Ann: IBN acquisition of the assets of Indo-Pacific Property, page-3

I think its an outstanding acquisition done cheaply too. I also think a re-rate is due and the fact that the
company is on the lookout for more is a great sign. The rationale about looking to Western Australia is
also right in my opinion. Property cycles always happen, WA will have its turn again and when it happens
IBN will have a big presence in that market. That IBN is also starting to build a rent roll business is
also really exciting. Anyone who works in real estate knows that the back bone to any agency is the rent
roll and the income it throws off. In times when sales are slow, the rent roll is what keeps things moving
along. I'm pretty excited about this business and the future. If I had some spare cash right now Id be
buying more alas we don't always have money when we want or need it. Good luck to everyone. I think
IBN will do really well if management can continue to perform and get acquisitions at value.