Ann: Response to ASX Aware Letter, page-149

No one is questioning about business progresses of both companies , that's not the underlying message. Both GSW and BUD have fairly good products no one is arguing about that. But what both companies did along the way to hype up their progress to yield the valuation they now get. It is the valuation - stretched for what they have so far produced in their 4C although the jury is out that both could well progress to higher valuations from here but at this point the $200m and $500m is rich . If the $69m was guaranteed and locked in, $200m would be fair. But you guys genuinely believe in BUD management and that there was no ulterior motive in the hyping, OK then but I wouldn't have blind faith after revelation that a quota was regarded as a forecast revenue and after a disconnect between 4C and what management continues to declare with confidence.