Ann: Letter to Shareholders , page-2

Given that Kinghorn is now going to keep the entity listed then quite correctly the best thing for shareholders to do now is to vote for the buyback and accept or decline the buyback offer by the time it close.

Shareholders wishing to accept will get their money sooner.

By voting against the buyback the timeline for a buyback in unknown but the actual amount received is the same so there is opportunity cost waiting around while it is sorted out. At this point WAM/Cadence aren't offering any upside now for shareholders who wish to accept.

WAM/Cadence are offering the opportunity for those wishing to remain on the register to change directors which is important for those wishing to remain on the register.

Those wishing to remain on the register believe there is more value than the 88c, then it is also in your interests to get rid of the shareholders whose situation is better suited to taking the money this financial year as it potentially leaves more in the kitty for you later.

I will be voting yes to the buyback unless WAM/Cadence or another higher value offer is placed on the table (without someone offering to buy the loan book in the next few weeks then there is no chance anyone is going to guarantee a higher offer). There is no downside to voting yes for anyone.