Ann: Appendix 3Y (Raphael Geminder), page-30

Thanks for all the work you’ve been doing William it’s been like a full time job for you. Way back before all this happened I remember coming onto this site occasionally and reading your posts. You’ve always been a very active and helpful shareholder. While scary this has been an interesting experience for me being able to see a little bit how much more sophisticated shareholders operate in unusual situations like this. I guess RG gets restless in his pursuit of wealth and while he isn’t making enough money out of dividends he’ll try and make it out of his fellow shareholders. I bought my small amount of PACT shares to hold forever as a long term income source. Ideally I hope we can all still be here long into the future - I’m sure RG will want to make lots of money out of the company again as soon as possible. Or if RG is desperate for the entire company he should be paying remaining shareholders a proper premium