Ann: Letter to Shareholders, page-21

The aggressive tone is very interesting.

We know that ASIC instigated an inquiry or investigation that concerns ISX. What we don’t know is what that means. Are they investigating ISX over concerns of possible misconduct or, is ISX merely part of an inquiry into market conduct or the conduct of other parties. We also don’t know if ASIC’s inquiry is ongoing or concluded.

Regardless of the nature or status of ASIC’s investigation it seems to me that ISX must be feeling quite confident of their relationship with ASIC to be taking a poke, my interpretation, at the ASX.

Obviously this is merely my interpretation and opinion.