general meeting, page-2

Hi June, I fail to understand the weakness in this stock at present. Seems as though an institution or two are reducing their weighting, I suspect until this is completed the weakness will continue.
I would expect MCG's long term contracts would be written to adjust for CPI changes, so MCG's income would be protected for interest rate movements. I remember the market completely mis-interpreted this stock previously, particularly at IPO. It listed at $2.00 in Aug 02 on a yield of 15 cents/7.5%, and the price drifted down to $1.75, the market allowed me to load up more cheaply. They have bettered all income and profit targets since listing, and have ownership of all the best EM spectrum propagation sites and paths in Australia and the UK. This infrastructure is unique, almost a monopoly, and most contracts are long term 15 years or so, so income is secure. 2006 income is expected to be 38 cents which at todays price of $5.50 yields 7%, much of which is tax defered. Comsec analysis has five brokers as a strong buy, four with a moderate buy and one hold.

I'd be very interested in any feed back you wish to share after attending the AGM. I'm down in Hobart so not able to attend. regards