Ann: Change in substantial holding, page-3

Previous substantialsh notice revealed 85.12% held at COB on Friday 2 Feb; the latest 3Y showed 85.39%at COB Tues 6 Feb. This notice shows COB Thursday 8 Feb 85.63%. Thus 0.27% acquired on Monday and Tuesday; and 0.24% on Wed and Thursday. All off market acceptances.

It’s extremely unlikelythat any sophisticated or wholesale investors would accept off market,when they could sell on market for higher prices and get paid more quickly,so I reckon all these acceptances were from smaller holders.

Three more businessdays to go, including today, before bid expiry (or other extension). Over last3 weeks, on market trades have averaged only about 0.1% per day. I wonder if TIC will buy aggressively in the last 2 or 3 days to give another strong signal to the market -although they can’t do anything to stop off market acceptances trickling in, if those holders are not paying attention. Iexpect that the bigger remaining holders (100K +) are waiting until the last minuteto decide whether to sell on market, accept by fax/courier, or not sell at all.