Ann: Chair's Address to Shareholders, page-86

I know your grievance LG and you make some good points. I was not at the AGM because I was overseas but I do worry when management think they are above the code of conduct and resort to used car sales tactics...no offence to those selling great car deals!

The process of checks and balances in this country has gone to the dogs. I'm not sure what we can do that ASIC has not implemented. I guess we are at their mercy for facts and truth. Regretfully, they hold the power to do whatever ASIC and shareholders can't see. My son has been moved to a newly formed Building Commission from Fair Trading because of the lack of results with poorly constructed buildings etc. His friend is acting managing director of Fair Trading and he tells me too many things have gone under the radar and they are trying to enforce new procedures. Isn't that the case, perhaps we need to split ASIC into two autonomous entities one to police fiduciary conduct to shareholders the other half to continue to do a bag-up job as they have been doing so far.

It will all come out in the wash.