Ann: Market Update , page-2

Looking forward to the Interim Report and "Independent" Experts Reports - I am sure they will say a lot about the integrity of our directors. For one will be looking closely at latest valuations - for comparison can look at LEP as there is significant similarities between the two pub owners.
LEP - own 87 pubs leased long term to Woolworths, June 2011 valuation $750m, Dec 2011 valuation +$25m.
RPF - own 84 pubs 56 leased long term to Coles, 21 to NLG and 7 others, June 2011 valuation $750m, Now??.
It should be noted that there was an offer for the 20 pubs leased to NLG of $250m earlier in 2011.
I am sure the pubs leased to Coles would be keenly sought in any liquidation of RPF
Also of significance to the valuations would be the annual rental increases for the remaining 12.9 yrs of the leases due to RPF of +3.75% noted in 2011 annual report.

The current offer of 2.6cps provides a return to shareholders of $4m which is totally inadequate. The deal cannot go through without shareholder approval and for a deal worth $750m I don't believe GS will walk away without a much improved offer to shareholders.

Remember the 2011 renumeration vote:
For 4,626,082
Against 108,897,605
Abstain 56,038

Vote No!