Ann: Business Update, page-25

To be clear IMO BTH is good value @ 45c. My caution is generated by statements above where people seem to believe an offer @80c or more is due in the coming months. It may but IMO be cautious.

The information from the Board has been very general and always with the rider that nothing may come of the t/o interest.

The only information available to us is that many months ago an expression of interest was received from a major shareholder @ 80c. There are many possibilities why a major shareholder may make such an approach. IMO that does not guarantee there is capacity or for that matter interest in pursuing that offer at this time. IMO the company's announcement that the offer was rejected reflects Board's assessment of the situation and does not add to our knowledge of the company's value.

The Board has told us others are interested. All well and good but a very general statement. To my understanding there has been no due diligence processes underway by others. The language used in announcements provides no confirmation of an offer or offers from others.

I could knock back an offer of $1m for my house. That does not mean it is a great buy at $900k.

All IMO. DYOR GLTAH