Ann: Updated Non-Binding Acquisition Proposal Received from CVC, page-82

Hi guys,

My guess is,

1. If the situation is in favor to APM today, then APM will be the one rejects the offer, not CVC to not proceed.

2. CVC entered into Exclusivity Deed in order to see the market's reaction on $2 takeover price. Mentioned in the deed, APM is required to inform CVC for any competing offer received during the exclusive period. Likely the other PEs are not interesed in competing and providing a superior proposal. Therefore CVC decided to not proceed with its offer on 28th Feb. But it doesn't mean CVC is leaving yet.

3. CVC should be under negotiation with APM for a lower take over price now. I don't think CVC is here to just play with the share price, they are a serious buyer, but also a shark to cut the price down.

4. However, an interesting note is this, the large shareholders in APM have low intention to negotiate higher prices for us as individual minor shareholders. They are not taking the cash and they will remain their share status after the buyout. CVC is aware of this and likely we will conclude a lower buyout price in between AUD 1.6 to AUD 2.0.

Please share with me your thoughts.