Ann: Change in substantial holding from REA, page-25

Hi V101

Could not agree more.

The future of IPP will probably be decided by the big boys (REA and Catcha Group), but for smaller shareholders, our interests will be much better served by IPP remaining independent. In property portal development IPP is about 10 years behind REA. In 2005 REA had $36m revenue, similar to what is being forecast for IPP this financial year and was just starting to turn a profit. Over the next 5 years, REA share price increased about 5 times and over 10 years has increased about 20 times.

In terms of addressable market, IPP has about 10 times what REA has ( particularly if you exclude Europe where REA does not seem to be making much headway). It is not out of the realms of possibility that IPP may end up a much larger company than REA if it can remain independent. It might even be in a position to make a take over offer for REA rather than the other way around, down the track.

Unfortunately News Corp/REA are also aware of IPPs potential and won't let it get to this stage, but the later they leave their move, the better for we small share holders.

Regards
Westwind