Ann: Annual Report 2011 , page-3

Hi Pickem. Couldn't agree with you more. I am very disappointed that they have not paid a dividend this time around. There will be many people annoyed that they haven't, and it is very arbitary of them to announce that a buy-back will be better in the long run. Perhaps it will be, but there is no sign at the moment that this share will maintain its price, let alone rise as a result of a buyback. I know you can't please everyone, but they should have paid a dividend even if only one half a cent or less to keep up the momentum. Having said that I will hold for the long term considering the other positives such as NTA, assuming the values used for the NTA are realistic. Surely long term the housing market has to regain momentum and being in the bottom quarter should be a positive. E1