Ann: Change of Director's Interest Notice, page-24

A lot of the market do not understand that the two stocks involved in real estate listings in Australia are actually counter-cyclical. The use of the two, REA and DHG, is more pronounced and elegant when it is more difficult to sell houses and apartments not the other way round when the market goes up IMHO but pls DYODD.

This is because the premium listings will still occur and the lesser sites such as buymyplace, purple bricks and others are regarded as more difficult for the agents to maintain their sell and commission ratios IMHO but pls DYODD.

So the fact that REA and DHG is IMHO based on a market misconception of the listings industry and the falls are only temporary and should mean revert IMHO.