Ann: 700MHz Spectrum Acquisition and Entitlement Offer, page-120

Hi Madam

Question if I may: what changed between when you were you accumulating TPM two months ago, to today (when the tone of your comments suggests you're decidedly negative on TPM)?

I also accumulated TPM in the low $6s a few months back, knowing full well that the mobile network was a case of when and not if - it had been very clearly signaled (and in my mind was part of the reason why the stock had traded down heavily over the last year or so - it was cum a big equity raise to fund the mobile network buildout), which is exactly what's happened. My expectation when I accumulated a few months back, was essentially that TPM were going to get their feet wet in Singapore first, then apply what they'd learnt and do the Aus mobile network thereafter, so I'm surprised by the timing of their move but the economics of it don't seem unreasonable to me.

I am assuming you too knew mobile was a when and not if question before buying into TPM, so what's changed - are the economics a lot worse than what you'd assumed, or is it more of a timing / execution risk issue that you see?