Ann: Response to ASX Query, page-470

I have little doubt that the R&W's can be relied upon by both FIL and IFM.

The potential issue here I see for the GSW Board is the extremely short period of time elapsing between the subscription $$$ by FIL (say ~20 DEC considering that they lodged their Form 603 on 27 DEC) and this cluster f@#k happening = say ~4 weeks. I cannot recall a precedent here in recent ASX history where this has happened.

The portfolio manager at FIL will no doubt be under considerable pressure here I imagine for the value of his/her $54m outlay potentially diminishing so much so quickly. Note that this assumes that GSW share price is in for a substantial fall upon resumption of trade. If it does fall materially the diminished value will be all because of disclosure related issues. The continued suspension after the initial response to ASX may be considered a red flag here also.

This is why I think FIL legal counsel will be going over the R&W's in the placement commitment letter with a very sharp eye and what GSW management had represented in its commercial agreements under the placement.

I think that this is certainly going to be one for the 'precedent case study files'

Best of luck here to all

DP