Ann: Quarterly Activities Report, page-67

Hi

Hi Phil. During my recent suspension you made a comment that I was unable to respond to at the time.....you mentioned how you were very happy (at end of the day) that AVB did a CR rather than take on debt. I actually agree quite strongly with your sentiment there (an opinion that I expressed early last year when the CR was announced).

Lots changed over the 2 years that they mucked around getting the finance bedded down, but it is one thing (the CR) I give them solid praise for... At the end of the day, I saw this link in the chain (the CR) as a very good outcome by the management team and subsequent events in markets during 2nd half of 2015 validated this.

Coop