Ann: Clarification , page-9

People

Couple of points to note, the legal binding agreement that defines the terms and conditions for the inspecie distribution is the explanatory memorandum that was sent to shareholders for the approval of the inspecie distribution at the EGM held on 2nd July 2010.

Statements of intent etc are not legally binding in announcements but rather the terms of what approval for the distribution was agreed.

I refer you to paragraph 3.2 of the explanatory memorandum which outlines the timetable to which the proposed reduction will be effected which follows per the timetable the inspecie distribution to occur after IPO's

I can understand the dissappointment/reaction per the releases on 24 and 25 June but this is not what shareholders signed off on. It was the explanatory memorandum which accompanied the EGM vote.

Having hence researched this I can see why their legal advice in my view looks pretty tight, but I am not a lawyer so you need to seek your own advice. As you need to dispute what is in the explanatory memorandum that accompanied shareholder proxies/votes to approve the transaction to lay claim to any in-specie distribution.

Sorry.