.