Ann: Reinstatement to Official Quotation, page-11

I think the demographics help apartment sellers into the medium to long term. There are more people coming to Australia than property being developed and in cities like Melbourne and Sydney that trend is
clear. So as long as demand outstrips supply I think Real Estate businesses will be ok. Young people will
get there chance in apartments and it will probably become the starting point on the property ladder for
them, older people will downsize into apartments. I was reading an artcicle recently on a development
in Kew Melbourne called Derby Place and most of the apartments were bought by local older residents
selling there homes to buy apartments. Admittedly they seemed nice big apartments, I actually called to
find out info but most of the apartments had been sold, a 2br they had for sale was like 92sqm which is
a pretty good size for an apartment + car space and storage unit. Anyway the thing is good developments
with good size apartments will always sell. To younger and older people alike. IBN has a fantastic
listings base with excellent quality listings. I think whats missing is an agency network. Imagine if IBN
could get its hands on a national real estate agency business and its agency in all the offices could not
only sell local offerings but the offerings of Ibuynew as well. That's why I am also seeing what Ausnet
(AU1) is doing. Their agency business called "The Agency" has huge potential and they also have
mortgage insurance and other services. I wouldn't be so focussed on China, IBN needs to focus on
creating an Australian business with scale. I hope management is looking at opportunities like AU1 and
hopefully if we can see this share get upwards of say 3 cents then they can use that leverage to scrip bid
for businesses like AU1.